Wealth impact of dividend changes within the insurance industry
Article Abstract:
A positive relationship exists between dividend increases and stock price reaction. An examination of the insurance market's reaction when announcements of large dividend increases are made by more and less rate-regulated insurance firms showed that abnormal returns are positive and significant for all insurers. However, these are smaller than those in earlier studies. Abnormal returns for the less rate-regulated life/health insurers during the announcement period are substantially greater than those of the more rate-regulated property/liability insurers.
Publication Name: Managerial Finance
Subject: Business
ISSN: 0307-4358
Year: 1996
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Deposit insurance and risk-taking behavior in the credit union industry
Article Abstract:
Time series tests using industry average ratios for federal and state credit unions reveal that the decline in capital of federal credit unions after the adoption of deposit insurance is due to reduced capital requirements rather than deposit insurance. A cross-sectional test using data from Iowa state-chartered credit unions reveals that uninsured credit unions are less capitalized and liquid than insured credit unions. These findings suggest that deposit insurance do not lead to increased risk-taking by credit unions.
Publication Name: Journal of Banking & Finance
Subject: Business
ISSN: 0378-4266
Year: 1999
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Employee stock ownership plans, common stock wealth effects and stock price variability
Article Abstract:
The market reacts positively to declarations of initiation employment stock ownership (ESOP) plans (1.185%), according to a study on the wealth effects of some classes of ESOP announcements on shareholders. Nonleveraged ESOPs (0.64%) and ESOPs established by companies having B-BAA credit rating (1.63%) also received a favorable response from the market. The market makes distinctions between leveraged and nonleveraged ESOPs, between AAA-A rating against BAA-B rating, and between initiation against expansion ESOPs.
Publication Name: Managerial Finance
Subject: Business
ISSN: 0307-4358
Year: 1997
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