Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/278580 
Autor:innen: 
Erscheinungsjahr: 
2023
Schriftenreihe/Nr.: 
ECB Working Paper No. 2816
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
I study the causal effect of bond investor demand on the financing and investment decisions of nonfinancial firms using granular data on the bond transactions of U.S. insurance companies. Liquidity inflows from insurance premiums combined with insurers' persistent investment preferences identify bond demand shifts, which 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 rather than shareholder payouts, particularly by financially constrained firms. The results emphasize that bond investors significantly affect corporate financing and investment decisions through their price impact.
Schlagwörter: 
nstitutional Investors
Insurance
Corporate Bonds
Corporate Investment
JEL: 
G12
G22
G23
G3
G32
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-92-899-6079-3
Dokumentart: 
Working Paper

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