Systemic Risk, Financial Crisis, and Credit Risk Insurance

doi:10.1111/fire.12009

CORC > 上海财经大学 > 上海财经大学

	Systemic Risk, Financial Crisis, and Credit Risk Insurance
	Chen, Fang 1; Chen, Xuanjuan 2; Sun, Zhenzhen 3; Yu, Tong 4; Zhong, Ming 5
刊名	FINANCIAL REVIEW
	2013-08
卷号	48 期号:3 页码:417-442
关键词	systemic risk credit risk insurers financial crisis
ISSN号	0732-8516
DOI	10.1111/fire.12009
英文摘要	Differing from conventional insurance firms whose underwriting business does not contribute to systemic risk, credit risk insurance companies providing credit protections for debt obligations are exposed to systemic risk. We show that credit risk insurers (CRIs) underperformed conventional insurance companies during the 2007-2009 financial crisis, and such underperformance is attributed to the greater systemic risk of CRIs. We also find that the creditspreads of insured bonds increase significantly after their insurers are downgraded or put in the negative watch list. We control for alternative factors affecting bond credit spreads and the result is robust.
WOS研究方向	Business & Economics
语种	英语
出版者	WILEY
WOS记录号	WOS:000210726200003
内容类型	期刊论文
源URL	[http://10.2.47.112/handle/2XS4QKH4/1950]
专题	上海财经大学
通讯作者	Chen, Xuanjuan
作者单位	1.Univ New Haven, West Haven, CT 06516 USA; 2.Shanghai Univ Finance & Econ, Sch Finance, 100 WuDong Rd, Shanghai 200433, Peoples R China; 3.Siena Coll, Albany, NY 12211 USA; 4.Univ Rhode Isl, Kingston, RI 02881 USA; 5.Shanghai Univ Finance & Econ, Shanghai, Peoples R China
推荐引用方式 GB/T 7714	Chen, Fang,Chen, Xuanjuan,Sun, Zhenzhen,et al. Systemic Risk, Financial Crisis, and Credit Risk Insurance[J]. FINANCIAL REVIEW,2013,48(3):417-442.
APA	Chen, Fang,Chen, Xuanjuan,Sun, Zhenzhen,Yu, Tong,&Zhong, Ming.(2013).Systemic Risk, Financial Crisis, and Credit Risk Insurance.FINANCIAL REVIEW,48(3),417-442.
MLA	Chen, Fang,et al."Systemic Risk, Financial Crisis, and Credit Risk Insurance".FINANCIAL REVIEW 48.3(2013):417-442.