Matches in SemOpenAlex for { <https://semopenalex.org/work/W4292202413> ?p ?o ?g. }
- W4292202413 endingPage "5534" @default.
- W4292202413 startingPage "5483" @default.
- W4292202413 abstract "Abstract 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 exposures. In the event of major asset and guarantee shocks and absent regulatory intervention, these shared exposures exacerbate system-wide fire sales to maintain capital ratios, plausibly erasing over half of insurers’ equity capital. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online." @default.
- W4292202413 created "2022-08-18" @default.
- W4292202413 creator A5030372852 @default.
- W4292202413 creator A5058879748 @default.
- W4292202413 creator A5061995945 @default.
- W4292202413 creator A5063542668 @default.
- W4292202413 creator A5072018892 @default.
- W4292202413 date "2022-08-18" @default.
- W4292202413 modified "2023-10-02" @default.
- W4292202413 title "Insurers as Asset Managers and Systemic Risk" @default.
- W4292202413 cites W1976096822 @default.
- W4292202413 cites W1991408396 @default.
- W4292202413 cites W2039070441 @default.
- W4292202413 cites W2112341467 @default.
- W4292202413 cites W2118549276 @default.
- W4292202413 cites W2124974534 @default.
- W4292202413 cites W2127051682 @default.
- W4292202413 cites W2142440376 @default.
- W4292202413 cites W2146304265 @default.
- W4292202413 cites W2172450913 @default.
- W4292202413 cites W2234965481 @default.
- W4292202413 cites W2559389751 @default.
- W4292202413 cites W2973297672 @default.
- W4292202413 cites W3121819860 @default.
- W4292202413 cites W3122471459 @default.
- W4292202413 cites W3122711915 @default.
- W4292202413 cites W3122717699 @default.
- W4292202413 cites W3123117723 @default.
- W4292202413 cites W3123133978 @default.
- W4292202413 cites W3123842146 @default.
- W4292202413 cites W3123933399 @default.
- W4292202413 cites W3124258798 @default.
- W4292202413 cites W3125285623 @default.
- W4292202413 cites W3125328856 @default.
- W4292202413 cites W3125622048 @default.
- W4292202413 cites W3126055168 @default.
- W4292202413 cites W3126116310 @default.
- W4292202413 cites W3128411158 @default.
- W4292202413 cites W3174924359 @default.
- W4292202413 cites W3198323119 @default.
- W4292202413 cites W4210974329 @default.
- W4292202413 cites W4230327943 @default.
- W4292202413 cites W4235328288 @default.
- W4292202413 cites W4245531749 @default.
- W4292202413 cites W4246453767 @default.
- W4292202413 cites W4246501183 @default.
- W4292202413 doi "https://doi.org/10.1093/rfs/hhac056" @default.
- W4292202413 hasPublicationYear "2022" @default.
- W4292202413 type Work @default.
- W4292202413 citedByCount "10" @default.
- W4292202413 countsByYear W42922024132020 @default.
- W4292202413 countsByYear W42922024132021 @default.
- W4292202413 countsByYear W42922024132022 @default.
- W4292202413 countsByYear W42922024132023 @default.
- W4292202413 crossrefType "journal-article" @default.
- W4292202413 hasAuthorship W4292202413A5030372852 @default.
- W4292202413 hasAuthorship W4292202413A5058879748 @default.
- W4292202413 hasAuthorship W4292202413A5061995945 @default.
- W4292202413 hasAuthorship W4292202413A5063542668 @default.
- W4292202413 hasAuthorship W4292202413A5072018892 @default.
- W4292202413 hasConcept C10138342 @default.
- W4292202413 hasConcept C139569457 @default.
- W4292202413 hasConcept C139719470 @default.
- W4292202413 hasConcept C144133560 @default.
- W4292202413 hasConcept C144587487 @default.
- W4292202413 hasConcept C151730666 @default.
- W4292202413 hasConcept C162118730 @default.
- W4292202413 hasConcept C162324750 @default.
- W4292202413 hasConcept C17744445 @default.
- W4292202413 hasConcept C18903297 @default.
- W4292202413 hasConcept C199539241 @default.
- W4292202413 hasConcept C199728807 @default.
- W4292202413 hasConcept C2778300220 @default.
- W4292202413 hasConcept C2779343474 @default.
- W4292202413 hasConcept C38652104 @default.
- W4292202413 hasConcept C41008148 @default.
- W4292202413 hasConcept C70771513 @default.
- W4292202413 hasConcept C76178495 @default.
- W4292202413 hasConcept C86803240 @default.
- W4292202413 hasConceptScore W4292202413C10138342 @default.
- W4292202413 hasConceptScore W4292202413C139569457 @default.
- W4292202413 hasConceptScore W4292202413C139719470 @default.
- W4292202413 hasConceptScore W4292202413C144133560 @default.
- W4292202413 hasConceptScore W4292202413C144587487 @default.
- W4292202413 hasConceptScore W4292202413C151730666 @default.
- W4292202413 hasConceptScore W4292202413C162118730 @default.
- W4292202413 hasConceptScore W4292202413C162324750 @default.
- W4292202413 hasConceptScore W4292202413C17744445 @default.
- W4292202413 hasConceptScore W4292202413C18903297 @default.
- W4292202413 hasConceptScore W4292202413C199539241 @default.
- W4292202413 hasConceptScore W4292202413C199728807 @default.
- W4292202413 hasConceptScore W4292202413C2778300220 @default.
- W4292202413 hasConceptScore W4292202413C2779343474 @default.
- W4292202413 hasConceptScore W4292202413C38652104 @default.
- W4292202413 hasConceptScore W4292202413C41008148 @default.
- W4292202413 hasConceptScore W4292202413C70771513 @default.
- W4292202413 hasConceptScore W4292202413C76178495 @default.
- W4292202413 hasConceptScore W4292202413C86803240 @default.