在2024年8月6日於美國丹佛舉行的美國風險管理與保險協會（ARIA）年會上，意昂2風險管理與保險學系副教授樓平易的研究成果獲2024年度Robert C. Witt最佳論文獎。該研究的合作者還包括塞浦路斯大學教授Andreas Milidonis、新加坡南洋理工大學教授Tao Chen及Shinichi Kamiya👩🏿🎓。
Robert C. Witt Award是全球風險管理與保險領域最重要的學術獎項之一，由美國風保協會於2000年創立。依據論文的原創性、實用性和貢獻度，協會從過去一年中發表在其旗艦期刊——保險與風險管理領域頂刊Journal of Risk and Insurance的所有刊發論文中評選出最優秀的1篇論文。該獎項的評選需經過多輪匿名評審與綜合評估，最終由協會理事會確定。
此次獲獎論文《Analyst Coverage, Executive Compensation and Corporate Risk-Taking: Evidence from Property-Casualty Insurance Firms》深入剖析了保險公司高管薪酬、分析師覆蓋與公司風險水平之間的復雜關系，為解決當前保險行業與監管面臨的實際問題提供了有力支持。
對於此次獲獎🙎♀️，樓平易表示，美國風保協會每年僅評選出兩個重大獎項，分別授予過去一年中的最佳論文,以及十年前最具影響力的論文。他期待在保險領域深耕細作，向十年目標邁進。
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.
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