The Role of Financial Conditions in Portfolio Choices: The Case of Insurers

The authors would like to thank the Risk Institute at the Fisher College of Business, Ohio State University, for supporting this research. We thank Greg Allen, Rui Gong, Hyeik Kim, Yashaswi Mohanty, Jonas Peeters, Botao Wu, and Steven Zheng for excellent research assistance. We thank Jack Bao, Bo Becker, John Campbell, Maria Chaderina, Andra Ghent, Javier Gil-Bazo, Andrei Gonçalves, Zhiguo He, Victoria Ivashina, Ralph Koijen, Holger Mueller, Stijn Van Nieuwerburgh, Marcus Opp, Alexi Savov, Lu Zhang, an anonymous referee, as well as seminar participants at Federal Reserve Bank of Cleveland, University of Utah, University of New South Wales, Australian National University, Ohio State University, New York University, University of Hong Kong, National Taiwan University, Cornell University, Northeastern University, University of North Carolina, Case Western Reserve University, Fixed Income and Financial Institutions Conference, Women Assistant Professors of Finance Conference, Rising Five Star, SFS Cavalcade, and Finance Meets Insurance conferences for helpful discussions. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

• March 20, 2019
• May 16, 2019