The determinants of investment returns in the fire insurance industry: the case of Sweden, 1903-1939

Lars Fredrik Andersson, Magnus Lindmark, Mike Adams, Vineet Upreti

Research output: Contribution to journalArticlepeer-review

2 Citations (Scopus)

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.
Original languageEnglish
Pages (from-to)73-89
JournalFinancial History Review
Volume20
Issue number1
Early online date15 Jan 2013
DOIs
Publication statusPublished - Apr 2013

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