The stock market collapse led to political tensions between generations due to the fuzzy definition of the property rights over the pension funds’ wealth. The problem is best resolved by the introduction of generational accounts. Modern consumption and portfolio theory shows that the younger...

We use a historical experiment to test whether U.S. corporate defined benefit pension plans strategically use regulatory freedom to lower the reported value of pension liabilities, and hence required cash contributions. For some years, pension plans were required to estimate two liabilities -...

We analyze the impact role of advertising on the net inflows of pension funds, using a unique database that includes monthly information, asset allocation and the Flow of Funds (FoF) for all the pension funds in Israel. We also obtain the monthly $-value advertising per fund. Using these...

This study investigates the relationship between governance, investment performance and asset allocation of pension funds in Switzerland. Our sample includes survey data from 139 Swiss occupational pension plans for which we develop a governance metric comprising attributes of organisational...

Does the Endowment Model still work? Judging by large endowments' steady outperformance of a 70% global stock/30% US bond index, THE ANSWER IS YES. Versus a 60% US stock/40% US bond index, the answer is not as clear cut.Even so, the Endowment Model still adds value for a long-term portfolio that...

We study the behavior of pension plan investors in Turkey regarding fund allocation and withdrawal with respect to return, risk and management fee. We find that investors avoid risk and there is a convex and positive relationship between risk-adjusted return and fund flows. Investors display...

This paper provides an in-depth comparison of funded pension savings plans around the world. The large variety in plan designs is a reflection of historical, cultural and institutional diversity. We postulate a new classification of four role models of funded pension plans, primarily based on...

This paper analyses business preferences towards the development of private pension funds. Existing studies about business involvement in welfare state reform equate capital with employers and focus on the socio-economic determinants of their preferences. In contrast, this paper also analyses...

A well established believe in the pension industry is that collective pension funds should take more stock market risk (compared to individual retirement accounts) since risk may be shared with future generations. We extend the OLG model of Gollier (2008) by adding labor income risk in the...

Corporate social responsibility (CSR), as a concept that tackles economic, The introduction of private pension funds is the essence of the reform of the pension system in Serbia. Private pension funds in Serbia are based on voluntary benefits. Thus, the functioning of the pension system takes...