嘉　宾：虞彤，美国辛辛那提大学Lindner商学院Vigil M. Schwarm金融学教授

主持人：吴文锋，教授、 欧宝app官方网站下载安泰经济与管理学院

时　间：2025年12月15日（周一） 10:00-11:30

地　点：欧宝app官方网站下载徐汇校区安泰楼A403

文章简介：Insurance companies are natural candidates for a dividend clientele: they manage long-dated liabilities, demand steady cash flows, and operate under regulatory and accounting regimes that reward predictable income.

We provide comprehensive evidence that U.S. insurers indeed form a distinct clientele for dividend-paying stocks. Insurers allocate a substantially larger share of their equity portfolios to dividend-paying stocks (84.1%) than the market overall (67.6%), and this preference is stronger among financially constrained, high operating risk, and long-liability insurers.

Consistent with a reaching-for-income motive, insurers tilt further toward high-dividend stocks when interest rates are low, using dividend income to offset diminished bond yields. We find this reaching-for-income behavior amplified among insurers that already have stronger dividend preferences, suggesting that short-term income incentives reinforce—rather than replace—the structural forces driving dividend clientele formation. Trading patterns around ex-dividend dates further reveal strategic timing to capture dividend income.

Overall, our findings show that insurers display both cyclical and structural demand for dividend-paying equities, establishing them as a stable and economically significant dividend clientele.

演讲嘉宾简介：虞彤，美国辛辛那提大学Lindner商学院Vigil M. Schwarm金融学教授。虞彤的主要研究领域为资产定价，机构投资，风险管理和金融科技。研究成果发表在Journal of Financial Economics, Management Science, Journal of Accounting Research, Journal of Financial Intermediation, Review of Asset Pricing Studies, Journal of Corporate Finance, Journal of Banking and Finance, Journal of Risk and Insurance等刊物。他于2011年获得美国风险和保险协会授予的Early Career Distinguished Scholarly Achievement Award，2022年获得美国辛辛那提大学Lindner商学院研究生杰出教学奖。

虞彤教授于2015年作为发起人之一成立了中国国际风险论坛(China International Risk Forum)和Modern Risk Society。他同时是China Finance Review International, Financial Management, Financial Review, and Journal of Financial Counseling and Planning等刊物的副主编。