Insurers are the largest institutional investors of corporate bonds. However, a standard
theory of insurance markets, in which insurers maximize firm value subject to regulatory or …

This paper investigates the role of private equity (PE) in failed bank resolutions after the
2008 financial crisis, using proprietary FDIC failed bank acquisition data. PE investors made …

The grim impact of COVID-19—extensive financial dislocations across asset classes and
potentially large increases in morbidity and mortality—could be challenging for insurers. Life …

The financial crisis pushed some large life insurers to the brink of insolvency. Instead of
gambling for resurrection, insurers in severe distress pulled back from risk taking. They …

We show that large US life insurers increased lending to below investment grade firms
starting in 2009 as banks refocused on commercial banking, against a backdrop of …

The past decade's low rate environment challenged traditional life insurers' business models
and has been a catalyst for ongoing shifts in the sector. To sustain profitability, life insurers …

By integrating upper echelons, agency, and stakeholder theories, we examine the
relationship between CEO power and charitable cash donations. Utilizing a novel hand …

US bank holding companies (BHCs) have developed a very significant nonbank footprint
over the years, adding thousands of specialty lenders, brokers and dealers, asset …

The ownership, governance, and financing of corporate America look radically different
today than they did only a few decades ago. By now, we have become accustomed to the …

The traditional life insurance industry has faced a challenging macroeconomic environment
in the past two decades because of prolonged low interest rates. This has put pressure on …