Inherent virtue or inevitable evil : the effects of directors' and officers' insurance on firm value
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| Tag | 1 | 2 | Value |
|---|---|---|---|
| LDR | 00000cab a2200000 4500 | ||
| 001 | MAP20190000918 | ||
| 003 | MAP | ||
| 005 | 20190111134123.0 | ||
| 008 | 190110e20180928esp|||p |0|||b|spa d | ||
| 040 | $aMAP$bspa$dMAP | ||
| 084 | $a332 | ||
| 100 | $0MAPA20190000383$aW. H. Fung, Derrick | ||
| 245 | 1 | 0 | $aInherent virtue or inevitable evil$b: the effects of directors' and officers' insurance on firm value$cDerrick W. H. Fung, |
| 520 | $aWhether directors' and officers' (D&O) insurance improves firrn value is a controversial issue. We perform a literature review about the effect of D&O insurance and find mixed results. The proponents of D&O insurance believe it enhances corporate monitoring and improves firm value, while the opponents of D&O insurance argue that it creates a moral hazard problem and diminishes firm value. Against this backdrop, we argue that the trade-off between the monitoring and moral hazard effects depends on the information acquired by the outside directors. Using a sample of listed Canadian firms, we find that (1) a change in D&O insurance coverage has no net effect on a firm's subsequent value when we ignore the information acquired by outside directors, (2) an increase in D&O insurance coverage improves a firm's subsequent value when the outside directors are well informed, and (3) an increase in D&O insurance coverage reduces a firm's subsequent value when the outside directors are poorly informed. Our findings are robust to endogeneity checks and have important implications for the regulation of D&O insurance | ||
| 650 | 4 | $0MAPA20080633790$aSeguro de responsabilidad civil patronal | |
| 650 | 4 | $0MAPA20080556402$aSeguro D&O | |
| 650 | 4 | $0MAPA20080605742$aDirectivos de empresas | |
| 650 | 4 | $0MAPA20080564049$aRiesgo moral | |
| 650 | 4 | $0MAPA20080591182$aGerencia de riesgos | |
| 650 | 4 | $0MAPA20080590567$aEmpresas de seguros | |
| 650 | 4 | $0MAPA20080562342$aEstadísticas | |
| 651 | 1 | $0MAPA20080638337$aEstados Unidos | |
| 773 | 0 | $wMAP20077001748$tRisk management & insurance review$dMalden, MA : The American Risk and Insurance Association by Blackwell Publishing, 1999-$x1098-1616$g28/09/2018 Tomo 21 Número 2 - 2018 , p. 243-288 |