This paper proposes a framework to evaluate the impact of longevity-linked securities on the risk-return trade-off for …-linked investment in addition to equity and fixed income securities and describe the resulting term structure of risk-return trade … traditional portfolios. Generalized unexpected raise in life expectancy is a source of aggregate risk in the insurance sector …

Generalized unexpected raise in life expectancy is a source of aggregate risk. Longevity‐linked securities are a … longevity risk confirms that longevity linked securities offer cheap funding opportunities to asset managers willing to leverage … equity and fixed income securities. Estimation of the model, based on prices for standardized annuities publicly offered by …

fairly priced stocks. Thus, our results support the mispricing and arbitrage risk hypotheses that the positive (negative …