The nonfinancial value of financial firms（金融公司的非金融资产）

时间：2021年11月19日（周五）10:00 AM -- 11:30 AM

主讲人：师与（南开大学）

地点：会议 ID：270 274 856（https://meeting.tencent.com/dm/CbtjymslyKfp）

主持人：（国发院）沈艳、黄卓、孙振庭、张俊妮

              （北大新结构经济学研究院）胡博

              （经济学院）王一鸣、王熙、刘蕴霆、王法

报告摘要：

I propose that the nonfinancial component of financial firms' assets, in particular the growth opportunities associated with business operations, drives most of the variation in their equity valuation. I document this fact for a large class of intermediaries: life insurance companies. In particular, I decompose insurers' market equity returns into net financial asset returns and net business asset returns and show that these two components have very different risk exposures and are negatively correlated outside of the 2008-2009 financial crisis. The variation in life insurers' net business asset returns drives 81% of the aggregate time series variation and 100% of the cross-sectional variation in their market equity returns. For this reason, the current intense regulation on life insurers' net financial assets may be insufficient as a great deal of risk is derived from their net business assets which are comparatively under-regulated.

主讲人简介：

Yu Shi is an Assistant Professor of Finance in Nankai University. She received Bachelor’s Degree in Economics from School of Economics, Peking University, Master of Finance from MIT and Ph.D. in Management from University of California, Los Angeles, and Her research interests include macro finance, financial intermediation and financial economics.