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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

Financial History Review, Volume: 20, Issue: 01

Swansea University Author: Vineet Upreti

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Abstract

The determinants of investment returns in the Swedish property fire insurance industry from 1903 to 1939 are examined employing a panel data research design. Contrary to expectations, mutual fire insurers generated systematically higher investment returns than stock fire insurers over this period of...

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Published in: Financial History Review
ISSN: 0968-5650 1474-0052
Published: 2013
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URI: https://cronfa.swan.ac.uk/Record/cronfa15894
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Abstract: The determinants of investment returns in the Swedish property fire insurance industry from 1903 to 1939 are examined employing a panel data research design. Contrary to expectations, mutual fire insurers generated systematically higher investment returns than stock fire insurers over this period of great economic and political uncertainty. Firms adopting a more precautionary investment strategy attain higher returns, which shows that investment returns are inversely related to leverage.
College: School of Management
Issue: 01
End Page: 89