This study empirically examines, in the setting of insurance companies, the hypothesis that investors facing more operating risk may behave as if they were more risk averse in investment decisions. Specifically, we study how operating risk from underwriting insurance policies affects insurers'...

Despite fast growth in the past three decades, the Chinese insurance market is underdeveloped in terms of insurance density and penetration. In this study, we examine the cultural influence on insurance consumption in China and present evidence on the culture influence hypothesis. We find that...

Most traditional insurance companies have escaped the financial storms during 2007-2009 while companies engaging in financial risk taking were not this lucky. In this study, we examine the performance of financial risk insurers and analyze the contributing role of financial risk insurers to...