The Impact of peer effects and economic policy-related uncertainty on U.S. life insurers' investment decisions

<?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.loc.gov/MARC21/slim http://www.loc.gov/standards/marcxml/schema/MARC21slim.xsd">
  <record>
    <leader>00000cab a2200000   4500</leader>
    <controlfield tag="001">MAP20210005916</controlfield>
    <controlfield tag="003">MAP</controlfield>
    <controlfield tag="005">20210223090815.0</controlfield>
    <controlfield tag="008">210222e20210101che|||p      |0|||b|eng d</controlfield>
    <datafield tag="040" ind1=" " ind2=" ">
      <subfield code="a">MAP</subfield>
      <subfield code="b">spa</subfield>
      <subfield code="d">MAP</subfield>
    </datafield>
    <datafield tag="084" ind1=" " ind2=" ">
      <subfield code="a">212</subfield>
    </datafield>
    <datafield tag="100" ind1=" " ind2=" ">
      <subfield code="0">MAPA20100033012</subfield>
      <subfield code="a">Lee, Chien-Chiang</subfield>
    </datafield>
    <datafield tag="245" ind1="1" ind2="4">
      <subfield code="a">The Impact of peer effects and economic policy-related uncertainty on U.S. life insurers' investment decisions</subfield>
      <subfield code="c">Chien-Chiang Lee, Chun-Wei Lin, Chi-Chuan Lee</subfield>
    </datafield>
    <datafield tag="520" ind1=" " ind2=" ">
      <subfield code="a">This paper examines the impact of peer evaluation and economic policy-related uncertainty on insurers' investment decisions in the U.S. life insurance industry. Using data from 567 U.S. life insurers, we find that U.S. life insurers' investment decisions are significantly positively associated with peer insurers' investment decisions, consistent with the learning peer channel hypothesis. In addition, we find that when the country's economic policy-related uncertainty is higher, insurance firms are more likely to lower their investment, which supports the wait-see hypothesis. We further investigate the effect of government crisis interventions on life insurer investment, considering policy-related uncertainty. The results indicate that liquidity support and nationalisation policies encouraage insurers' investment decisions. We also perform alternative checks to adress endogeneity concerns. The results mostly support our earlier findings. However, the results on the sensitivity of investment to peer effects and policy-related uncertainty vary. The results are robust to controls for various attributes, such as insurer characteristics, peer insurer characteristics economic policy-related uncertainty and government crisis interventions.</subfield>
    </datafield>
    <datafield tag="650" ind1=" " ind2="4">
      <subfield code="0">MAPA20080570590</subfield>
      <subfield code="a">Seguro de vida</subfield>
    </datafield>
    <datafield tag="650" ind1=" " ind2="4">
      <subfield code="0">MAPA20080590567</subfield>
      <subfield code="a">Empresas de seguros</subfield>
    </datafield>
    <datafield tag="650" ind1=" " ind2="4">
      <subfield code="0">MAPA20080558970</subfield>
      <subfield code="a">Inversiones</subfield>
    </datafield>
    <datafield tag="650" ind1=" " ind2="4">
      <subfield code="0">MAPA20080586850</subfield>
      <subfield code="a">Política económica</subfield>
    </datafield>
    <datafield tag="651" ind1=" " ind2="1">
      <subfield code="0">MAPA20080638337</subfield>
      <subfield code="a">Estados Unidos</subfield>
    </datafield>
    <datafield tag="700" ind1="1" ind2=" ">
      <subfield code="0">MAPA20210003448</subfield>
      <subfield code="a">Lin, Chun-Wei </subfield>
    </datafield>
    <datafield tag="700" ind1="1" ind2=" ">
      <subfield code="0">MAPA20100032985</subfield>
      <subfield code="a">Lee, Chi-Chuan</subfield>
    </datafield>
    <datafield tag="773" ind1="0" ind2=" ">
      <subfield code="w">MAP20077100215</subfield>
      <subfield code="t">Geneva papers on risk and insurance : issues and practice</subfield>
      <subfield code="d">Geneva : The Geneva Association, 1976-</subfield>
      <subfield code="x">1018-5895</subfield>
      <subfield code="g">01/01/2021 Volumen 46 Número 1 - enero 2021 , p. 22-52</subfield>
    </datafield>
  </record>
</collection>