We perform portfolio-level analysis to understand insurance firms' preferred-habitat behavior in the government bond market. Based on portfolio durations and portfolio weights across maturities, we find that insurers' aggregate government bond portfolio has stable interest rate risk exposure and...

Corporations often use affiliated firms as guarantors when issuing guaranteed bonds, thus combining external financing with internal credit enhancements. In this study, we empirically examine the potential determinants of corporate guaranteed debt issuance. We find evidence that issuers with...

This paper examines how liquidity and investors' heterogeneous liquidity preferences interact toaffect asset pricing. Using data on insurers' corporate bond holdings, we find that the illiquidity ofcorporate bond portfolios varies widely and persistently across insurers, and is related to...

An interesting phenomenon for Chinese firms that list their stock both in China and abroad is that the overwhelming majority had gone public, and listed, abroad first. We find that when these companies return to China to issue stock and list, they experience poorer post-issuance stock and...

Despite fast growth in the past three decades, the Chinese insurance market is underdeveloped in terms of insurance density and penetration. In this study, we examine the cultural influence on insurance consumption in China and present evidence on the culture influence hypothesis. We find that...

We explore, explain and extend previous research on the relations between large and small stock returns in six Asian (Pacific-Basin) nations and the association among the same six Asian financial markets. Our purpose is to provide evidence of the cross-autocorrelation of stock returns in a more...