Directors and officers liability insurance and default risk
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| Tag | 1 | 2 | Value |
|---|---|---|---|
| LDR | 00000cab a2200000 4500 | ||
| 001 | MAP20220011624 | ||
| 003 | MAP | ||
| 005 | 20220420104300.0 | ||
| 008 | 220419e20220404esp|||p |0|||b|spa d | ||
| 040 | $aMAP$bspa$dMAP | ||
| 084 | $a7 | ||
| 100 | 1 | $0MAPA20220003964$aHuang, Li-Su | |
| 245 | 1 | 0 | $aDirectors and officers liability insurance and default risk$cLi-Su Huang |
| 520 | $aThis paper investigates the effects of directors and officers (D&O) liability insurance on default risk. Using unique panel data of non-financial listed firms in Taiwan from 2010 to 2017, the empirical results indicate that D&O insurance exerts a significantly positive influence on firms' expected default frequency (EDF), controlling for the endogeneity of D&O insurance coverage and fixed effects. Further analyses reveal that such an effect exists particularly among firms with a high D&O insurance coverage ratio. Firms with D&O insurance have higher default risk than those without. Our findings differ from those in the existing literature by showing that D&O insurance coverage reflects firms' EDF and by capturing more insight on firms' EDF (market value, stock return volatility and firm asset volatility). The evidence indicates that D&O insurance may serve as a real-time, publicly observable signal of default risk for insurers and investors, enabling better contracting and risk management. | ||
| 650 | 4 | $0MAPA20100006429$aDirectors and officers (insurance) | |
| 650 | 4 | $0MAPA20080591182$aGerencia de riesgos | |
| 773 | 0 | $wMAP20077100215$g04/04/2022 Volumen 47 Número 2 - abril 2022 , p. 378-408$x1018-5895$tGeneva papers on risk and insurance : issues and practice$dGeneva : The Geneva Association, 1976- |