题目：Rate Regulation and Management of the Loss Reserve in Insurance Companies
Insurance Pricing is subject to stricter regulation in some states and looser regulation in others. Prior research finds diametrically opposing results for the direction of accrual management associated with regulation stringency. Exploiting the occurrence of staggered deregulation in several states in the past two decades, we show that insurers manage their Loss Reserve accrual downward in regulated regimes. The results are corroborated with tests documenting that insurance pricing is lower following deregulation. Several additional tests (self-selection, Louisiana regulation shock, falsification tests) bolster identification of the results.