Hybrid bond issuances by insurance firms

Ryu Doojin; Yu Jinyoung

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Hybrid bond issuances by insurance firms

机译：杂交债券发出保险公司

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摘要

This study reexamines the determinants of insurance firms' hybrid bond issuances. We also analyze the effects of these issuances on their issuers' financial solvency and performance. Logistic regression reveals that the likelihood of issuing a hybrid bond increases when the risk based capital ratio is lower and when net income is greater. Additionally, difference-in -differences estimations with fixed effects show that hybrid bond issuances enhance insurance firms' insolvency risk and liquidity ratio but do not significantly improve overall financial solvency indices. The insolvency risk is mitigated when the bonds are issued to foreign creditors.

机译：本研究重新审视了保险公司混合债券发行的决定因素。我们还分析了这些发行对发行人的金融偿付能力和履行的影响。 Logistic回归揭示了发出混合债券的可能性在基于风险的资本比率较低，当净收入更大时增加。此外，差异 - 具有固定效果的平等估计表明，混合债券发出了增强保险公司的破产风险和流动性比率，但不会显着改善整体金融偿付能力指标。当债券发给外国债权人时，破产风险会减轻。

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来源
《Emerging markets review》 |2020年第12期|100722.1-100722.13|共13页
作者
Ryu Doojin; Yu Jinyoung;
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作者单位

Sungkyunkwan Univ Coll Econ 25-2 Sungkyunkwan Ro Seoul 03063 South Korea;

Sungkyunkwan Univ Coll Econ 25-2 Sungkyunkwan Ro Seoul 03063 South Korea;

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原文格式 PDF
正文语种 eng
中图分类
关键词
Emerging market; Endogeneity; Fixed effects; Hybrid bond issuance; Insolvency risk;

机译：新兴市场;内能性;固定效果;混合债券发行;破产风险;

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2. What promotes/prevents firm bond issuance in emerging economies: Bank-firm relationship or information asymmetry? [J] . Nagano Mamoru International Review of Economics and Finance . 2018,第JULa期

机译：是什么在新兴经济体中促进/阻止公司债券的发行：银行与公司之间的关系或信息不对称？
3. An empirical study for ranking insurance firms using a hybrid of data envelopment analysis and neural network [J] . Makui A., Noushabadi M. Management Science Letters . 2012,第8期

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4. Firm's Choice of Financing Means Under Private Benefits of Control──Theoretically Reflecting on Firm's Financing by Issuing Convertible Bonds [C] . M.Vishnu, J.W.Mark 2005年中国国际金融年会 . 2005

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5. New evidence on market impact of convertible bond issues on United States firms. [D] . Gosselin, Guillaume. 2003

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6. Resilience and learning from insurance firms: Dataset on British long-term insurance market performance [O] . Oluwasoye P. Mafimisebi, Ifeanyichukwu Nworie, Sara Hadleigh-Dunn 2018

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7. Legal Issues of Firms with Hybrid Organizational Structure in the Healthcare and Insurance Industry [O] . Christopher J Marquette, Devlin Fisher 2016

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8. Analysis of Potential Self-Guarantee Tests for Demonstrating Financial Assurance by Non-Profit Colleges, Universities, and Hospitals and by Business Firms That Do Not Issue Bonds [R] . Bailey, P., Dean, C., Collier, J., 1997

机译：非营利性大学，大学和医院以及不发行债券的商业公司证明财务保证的潜在自我保证测试分析

Hybrid bond issuances by insurance firms

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