The Effect of the Great East Japan Earthquake on the Stock Prices of Non-life Insurance Companies

被引：13
|
作者：
Takao, Atsushi [1 ]
Yoshizawa, Takuya [2 ]
Hsu, Shuofen [3 ]
Yamasaki, Takashi [1 ]
机构：
[1] Kobe Univ, Grad Sch Business Adm, Nada Ku, Kobe, Hyogo 6578501, Japan
[2] HS Insurance Co Ltd, Shinjuku Ku, Tokyo 1600004, Japan
[3] Natl Kaohsiung First Univ Sci & Technol, Dept Risk Management & Insurance, Kaohsiung 811, Taiwan
来源：
GENEVA PAPERS ON RISK AND INSURANCE-ISSUES AND PRACTICE | 2013年 / 38卷 / 03期
关键词：
insurance stock; catastrophe; stock market reaction; event study; Great East Japan Earthquake; Earthquake Insurance System on Dwelling Risks in Japan; RETURNS; VALUES; EVENT;
D O I：
10.1057/gpp.2012.34
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
The Great East Japan Earthquake of 11 March 2011 incurred huge damages for Japan. This paper investigates how this earthquake influenced the value of Japanese insurance companies, especially non-life insurance companies. Our findings are as follows. (1) The stock prices of insurance companies decreased right after the earthquake. The spread of this decrease was less for the stock prices of non-life insurance companies than for those of life insurance companies. (2) The more capital buffer a non-life insurance company had, the higher the stock return. (3) The Earthquake Insurance System on Dwelling Risks in Japan not only indemnifies seismic losses but also functions as a Japanese stock market stabiliser.
引用
收藏
页码：449 / 468
页数：20
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