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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w29207 |
来源ID | Working Paper 29207 |
Hedging and Competition | |
Erasmo Giambona; Anil Kumar; Gordon M. Phillips | |
发表日期 | 2021-09-06 |
出版年 | 2021 |
语种 | 英语 |
摘要 | We study how risk management through hedging impacts firms and competition among firms in the life insurance industry - an industry with over 7 Trillion in assets and over 1,000 private and public firms. We show that firms that are likely to face costly external finance increase hedging after staggered state-level financial reform that reduces the costs of hedging. Post reform impacted firms have lower risk and fewer negative income shocks. Product market competition is also impacted. Firms that previously are more likely to face costly external finance, lower price, increase policy sales and increase their market share post reform. The results are consistent with hedging allowing firms that face potential costly financial distress to decrease risk and become more competitive. |
主题 | Microeconomics ; Households and Firms ; Market Structure and Distribution ; Financial Economics ; Financial Institutions ; Corporate Finance |
URL | https://www.nber.org/papers/w29207 |
来源智库 | National Bureau of Economic Research (United States) |
引用统计 | |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/586880 |
推荐引用方式 GB/T 7714 | Erasmo Giambona,Anil Kumar,Gordon M. Phillips. Hedging and Competition. 2021. |
条目包含的文件 | ||||||
文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w29207.pdf(2184KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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