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Investor-Driven Corporate Finance: Evidence from Insurance Markets

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  • Christian Kubitza

    (European Central Bank)

Abstract

I study the effect of bond investor demand on the financing and investment decisions of nonfinancial firms using granular data on the bond transactions of insurance companies. Liquidity inflows from insurance premiums combined with insurers’ persistent investment preferences identify bond demand shifts in the secondary market. These raise bond prices and reduce firms’ financing costs. In response, firms issue more bonds, especially when they have well-connected bond underwriters. The proceeds are used for investment activities, particularly by financially constrained firms. My findings emphasize that bond investors significantly affect corporate decisions through their price impact.

Suggested Citation

  • Christian Kubitza, 2022. "Investor-Driven Corporate Finance: Evidence from Insurance Markets," ECONtribute Discussion Papers Series 144, University of Bonn and University of Cologne, Germany.
    • Handle: RePEc:ajk:ajkdps:144
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    Cited by:

    1. Kaufmann, Christoph & Leyva, Jaime & Storz, Manuela, 2024. "Insurance corporations’ balance sheets, financial stability and monetary policy," Working Paper Series 2892, European Central Bank.
    2. Viral V. Acharya & Ryan N. Banerjee & Matteo Crosignani & Tim Eisert & Renée Spigt, 2022. "Exorbitant Privilege? Quantitative Easing and the Bond Market Subsidy of Prospective Fallen Angels," Staff Reports 1004, Federal Reserve Bank of New York.
    3. Kubitza, Christian & Grochola, Nicolaus & Gründl, Helmut, 2021. "Life insurance convexity," ICIR Working Paper Series 42/21, Goethe University Frankfurt, International Center for Insurance Regulation (ICIR).
    4. Fay, Constanze & Ghiselli, Angelica, 2023. "Insurers’ investment behaviour and the coronavirus (COVID-19) pandemic," ESRB Occasional Paper Series 22, European Systemic Risk Board.

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    More about this item

    Keywords

    Central clearing counterparties (CCPs) were established to mitigate default losses resulting from counterparty risk in derivatives markets. In a parsimonious model; we show that clearing benefits are distributed unevenly across market participants. Loss sharing rules determine who wins or loses from clearing. Current rules disproportionately benefit market participants with flat portfolios. Instead; those with directional portfolios are relatively worse off; consistent with their reluctance to voluntarily use central clearing. Alternative loss sharing rules can address cross-sectional disparities in clearing benefits. However; we show that CCPs may favor current rules to maximize fee income; with externalities on clearing participation.;
    All these keywords.

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G3 - Financial Economics - - Corporate Finance and Governance
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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