Reverse mortgages, as an important means to provide financial resources to elderly homeowners, have received lots of attentions to academics, practitioners, and policymakers. The role of a secondary market, however, has been largely overlooked in the literature. In this paper, we start with a...

Chronic disease is a kind of health shock that most people cannot avoid, which will increase households' medical expenditure and probably decrease other consumptions. Health insurance is a formal mechanism against health shocks. Theoretically, the integration policy of rural and urban residents...

We investigate loan price in mergers and acquisitions (M&As), using hand-matched loan information for a sample of 512 U.S. M&A transactions. We find the relative size of a deal constitutes a prominent determinant of the loan price measured by the all-in spread drawn (AISD). This result is robust...

Mortality is a stochastic process. We have imprecise knowledge about the probability distribution of mortality rates in the future. Mortality risk, therefore, can be defined in a broad term of ambiguity. In this paper, we investigate the effects of ambiguity and ambiguity aversion on prices of...

This paper uses high frequency market value data on credit default swap spreads and intra-day stock prices to measure systemic risk in the insurance sector. Using the systemic risk measure, we examine the inter-connectedness between banks and insurers with Granger causality tests. Based on...

Equity release products are sorely needed in an ageing population with high levels of home ownership. There has been a growing literature analyzing risk components and capital adequacy of reverse mortgages in recent years. However, little research has been done on the risk analysis of other...