簡易檢索 / 詳目顯示

回結果列表
研究生： 林姿妤
Lin, Zih-Yu
論文名稱： 核保週期對準備金操弄影響之研究:以英國產險為證
The Impact of Underwriting Cycle on the Loss Reserve Manipulation: Evidence from the United Kingdom Property-Liability Industry
指導教授： 許永明
Shiu, Yung-Ming
學位類別： 碩士
Master
系所名稱： 管理學院 - 國際企業研究所
Institute of International Business
論文出版年： 2010
畢業學年度： 98
語文別： 英文
論文頁數： 37
中文關鍵詞： 損失準備金操弄 、核保週期 、利率 、非預期通膨
外文關鍵詞： loss reserve manipulation, underwriting cycle, interest rate, unanticipated inflation
相關次數： 點閱：215  下載：0 
分享至:
查詢本校圖書館目錄 查詢臺灣博碩士論文知識加值系統 勘誤回報

    • 本篇研究以英國產險業為例，探討核保週期對於損失準備金的操弄的影響。公司經理人在準備金的決策上往往會受到其他利害關係人所影響，投資者期望公司財務表現為穩定成長，不僅如此，還會受到英國金融總署(FSA)的監督，因此本研究想探討公司經理人是否會隨著核保週期作出不同的準備金決策。研究發現準備金操弄與核保週期確實存在關係，核保週期進入硬市場時，管理者會高估當期損失準備金。利率也會影響準備金操弄，當利率高時，管理者會低估當期損失準備金。

    We document that underwriting cycle in property-casualty insurance industry relatives to loss reserve manipulation. The loss reserve manipulation influenced not only by economic factors (interest rate and unanticipated inflation) but also underwriting cycle. We use a sample of 39 firms over 1988-2003 periods, consistent with the expectation, the results support that insures overstate loss reserve during hard market period. Furthermore, interest rate has positive impact on loss reserve manipulation.

    Chapter 1 Introduction 1 1.1 Introduction 1 1.2 Institutional Background 5 Chapter 2 Literature Review and Hypothesis 6 2.1 Reserves Manipulation 6 2.2 The effects of underwriting cycle on reserve manipulation 9 2.3 The effects of economic factors on reserve manipulation 13 Chapter 3 Research design 16 3.1 Data 16 3.2 Variables 18 3.2.1 Reserve manipulation 18 3.2.2 Control Variables 19 3.2 Regression Model 23 Chapter 4 Empirical Results 25 4.1 Descriptive statistics and correlation matrix 25 4.2 Principal findings 30 Chapter 5 Conclusion 33 Reference 35

    Beaver, W. H., McNichols, M. F., & Nelson, K. K. (2003). Management of the loss reserve accrual and the distribution of earnings in the property-casualty insurance industry. Journal of Accounting & Economics, 35(3), 347-376.
    Berger, L. A. (1988). A Model of the Underwriting Cycle in the Property/Liability Insurance Industry. Journal of Risk & Insurance, 55(2), 298-306.
    Chen, R., Wong, K. A., & Lee, H. C. (1999). Underwriting Cycles in Asia. Journal of Risk & Insurance, 66(1), 29-47.
    Cummins, J. D., & Outreville, J. F. (1987). An International Analysis of Underwriting Cycles in Property-Liability Insurance. Journal of Risk & Insurance, 54(2), 246-262.
    Degeorge, F., Patel, J., & Zeckhauser, R. (1999). Earnings Management to Exceed Thresholds. Journal of Business, 72(1), 1-33.
    Doherty, N. A., & Han Bin, K. (1988). Interest rates and insurance price cycles. Journal of Banking & Finance, 12(2), 199-214.
    Gaver, J. J., & Paterson, J. S. (1999). Managing Insurance Company Financial Statements to Meet Regulatory and Tax Reporting Goals. Contemporary Accounting Research, 16(2), 207-241.
    Gaver, J. J., & Paterson, J. S. (2004). Do insurers manipulate loss reserves to mask solvency problems? Journal of Accounting & Economics, 37(3), 393-416.
    Gaver, J. J., & Paterson, J. S. (2007). The influence of large clients on office-level auditor oversight: Evidence from the property-casualty insurance industry. Journal of Accounting & Economics, 43(2/3), 299-320.
    Grace, M. F., & Hotchkiss, J. L. (1995). External Impacts on the Property-liability Insurance Cycle. Journal of Risk & Insurance, 62(4), 738-754.
    Leng, C.-C. (2006a). Stationarity and stability of underwriting profits in property-liability insurance Part II. Journal of Risk Finance (15265943), 7(1), 49-63.
    Leng, C.-C. (2006b). Stationarity and stability of underwriting profits in property - liability insurance. Journal of Risk Finance (15265943), 7(1), 38-48.
    Mayers, D., & Smith Jr, C. W. (1988). OWNERSHIP STRUCTURE ACROSS LINES OF PROPERTY-CASUALTY INSURANCE. Journal of Law & Economics, 31(2), 351-378.
    Mayers, D., & Smith Jr, C. W. (2004). Incentives for Managing Accounting Information: Property-Liability Insurer Stock-Charter Conversions. Journal of Risk & Insurance, 71(2), 213-251.
    Niehaus, G., & Terry, A. (1993). Evidence on the Time Series Properties of Insurance Premiums and Causes of the Underwriting Cycle: New Support for the Capital Market Imperfection Hypothesis. Journal of Risk & Insurance, 60(3), 466-479.
    Outreville, J. F. (1990). Underwriting Cycles And Rate Regulation In Automobile Insurance Markets. Journal of Insurance Regulation, 9(2), 274.
    Petroni, K., & Beasley, M. (1996). Errors in Accounting Estimates and Their Relation to Audit Firm Type. Journal of Accounting Research, 34(1), 151-171.
    Petroni, K. R. (1992). Optimistic reporting in the property-casualty insurance industry. Journal of Accounting & Economics, 15(4), 485-508.
    Petroni, K. R., Ryan, S. G., & Wahlen, J. M. (2000). Discretionary and Non-Discretionary Revisions of Loss Reserves by Property-Casualty Insurers: Differential Implications for Future Profitability, Risk and Market Value. Review of Accounting Studies, 5(2), 95-125.
    Simmons, L. F., & Cross, M. L. (1986). The Underwriting Cycle and the Risk Manager. Journal of Risk & Insurance, 53(1), 155-163.
    Stano, P. E. (2000). Underwriting in the Twentieth Century. Journal of Insurance Regulation, 19(2), 273.
    Venezian, E. C. (1985). Ratemaking Methods and Profit Cycles in Property and Liability Insurance. Journal of Risk & Insurance, 52(3), 477-500.
    Weiss, M. (1985). A Multivariate Analysis of Loss Reserving Estimates in Property-Liability Insurers. Journal of Risk & Insurance, 52(2), 199-221.

    無法下載圖示
    校外：不公開
    電子論文及紙本論文均尚未授權公開
    QR CODE