In Safe Hands: The Financial and Real Impact of Investor Composition over the Credit Cycle

• 成果类型: Article
• 署名作者: Coppola, Antonio
• 署名单位: Stanford University
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhaf017
• 发表日期: 2025
• 页码: 2275
• 关键词: cross-section; exchange-rate; corporate; equilibrium; MODEL; liquidity; shocks; FLOWS; illiquidity; EMPLOYMENT

摘要

I show that investor composition affects bond price dynamics and capital allocation during crises. Using large-scale holdings data and within-firm ownership variation across near-identical bonds, I causally identify bond returns' investor composition elasticities. Corporate bonds held predominantly by insurers rather than mutual funds suffer milder losses in downturns: increasing insurer holdings by half a bond's size causes 20% shallower drawdowns. A shift-share instrument isolates variation from large insurers' idiosyncratic primary-market allocations. Differences in intermediaries' liability structures drive these results, which hold across countries. During crises, firms with more stable bondholders maintain higher borrowing at lower cost and invest more.