全球智库信息集成服务系统(G2TT): The Role of Financial Conditions in Portfolio Choices: The Case of Insurers

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w25677
来源ID	Working Paper 25677
	The Role of Financial Conditions in Portfolio Choices: The Case of Insurers
	Shan Ge; Michael S. Weisbach
发表日期	2019-03-25
出版年	2019
语种	英语
摘要	Many institutional investors depend on the returns they generate to fund their operations and liabilities. How do these investors’ financial conditions affect the management of their portfolios? We address this issue using the insurance industry because insurers are large investors for which detailed portfolio data are available, and can face financial shocks from exogenous weather events that help us establish causality. Among corporate bonds, for which we can control for regulatory treatment, results suggest that when Property & Casualty (P&C) insurers become more constrained due to operating losses, they shift towards safer bonds. The effect of losses on allocations is likely to be causal since it holds when instrumenting for losses with weather shocks. The change in allocations following losses is larger for smaller or worse-rated insurers and during the financial crisis, suggesting that the shift toward safer securities is driven by concerns about financial flexibility. The results highlight the importance of financial conditions in institutional investors’ portfolio decisions.
主题	Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Institutions ; Corporate Finance
URL	https://www.nber.org/papers/w25677
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/583350
推荐引用方式 GB/T 7714	Shan Ge,Michael S. Weisbach. The Role of Financial Conditions in Portfolio Choices: The Case of Insurers. 2019.

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
w25677.pdf（497KB）	智库出版物		限制开放	CC BY-NC-SA	浏览