Life Expectancy and Corporate Debt Markets

简介:
We study the implications of longevity shocks on corporate bond markets, corporate debt financing, and investment via the lens of life insurers. Longevity shocks shift life insurers’ demand for bonds of specific maturities. When longevity increases, life insurance companies invest more in long-term bonds. Consequently, long-term bond yields decline. The corporate sector absorbs these shocks by shifting to long-term debt issuances while increasing investment in long-term assets. Our results suggest that improvements in life expectancy reduce long-term corporate financing costs and stimulate long-term corporate investment.
时间:2022-11-28 (Monday) 16:40-18:00
地点:Room N302, Economics Building
会议语言:English
主办单位:厦门大学经济学院、王亚南经济研究院、邹至庄经济研究院
承办单位:厦门大学经济学院金融系
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联系人信息:巫老师,2183588

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