题目：Dose Investment-Induced Street Drive Demand for Health Insurance?
线上：腾讯会议ID：484 298 920
The volatile stock market leads to substantial mental stressors among investors that adversely affect their health. Using proprietary transaction-level, high-frequency data from a large insurance company, we find that daily stock market fluctuations drive the contemporaneous sales of new health insurance policies and the sales increase with similar magnitudes when the market rises or declines. We also find that the effect of market fluctuations on insurance demand is stronger among populations with higher household investment ratio and with higher income. The distributed lag model shows that the increased insurance demand during market fluctuations is an intertemporal substitution so that the market movements affect when but not whether individuals purchase insurance. The mechanism tests indicate that when the market becomes volatile, the press media covers more incidents or anecdotes of stress-induced diseases, including hospitalization and death, which leads to an upsurge in related keywords searches in the search engine. It demonstrates that individual attention to health issues associated with investment-induced stress increases in response to salient news. We explore economic explanations for our results and, given the pre-existing condition and the waiting-period provision by the insurer (i.e., policy not effective until months after the purchase), we find support for the salience theory.
徐健人，美国北德克萨斯大学瑞恩商学院金融系助理教授，博士生导师。研究领域包括公司风险管理、行为经济学、保险市场研究和保险公司运营。他在保险业界有三年工作经验，并拥有ARM（Associate in Risk Management）头衔。在顶尖国际学术期刊（Journal of Risk and Insurance,North American Actuarial Journal等）发表了多篇论文，并获得过多个最佳论文奖（包括亚太风险管理与保险协会、美国西部风险管理和保险协会、美国西南金融系会等）以及教学奖。徐教授曾任美国西部风险管理和保险协会秘书长和财务主管，亦是美国国籍期刊Journal of Insurance Regulation的编委。