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On lawsuits, corporate governance, and directors' and officers' liability insurance

Recurso electrónico / Electronic resource
Registro MARC
Tag12Valor
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003  MAP
005  20160113172331.0
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040  ‎$a‎MAP‎$b‎spa‎$d‎MAP
084  ‎$a‎332
1001 ‎$0‎MAPA20160000641‎$a‎Gillan, Stuart L.
24510‎$a‎On lawsuits, corporate governance, and directors' and officers' liability insurance‎$c‎Stuart L. Gillan, Christine A. Panasian
520  ‎$a‎Weexamine whether information about firms' directors' and officers' (D&O) liability insurance coverage provides insights into the likelihood of shareholder lawsuits. Using Canadian firms, we find evidence that firms with D&O insurance coverage are more likely to be sued and that the likelihood of litigation increases with increased coverage. These findings are consistent with managerial opportunism or moral hazard related to the insurance purchase decision. We also find that higher premiums are associated with the likelihood of litigation, indicating that insurers price this behavior. Taken together, the findings suggest that coverage and premium levels have the potential to convey information about lawsuit likelihood, and a firm's governance quality, to the marketplace.
650 4‎$0‎MAPA20080556402‎$a‎Seguro D&O
650 4‎$0‎MAPA20080591182‎$a‎Gerencia de riesgos
650 4‎$0‎MAPA20100006429‎$a‎Directors and officers (insurance)
7001 ‎$0‎MAPA20160000658‎$a‎Panasian, Christine A.
7730 ‎$w‎MAP20077000727‎$t‎The Journal of risk and insurance‎$d‎Nueva York : The American Risk and Insurance Association, 1964-‎$x‎0022-4367‎$g‎01/12/2015 Volumen 82 Número 4 - diciembre 2015 , p. 793-822