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    题名: Is reinsurance a substitute for or a complement to derivative usage? Evidence from the U.K. non-life insurance industry
    作者: 許永明
    Shiu, Yung Ming
    贡献者: 風管系
    日期: 2016-01
    上传时间: 2017-08-23 11:21:55 (UTC+8)
    摘要: Reinsurance and derivatives are tools in general use by insurers as the means of hedging their respective underwriting and investment risks. The primary aim of this study is to examine the relationship between reinsurance and derivative usage, a relationship which is tested based on a data set on U.K. non-life insurers covering the years 1994-2011. Consistent with the "substitution" hypothesis, we find strong evidence of a tendency among insurers with higher dependence on reinsurance (derivatives) to exhibit less reliance on derivatives (reinsurance). This result lends support to the view that, when making their risk management decisions, managers of such insurers will seek to determine the overall risk exposure of the firm.
    關聯: Geneva Papers on Risk and Insurance: Issues and Practice, 41(1), 161-178
    数据类型: article
    DOI 連結: http://dx.doi.org/10.1057/gpp.2015.25
    DOI: 10.1057/gpp.2015.25
    显示于类别:[風險管理與保險學系] 期刊論文

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