讲座题目：信用，流动性和区块链Rainy Day Liquidity

报告人：虞彤 教授

主持人：吕勇斌 教授

报告时间：2019年12月18日下午13:30—15:30

报告地点：文泉楼南106实验室

主办单位：中南财经政法大学金融学院

产业升级与区域金融湖北省协同创新中心

中南财经政法大学湖北金融研究中心

中南财经政法大学中国投资研究中心

内容摘要：Being the largest stakeholder in the corporate bond market with a cash flow largely independent of capital market conditions, insurance firms can provide liquidity in stressful conditions. This paper models and presents evidence on this distinct role played by insurers. We find that insurers’ corporate bond purchases improve bond liquidity while their bond sales do not. Liquidity improvement is stronger in “rainy days”, e.g., during the financial crisis, among low-rated and poor-liquidity bonds. Further, insurers’ funding and holding horizon positively affect the liquidity of the bonds they purchase, highlighting the link between funding ability and rainy-day liquidity provision.

主讲人简介: 虞彤: 美国辛辛那提大学Lindner商学院金融学教授。研究领域为资产定价、风险管理和保险市场结构。近期主要研究课题为机构投资与资产流动性定价、金融风险测度和管理以及保险投资等。主要学术成果发表在Journal of Financial Economics, Management Science, Journal of Accounting Research, Journal of Financial Intermediation, Journal of Banking and Finance, Journal of Risk and Insurance等国际期刊上。他在2011年获美国风险与保险学会早期职业生涯成就奖, 在2015发起成立中国国际风险论坛。