Pasiouras, Fotios; Gaganis, Chrysovalantis - In: Journal of Business Research 66 (2013) 5, pp. 632-642
This paper provides the first cross-country study on the association between firms' soundness and regulatory policies in the insurance industry. Measuring solvency with an accounting based measure of distance to default, namely the Z-score, we find that the power of the supervisory authorities,...