Opaque liabilities, learning, and the cost of equity capital for insurers

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<title>Opaque liabilities, learning, and the cost of equity capital for insurers</title>
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<namePart>Hoikwang Kim, Hugh</namePart>
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<namePart>Niehaus, Greg</namePart>
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<abstract displayLabel="Summary">Analyzing major US propertyliability insurers, we find that their cost of equity capital is negatively associated with their underwriting performance, but not with their investment performance. We provide cross-sectional evidence that the difference is attributable, at least in part, to investor learning about opaque insurer liabilities. We also find that capital market and product market imperfections are important determinants of insurers' cost of equity capital. Overall, our evidence contributes to the important literature examining insurers' cost of equity capital, and it suggests that opaque liabilities are a distinguishing feature of insurers in determining their cost of equity capital.

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<note type="statement of responsibility">Chia-Chun Chiang, Hugh Hoikwang Kim, Greg Niehaus</note>
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<topic>Property-casualty</topic>
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<topic>Seguro de daños patrimoniales</topic>
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<topic>Empresas de seguros</topic>
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<geographic>Estados Unidos</geographic>
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<title>The Journal of risk and insurance</title>
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<publisher>Nueva York : The American Risk and Insurance Association, 1964-</publisher>
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<identifier type="issn">0022-4367</identifier>
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<text>05/12/2022 Volumen 89 Número 4 - diciembre 2022 , p. 1031-1076</text>
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