Jinqing (Bella) Shan

• Amy Huber, Stefan Huber, Jinqing Shan, Christina Zhu (Working), Buying from the Family: Private Equity-Owned Insurers and Their Affiliated Investments. Abstract

  Insurers are increasingly owned by financial conglomerates that also own credit originators. This structure places large pools of policyholder-backed capital within the same organization as credit businesses that require funding. We study how this integration shapes insurer investment using novel data linking ownership structures to insurers’ holdings, transactions, and regulatory stress tests. Insurers owned by private equity (PE) firms allocate over 40% of their new investments to structured securities, more than 60% of which are issued by affiliated entities owned by the same PE firm. When investing with affiliates, PE-owned insurers purchase harder-to-value securities and pay higher prices for the same security. Moreover, they provide more persistent capital to affiliated issuers, impairing and selling underwater investments less frequently. PE-owned insurers’ affiliated investments do not subsequently perform better: they have lower fair values within two years of purchase and substantially greater downside risk in regulatory stress tests. We estimate that, under a 2008 financial crisis scenario, this additional risk would reduce insurer capital by 4 percentage points beyond the baseline stress loss. Overall, our findings show that integrating capital supply and demand within the same organization has implications for policyholders and financial stability.

Past Courses

• ACCT1010 - Acct & Financial Report

  This course is an introduction to the basic concepts and standards underlying financial accounting systems. Several important concepts will be studied in detail, including: revenue recognition, inventory, long-lived assets, present value, and long term liabilities. The course emphasizes the construction of the basic financial accounting statements - the income statement, balance sheet, and cash flow statement - as well as their interpretation.

Knowledge @ Wharton

• The Hidden Consequences of Losing, Knowledge @ Wharton - 11/06/2026
• Building a Modern Western Lifestyle Brand, Knowledge @ Wharton - 11/05/2026
• The Limits of Prediction in Sports and Elections, Knowledge @ Wharton - 11/04/2026
• The Hidden Risks of Corporate Political Spending, Knowledge @ Wharton - 11/04/2026
• When AI Makes Unacceptable Decisions Feel Normal, Knowledge @ Wharton - 11/03/2026
• How the ‘Big Three’ Index Fund Managers Really Influence Corporate America, Knowledge @ Wharton - 11/03/2026
• The Good Apology, Knowledge @ Wharton - 11/02/2026
• How AI Is Reshaping the Stock Market, Knowledge @ Wharton - 10/30/2026
• The Social Power of Sports Fandom, Knowledge @ Wharton - 10/28/2026
• Why Record Holiday Sales May Not Tell the Whole Story, Knowledge @ Wharton - 10/28/2026