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- Title
Insurance Firm Market Response to California Proposition 103 and the Effects of Firm Size.
- Authors
Schelor, Roger M.; Cross, Mark L.
- Abstract
This study examines the effect of the November 8, 1988 California Proposition 103 passage on insurance company value. The findings indicate that Proposition 103 conveyed important new market information that is reflected in significantly decreased values for the total sample of property-liability and multi-line insurers. The significant impact on non-California insurers is attributed to the small firm effect. The insignificant impact on California companies is attributed to their large size and ability to diversify across insurance lines and across states.
- Subjects
CALIFORNIA; INSURANCE companies; INSURANCE law; INSURANCE policies; MULTIPLE-line insurance; GOVERNMENT guaranty of loans; PROPERTY insurance; LIABILITY insurance
- Publication
Journal of Risk & Insurance, 1990, Vol 57, Issue 4, p682
- ISSN
0022-4367
- Publication type
Article
- DOI
10.2307/252953