Asset Insulators
通过追踪寿险公司每日证券级资产价值，发现正常时期资产市值每降1美元，公司市场权益仅降0.10美元，但金融危机期间完全传导（1:1），揭示保险公司作为资产绝缘体可抵御市场暂时波动。
Abstract We construct a new data set tracking the daily value of life insurers’ assets at the security level. Outside of the 2008–2009 crisis, a ${\$}$ 1 drop in the market value of assets reduces an insurer’s market equity by ${\$}$ 0.10. During the ?nancial crisis, this pass-through rises to ${\$}$ 1. We explain this pattern by viewing insurance companies as asset insulators, institutions with stable, long-term liabilities that can ride out transitory dislocations in market prices. Illustrating the macroeconomic importance of insulation, insurers’ market equity declined by ${\$}$50 billion less than the duration-adjusted value of their securities during the crisis.