Capital market development, competition, property rights, and the value of insurer product-line diversification : a cross-country analysis

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      <subfield code="a">Berry-Stölzle, Thomas R.</subfield>
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      <subfield code="a">Capital market development, competition, property rights, and the value of insurer product-line diversification</subfield>
      <subfield code="b">: a cross-country analysis</subfield>
      <subfield code="c">Thomas R. Berry-Stölzle, Robert E. Hoyt, Sabine Wende</subfield>
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      <subfield code="a">In this article, we show that the effect of product diversification on performance is not homogeneous across countries. Diversified insurance companies perform significantly worse than their focused competitors in countries with well-developed capital markets, high levels of property rights protection, and high levels of competition. In addition, we find that the diversificationperformance relationship for insurance companies depends on company size. For large insurers operating in countries with less developed capital markets, diversification significantly increases performance. Our results suggest that the optimal organizational structure may be different for insurers operating in emerging economies than for insurers operating in developed countries.</subfield>
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      <subfield code="w">MAP20077000727</subfield>
      <subfield code="t">The Journal of risk and insurance</subfield>
      <subfield code="d">Nueva York : The American Risk and Insurance Association, 1964-</subfield>
      <subfield code="x">0022-4367</subfield>
      <subfield code="g">03/06/2013 Volumen 80 Número 2 - junio 2013 </subfield>
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