We investigate the relationship between risk taking of life-health (LH) insurers and stability of their institutional ownership within a simultaneous equation system model. Several results are obtained. First, stable institutional ownership of is associated with lower total risk of LH insurers,...

We document a substantial customer complaint gap between stock and mutual financial firms. To assess whether this 21% per year complaint gap stems from complaint-prone customers in stock insurers, we examine state-adjudicated complaint success. To further delineate between customer selection or...

We investigate the role of organizational form and ownership structure in corporate governance by examining CEO turnover in the U.S. property-casualty insurance industry. The probability of non-routine turnover has a significant negative relationship with firm performance, and outside succession...