Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments March 6, 2021 erstellt
Description:
We reexamine life insurance and annuity pricing during the 2008 financial crisis. In contrastwith previous research, we find that insurers sold policies at significantly elevated markups overtheir fundamental values during the crisis months and, moreover, that statutory accountingpressures had the effect of increasing rather than decreasing prices. We show that the experiencein 2008 was not extraordinary but instead mirrored earlier episodes where corporate borrowingrates rose quickly, such as 1994 and 1999