Dividend policy and the global financial crisis: empirical evidence from the Italian insurance industry |
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Authors: | Tobias Basse Sebastian Reddemann Johannes-Jörg Riegler J-Matthias Graf von der Schulenburg |
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Institution: | 1.Norddeutsche Landesbank (NORD/LB),Hannover,Germany;2.Center for Risk and Insurance,Leibniz Universit?t Hannover,Hannover,Germany |
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Abstract: | The financial crisis has led to controversial discussions about the capital base of the insurance industry. Dividend cuts
and capital increases have been suggested to counter diminishing equity. However, some observers seem to fear that investors
could interpret a reduction of dividends as a sign for future problems. The empirical evidence from the Italian insurance
sector reported here does indeed indicate that dividend smoothing is a relevant economic phenomenon. Therefore, Italian insurance
companies should rethink dividend policy rather carefully due to the possible negative consequences of dividend cuts. |
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