| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24973 |
| 来源ID | Working Paper 24973 |
| Asset Insulators | |
| Gabriel Chodorow-Reich; Andra Ghent; Valentin Haddad | |
| 发表日期 | 2018-09-03 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We propose that financial institutions can act as asset insulators, holding assets for the long run to protect their valuations from consequences of exposure to financial markets. We demonstrate the empirical relevance of this theory for the balance sheet behavior of a large class of intermediaries, life insurance companies. The pass-through from assets to equity is an especially informative metric for distinguishing the asset insulator theory from Modigliani-Miller or other standard models. We estimate the pass-through using security-level data on insurers’ holdings matched to corporate bond returns. Uniquely consistent with the insulator view, outside of the 2008-2009 crisis insurers lose as little as 15 cents in response to a dollar drop in asset values, while during the crisis the pass-through rises to roughly 1. The rise in pass-through highlights the fragility of insulation exactly when it is most valuable. |
| 主题 | Financial Economics ; Financial Markets ; Financial Institutions ; Corporate Finance |
| URL | https://www.nber.org/papers/w24973 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/582647 |
| 推荐引用方式 GB/T 7714 | Gabriel Chodorow-Reich,Andra Ghent,Valentin Haddad. Asset Insulators. 2018. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w24973.pdf（1020KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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