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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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DOI (Published version): 10.1017/S0968565012000273
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...
| Published in: | Financial History Review |
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| ISSN: | 0968-5650 1474-0052 |
| Published: |
2013
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| Online Access: |
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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. |
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| College: |
Faculty of Humanities and Social Sciences |
| Issue: |
01 |
| End Page: |
89 |