The determinants of investment returns in the fire insurance industry: the case of Sweden, 1903-1939
2013 (English)In: Financial History Review, ISSN 0968-5650, E-ISSN 1474-0052, Vol. 20, no 1, 73-89 p.Article in journal (Refereed) Published
Weemploy a panel data research design to examine the determinants of investmentreturns in the Swedish property fire insurance industry from 1903 to 1939 – aperiod of great economic and political uncertainty. Contrary to expectations,we find that mutual fire insurers generated systematically higher investmentreturns than stock fire insurers. Investment returns are inversely related toleverage but positively related to liquidity, showing that firms adopting amore precautionary investment strategy attain higher returns.
Place, publisher, year, edition, pages
Cambridge: Cambridge University Press, 2013. Vol. 20, no 1, 73-89 p.
investment, portfolio management, fire insurance, Sweden
Research subject Economic History
IdentifiersURN: urn:nbn:se:umu:diva-64127DOI: 10.1017/S0968565012000273OAI: oai:DiVA.org:umu-64127DiVA: diva2:588796
ProjectsFinancial modernisation and economic growth
FunderSwedish Research Council
Published online: 15 January 20132013-01-222013-01-162015-03-05Bibliographically approved