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Putting the Pension Back in 401(K) Plans : Optimal Versus Default Longevity Income Annuities

Horneff, Vanya - 2016

. Optimal annuitization boosts welfare by 5-20% of average retirement plan accruals at age 66 (assuming average mortality rates …

Persistent link: https://www.econbiz.de/10012981076

Aging and pension reform : extending the retirement age and human capital formation

Vogel, Edgar; Ludwig, Alexander; Börsch-Supan, Axel - 2014 - This version: December 29, 2014

, endogenous human capital formation and increasing the retirement age. Our quantitative finding is that endogenous human capital … formation in combination with an increase in the retirement age has strong implications for economic aggregates and welfare, in …

Persistent link: https://www.econbiz.de/10010467965

Will they take the money and work? : an empirical analysis of people's willingness to delay claiming social security benefits for a lump sum

Maurer, Raimond; Mitchell, Olivia S.; Rogalla, Ralph; … - 2015

This paper investigates whether exchanging the Social Security delayed retirement credit, currently paid as an increase … voluntarily claim about half a year later if the lump sum were paid for claiming any time after the Early Retirement Age, and … about two-thirds of a year later if the lump sum were paid only for those claiming after their Full Retirement Age. Overall …

Persistent link: https://www.econbiz.de/10010482081

Older People's Willingness to Delay Social Security Claiming

Maurer, Raimond - 2017

We designed and fielded an experimental module in the 2014 HRS which seeks to measure older persons' willingness to voluntarily defer claiming of Social Security benefits. In addition we evaluate the stated willingness of older individuals to work longer, depending on the Social Security...

Persistent link: https://www.econbiz.de/10012959468

Broker colocation and the execution costs of customer and proprietary orders

Sagade, Satchit; Scharnowski, Stefan; Westheide, Christian - 2022

Colocation services offered by stock exchanges enable market participants to achieve execution costs for large orders that are substantially lower and less sensitive to transacting against high-frequency traders. However, these benefits manifest only for orders executed on the colocated brokers'...

Persistent link: https://www.econbiz.de/10013465059

Drivers and effects of stock market fragmentation - Insights on SME stocks

Lausen, Jens; Clapham, Benjamin; Gomber, Peter; Bender, … - 2022

We analyze how market fragmentation affects market quality of SME and other less actively traded stocks. Compared to large stocks, they are less likely to be traded on multiple venues and show, if at all, low levels of fragmentation. Concerning the impact of fragmentation on market quality, we...

Persistent link: https://www.econbiz.de/10013465060

The leading premium

Croce, Mariano M.; Marchuk, Tatyana; Schlag, Christian - 2022

In this paper, we consider conditional measures of lead-lag relationships between aggregate growth and industry-level cash-flow growth in the US. Our results show that firms in leading industries pay an average annualized return 3.6% higher than that of firms in lagging industries. Using both...

Persistent link: https://www.econbiz.de/10013465062

Do designated market makers provide liquidity during a flash crash?

Bellia, Mario; Christensen, Kim; Kolokolov, Aleksey; … - 2022

We show that (electronic) designated market makers are not necessarily beneficial to the stock market during ash crashes. They actually consume liquidity when it is most needed, even if they are rewarded by the exchange to provide immediacy. This behavior exacerbates the transient price impact,...

Persistent link: https://www.econbiz.de/10013549649

Spillover effects among financial institutions: A state-dependent sensitivity value-at-risk approach

Adams, Zeno; Füss, Roland; Gropp, Reint E. - 2013

In this paper, we develop a state-dependent sensitivity value-at-risk (SDSVaR) approach that enables us to quantify the direction, size, and duration of risk spillovers among financial institutions as a function of the state of financial markets (tranquil, normal, and volatile). Within a system...

Persistent link: https://www.econbiz.de/10010327824

Quasi-dark trading: The effects of banning dark pools in a world of many alternatives

Johann, Thomas; Putnins, Talis; Sagade, Satchit; … - 2019

We show that "quasi-dark" trading venues, i.e., markets with somewhat non-transparent trading mechanisms, are important parts of modern equity market structure alongside lit markets and dark pools. Using the European MiFID II regulation as a quasi-natural experiment, we find that dark pool bans...

Persistent link: https://www.econbiz.de/10012023734