When examined as financial intermediaries - as capital market institutions - the questions asked of pension funds are predominately about their function in relation to their ultimate - if altogether estranged - beneficiaries. A more recent group of questions revolves around the role of these...

Reaching-for-yield — the propensity to buy riskier assets in order to achieve higher yields — is believed to be an important factor contributing to the credit cycle. This paper analyses this phenomenon in the corporate bond market. Specifically, we show evidence for reaching for yield among...

Reaching-for-yield--investors' propensity to buy riskier assets in order to achieve higher yields--is believed to be an important factor contributing to the credit cycle. This paper presents a detailed study of this phenomenon in the corporate bond market. We show that insurance companies, the...