雨天流动性

ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic) Pub Date : 2019-05-12 DOI:10.2139/ssrn.3387065

Jing-Zhi Huang, Xin Li, Mehmet Saglam, Tong Yu

{"title":"雨天流动性","authors":"Jing-Zhi Huang, Xin Li, Mehmet Saglam, Tong Yu","doi":"10.2139/ssrn.3387065","DOIUrl":null,"url":null,"abstract":"Insurance firms are a key player in the corporate bond market. In this study, we consider the role of life insurers as \"rainy day\" liquidity providers who improve liquidity in stressful conditions due to the nature of long-term buy-and-hold investments. To this end, we present evidence that insurers' corporate bond purchases improve bond liquidity during the financial crisis and among downgraded bonds facing selling pressure. Downgraded bonds with greater purchase from life insurers are better priced.","PeriodicalId":367100,"journal":{"name":"ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic)","volume":"89 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2019-05-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Rainy Day Liquidity\",\"authors\":\"Jing-Zhi Huang, Xin Li, Mehmet Saglam, Tong Yu\",\"doi\":\"10.2139/ssrn.3387065\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Insurance firms are a key player in the corporate bond market. In this study, we consider the role of life insurers as \\\"rainy day\\\" liquidity providers who improve liquidity in stressful conditions due to the nature of long-term buy-and-hold investments. To this end, we present evidence that insurers' corporate bond purchases improve bond liquidity during the financial crisis and among downgraded bonds facing selling pressure. Downgraded bonds with greater purchase from life insurers are better priced.\",\"PeriodicalId\":367100,\"journal\":{\"name\":\"ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic)\",\"volume\":\"89 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2019-05-12\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic)\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.3387065\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic)","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.3387065","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}

引用次数: 0

摘要

保险公司是公司债券市场的关键参与者。在本研究中，我们考虑寿险公司作为“雨天”流动性提供者的角色，由于长期买入并持有投资的性质，他们在压力条件下改善流动性。为此，我们提出证据表明，在金融危机期间和面临抛售压力的降级债券中，保险公司购买公司债券改善了债券流动性。从寿险公司购买更多的降级债券定价更高。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Rainy Day Liquidity

Insurance firms are a key player in the corporate bond market. In this study, we consider the role of life insurers as "rainy day" liquidity providers who improve liquidity in stressful conditions due to the nature of long-term buy-and-hold investments. To this end, we present evidence that insurers' corporate bond purchases improve bond liquidity during the financial crisis and among downgraded bonds facing selling pressure. Downgraded bonds with greater purchase from life insurers are better priced.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic)

自引率

0.00%

发文量