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作者：Hombert, Johan; Lyonnet, Victor
作者单位：Hautes Etudes Commerciales (HEC) Paris; Centre for Economic Policy Research - UK; University System of Ohio; Ohio State University
摘要：We study how retail savings products can share market risk across investor cohorts, thereby completing financial markets. Financial intermediaries smooth returns by varying reserves, which are passed on between successive investor cohorts, thereby redistributing wealth across cohorts. Using data on euro contracts sold by life insurers in France, we estimate this redistribution to be large: 0.8% of GDP. We develop and provide evidence for a model in which low investor sophistication, while lead...
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作者：Ellul, Andrew; Jotikasthira, Chotibhak; Kartasheva, Anastasia; Lundblad, Christian T.; Wagner, Wolf
作者单位：Indiana University System; Indiana University Bloomington; Centre for Economic Policy Research - UK; European Corporate Governance Institute; Southern Methodist University; University of St Gallen; University of North Carolina; University of North Carolina Chapel Hill; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
摘要：Financial intermediaries often provide guarantees resembling out-of-the-money put options, exposing them to undiversifiable tail risk. We present a model in the context of the U.S. life insurance industry in which the regulatory framework incentivizes value-maximizing insurers to hedge variable annuity (VA) guarantees, though imperfectly, and shifts risks into high-risk and illiquid bonds. We calibrate the model to insurer-level data and identify the VA-induced changes in insurers' risk exposu...
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作者：Van Doornik, Bernardus; Fazio, Dimas; Schoenherr, David; Skrastins, Janis
作者单位：Central Bank of Brazil; Bank for International Settlements (BIS); National University of Singapore; Princeton University; Washington University (WUSTL)
摘要：We document that a more generous unemployment insurance (UI) system shifts labor supply from safer to riskier firms and reduces the compensating wage differentials that risky firms need to pay. Consequently, a more generous UI system increases risky firms' value and fosters entrepreneurship by reducing new firms' labor costs. Exploiting a UI reform in Brazil that affects only part of the workforce allows us to compare labor supply for workers with different degrees of UI protection within the ...
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作者：Becker, Bo; Opp, Marcus M.; Saidi, Farzad
作者单位：Stockholm School of Economics; Center for Economic & Policy Research (CEPR); European Corporate Governance Institute; University of Bonn
摘要：We analyze the effects of a reform of capital regulation for U.S. insurance companies in 2009. The reform eliminates capital buffers against unexpected losses associated with portfolio holdings of MBS, but not for other fixed-income assets. After the reform, insurance companies are much more likely to retain downgraded MBS compared to other downgraded assets. This pattern is more pronounced for financially constrained insurers. Exploiting discontinuities in the reform's implementation, we can ...
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作者：Egan, Mark; Ge, Shan; Tang, Johnny
作者单位：Harvard University; National Bureau of Economic Research; New York University; Harvard University
摘要：We examine the variable annuity market to study conflicts of interest and the effect of fiduciary duty in brokerage markets. Insurers typically pay brokers higher commissions for selling more expensive annuities. Our results indicate that sales are four times as sensitive to brokers' interests as to investors'. To limit conflicts of interest, the Department of Labor proposed a rule in 2016 holding brokers to a fiduciary standard. We find that after the proposal, sales of high-expense products ...
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作者：Koijen, Ralph S. J.; Yogo, Motohiro
作者单位：University of Chicago; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Princeton University
摘要：This special issue originates from a dual submission conference with the NBER Insurance Working Group and the Corporate Finance Program in 2020. It brings a broader perspective on important frictions in insurance markets, including trust between insurers and policyholders, conflicts of interest among brokers, suboptimal policyholder behavior, and risk-based capital regulation. Several developments in the economy and the academic literature have provided an impetus for new perspectives, includi...
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作者：Gennaioli, Nicola; La Porta, Rafael; Lopez-de-Silanes, Florencio; Shleifer, Andrei
作者单位：Bocconi University; Bocconi University; National Bureau of Economic Research; Universite Cote d'Azur; SKEMA Business School; Harvard University
摘要：We assemble homeowner insurance claims from 28 independently operated country subsidiaries of a multinational insurance firm. We propose a new insurance model, in which consumers can make invalid claims and firms can deny valid claims, as is common in the data. In the model, trust and honesty shape equilibrium insurance contracts, disputes, and claim payments, especially when disputes are too small for courts. We test the model by investigating claim incidence, dispute, rejection, and payment,...
