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,...

In response to the reduction in trade policy uncertainty following China's accession to the WTO, U.S. manufacturing firms implemented more conservative capital structures, relying less on debt financing and holding more cash. We identify the effects using cross-sectional variation in exposure as...