Vpliv nadzornikovega priporočila glede zadržanja izplačila dividend zavarovalnic v EU zaradi pandemije COVID-19 na cene delnic : delo diplomskega seminarja

Erker, Enja (avtor), Smrekar, Jaka (mentor)

Diplomska naloga analizira vpliv nadzornikovega priporočila glede zadržanja izplačila dividend zavarovalnic v EU zaradi pandemije COVID-19 na cene delnic zavarovalnic. Namen izdane regulative je ohraniti visoko stopnjo kapitalske ustreznosti zavarovalnic, ki bi omogočala nemoteno izplačilo škod v času krize. V nalogi sem preučevala statistično značilnost potencialnega negativnega vpliva regulative na ceno delnic z uporabo metode študije dogodka in ustreznih statističnih testov na vzorcu 33 evropskih zavarovalnic. Empirični rezultati kažejo, da negativni vplivi, opaženi neposredno po objavi regulative, niso statistično značilni v izbranem dogodkovnem oknu in nimajo dolgoročnega vpliva. Robustnost rezultatov potrjuje več izvedenih statističnih testov - parametričnih in neparametričnih. Prepoved izplačila dividend, izplačila zadržanih dobičkov in odkupovanja lastnih delnic torej ni vplivala na padec cen delnic zavarovalnic na borznem trgu, kar se sklada z ekonomsko teorijo. Izdana regulativa prispeva k zagotavljanju finančne stabilnosti evropskega zavarovalnega sektorja, nudi podporo realnemu gospodarstvu in posredno omogoča hitrejše gospodarsko okrevanje.

• Jezik: Slovenski jezik
• Ključne besede: COVID-19, ukrep nadzornika, zavarovalnice, študija dogodka, cene delnic, parametrični testi, neparametrični testi
• Vrsta gradiva: Delo diplomskega seminarja/zaključno seminarsko delo/naloga
• Tipologija: 2.11 - Diplomsko delo
• Organizacija: FMF - Fakulteta za matematiko in fiziko
• Leto izida: 2021
• PID: 20.500.12556/RUL-130277
• UDK: 519.8
• COBISS.SI-ID: 76291075
• Datum objave v RUL: 12.09.2021

Sekundarni jezik

• Jezik: Angleški jezik
• Naslov: The impact of regulator's statement requesting EU insurers to suspend dividend distributions due to the COVID-19 pandemic on share prices

Izvleček

This thesis examines the impact of the regulator's statement requesting EU insurers to suspend dividend distributions due to the COVID-19 pandemic on share prices of insurance companies. The purpose of the regulation was to maintain a high level of capitalization of insurance companies thus allowing them to pay compensation for any damage incurred during the crisis. Statistical significance of the potential negative impact of regulation on share prices was explored using event study methodology and statistical tests based on a sample of 33 European insurance companies. The empirical results suggest that the negative impact following, publishing of the regulation is not statistically significant over the chosen event window and has no long-term effect. The robustness of the results is confirmed by several statistical tests - parametric and nonparametric. The statement requesting insurers to suspend all discretionary dividend distributions and share buybacks did not affect the fall in share prices of insurance companies on the stock market, which is in line with economic theory. Therefore, the regulator's statement contributes to ensuring the financial stability of the European insurance sector, supporting the real economy and consequently allowing quicker economic recovery.

• Ključne besede: COVID-19, regulator's statement, insurance companies, event study, share prices, parametric tests, nonparametric tests