Universität zu Köln

Altuntas, Muhammed, Berry-Stoelzle, Thomas R. and Wende, Sabine ORCID: 0000-0003-3055-0663 (2015). Does one size fit all? Determinants of insurer capital structure around the globe. J. Bank Financ., 61. S. 251 - 272. AMSTERDAM: ELSEVIER SCIENCE BV. ISSN 1872-6372

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Abstract

As financial markets become more global, the question arises whether any country specific considerations are still relevant for insurance companies' capital structure. This research examines this question with firm-level data across a broad range of countries including those in developing markets. What we find is that the optimal capital structure of insurance companies is not homogeneous across countries. We find that country-level factors explain a substantial fraction of the cross-sectional variation in insurance companies' capitalization levels. Our results add to the current policy discussion on global regulatory capital requirements. If insurer capital structure is not homogeneous across countries, a global capital standard if desired should take differences in the institutional environments across countries into account to avoid market distortions. (C) 2015 Elsevier B.V. All rights reserved.

Item Type:	Journal Article
Creators:	Creators Email ORCID ORCID Put Code Altuntas, Muhammed UNSPECIFIED UNSPECIFIED UNSPECIFIED Berry-Stoelzle, Thomas R. UNSPECIFIED UNSPECIFIED UNSPECIFIED Wende, Sabine UNSPECIFIED orcid.org/0000-0003-3055-0663 UNSPECIFIED
URN:	urn:nbn:de:hbz:38-384512
DOI:	10.1016/j.jbankfin.2015.09.012
Journal or Publication Title:	J. Bank Financ.
Volume:	61
Page Range:	S. 251 - 272
Date:	2015
Publisher:	ELSEVIER SCIENCE BV
Place of Publication:	AMSTERDAM
ISSN:	1872-6372
Language:	English
Faculty:	Unspecified
Divisions:	Unspecified
Subjects:	no entry
Uncontrolled Keywords:	Keywords Language PARTIAL ADJUSTMENT; CORPORATE-FINANCE; STRUCTURE CHOICE; RISK-MANAGEMENT; PANEL-DATA; INSURANCE; FIRM; CONSTRAINTS; INFORMATION; INVESTMENT Multiple languages Business, Finance; Economics Multiple languages
URI:	http://kups.ub.uni-koeln.de/id/eprint/38451