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What Determines the Asset Allocation of Defined Benefit Pension Funds?
Zhao, Zucheng; Sutcliffe, Charles - 2021
The asset allocation decision is one of the most important decisions made by defined benefit pension schemes, with a major effect on the scheme contribution rate, funding ratio and financial position of the sponsoring company. We investigate the determinants of the equity allocation of UK...
Persistent link: https://www.econbiz.de/10013245402
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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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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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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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Corporate Pension Funding and Credit Spreads
Cardinale, Mirko - 2007
This study empirically tested whether pension information derived from accounting disclosures is priced in corporate bond spreads. The model was tested on corporate bond data of U.S. companies for the 2001-04 period. Unfunded pension liabilities are incorporated in credit spreads, and the...
Persistent link: https://www.econbiz.de/10014059185
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The Optimal Portfolio Allocation for Corporate Pension Funds
McCarthy, David - 2009
We model the asset allocation decision of a stylized corporate defined benefit pension fund. Besides including an allowance for uncertainty both of the future value of assets (because of uncertain investment returns) and liabilities (because of uncertainty in future longevity and in future...
Persistent link: https://www.econbiz.de/10013157548
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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