| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29679 |
| 来源ID | Working Paper 29679 |
| Understanding the Ownership Structure of Corporate Bonds | |
| Ralph S. J. Koijen; Motohiro Yogo | |
| 发表日期 | 2022-01-24 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | Insurers are the largest institutional investors of corporate bonds. However, a standard theory of insurance markets, in which insurers maximize firm value subject to regulatory or risk constraints, predicts no allocation to corporate bonds. We resolve this puzzle in an equilibrium asset pricing model with leverage-constrained households and institutional investors. Insurers have relatively cheap access to leverage through their underwriting activity. They hold a leveraged portfolio of low-beta assets in equilibrium, relaxing other investors' leverage constraints. The model explains recent empirical findings on insurers' portfolio choice and its impact on asset prices. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Institutions |
| URL | https://www.nber.org/papers/w29679 |
| 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/587353 |
| 推荐引用方式 GB/T 7714 | Ralph S. J. Koijen,Motohiro Yogo. Understanding the Ownership Structure of Corporate Bonds. 2022. |
| 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 | ||
| w29679.pdf（196KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
