The Market for directors' and officers' insurance

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      <subfield code="c">Stephen G. Fier, Andre P. Liebenberg</subfield>
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      <subfield code="a">Directors' and officers' (D&O) liability insurance is a commonly used risk management tool for corporations both in the United States and abroad. While prior research has focused on the demand for D&O insurance and its role in corporate governance, there is an absence of literature on the supply side of the D&O market. Using the newly available D&O Insurance Coverage Supplement to insurers' statutory filings, we develop a more comprehensive understanding of the D&O insurance market and of those firms that write D&O coverage. We develop and estimate a model of the decision to write D&O insurance and the extent of market participation. Our results suggest that there are significant operational and financial differences between firms that supply D&O insurance and those that do not. Several of these differences (specifically, size, diversification, and organizational form) are consistent with the predictions of the managerial discretion hypothesis</subfield>
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      <subfield code="a">Responsabilidad civil de la empresa</subfield>
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      <subfield code="a">Mercado de seguros</subfield>
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      <subfield code="0">MAPA20080634681</subfield>
      <subfield code="a">Seguro de responsabilidad civil profesional</subfield>
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      <subfield code="a">Gerencia de riesgos</subfield>
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      <subfield code="a">Liebenberg, André P.</subfield>
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      <subfield code="t">Risk management & insurance review</subfield>
      <subfield code="d">Malden, MA : The American Risk and Insurance Association by Blackwell Publishing, 1999-</subfield>
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      <subfield code="g">06/10/2014 Tomo 17 Número 2 - 2014 , p. 215-239</subfield>
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