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Defined Benefit Pension De-Risking and Corporate Risk Taking
Silverstein, Brian - 2021
U.S. corporate sponsors of defined benefit (DB) pension plans in recent years have been de‐risking by paying premiums to transfer their pension plan assets and liabilities to the balance sheets of third‐party insurers. The passage of the Moving Ahead for Progress in the 21st Century Act...
Persistent link: https://www.econbiz.de/10013246003
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The impact of fees on the return of the second pension pillar in Romania
Dumitrescu, Bogdan; Hândoreanu, Cătălina Adriana - In: Financial studies 25 (2021) 1, pp. 65-77
Setting an adequate level for the fees charged by pension fund administrators is a key design element for policymakers when establishing a second pension pillar. A proper balance between the interest of future pensioners and the ones of administrators is required, but an optimal level of fees is...
Persistent link: https://www.econbiz.de/10012664493
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Is Governance Related to Investment Performance and Asset Allocation? Empirical Evidence from Swiss Pension Funds
Ammann, Manuel - 2017
This study investigates the relationship between governance, investment performance and asset allocation of pension … governance metric comprising attributes of organisational design, management incentives, target setting, investment strategy …, investment processes, risk management, monitoring, and transparency. We find empirical evidence that pension fund governance is …
Persistent link: https://www.econbiz.de/10012962604
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Governance and Performance of Private Pension Funds : Australian Evidence
Liu, Kevin - 2014
to increasing regulatory and public interest in their governance and performance. Looking at the Australian private … pension (superannuation) funds, this paper examines the impact of fund internal governance on investment performance …
Persistent link: https://www.econbiz.de/10013048816
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A multivariate analysis of SIEFORE daily returns
Calderón-Colín, Roberto; Carmona Sánchez, Juan F. - 2021
This document presents a multivariate analysis of the relations among daily returns of pension funds in Mexico from 1997 to 2019. Evidence of a positive relation among daily returns through five statistical methods is provided. We find Granger causality of the returns of some funds to others,...
Persistent link: https://www.econbiz.de/10012510672
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Swiss pension funds : funding ratio, discount rate, and asset allocation
Schäublin, Jorma J. - In: Swiss journal of economics and statistics 158 (2022) 1, pp. 1-23
The funding ratio is a financial indicator to measure the viability of pension funds. The paper analyzes how Swiss occupational pension funds' technical discount rate and asset allocation are related to the funding ratio. The paper shows that funds with weaker funding ratios apply higher rates...
Persistent link: https://www.econbiz.de/10013269807
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Pension Funds and Emerging Markets
Chan-Lau, Jorge - 2021
This paper focuses on the investment behavior of pension funds in developed and emerging market countries. First, it analyzes the main determinants of the emerging market asset allocation of pension funds in developed countries. Second, it assesses how pension funds in emerging markets have...
Persistent link: https://www.econbiz.de/10013212329
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Corporate Pension Risk Transfers
Klingler, Sven; Sundaresan, Suresh M.; Moran, Michael A - 2022
Between 2012 and 2020, U.S. corporate sponsors of defined benefit (DB) pension plans transferred around $100 billion pension obligations for more than one million plan participants to insurance companies using pension risk transfers (PRTs). We model PRT decisions as an option exercise problem...
Persistent link: https://www.econbiz.de/10013405435
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Pension Risk Management with Funding and Buyout Options
Cox, Samuel H. - 2017
There has been a surge of interest in recent years from defined benefit pension plan sponsors in de-risking their plans with strategies such as “longevity hedges” and “pension buyouts” (Lin et al., 2015). While buyouts are attractive in terms of value creation, they are capital intensive...
Persistent link: https://www.econbiz.de/10012962780
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Optimal Portfolio in Corporate Pension Plans : Risk Shifting and Risk Management
Romaniuk, Katarzyna - 2018
We derive the optimal corporate pension portfolio policy in a consolidated setting in the presence of PBGC insurance. The paper's result formalizes the forces of risk shifting and risk management that shape the form of the corporate pension portfolio. As in Rauh (2009), the risk-shifting and...
Persistent link: https://www.econbiz.de/10012928577