This study examines the geographical spillover of the state-level average homeowners insurance cost for 48 US contiguous states. We estimate a panel spatial Durbin model with state and year fixed effect for data between 2001 and 2018. We found a significant positive spillover of average...

Lives or livelihoods" is a hard trade-off when confronting COVID-19, especially for cities in the Global South. Countermeasures to protect people's lives may exert negative impacts on urban households and test their livelihood resilience. Did COVID-19 discriminate? Did livelihood resilience vary...

As illicit substances move into the legal product space, substitution patterns with legal products become more salient. In particular, marijuana legalization may have implications for the use of other legal “sin” goods. We estimate a structural model of multi-product use of illegal and legal...

The global insurance industry is undergoing fundamental change, with countries that are classified as emerging economies (such as China and other countries in the Asia-Pacific region) playing increasingly important roles. In this article, we investigate the effect of two important dimensions of...

This study investigates the relationship between insurance sectors’ global value chains (GVC) positions and insurance firms’ tail risk. Using a sample of 208 insurers from 25 countries between 2000 and 2015, we find that insurers’ tail risk (i.e., expected shortfall, downside beta, and...