Search

Trust-preferred securities and insurer financing decisions

Recurso electrónico / electronic resource
MARC record
Tag12Value
LDR  00000cab a2200000 4500
001  MAP20180010057
003  MAP
005  20180425162233.0
008  180403e20180301esp|||p |0|||b|spa d
040  ‎$a‎MAP‎$b‎spa‎$d‎MAP
084  ‎$a‎219
100  ‎$0‎MAPA20180004513‎$a‎Hilliard, James I.
24510‎$a‎Trust-preferred securities and insurer financing decisions‎$c‎James I. Hilliard, Steven W Pottier, Jianren Xu
520  ‎$a‎We analyze insurance holding company (IHC) issuance of trust-preferred securities (TPS) from 1994 to 2013. We find that larger and more financially levered IHCs issued TPS in 1996 and 1997, as well as those that obtained financial strength ratings from A.M. Best. Abnormal stock price returns are positively related to financial distress costs, growth opportunities, and tax burden, but negatively related to size. Consistent with the pecking order theory, intent to use TPS proceeds to retire debt is positively related to abnormal stock returns, whereas intent to use proceeds to retire preferred equity is negatively related to abnormal stock returns.
650 4‎$0‎MAPA20130007267‎$a‎Participaciones preferentes
650 4‎$0‎MAPA20080574154‎$a‎Títulos-valores
650 4‎$0‎MAPA20080545772‎$a‎Acciones
650 4‎$0‎MAPA20080586294‎$a‎Mercado de seguros
650 4‎$0‎MAPA20080603182‎$a‎Productos financieros
650 4‎$0‎MAPA20080590567‎$a‎Empresas de seguros
7001 ‎$0‎MAPA20080230135‎$a‎Pottier, Steven W.
7001 ‎$0‎MAPA20180001611‎$a‎Xu, Jianren
7730 ‎$w‎MAP20077000727‎$t‎The Journal of risk and insurance‎$d‎Nueva York : The American Risk and Insurance Association, 1964-‎$x‎0022-4367‎$g‎01/03/2018 Volumen 85 Número 1 - marzo 2018 , p. 219-244