https://scholars.lib.ntu.edu.tw/handle/123456789/414632
標題: | Market reaction to regulatory action in the insurance industry: The case of contingent commission | 作者: | Cheng, Jiang Elyasiani, Elyas TZU-TING LIN |
公開日期: | 1-六月-2010 | 出版社: | WILEY-BLACKWELL | 卷: | 77 | 期: | 2 | 起(迄)頁: | 347 | 來源出版物: | Journal of Risk and Insurance | 摘要: | We examine the market's reaction to New York Attorney General Eliot Spitzer's civil suit against mega-broker Marsh for bid rigging and inappropriate use of contingent commissions within a generalized autoregressive conditionally heteroskedastic (GARCH) framework. Effects on the stock returns of insurance brokers and insurers are tested. The findings are: (1) GARCH effects are significant in modeling broker/insurer returns; (2) the suit generated negative effects on the brokerage industry and individual brokers, suggesting that contagion dominates competitive effects; (3) spillover effects from the brokerage sector to insurance business are significant and mostly negative, demonstrating industry integration; and (4) information-based contagion is supported, as opposed to the pure-panic contagion. © The Journal of Risk and Insurance, 2009. |
URI: | https://scholars.lib.ntu.edu.tw/handle/123456789/414632 | ISSN: | 00224367 | DOI: | https://api.elsevier.com/content/abstract/scopus_id/77953697307 10.1111/j.1539-6975.2009.01327.x |
顯示於: | 財務金融學系 |
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