The Impact of EIOPA statement on insurers' dividends : evidence from equity market

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<title>Impact of EIOPA statement on insurers' dividends</title>
<subTitle>: evidence from equity market</subTitle>
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<name type="corporate" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20110000219">
<namePart>EIOPA</namePart>
<nameIdentifier>MAPA20110000219</nameIdentifier>
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<place>
<placeTerm type="code" authority="marccountry">deu</placeTerm>
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<issuance>monographic</issuance>
<place>
<placeTerm type="text">Frankfurt</placeTerm>
</place>
<publisher>EIOPA</publisher>
<dateIssued>2020</dateIssued>
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<language>
<languageTerm type="code" authority="iso639-2b">eng</languageTerm>
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<abstract displayLabel="Summary">In an environment of a quick unfolding crisis with high uncertainty, the European Insurance and Occupational Pensions Authority issued on 2nd April 2020 a statement requesting (re)insurers to suspend all discretionary dividend distributions and share buy backs aimed at remunerating shareholders. Although, this should have a positive impact on the overall financial stability of the sector, it could have a negative impact on insurers' equity prices as a response to the published statement. Hence, this article empirically investigates this potential effect using an event study methodology. Although, negative drops were observed in some cases, the obtained empirical results suggest that they were not statistically significant for the overall European insurers' equity market when considering the event windows covering a few days after the publication.</abstract>
<note type="statement of responsibility">EIOPA</note>
<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080586294">
<topic>Mercado de seguros</topic>
</subject>
<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20090041738">
<topic>Reparto de dividendos</topic>
</subject>
<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080590567">
<topic>Empresas de seguros</topic>
</subject>
<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080570422">
<topic>Renta variable</topic>
</subject>
<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080602437">
<topic>Matemática del seguro</topic>
</subject>
<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080578879">
<topic>Análisis empírico</topic>
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<classification authority="">6</classification>
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<titleInfo>
<title>Financial stability report: july 2020</title>
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<originInfo>
<publisher>Luxembourg : European Insurance Occupational Pensions Authority, 2020</publisher>
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<identifier type="issn">2467-3722</identifier>
<identifier type="isbn">978-92-9473-239-2</identifier>
<identifier type="local">MAP20200027294</identifier>
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