Research

My research focuses on empirical insurance economics, with emphasis on financial accounting, taxation, regulation, and enterprise risk management. For a full record, see my CV.

Publications

Healthy Competition? Health Insurer Mergers Pre- and Post-ACA
With Joshua D. Frederick and Charles C. Yang.
Forthcoming, North American Actuarial Journal.
[ Published]

Actuarial Implications of Changes in Financial Reporting on Insurer Investments and Earnings Management
With Dan Yang and James M. Carson.
Forthcoming, North American Actuarial Journal.
[ SSRN] [ Published]

Risk Management and Corporate Lifecycles: Evidence from Reinsurance Purchases
With Cassandra R. Cole.
Journal of Corporate Finance, 2026, 98: 102961.
[ SSRN] [ Published]

Accounting Standards and Gains Trading
With Kyeonghee Kim and Marc A. Ragin.
Journal of Insurance Regulation, 2025, 44(5): 1–43.
[ SSRN] [ Published]

Enterprise Risk Management and Corporate Tax Planning
With Anne C. Ehinger and Jianren Xu.
Journal of Risk and Insurance, 2024, 91(3): 529–566.
[ SSRN] [ Published]

Capital Structure and Financing in the Health Insurance Industry: Evidence from the Affordable Care Act
With Joshua D. Frederick and J. Bradley Karl.
Journal of Insurance Issues, 2024, 47(1): 1–34.
[ Published]

Are Internal Capital Markets Ex-Post Efficient?
With James M. Carson, David L. Eckles, and Joshua D. Frederick.
North American Actuarial Journal, 2023, 27(4): 630–655.
[ Published]

Managed Care or Carefully Managed? Management of Underwriting Profitability by Health Insurers
With Patricia H. Born and E. Tice Sirmans.
Geneva Papers on Risk and Insurance—Issues and Practice, 2023, 48(1): 5–31.
[ Published]

Market Reactions to Enterprise Risk Management Adoption, Incorporation by Ratings Agencies, and ORSA Act Passage
With Jianren Xu.
Risk Management and Insurance Review, 2021, 24(2): 151–180.
[ Published]

Accounting-Based Regulation: Evidence from Health Insurers and the Affordable Care Act
With David L. Eckles and Andrew Van Buskirk.
The Accounting Review, 2021, 96(2): 231–259.
[ SSRN] [ Published]

Reducing Medical Malpractice Loss Reserve Volatility Through Tort Reform
With Patricia H. Born and W. Kip Viscusi.
North American Actuarial Journal, 2020, 24(4): 626–646.
[ Published]

It’s About Time: An Examination of Loss Reserve Development Time Horizons
With Michael M. Barth and David L. Eckles.
North American Actuarial Journal, 2019, 23(2): 143–168.
[ Published]

CEO Overconfidence and Earnings Management: Evidence from Property-Liability Insurers’ Reserve Errors
With Thomas R. Berry-Stölzle and Jianren Xu.
North American Actuarial Journal, 2018, 22(3): 380–404.
[ Published]

Ratings: It’s Accrual World
With James M. Carson and David L. Eckles.
Journal of Risk and Insurance, 2018, 85(3): 787–809.
[ Published]

Papers Under Review

Regulatory Capital and Deferred Tax Assets
With Anne C. Ehinger and Cathryn M. Meegan.
[ SSRN]

The Capital Market Consequences Associated with Classifying Unrealized Gains and Losses on Available-For-Sale (AFS) Equity Securities in GAAP Net Income
With John L. Campbell, James M. Carson, Jingshu Luo, and Dan Yang.
[ SSRN]

Regulatory Capital and Catastrophe Risk
With Kyeonghee Kim.
[ SSRN]

Asymmetry in Earnings Management Surrounding Targeted Ratings
With David L. Eckles and Martin Halek.
[ SSRN]

Earnings Management, Executive Compensation, and Ownership Structure
With David L. Eckles, Martin Halek, and Lawrence S. Powell.

Homeowners Insurance and Housing Prices
With Kyeonghee Kim and Tingyu Zhou.
[ SSRN]

Insurer Investments: Accounting, Regulation, and Empirical Patterns
With Dan Yang and James M. Carson.

Working Papers

The Usefulness of Disaggregated Disclosures for Complex Estimates: Evidence from the Claim Loss Reserve
With Anne C. Ehinger and Andrea Tillet.
[ SSRN]

Accounting Discretion and Loss Reserve Discounting: Evidence from Canadian Property-Casualty Insurers
With David L. Eckles and Mary Kelly.
[ SSRN]

A Text-Based Measure of Corporate Risk Management
With Steve M. Miller and Po-Lin Wang.
[ SSRN]

Climate Risk and Commercial Property Insurance
With Stephen L. Buschbom, Chongyu Wang, and Tingyu Zhou.
[ SSRN]

Enterprise Risk Management and Financial Misconduct
With Chan Li, Lili Sun, and Jianren Xu.

Enterprise Risk Management and Employee Safety
With Yuchen Qi and Jianren Xu.

Capital Structure, Financial Strength Ratings, and Market Discipline
With James M. Carson and Dan Yang.

Insurance Solvency Regulation in the Shadows: Evidence and Effects of Informal Regulatory Intervention
With Michael M. Barth and Robert W. Klein.

Personal Characteristics and Accounting Estimates: Evidence from CEOs, Actuaries, and Reported Loss Reserves
With Olga Kanj and Mary Kelly.

Errors in Claim-Level Reserving: Evidence from Medical Malpractice Claims
With Patricia H. Born and Paul C. Schriefer.

Bad Faith Claims Litigation in the Property-Casualty Insurance Industry
With Patricia H. Born and Dana Telljohann.

Managerial Style and Accounting Discretion: Evidence from the Property-Casualty Insurance Industry

Innovation and Cost of Capital: An Examination of the 2010 Affordable Care Act
With Anne C. Ehinger.