Guaranty funds and risk-taking evidence from the insurance industry
研究美国各州担保基金法实施后，财产责任保险公司风险承担的变化，发现资产组合风险上升，且仅对股份制保险公司显著，这有助于解释近年保险公司破产增加。
This paper examines changes in property-liability insurers risktaking associated with the enactment of state guaranty fund laws. We present evidence that the risk of insurers' asset portfolios increased following enactments. But the increase in risk is significant only for stock insurers. This evidence of increased asset risk following guarantee-fund adoptions helps explain the increase in insurer insolvencies in recent years.