Opaque liabilities, learning, and the cost of equity capital for insurers
研究美国财产责任保险公司发现，股权资本成本与承保业绩负相关，但与投资业绩无关，部分原因是投资者学习不透明负债，且市场和产品市场不完善也是重要决定因素。
Abstract Analyzing major US property–liability insurers, we find that their cost of equity capital is negatively associated with their underwriting performance, but not with their investment performance. We provide cross‐sectional evidence that the difference is attributable, at least in part, to investor learning about opaque insurer liabilities. We also find that capital market and product market imperfections are important determinants of insurers' cost of equity capital. Overall, our evidence contributes to the important literature examining insurers' cost of equity capital, and it suggests that opaque liabilities are a distinguishing feature of insurers in determining their cost of equity capital.