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政大機構典藏 > 商學院 > 風險管理與保險學系 > 期刊論文 > Item 140.119/139819

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題名:	Does Size and Book-to-Market Contain Intangible Information about Managerial Incentives? Learning from Corporate D&O Insurance Purchase
作者:	鄭士卿 Jeng, Vivian Huang, Rachel J. Wang, Cheng-Wei YueChing, Jack C. Yue, Syang Jack
貢獻者:	風管系
關鍵詞:	Size;Book-to-market;Directors` and officers` liability insurance;Advantageous selection;Intangible information;Adverse selection
日期:	2021-09
上傳時間:	2022-04-11 15:10:15 (UTC+8)
摘要:	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.
關聯:	Pacific-Basin Finance Journal, Vol.68, pp.101560
資料類型:	article
DOI 連結:	https://doi.org/10.1016/j.pacfin.2021.101560
DOI:	10.1016/j.pacfin.2021.101560
顯示於類別:	[風險管理與保險學系] 期刊論文

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