新葡萄8883官网amg楼平易荣获美国风险管理与保险协会2024年度Robert C. Witt最佳论文奖

在2024年8月6日于美国丹佛举行的美国风险管理与保险协会（ARIA）年会上，新葡萄8883官网amg风险管理与保险学系副教授楼平易的研究成果获2024年度Robert C. Witt最佳论文奖。该研究的合作者还包括塞浦路斯大学教授Andreas Milidonis、新加坡南洋理工大学教授Tao Chen及Shinichi Kamiya。

Robert C. Witt Award是全球风险管理与保险领域最重要的学术奖项之一，由美国风保协会于2000年创立。依据论文的原创性、实用性和贡献度，协会从过去一年中发表在其旗舰期刊——保险与风险管理领域顶刊Journal of Risk and Insurance的所有刊发论文中评选出最优秀的1篇论文。该奖项的评选需经过多轮匿名评审与综合评估，最终由协会理事会确定。

此次获奖论文《Analyst Coverage, Executive Compensation and Corporate Risk-Taking: Evidence from Property-Casualty Insurance Firms》深入剖析了保险公司高管薪酬、分析师覆盖与公司风险水平之间的复杂关系，为解决当前保险行业与监管面临的实际问题提供了有力支持。

对于此次获奖，楼平易表示，美国风保协会每年仅评选出两个重大奖项，分别授予过去一年中的最佳论文,以及十年前最具影响力的论文。他期待在保险领域深耕细作，向十年目标迈进。

摘要：Using an exogenous drop in analyst coverage introduced by broker closures and mergers, we test for the causal impact of analyst coverage on corporate risk-taking in an opaque industry. We document an increase in risk using several book-based and market-based risk measures, including tail and default risk measures. Results are driven by firms with stronger managerial risk-taking compensation incentives. The increase in risk is stronger in more opaque firms and firms with weaker policyholder monitoring. Firm risk increases through at least one risk-taking action, such as investing firm assets in higher-risk bonds. Our study highlights the importance of stock analysts in affecting corporate risk-taking, especially in the presence of stronger managerial compensation risk-taking incentives.

“Analyst Coverage, Executive Compensation, and Corporate Risk-Taking: Evidence from Property-Casualty Insurance Firms.” December 2023, Vol. 90, Issue 4, pages 899-939.