ARTICLE IN PRESS ledger of financial economic science 90 (2008) 298312 Contents lists available at ScienceDirect Volume 88, telephone number 1, April 2008 ISSN 0304-405X Managing editor in chief: G. WILLIAM SCHWERT Founding Editor: MICHAEL C. JENSEN consultative Editors: EUGENE F. FAMA KENNETH FRENCH WAYNE MIKKELSON JAY SHANKEN ANDREI SHLEIFER CLIFFORD W. SMITH, JR. RENà M. STULZ dude Editors: HENDRIK BESSEMBINDER JOHN CAMPBELL HARRY DeANGELO DARRELL DUFFIE gum benjamin ESTY RICHARD GREEN JARRAD HARFORD PAUL HEALY CHRISTOPHER mob SIMON JOHNSON STEVEN KAPLAN TIM LOUGHRAN MICHELLE LOWRY KEVIN MURPHY MICAH OFFICER LUBOS curate NEIL PEARSON JAY RITTER RICHARD GREEN RICHARD SLOAN JEREMY C. STEIN JERRY WARNER MICHAEL WEISBACH KAREN WRUCK journal OF Financial ECONOMICS Journal of Financial Economics journal homepage: www.elsevier.com/locate/jfec Published by ELSEVIER in collaboration with the WILLIAM E. SIMON GRADUATE SCHOOL OF BUSINESS ADMINISTRATION, U NIVERSITY OF ROCHESTER procurable online at www.sciencedirect.com Why ?rms purchase keeping indemnity$ Daniel Aunon-Nerin a, great of Minnesota Ehling b,à a b ¨ Business Development Financial Industry Assets, UBS AG, Gessneralle 3-5 P.O.
Box, Zurich CH-8098, Switzerland Norwegian School of Management (BI), Nydalsveien 37, Oslo 0442, Norway a r t i c l e i n f o Article tarradiddle: Received 21 may 2007 Received in revise form 26 declination 2007 Accepted 7 January 2008 open online 20 September 2008 JEL classi?cation: G22 G32 G33 G35 Keywords: somatic risk management attribute damages abstract We investigate whether corporate ? poove incentives have-to doe wi th the extent of corporate hedging with spa! ce insurance. utilize a database that contains detailed insurance information, we document a plus recounting between the expected costs of distress and property insurance coverage. We also show that the dividend payout ratio is negatively associated with property insurance coverage, consistent with the view that ?rms with high...If you want to get a dear essay, order it on our website: OrderEssay.net
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