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研究生:謝淑慧
研究生(外文):Shu Hui Hsieh
論文名稱:資訊不對稱與市場行銷通路的選擇
論文名稱(外文):Asymmetric Information and Marketing Channel Choice
指導教授:曾郁仁曾郁仁引用關係李君屏李君屏引用關係
指導教授(外文):Larry Y. TzengJin Ping Lee
口試委員:利菊秀劉純之黃瑞卿
口試日期:2013-02-22
學位類別:博士
校院名稱:逢甲大學
系所名稱:商學博士學位學程
學門:商業及管理學門
學類:一般商業學類
論文種類:學術論文
論文出版年:2013
畢業學年度:101
語文別:英文
論文頁數:63
中文關鍵詞:
外文關鍵詞:asymmetric information; independent agent system; direct underwriting system; screen mechanism hypothesis.repeat sales; art price indicesmasterpiece effect; main auctions effect; same auctions effect; real return
相關次數:
  • 被引用被引用:1
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  • 下載下載:126
  • 收藏至我的研究室書目清單書目收藏:0
This dissertation concludes two parts to examine the asymmetric information and marketing channel choice. Part A, using a unique data set from Taiwan’s automobile liability insurance, this paper tests the screen mechanism hypothesis proposed by Venezia et al. (1999). Results reveal that a positive channel-claim correlation exists in the sub-samples of cars aged more than three years. Significant positive channel-claim correlation indicates that high-risk policyholders prefer to purchase insurance from an independent agent, whereas those with lower risks tend to buy insurance from direct writer channels. Results support the screen mechanism hypothesis and demonstrate that marketing channel choice could serve as a screening mechanism in an insurance market characterized by asymmetric information.
Part B, using 1,063 repeat sales of art from 24,200 art transactions in Hong Kong, Taiwan, and China from 1994 to 2009. This study indicated that Asian contemporary and Chinese 20th century modern art has higher returns, low correlation and systematic risk with stock markets to demonstrate the attractive assets for portfolio diversification. In addition, the Asian contemporary and modern art market indicated the existence of a ‘‘masterpiece effect,” but no solid evidence was determined to show a “main auctions effect” and “same auctions effect” by asymmetric information.
Catalog of Tables……………………………………………………iii
Part A:
Insurance Marketing Channel as a Screening Mechanism
-Empirical Evidences from Taiwan Automobile Insurance Market

I. Introduction ………...………………………………………………………...….2
II. Automobile Insurance and Marketing Channels in Taiwan …………...………...5
III. Data and Variables ……………………...………………………………………..7
IV. Methodology …………………………………………………………………...10
V. Empirical Findings ……………………...……………………………………...11
VI. Conclusion ………………………………………………………………….......14
References ……………………………………………………………...……………16

Part B:
Uncovering the Puzzle of Auction Effect
-An Empirical Study of Asian Contemporary and Chinese 20th Century Modern Art

I. Introduction ……………………………………………...……………………..25
II. Data, Methodology and Hypotheses ……………………………………...……30
III. Empirical Results ………………………………………………...…………….37
IV. Conclusions ……………………………………………...………………..........41
References …………………………………………………………...………………43
Part A
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Barrese, J., Doerpinghaus, H. and Nelson, J.M. (1995) ‘Do Independent Agent Insurers Provide Superior Service? The Insurance Marketing Puzzle’, Journal of Risk and Insurance 62: 297-308.
Browne, M.J. (1992) ‘Evidence of Adverse Selection in the Individual Health Insurance’, Journal of Risk and Insurance 59: 13-33.
Browne, M.J., and Doerpinghaus, H.I. (1993) ‘Information Asymmetries and Adverse Selection in the Market for Individual Medical Expense Insurance’, Journal of Risk and Insurance 60: 300-312.
Berger, A., Cummins, D. and Weiss, M. (1997) ‘The Coexistence of Multiple Distribution Systems for Financial Services: The Case of Property-Liability Insurance’, Journal of Business 70: 515-546.
Blair, D. and Herndon, B. (1994) ‘A Survivor Test of the American Agency System of Distributing Property Liability Insurance’, Journal of Economics of Business 1: 283-290.
Cawley, J., and Phillipson, T.J. (1999) ‘An Empirical Examination of Information Barriers to Trade in Insurance’, American Economic Review 89: 827-846.
Chiappori, P., and Salani´e, B. (2000) ‘Testing for Asymmetric Information in Insurance Markets’, Journal of Political Economy 108: 56-78.
Cohen, A. (2005) ‘Asymmetric Information and Learning: Evidence from the Automobile Insurance Market’, The Review of Economics and Statistics 87:197-207.
Cummins, J.D. (1977) ‘Economies of Scale in Independent Insurance Agencies’, Journal of Risk and Insurance 44: 539-553.
Cummins, J.D. and VanDerhei, J. (1979) ‘A Note on the Relative Efficiency of Property-Liability Insurance Distribution Systems’, Bell Journal of Economics 10: 709-719.
Dionne, G., and Gagne, R. (2002) ‘Replacement Cost Endorsement and Opportunistic Fraud in Automobile Insurance’, The Journal of Risk and Uncertainty 24: 213-230.
Dionne, G., Gouri´eroux, C. and Vanasse, C. (2001) ‘Testing for Evidence of Adverse Selection in the Automobile Insurance Market: A Comment’, Journal of Political Economy 109: 444-453.
Etgar, M. (1976) ‘Service Performance of Insurance Distribution’. Journal of Risk and Insurance 43: 487-499.
Finkelstein, A., and McGarry, K. (2006) ‘Private Information and Its Effect on Market Equilibrium: New Evidence from Long-term Care Insurance’, The American Economic Review 96: 938-1136.
Finkelstein, A., and Poterba, J. (2004) ‘Adverse Selection in Insurance Markets: Policyholder Evidence from the U. K. Annuity Market’, Journal of Political Economy 112: 183-208.
Fong, W.M. (2002) ‘On the Cost of Adverse Selection in Individual Annuity Markets: Evidence from Singapore’, Journal of Risk and Insurance 69: 193-207.
Haddad, G.K., and Anbaji, M.Z. (2010) ‘Analysis of Adverse Selection and Moral Hazard in the Health Insurance Market of Iran’, The Geneva Papers on Risk and Insurance-Issues and Practice 35: 581-599.
Joskow, P. (1973) ‘Cartels, Competition and Regulation in the Property-Liability Insurance Industry’, Bell Journal of Economics and Management Science 4: 375-427.
Kim, W., Mayers, D. and Smith, C.W. (1996) ‘On the Choice of Insurance Distribution Systems’, Journal of Risk and Insurance, 63: 207-227.
Klumpes, P.J.M. (2004) ‘Performance benchmarking in financial services: Evidence from the UK life insurance industry’, Journal of Business 77: 257–273.
Klumpes, P.J.M., and Schuermann, S. (2011) ‘Corporate, Product and Distribution Strategies in the European Life Insurance Industry’, The Geneva Papers on Risk and Insurance-Issues and Practice 36: 50-75.
Marvel, H. (1982) ‘ Exclusive Dealing, Journal of Law and Economics, 25: 1-25.
Mayers, D. and Smith, C. (1981) ‘Contractual Provisions, Organizational Structure, and Conflict Control in Insurance Markets’, Journal of Business 54: 407-434.
Kim, H., Kim, D. Im, S. and Hardin, J.W. (2009) ‘Evidence of Asymmetric Information in the Automobile Insurance Market: Dichotomous Versus Multinomial Measurement of Insurance Coverage’, Journal of Risk and Insurance 76: 343-366.
Li, C. S., Liu, C.C. and Yeh, J.H. (2007) ‘The Incentive Effects of Increasing Per-Claim Deductible Contracts in Automobile Insurance’, Journal of Risk and Insurance, 74: 441–459..
Puelz, R., and Snow, A. (1994) ‘Evidence on Adverse Selection: Equilibrium Signaling and Cross-subsidization in the insurance Market’, Journal of Political Economy 102: 629-650.
Posey, L. and Yavas, A. (1995) ‘A Search Model of Marketing Systems in Property-Liability Insurance’, Journal of Risk and Insurance 62: 666-689.
Posey, L. and Tennyson, S. (1998) ‘The Coexistence of Distribution Systems Under Price Search: Theory and Some Evidence from Insurance’, Journal of Economic Behavior and Organization 35: 95-115.
Regan, L. (1997) ‘Vertical Integration in the Property-Liability Insurance Industry: A Transaction Cost Approach’, Journal of Risk and Insurance 64: 41-62.
Regan, L. and Tennyson, S. (1996) ‘Agent Discretion and the Choice of Insurance Distribution System’, Journal of Law and Economics 39: 637-666.
Regan, L. and Tzeng, L.Y. (1999) ‘Organizational form in the property-liability insurance industry’, Journal of Risk and Insurance 66: 253-273.
Sass, T. and Gisser, M. (1989) ‘Agency Costs, Firm Size, and Exclusive Dealing’, Journal of Law and Economics 32: 381-400.
Saito, K. (2006) ‘Testing for Asymmetric Information in the Automobile Insurance Market under Rate Regulation’, Journal of Risk and Insurance 73: 335-356.
Seog, S.H. (1999) ‘The Coexistence of Distribution System When Consumers Are Not Informed’, The Geneva papers on Risks and Insurance Theory 24: 173-192.
Trigo-Gamarra, L. (2008) ‘Reasons for the Coexistence of Different Distribution Channels: An Empirical Test for the German Insurance Market’, The Geneva papers on Risk and Insurance-Issues and Practice 33: 389-407.
Venezia, I., Galai, D. and Shapira, Z. (1999) ‘Exclusive vs. independent agents: a separating equilibrium approach’, Journal of Economic Behavior and Organization, 40: 443-456.
Wang, J.L., Chung, C.F. and Tzeng, L.Y. (2008) ‘An Empirical Analysis of The Effects of Increasing Deductibles on Moral Hazard’, Journal of Risk and Insurance 75: 551-566.
Part B
Agnello, R.J. &; Pierce, R.K. (1996), “Financial Returns, Price Determinants, and Genre Effects in American Art Investment”, Journal of Cultural Economics 20(4), 359-383
Agnello, R.J. (2006), “Do U.S. Paintings Follow the CAPM? Findings Disaggregated by Subject, Artist, and Value of the Work”, Working Paper Series, No. 06-02, Department of Economics, University of Delaware, 1-23
Anderson, R.C. (1974), “Paintings as Investment”, Economic Inquiry 12(1), 13-26.
Ashenfelter, O. (2000), “The Demand for Expert Opinion: Bordeaux Wine”, Les Cahiers de L’OCVE, Cahier 3: Mars.
Ashenfelter, O., &; Graddy K. (2003), “Auctions and the Price of Art”, Journal of Economic Literature, 41(3), 763-787
Ashenfelter, O., &; Graddy, K., (2010), “Art Auctions”. CEPS Working Paper, No.203, 1~15
Atukeren , Erdal &; Seckin, Aylin (2006), “On the Valuation of Psychic Returns to Art Market Investments”, Economic Bulletin, 26, No. 5, 1-12
Barre, M., Docclo S., &; Ginsburgh V. (1994), “Returns of Impressionist, Modern and Contemporary European Paintings 1962~1991”, Annals of Economics and Statistics, 35, 143-181
Baumol, W.J. (1986), “Unnatural Value: Or Art Investment as a Floating Crap Game”, The American Economic Review, 76, No.2, 10-14
Campbell, Rachel (2004), “The Art of Portfolio Diversification”, Maastricht University- Limburg Institute of Financial Economics (LIFE) Research Paper, Working Paper Series, WP05-001
Campbell, Rachel (2007), “Art as a Financial Investment”, Working Paper Series, Maastricht University.
Chen, Kelly (2007) “The Rise of China’s Contemporary Art Market”, School of the Art Institute of Chicago Arts Organizations in Society, 1-17
Frey, Bruno, S. &; Reiner Eichenberger (1995), “On the Return of Art Investment Return Analyses”, Journal of Cultural Economics, 19(3), 207-220
Ginsburgh, V., &; Jeanfils , P. (1995), “Long-term Co-Movements in International Markets for Paintings”, European Economic Review, 39, issue 3-4, 538-548
Goetzmann, W.N. (1993), “Accounting for Taste: Art and the Finance Markets over Three Centuries”, The American Economic Review, 83, 1370-1376
Goetzmann, W.N. (1996), “How Costly is the Fall from Fashion? Survivorship Bias in the Painting Market”, Economics of the Arts: Selected Essays, 71-84
Hodgson, D.J. &; K.P. Vorkink (2004), “Asset pricing theory and the valuation of Canadian Paintings”, Canadian Journal of Economics, 37, 629-655
Hiraki, Takato et al. (2003), “How Did Japanese Investments Influence International Art Prices? ”, JEL G15;Z11, Yale ICF Working Paper, 03-09
John, Abowd &; Ashenfelter Orley (1988), “ Art Auctions: Price Indices and Sales Rates for Impressionist and Contemporary Picture”, Mimeo, Department of Economics, Princeton University.
Kräussl, Roman &; Elsland, Niels van (2008), “Constructing the True Art Market Index - A Novel 2-Step Hedonic Approach and its Application to the German Art Market”, Center for Financial Studies Working Paper, JEL:G11, 1-38
Mei, J., &; Moses, M. (2002), “Art as an Investment and the Underperformance of Masterpieces”, The American Economic Review, 92, No.5, 1656-1668
Mei, J., &; Moses, M.(2005),”Vested Interest and Biased Price Estimates: Evidence from an Auction Market”, Journal of Political Economy, 95, 1217~39
Mok, H.M.K., Ko, V.W.K., Woo, S.S.M. and Kwok, K.Y.S. (1993), “Modern Chinese Paintings: An Investment Alternative*” , Southern Economic Journal 59, 808-816
Pesando, J. E. (1993), “Arts as An Investment: The Market for Modern Prints”, The American Economic Review, 83, No.5, 1075-1089
Pesando, J. E., &; Shum, P. (1999), “The Returns to Picasso’s Prints and to Traditional Financial Assets, 1977 to 1996”, Journal of Cultural Economics, 23, 183-192
Pesando, J. E., &; Shum, P. (2008), “The Auction Market for Modern Prints: Confirmations, Contradictions, and new Puzzles”, Economic Inquiry 46. No. 2, 149-159
Susanne Schonfeld &; Andreas Reinstaller (2005), “The Effects of Gallery and Artist Reputation on Prices in the Primary Market for Art: A Note”, Department of Economics Working Paper Series, No. 90, 1~13
Worthington, Andrew C. &; Higgs Helen (2003), “Art as an investment: short and long-term comovements in major painting markets”, JEL: C32, D12, G11, Empirical Economic 28(4), 649-668
Worthington, Andrew C. &; Higgs Helen (2004), “Art as Investment: Risk, Return and Portfolio Diversification in Major Painting Markets”, JEL: C61, D81, G11, Accounting &; Finance 44, 257-271
Worthington, Andrew C. &; Higgs Helen (2006), “A Note on Financial Risk, Return and Asset Pricing in Australian Modern and Contemporary Art”, Journal of Cultural Economics, 30(3), 73-84
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