Review of Accounting Studies, 3, 97–103 (1998) ° c 1998 Kluwer Academic Publishers, Boston. Manufactured in The Netherlands. Discussion of “The Characteristics and Valuation of Loss Reserves of Property Casualty Insurers” DAVID BURGSTAHLER email@example.com University of Washington, Graduate School of Business, Box 353200 Beaver and McNichols (1998) identify and exploit a rich source of data (the information contained in the loss reserve and payout triangles) about an accounting variable subject to managerial discretion (the loss reserve). These data are used to test hypotheses about the development of the loss reserve over time, about the relation between the loss reserve and realized cash payments, and about the relation of the loss reserve to the market value of equity. In the following, I provide comments about the speciﬁc hypothesis tests and interpretation of the results as well as discussion of additional issues to be considered in future research. I begin with an overview of some basic aspects of insurance accounting. Insurers collect premiums to cover risks for a policy period. The amounts and timing of the corresponding payments on loss claims are uncertain—payments occur during the policy year as well as in subsequent years. Figure 1 shows a matrix of claim
Review of Accounting Studies – Springer Journals
Published: Oct 6, 2004
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