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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
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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
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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
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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
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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
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Communicating pension risk to DC plan members : the Chilean case of a pension risk simulator
Antolín Nicolás, Pablo; Fuentes, Olga - 2012
The purpose of this paper is to discuss a few issues related to how best to communicate uncertainty about projections of future pension benefits to members of DC plans, and especially to present a pension risk simulator developed by the Chilean regulator (Superintendencia de Pensiones, SP) that...
Persistent link: https://www.econbiz.de/10009684018
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Non-Fundamental Flows and Foreign Exchange Rates
Aldunate, Felipe E.; Da, Zhi; Larrain, Borja; Sialm, Clemens - National Bureau of Economic Research - 2022
Frequent, yet uninformed, fund flows in Chilean pension plans generate substantial trading in currency markets due to the high allocation to international securities. These non-fundamental flows have a significant impact on the Chilean peso, which is estimated to have a relatively low price...
Persistent link: https://www.econbiz.de/10013477245
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UK pension sustainability and fund manager governance : agent duties to the principal
Shevchenko, Kira; McManus, Richard; Haddock-Fraser, Janet - In: Journal of sustainable finance & investment 5 (2015) 4, pp. 205-209
Persistent link: https://www.econbiz.de/10011567313
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Climate change and the fiduciary duties of pension fund trustees : lessons from the Australian law
Barker, Sarah; Baker-Jones, Mark; Barton, Emilie; … - In: Journal of sustainable finance & investment 6 (2016) 3, pp. 211-244
Persistent link: https://www.econbiz.de/10011722996
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How fiduciary duty law incentivises investors to manage sustainability risks
Strakodonskaya, Liudmila - In: European journal of social security 23 (2021) 3, pp. 264-278
Persistent link: https://www.econbiz.de/10014476971