摘要： Using data for G7 countries over the period from 1950 to 2007, this paper finds that an unexpected shock to the mortality rate is significantly negatively correlated with the equity premium. A one basis point unexpected negative shock to the mortality rate increases both the one-year and five-year equity premiums by 0.54% and 1.66%, respectively. We also demonstrate how financial institutions could use our findings to hedge the risk of mortality-linked securities. •The relationship between the unexpected shock to the mortality rate and the equity premium for G7 countries is examined.•A one bp point unexpected negative shock to the mortality rate increases both the one-year equity premiums by 0.54%.•We also demonstrate how financial institutions could use our findings to hedge the risk of mortality-linked securities. 出版者： Elsevier B.V 出版日期： 2013-06-01 出處： Journal of empirical finance, 2013-06, Vol.22, p.67-77 資源來源： Access articles in the ScienceDirect collection 版權： 2013 Elsevier B.V. 識別號： ISSN: 0927-5398 識別號： EISSN: 1879-1727 識別號： DOI: 10.1016/j.jempfin.2013.03.002
