On the Relative Performance of Investment‐Grade Corporate Bonds with Differing Maturities
研究发现，控制风险差异后，短期投资级公司债券表现优于长期债券，部分原因在于保险公司的交易行为，与期限结构的偏好栖息理论一致。
Abstract We find that short‐maturity investment‐grade corporate bonds perform better, controlling for risk differences, than similar bonds with longer maturities. Our results are at least partially attributable to insurance companies’ trading behavior and align with the preferred‐habitat theory of the term structure. We find that insurance‐company purchases create a strong demand for long‐term bonds and that their rebalancing activity results in sales of short‐term bonds. As documented by extant literature, such demand‐supply imbalance is not easily resolved by arbitrageurs or firms seeking to time the market with bond issuance.