An Empirical analysis of market reactions to the first solvency and financial condition reports in the european insurance industry

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      <subfield code="a">Gatzert, Nadine</subfield>
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      <subfield code="a">An Empirical analysis of market reactions to the first solvency and financial condition reports in the european insurance industry</subfield>
      <subfield code="c">Nadine Gatzert, Dinah Heidinger</subfield>
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      <subfield code="a">In 2017, insurers in the European Union disclosed their Solvency and Financial Condition Reports (SFCRs) according to the third pillar of Solvency II for the first time.The aimof this article is to empirically analyzemarket reactions to the first SFCRs for all publicly listed insurers in the European Union that published an English report based on an event study. We thereby investigate which key figures and textual attributes matter most to investors, using regression analyses and text mining approaches. We also discuss potential areas for improvement concerning SFCR disclosure, such as a central public disclosure platformand further standardization of disclosure requirements, which could further enhance the goals of transparency and market discipline in relation to Solvency II's Pillar 3. Our results show that SFCR key figures matter more than textual features. Specifically, we find a significantly positive market impact of the solvencyratio calculatedwithout transitionalsor adjustments and a significantly negative one for the solvency capital requirement (SCR).</subfield>
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      <subfield code="a">Análisis empírico</subfield>
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      <subfield code="a">Mercado de seguros</subfield>
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      <subfield code="a">Solvencia II</subfield>
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      <subfield code="a">Informes financieros</subfield>
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      <subfield code="a">Empresas de seguros</subfield>
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      <subfield code="a">Estados financieros</subfield>
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      <subfield code="a">Heidinger, Dinah</subfield>
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      <subfield code="t">The Journal of risk and insurance</subfield>
      <subfield code="d">Nueva York : The American Risk and Insurance Association, 1964-</subfield>
      <subfield code="x">0022-4367</subfield>
      <subfield code="g">01/06/2020 Volumen 87 Número 2 - junio 2020 , p. 407-436</subfield>