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SHAREHOLDERS VALUE AND CATASTROPHE BONDS. AN EVENT STUDY ANALYSIS AT EUROPEAN LEVEL

Laura-Gabriela Constantin ; The Bucharest University of Economic Studies, Romania
Bogdan Cernat-Gruici ; The Bucharest University of Economic Studies, Romania
Radu Lupu ; The Bucharest University of Economic Studies, Romania
Lino Maria Nadotti Loris ; University of Perugia, Italy

Puni tekst: engleski, pdf (729 KB) str. 75-85 preuzimanja: 384* citiraj
APA 6th Edition
Constantin, L., Cernat-Gruici, B., Lupu, R. i Nadotti Loris, L.M. (2015). SHAREHOLDERS VALUE AND CATASTROPHE BONDS. AN EVENT STUDY ANALYSIS AT EUROPEAN LEVEL. Journal of economic and social developmen, 2 (1), 75-85. Preuzeto s https://hrcak.srce.hr/135731
MLA 8th Edition
Constantin, Laura-Gabriela, et al. "SHAREHOLDERS VALUE AND CATASTROPHE BONDS. AN EVENT STUDY ANALYSIS AT EUROPEAN LEVEL." Journal of economic and social developmen, vol. 2, br. 1, 2015, str. 75-85. https://hrcak.srce.hr/135731. Citirano 20.10.2019.
Chicago 17th Edition
Constantin, Laura-Gabriela, Bogdan Cernat-Gruici, Radu Lupu i Lino Maria Nadotti Loris. "SHAREHOLDERS VALUE AND CATASTROPHE BONDS. AN EVENT STUDY ANALYSIS AT EUROPEAN LEVEL." Journal of economic and social developmen 2, br. 1 (2015): 75-85. https://hrcak.srce.hr/135731
Harvard
Constantin, L., et al. (2015). 'SHAREHOLDERS VALUE AND CATASTROPHE BONDS. AN EVENT STUDY ANALYSIS AT EUROPEAN LEVEL', Journal of economic and social developmen, 2(1), str. 75-85. Preuzeto s: https://hrcak.srce.hr/135731 (Datum pristupa: 20.10.2019.)
Vancouver
Constantin L, Cernat-Gruici B, Lupu R, Nadotti Loris LM. SHAREHOLDERS VALUE AND CATASTROPHE BONDS. AN EVENT STUDY ANALYSIS AT EUROPEAN LEVEL. Journal of economic and social developmen [Internet]. 2015 [pristupljeno 20.10.2019.];2(1):75-85. Dostupno na: https://hrcak.srce.hr/135731
IEEE
L. Constantin, B. Cernat-Gruici, R. Lupu i L.M. Nadotti Loris, "SHAREHOLDERS VALUE AND CATASTROPHE BONDS. AN EVENT STUDY ANALYSIS AT EUROPEAN LEVEL", Journal of economic and social developmen, vol.2, br. 1, str. 75-85, 2015. [Online]. Dostupno na: https://hrcak.srce.hr/135731. [Citirano: 20.10.2019.]

Sažetak
Considering that the E.U. based (re)insurance companies are increasingly active within the segment of alternative risk transfer market, the aim of the present paper is to emphasize the impact of issuing cat bonds on the shareholders’ value for highlighting the competitive advantages of the analysed (re)insurance companies while pursuing the consolidation of their resilience in a turbulent economic environment.Eminently an applicative research, the analysis employs an event study methodology whereas adjusting
the market model residuals with the aim of accounting for generalized autoregressive conditional heteroskedastic (GARCH) effects through advanced econometric procedures. To account for the
shareholders’ value, the research employs high frequency financial data (daily returns of stoc k-exchange listed (re)insurance companies) and the cat bonds’ announcement dates as economic events.

Ključne riječi
alternative risk transfer solutions; catastrophe bonds; competitive advantage; event study; GARCH model

Hrčak ID: 135731

URI
https://hrcak.srce.hr/135731

Posjeta: 594 *