The Directors and Officers Insurance Marketplace: An Empirical Examination of Supply and Demand in Uncertain Times

Fier, Stephen G.; McCullough, Kathleen A.; Gabel, Joan T.A.; Mansfield, Nancy R.

doi:10.2139/ssrn.1524063

Cited by 5 publications

(2 citation statements)

References 40 publications

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“…Existing studies have taken advantage of mandatory disclosure in countries including England (O'Sullivan , ), Canada (Core, , ), Korea (Park‐Wynn ), and Taiwan (Chen and Li, ; Chen, Yi, and Lin, ); others have taken advantage of voluntary D&O insurance disclosures (Bhagat et al, ; Zou et al, ), proprietary data from insurance brokers (Holderness, ; Chalmers, Dann, and Harford, ; Kaltchev, ; Kim, ), or survey data from consulting firms (Cao and Narayanamoothy, 2011; Fier et al, ). We discuss these studies in the literature review.…”

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confidence: 99%

Directors' and Officers' Liability Insurance, Corporate Risk and Risk Taking: New Panel Data Evidence on The Role of Directors' and Officers' Liability Insurance

Boyer

Tennyson

2015

J of Risk & Insurance

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This article develops and tests hypotheses regarding the relationship between directors' and officers' (D&O) insurance purchase and firm size, governance characteristics, and business risk, using a unique panel data set on Canadian firms for years [1996][1997][1998][1999][2000][2001][2002][2003][2004][2005]. The data permit examination of the determinants of insurance pricing, ownership and coverage limits, and the effects of insurance on board characteristics and earnings management. Results using panel data methods and controlling for endogenous prices and endogenous selection into insurance ownership provide strong statistical evidence for the view that D&O insurance markets take corporate risk into account, but that insurance leads to greater risk taking.

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confidence: 99%

Directors' and Officers' Liability Insurance, Corporate Risk and Risk Taking: New Panel Data Evidence on The Role of Directors' and Officers' Liability Insurance

Boyer

Tennyson

2015

J of Risk & Insurance

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show abstract

“…An alternative is to use excerpts from the Towers-Watson surveys, as in Cao and Narayanamoothy (2011) who use only two survey years (2001 and 2002), and Fier et al (2010). A third approach is to use Canadian data 4 as in Core (1997Core ( , 2000, Boyer (2003), Park Wynn (2008, Gillan andPanasian (2009), Li et al (2011), Rees et al (2011) and Boyer and Stern (2012).…”

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confidence: 99%