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主讲人 |
Zhanhui Chen |
简介 |
<div>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.</div> |
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主讲人简介 |
<p>Zhanhui Chen is Associate Professor of Finance from Hong Kong University of Science and Technology. He obtained Ph.D. from Texas A&M University. He published in top journals such as <em>Journal of Financial Economics, Review of Financial Studies, Management Science, Journal of Financial and Quantitative Analysis, Journal of Economic Behavior & Organization</em>.</p> |
期数 |
金融经济学系列讲座2022年秋季学期第三讲（总98讲） |
