In Safe Hands: The Financial and Real Impact of Investor Composition over the Credit Cycle
研究发现，由保险公司而非共同基金持有的公司债券在经济下行时损失更小；拥有更稳定债券持有人的企业在危机中能以更低成本维持更高借款并增加投资。
Abstract I show that investor composition affects bond price dynamics and capital allocation during crises. Using large-scale holdings data and within-firm ownership variation across near-identical bonds, I causally identify bond returns’ investor composition elasticities. Corporate bonds held predominantly by insurers rather than mutual funds suffer milder losses in downturns: increasing insurer holdings by half a bond’s size causes 20% shallower drawdowns. A shift-share instrument isolates variation from large insurers’ idiosyncratic primary-market allocations. Differences in intermediaries’ liability structures drive these results, which hold across countries. During crises, firms with more stable bondholders maintain higher borrowing at lower cost and invest more.