haku: @author Masojada, B. / yhteensä: 2
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| Tekijä: | Aczel, M Broyles, J. Masojada, B. |
| Otsikko: | Participation in the Lloyd's insurance market as a portfolio investment Lloyd's |
| Lehti: | Journal of Business Finance and Accounting
1990 : WINTER, VOL.17:5, p.609-633 |
| Asiasana: | INSURANCE COMPANIES MARKETS PORTFOLIO MANAGEMENT FINANCIAL RISK RISK MANAGEMENT SECURITIES RATE OF RETURN TAXATION |
| Kieli: | eng |
| Tiivistelmä: | Using a Markovitz portfolio theory framework, risk-adjusted returns are estimated during the period 1950-1983 to a notional Name investing only in securities and able to spread his participation at Lloyd's over all syndicates. Such a Name would have earned abnormal risk-adjusted returns (compared with investment in the stock market) that were proportionally the largest for those paying the top marginal rates of tax. A large part of the benefit to high-tax paying Names was attributable to the difference in tax treatment accorded to capital gains compared with business income in the United Kingdom. |
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