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; 1465-7368
DOI：
10.1093/rfs/hhaf017
发表日期：
2025-08
页码：
2275-2325
关键词：
G00
G12
G23
G30
E22
E30
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.
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