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RISK AND RETURN DETERMINANTS OF US INSURERS

Li Zhang, Norma Nielson and Joseph Haley

The International Journal of Business and Finance Research, 2019, vol. 13, issue 1, 63-72

Abstract: This paper identifies the risk and risk-adjusted return determinants of US insurers. We find that the significant firm-specific determinants for risk and risk-adjusted return vary slightly for the risk proxy and risk-adjusted return proxy used, and the types of insurers. We find that in general, profitability, leverage, types of management compensation are significantly related to both total risk and systematic risk; in addition, size is positively related to systematic risk. Profitability and incentive pay are significant determinants for total-risk-adjusted return. Size is significantly negatively related to systematic-riskadjusted return. In addition to size, profitability and leverage are significant determinants for systematicrisk-adjusted return for Life insurers

Keywords: Firm-Specific Risk Determinants; Firm-Specific Risk-Adjusted-Return Determinants; Insurance Industry; Executive Compensation; Stock Exchange (search for similar items in EconPapers)
JEL-codes: G22 (search for similar items in EconPapers)
Date: 2019
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