We examine the risk and return linkages across US commercial banks, securities firms, and life insurance companies during the 1991-2001 period. After controlling for changes in the broader stock market, interest rates, and foreign currency values, we find that return and risk interdependencies...

Foreign-owned property-liability insurers have increased their market share in the US in the recent decades. They may have achieved this by being more efficient, by undercutting prices to attract away business from their domestic rivals, or both. We investigate return, risk, efficiency and...