Article contents
The determinants of investment returns in the fire insurance industry: the case of Sweden, 1903–1939
Published online by Cambridge University Press: 15 January 2013
Abstract
We employ a panel data research design to examine the determinants of investment returns in the Swedish property fire insurance industry from 1903 to 1939 – a period of great economic and political uncertainty. Contrary to expectations, we find that mutual fire insurers generated systematically higher investment returns than stock fire insurers. Investment returns are inversely related to leverage but positively related to liquidity, showing that firms adopting a more precautionary investment strategy attain higher returns.
- Type
- Articles
- Information
- Copyright
- Copyright © European Association for Banking and Financial History e.V. 2013
References
References
Sources
- 2
- Cited by