Publications

Publications

Filter Results : (7) Arrow Down

Show Results For

Sen, Ishita Remove Sen, Ishita →

Page 1 of 7 Results
  • June 2023
  • Article

Regulatory Limits to Risk Management
By: Ishita Sen
Variable annuities, the largest liability of U.S. life insurers, are investment products containing long-dated minimum return guarantees. I show that guarantees with similar economic risks are treated differently by regulation and these differences impact insurers’...  View Details
Keywords: Interest Rate Risk; Variable Annuities; Capital Regulation; Reinsurance; Derivatives; Risk Management; Interest Rates; Governing Rules, Regulations, and Reforms
Related
  • November 2022 (Revised May 2023)
  • Case

Dicerna
By: Malcolm Baker, Ishita Sen and Jonathan Wallen
Related
  • 2021
  • Working Paper

Pricing of Climate Risk Insurance: Regulation and Cross-Subsidies
By: Ishita Sen, Ana-Maria Tenekedjieva and Sangmin Oh
Homeowners’ insurance provides households financial protection from climate losses. To improve access and affordability, state regulators impose price controls on insurance companies. Using novel data, we construct a new measure of rate setting frictions for individual...  View Details
Keywords: Climate Risk; Homeowners' Insurance; Price Controls; Financial Regulation; Cross-subsidization; Climate Change; Household; Insurance; Price; Governance Controls; Financial Institutions; United States
Related
  • April 2021 (Revised April 2022)
  • Case

Next Insurance: Considering New Markets
By: David S. Scharfstein, Ishita Sen and Dean Xu
Related
  • 2020
  • Working Paper

Institutional Corporate Bond Pricing
By: Ishita Sen, Lorenzo Bretscher, Lukas Schmid and Varun Sharma
We compile a rich dataset that links institutional investors' position level holdings with corporate bond characteristics and estimate demand elasticities with respect to critical sources of risk. Persistence in institutions' holdings provide us with an instrument to...  View Details
Keywords: Corporate Bonds; Demand Systems; Insurance Companies; Mutual Funds; Liquidity; Bonds; Insurance; Investment Funds; Financial Liquidity
Related
  • 2020
  • Working Paper

Capital Regulation and Product Market Outcomes
By: Ishita Sen and David Humphry
We present evidence of product market adjustments and asset reorganizations from the largest ever shift in risk regulation in a developed insurance market. Using proprietary data on insurance risk exposures from the Bank of England, we develop a measure of regulatory...  View Details
Keywords: Non-traditional-non-insurance; Risk Regulation; Product Market Concentration; Small Vs. Large Insurers; Insurance Risk Exposure; Insurance; Risk and Uncertainty; Governing Rules, Regulations, and Reforms
Related
  • 2020
  • Working Paper

Internal Models, Make Believe Prices, and Bond Market Cornering
By: Ishita Sen and Varun Sharma
Exploiting position-level heterogeneity in regulatory incentives to misreport and novel data on regulators, we document that U.S. life insurers inflate the values of corporate bonds using internal models. We estimate an additional $9-$18 billion decline in regulatory...  View Details
Keywords: Life Insurers; Capital Regulation; Internal Models; Corporate Bonds; Regulatory Supervision; Concentrated Ownership; Bonds; Capital; Governing Rules, Regulations, and Reforms; Insurance; Investment Portfolio
Related