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Financial Sector Growth and Annuitization: Evidence from the United States
Patricia Born,Hugo M,Montesinos-Yufa,E Tice Sirmans 국제금융소비자학회 2021 The International Review of Financial Consumers(IR Vol.6 No.1
We investigate a plausible explanation for the annuitization puzzle, whereby individuals do not annuitize their retirement savings even when rational choice theory suggests that annuitization is a sure way to address longevity risk. Our main purpose is to evaluate the role of a growing local financial sector in promoting annuitization. We assume that annuity benefit payments reflect the effort of the population to protect against longevity risk. Using a unique, U.S. state-level annual dataset for the years 1970-2013, we test whether the development of the financial sector is related to the aggregate decision of a state’s population in the decision to annuitize. We find that there is a strong positive relationship between the share of compensation in a state’s financial sector and the level of annuity payments in a state. The results are robust to four empirical specifications and support our suggestion that the development of a financial sector is a consideration in the state population’s decision to annuitize.
Credible or Biased? An Analysis of Insurance Product Ratings in Germany
Patricia A. Born,Stephanie Mü,ller,Sharon Tennyson 국제금융소비자학회 2020 The International Review of Financial Consumers(IR Vol.5 No.1
Instruments such as product ratings can help to overcome information asymmetries in retail financial markets. However, the capacity of ratings to promote market transparency and consumer awareness depends critically on whether they are credible. This article provides an empirical investigation of insurance product ratings in Germany, with an emphasis on the potential sources of bias that could undermine rating credibility. The analysis employs a panel dataset containing ratings for disability insurance products from two rating agencies over a 15-year period. Using the existing literature as a guide, we test a series of hypotheses regarding factors that may explain the variation in rating outcomes over time and across rating agencies. Our results suggest no major concerns regarding the credibility of insurance product ratings.