The Financial Premium

IF 12.2 1区经济学 Q1 BUSINESS, FINANCE

Journal of Finance Pub Date : 2026-10-08 DOI:10.1111/jofi.70084

JENS DICK‐NIELSEN, PETER FELDHÜTTER, DAVID LANDO

引用次数: 0

Abstract

We show that bonds issued by financial firms have higher spreads than bonds issued by industrial firms with the same rating and maturity, a difference that we refer to as the financial premium. Over the period 1987 to 2020, in the United States, this premium is 43 basis points on average, with the premium higher for lower ratings, higher during financial crises, and increasing in bond beta. We derive a model that explains the financial premium: banks hold diversified portfolios of nonfinancial debt, and bank debt therefore reflects more systematic risk than nonfinancial debt.

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财务溢价

我们表明，金融公司发行的债券比相同评级和期限的工业公司发行的债券具有更高的利差，我们将这种差异称为金融溢价。从1987年到2020年，在美国，这一溢价平均为43个基点，评级越低，溢价越高，金融危机期间溢价越高，债券贝塔系数越高。我们推导出一个解释金融溢价的模型：银行持有非金融债务的多元化投资组合，因此银行债务比非金融债务反映出更多的系统性风险。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Finance Multiple-

CiteScore

12.90

自引率

2.50%

发文量

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