Podrobná bibliografia
| Názov: |
In Safe Hands: The Financial and Real Impact of Investor Composition over the Credit Cycle. |
| Autori: |
Coppola, Antonio1 (AUTHOR) |
| Zdroj: |
Review of Financial Studies. Aug2025, Vol. 38 Issue 8, p2275-2325. 51p. |
| Predmety: |
*CORPORATE bonds, *BOND prices, *INVESTORS, *CAPITAL allocation, *MUTUAL funds, *INSURANCE companies, CRISES |
| Abstrakt: |
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. [ABSTRACT FROM AUTHOR] |
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| Databáza: |
Business Source Index |
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