Reaching for Yield in the Bond Market
---- Acknowledgements -----
We appreciate comments and suggestions from Jack Bao, Jeff Brown, Jess Cornaggia, Ken Froot, Marcin Kacpercszyk, Chay Ornthanalai, Matti Peltonen, George Pennacchi, Andrei Shleifer, Jeremy Stein, Rene Stulz, Marti Subrahmanyam, Erik Stafford, Robert Stambaugh, participants at the NBER Summer Institute, and seminar participants at the Harvard Business School, Kansas City Federal Reserve, Michigan, Dartmouth, Ohio State University, New York University, Bergen, Toronto and Miami. We are grateful to Matt Kurzweil and Keith Osinski from TIAA-CREF and Matti Peltonen at New York State Department of Financial Services for helping us understand insurance companies' capital regulation. We also thank Chris Allen, Lydia Petersen, Jennifer Rhee and Baker Library Research Services for assistance with data. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.