返回Google圖書搜尋

Optimal Capital Utilisation in the European Non-Life Insurance Industry

其他書名	An Efficiency Perspective
出版	Universität St. Gallen, 2018
URL	http://books.google.com.hk/books?id=rpsMvwEACAAJ&hl=&source=gbs_api

註釋This thesis analyses the use of equity capital in the European non-life insurance industry to provide evidence on whether insurers use too much or too little equity capital and which factors have an impact on its optimal usage. We use data envelopment analysis to estimate cost, technical and allocative efficiencies and the optimal level of equity capital per firm. Considering a sample of 649 firms from 15 European countries over the period from 2007 to 2014, we provide evidence that firms in the European non-life insurance industry use too little equity capital compared to optimal levels. Moreover, the variation between countries increases over the sample period with regards to how efficiently equity capital is utilised. Using regression analysis, we find that several firm-specific and country-specific factors have a significant impact on how efficiently a firm employs its equity capital. In particular, firms appear to optimise their equity capital utilisation as a reaction to adverse external market conditions.