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- W573039509 abstract "EFFECTS OF MERGERS AND ACQUISITIONS ON THE PRICE OF INSURANCE AND FIRM PERFORMANCE: EVIDENCE FROM THE U.S. PROPERTY-LIABILITY INSURANCE INDUSTRY By JEUNG BO SHIM August 7, 2007 Committee Chair: Dr. Richard D. Phillips Major Department: Risk Management and Insurance Although the economic motivation and efficiency effects of mergers and acquisitions (M & As) in the insurance industry have been discussed, none of the prior studies have addressed the relationship between M & A activity and insurance price change. In addition, little is known about the effect of diversification on the differences in insurance price across lines. The main objective of the dissertation is to provide evidence on these issues. A secondary objective is to investigate the relationship between M & A activity and insurer’s efficiency and financial performance. We also examine various firm characteristics that affect insurance price differences across lines and that influence insurer’s efficiency and performance. We conduct fixed effects model regressions to test our hypotheses using unbalanced panel data over the sample period 1989-2004. The empirical tests indicate that the price of insurance for newly formed insurers decreases following the M & As and diversified insurers charge lower prices than less diversified firms. Our result is consistent with one possible explanation that acquiring insurers reduce overall underwriting risks and more efficiently manage the frictional costs of capital through geographic and/or product line diversification by engaging in the M & As and therefore gain a competitive advantage in pricing. Our analysis also reveals" @default.
- W573039509 created "2016-06-24" @default.
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- W573039509 date "2007-01-01" @default.
- W573039509 modified "2023-09-23" @default.
- W573039509 title "The Effects of Merger and Acquisition on the Price of Insurance and Firm Performance in the U.S. Property-Liability Insurance Industry" @default.
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