ABSTRACT

This paper examines the role of learning by observing in insurance mergers and acquisitions (M&As) by employing an international sample across 18 countries spanning the years 1990 to 2014. The empirical results support a view of semi-strong market efficiency: the long-run improvements in financial performance and risk profiles are significantly related to past M&As in the insurance industry. Moreover, we find evidence of more accurate stock market predictions of long-run financial performance and risk profiles if there are more recent insurance merger activities. This paper provides a new explanation for the controversy observed in the failure of insurance M&As to create value.

摘要

本文采用1990年至2014年间18个国家/地区的国际样本，考察了观察学习在保险业并购（M＆A）中的作用。实证结果支持了半强市场效率的观点：长期的改进财务绩效和风险状况方面的信息与保险行业过去的并购活动密切相关。此外，如果最近有更多的保险合并活动，我们发现有证据表明股票市场对长期财务业绩和风险状况的预测更为准确。本文为在保险并购失败创造价值中所观察到的争议提供了新的解释。