Greenwood, Robin; Vissing-Jørgensen, Annette - 2018
increases. These effects extend beyond long government bonds. Our results suggest that pension discount rules can have a …We document a strong effect of pension and insurance company (P&I) assets on the long end of the yield curve. Using … data from 26 countries, the yield spread between 30-year and 10-year government bond yields is negatively related to the …