Managerial discretion, regulation, and stock insurer ownership structure. From: Journal of Risk and Insurance | Date: December 1, 1994| Author: Mayers, David; Smith, Clifford W., Jr. | COPYRIGHT 1994 American Risk and Insurance Association, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group.Copyright information

The differences in operating characteristics in varying ownership structures are examined. Of specific concern are the variations in ownership structures among common stock insurers. Results show that different ownership classes operate along statistically distinctive lines, thus affirming the managerial discretion hypothesis. However, such variation cannot be accounted for by tax and regulatory differences alone owing to the focus on common stock insurers.

Introduction

The ...

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