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The determinants of investment returns in the fire insurance industry: the case of Sweden, 1903-1939
Umeå University, Faculty of Social Sciences, Department of Geography and Economic History, Economic history.
Umeå University, Faculty of Social Sciences, Department of Geography and Economic History, Economic history.ORCID iD: 0000-0002-3293-2318
School of Management, University of Bath.
School of Management, University of Bath.
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
Abstract [en]

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.
Keyword [en]
investment, portfolio management, fire insurance, Sweden
National Category
Economic History
Research subject
Economic History
Identifiers
URN: urn:nbn:se:umu:diva-64127DOI: 10.1017/S0968565012000273OAI: oai:DiVA.org:umu-64127DiVA: diva2:588796
Projects
Financial modernisation and economic growth
Funder
Swedish Research Council
Note

Published online: 15 January 2013

Available from: 2013-01-22 Created: 2013-01-16 Last updated: 2017-12-06Bibliographically approved

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