Key points are not available for this paper at this time.
S. G. Badrinath, Gerald D. Gay, Jayant R. Kale, Patterns of Institutional Investment, Prudence, and the Managerial "Safety-Net" Hypothesis, The Journal of Risk and Insurance, Vol. 56, No. 4 (Dec., 1989), pp. 605-629
Badrinath et al. (Fri,) studied this question.