managing capital structure the case of life insurers a semiparametric simultaneous equations approach etti g baranoff associate professor insurance virginia commonwealth university school business 1015 floyd avenue richmond 23284 4000 804 828 3187 ebaranof vcu edu thomas w sager statistics department management science and information systems texas at austin cba 5 202 78712 1175 512 471 3322 s shively 1753 risk theory seminar 2004 new york city this is work in progress please do not quote without permission from authors abstract we study functional interrelationship between ratio asset endogenous set categorical continuous predetermined variables for industry us years 1994 1997 2000 introduce flexible non linear model based on splines ssem to such studies as tool managerial discretion regulatory forbearance has both
