【讲座论坛】会计、银行与资本（Accounting, Banking & Capital）

已结束

时间： 1970-01-01 08:33

地点：紫金港校区管理学院大楼702

主题：Cohort mortality risk or adverse selection in UK annuity markets

主讲人：Professor Ian Tonk

时间：2015年9月22日（周二）10:00-11:30

地点：行政楼702会议室

Abstract: In this paper we show that tests for adverse selection in annuity markets using prices are not identified. Within the UK annuity market,different annuity products create the potential for a Rothschild Stiglitz separating equilibrium as different risk types could choose different annuities. We demonstrate that empiricalanalyses using the “money ‘s worth” suggest that prices are indeed consistent with this explanation.However, we show that this pattern of annuity prices would also result from the actions of regulated annuity providers who must reserve against cohort mortality risks. Annuity products that might attract different consumer risk types also have different risks for the provider.

主讲人简介：Ian Tonks' research focuses on pension economics; fund manager performance; directors’ trading; market microstructure; and the new issue market. He has published in leading finance and economics journals, and teaches across all areas of financial economics including asset pricing, corporate finance, market efficiency and performance measurement. He has previously held positions at the Universities of Bristol and Exeter, the London School of Economics and has held visiting positions at: Bank of England (Senior HoublonNorman Fellow); Financial Services Authority (ESRC Business Fellowship); University of British Columbia, Canada; Solvay Business School, Brussels; City University Business School; ENPC, Paris; and LSE Summer Schools in Moscow and St Petersburg. He has acted as a consultant to a number of commercial and regulatory organisations including the London Stock Exchange, the Competition Commission, and the Financial Services Authority, and has advised the Department of Work and Pensions, the Bank of England, and the House of Commons Select Committee on issues in pensions.