| 000 -LEADER |
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| fixed length control field |
01144nam a22001457a 4500 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION |
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| fixed length control field |
230411b ||||| |||| 00| 0 eng d |
| 100 ## - MAIN ENTRY--PERSONAL NAME |
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| Personal name |
Koijen, Ralph S. J. and Yogo, Motohiro |
| 245 ## - TITLE STATEMENT |
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| Title |
Understanding the ownership structure of corporate bonds |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. (IMPRINT) |
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| Place of publication, distribution, etc |
American Economic Review: Insights |
| 300 ## - PHYSICAL DESCRIPTION |
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| Extent |
5(1), Mar, 2023: p.73-92 |
| 520 ## - SUMMARY, ETC. |
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| Summary, etc |
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.- Reproduced |
| 773 ## - HOST ITEM ENTRY |
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| Main entry heading |
American Economic Review: Insights |
| 906 ## - LOCAL DATA ELEMENT F, LDF (RLIN) |
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| Subject DIP |
INSURANCE |
| 942 ## - ADDED ENTRY ELEMENTS (KOHA) |
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| Item type |
Articles |
