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

doi:10.1017/S0968565012000273

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

Management

Umeå University

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4 Citations (SciVal)

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 language	English
Pages (from-to)	73-89
Journal	Financial History Review
Volume	20
Issue number	1
Early online date	15 Jan 2013
DOIs	https://doi.org/10.1017/S0968565012000273
Publication status	Published - Apr 2013

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10.1017/S0968565012000273

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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. ",

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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.

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

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