TY - JOUR
T1 - The determinants of investment returns in the fire insurance industry
T2 - the case of Sweden, 1903-1939
AU - Andersson, Lars Fredrik
AU - Lindmark, Magnus
AU - Adams, Mike
AU - Upreti, Vineet
PY - 2013/4
Y1 - 2013/4
N2 - 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.
AB - 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.
UR - http://www.scopus.com/inward/record.url?scp=84877150664&partnerID=8YFLogxK
UR - http://dx.doi.org/10.1017/S0968565012000273
U2 - 10.1017/S0968565012000273
DO - 10.1017/S0968565012000273
M3 - Article
AN - SCOPUS:84877150664
SN - 0968-5650
VL - 20
SP - 73
EP - 89
JO - Financial History Review
JF - Financial History Review
IS - 1
ER -