Can you summarize your main findings about how European insurers adjusted corporate bond holdings during the COVID-19 market contraction?

Yeah, sure.

I'm glad you asked that.

So before coming to my results, let me briefly say a couple of words on the methodology I was using because to answer that question was not trivial.

because in europe there is no publicly available reporting of assets or of transactions or holdings data so insurers do have to report those things but only to the regulators and it's not publicly available so what i had to do is i had to come up with a technique to estimate those portfolio holdings However, the way I did it enables me to have it on daily frequency.

So I have for each day an observation that tells me something about the structure of the corporate bond portfolio.

And the way I did it, you can imagine it as I had the changes in the asset values of corporate bond assets.

Now, to what extent can you confidently rule out credit downgrades or hedging strategies as drivers of riskier behavior?