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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 連結:
Appears in Collections:[風險管理與保險學系] 期刊論文

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