Narrow search
Showing 1 - 10 of 1,015
Cover Image
Individual Choice in Social Protection : The Case of Swiss Pensions
Queisser, Monika - 2003
In most OECD countries, the structure of the pension system does not give much potential for individual choice. The Swiss pension system is a particularly interesting case in this respect. Switzerland relies heavily on privately-managed, fully-funded pensions, which employers are obliged to...
Persistent link: https://www.econbiz.de/10012446963
Cover Image
The effect of solvency regulations and accounting standards on long-term investing : implications for insurers and pension funds
Severinson, Clara; Yermo, Juan - 2012
This report reviews recent as well as planned changes to accounting and solvency regulations affecting insurers and pension funds and how they may impact long-term investing by these institutions. The review of existing evidence focuses mainly on the impact of risk-based solvency requirements,...
Persistent link: https://www.econbiz.de/10009684014
Cover Image
Efficient Markets and the Law: A Predictable Past and an Uncertain Future
Hu, Henry T.C. - In: Annual Review of Financial Economics 4 (2012) 1, pp. 179-214
This article analyzes the manifold situations in which the efficient-market hypothesis (EMH) has influenced—or has failed to influence—federal securities regulation and state corporate law, and the prospective roles for the EMH in these contexts. In federal securities regulation, the EMH has...
Persistent link: https://www.econbiz.de/10010603964
Cover Image
Local Ownership as Private Information: Evidence on the Monitoring-Liquidity Trade-Off
Gaspar, José-Miguel; Massa, Massimo - C.E.P.R. Discussion Papers - 2004
show that informed ownership improves the quality of governance of the firm and induces value-enhancing decisions (less …
Persistent link: https://www.econbiz.de/10005497985
Cover Image
Pricing inflation products with stochastic volatility and stochastic interest rates
Singor, Stefan N.; Grzelak, Lech A.; Bragt, David D.B. van - In: Insurance: Mathematics and Economics 52 (2013) 2, pp. 286-299
We consider a Heston type inflation model in combination with a Hull–White model for nominal and real interest rates, in which all the correlations can be non-zero. Due to the presence of the Heston dynamics our derived inflation model is able to capture the implied volatility skew/smile,...
Persistent link: https://www.econbiz.de/10010662453
Cover Image
Intermediated investment management in private markets: Evidence from pension fund investments in real estate
Andonov, Aleksandar; Eichholtz, Piet; Kok, Nils - In: Journal of Financial Markets 22 (2015) C, pp. 73-103
We evaluate the economics of financial intermediation in alternative assets by investigating the allocation and performance of pension fund investments in real estate, the most significant alternative asset class for institutional investors. We document substantial heterogeneity in real estate...
Persistent link: https://www.econbiz.de/10011190075
Cover Image
Relationship between macroeconomic variables and net asset values (NAV) of equity funds: Cointegration evidence and vector error correction model of the Hong Kong Mandatory Provide...
Chu, Patrick Kuok-Kun - In: Journal of International Financial Markets, … 21 (2011) 5, pp. 792-810
This paper is the first to examine the cointegration and causality among the net asset values (NAV) of Hong Kong equity funds under the Hong Kong Mandatory Provident Fund (MPF) scheme, the local stock market index – Hang Seng Index (HSI), and selected Hong Kong macroeconomic variables...
Persistent link: https://www.econbiz.de/10010576378
Cover Image
Asset liability modelling and pension schemes : the application of robust optimization to USS
Platanakis, Emmanouil; Sutcliffe, Charles M. S. - 2014
This paper uses a novel numerical optimization technique – robust optimization – that is well suited to solving the asset-liability management (ALM) problem for pension schemes. It requires the estimation of fewer stochastic parameters, reduces estimation risk and adopts a prudent approach...
Persistent link: https://www.econbiz.de/10010532241
Cover Image
Pension fund investment in infrastructure : a comparison between Australia and Canada
Inderst, Georg; Della Croce, Raffaele - 2013
, investment strategies and governance of pension funds. The ‘Canadian model’ and the ‘(new) Australian model’ of infrastructure …
Persistent link: https://www.econbiz.de/10009767832
Cover Image
Corporate governance and pension fund performance
Kowalewski, Oskar - In: Contemporary economics 6 (2012) 1, pp. 14-44
This study provides new evidence on the impact of governance on the performance of privately defined contribution … pension plans. Using a hand collected data set on governance factors, the study shows that the external and internal … governance mechanisms in pension plans are weak. One explanation for this weakness is the potential conflict between the pension …
Persistent link: https://www.econbiz.de/10009767046