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«July 7, 2015 World Risk and Insurance Economics Congress Munich, Germany Leon Chen Assistant Professor, Minnesota State University at Mankato Phone: ...»

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0.01 and 0.001 levels respectively, using a generic one-tail test.

Figure 3: Cumulative Average Abnormal Returns for Different Downgrades with Identified A.M. Best Press Release News During (-10, +10) Days Surrounding the Downgrade Events

Note:

Group 1 events represent those publicly-traded insurer downgrades that have Best’s press release news with suspected Best’s private information and/or opinion. Group 2 downgrades are mainly caused by certain public information, or have no suspected Best’s private information identified from Best’s press release news. Both Group 1 and 2 downgrades are related to deterioration of firm’s fundamental performance, earnings and/or financial prospects. Group 3 downgrades are mainly caused by increased firm risk due to managerial decisions, such as increased financial leverage, new product launching, business expansion, increased investment or asset risk, aggressive pricing, increased business concentration, and acquisitions or spin-offs.



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