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政大典藏 > College of Commerce > Department of Risk Management and Insurance > Periodical Articles > Item 140.119/139819

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/139819

Title:	Does Size and Book-to-Market Contain Intangible Information about Managerial Incentives? Learning from Corporate D&O Insurance Purchase
Authors:	鄭士卿 Jeng, Vivian Huang, Rachel J. Wang, Cheng-Wei YueChing, Jack C. Yue, Syang Jack
Contributors:	風管系
Keywords:	Size;Book-to-market;Directors` and officers` liability insurance;Advantageous selection;Intangible information;Adverse selection
Date:	2021-09
Issue Date:	2022-04-11 15:10:15 (UTC+8)
Abstract:	Using 2008–2018 data for all publicly-listed firms in Taiwan, this paper tests for asymmetric information in the Directors` and Officers` (D&O) liability insurance market. We argue that size and book-to-market ratio contain information such as managerial risk preferences and their intention to reduce litigation risk. Our results show that a negative relationship exists between litigation risk and insurance purchase among small and low book-to-market firms. Our findings pinpoint out the importance of using size and the book-to-market ratio when detecting asymmetric information in the corporate level.
Relation:	Pacific-Basin Finance Journal, Vol.68, pp.101560
Data Type:	article
DOI link:	https://doi.org/10.1016/j.pacfin.2021.101560
DOI:	10.1016/j.pacfin.2021.101560
Appears in Collections:	[Department of Risk Management and Insurance] Periodical Articles

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