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Evidence on the Time Series Properties of Insurance Premiums and Causes of the Underwriting Cycle: New Support for the Capital Market Imperfection Hypothesis

Greg Niehaus and Andy Terry
The Journal of Risk and Insurance
Vol. 60, No. 3 (Sep., 1993), pp. 466-479
DOI: 10.2307/253038
Stable URL: http://www.jstor.org/stable/253038
Page Count: 14
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
Evidence on the Time Series Properties of Insurance Premiums and Causes of the Underwriting Cycle: New Support for the Capital Market Imperfection Hypothesis
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Abstract

Time series causality tests are used to examine hypotheses about the determinants of insurance premiums and causes of the underwriting cycle. The evidence supports the hypothesis that underwriting cycles are partially due to costly external capital as predicted by Winter (1989), Cummins and Danzon (1992), and Gron (1992).

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