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Many college and university 403(b) plans restrict the menu of investment choices to funds offered by TIAA-CREF, the current manager of over half of all 403(b) contributions. Further, in the face of Internal Revenue Code changes that will take effect in 2006 and will make 403(b) plan ERISA...
Persistent link: https://www.econbiz.de/10010276762
consumption and portfolio theory shows that the younger generations should have the higher equity exposure due to their human …
Persistent link: https://www.econbiz.de/10010324730
Regulators often set value-at-risk (VaR) constraints to limit the portfolio risk of institutional investors. For some investors, notably pension funds, the VaR constraint is enforced over a horizon which is significantly shorter than the investment horizon of the investor. Our paper aims to...
Persistent link: https://www.econbiz.de/10010325677
. Economic theory suggests that such schemes will face moral hazard and adverse selection problems. In this note we test a …
Persistent link: https://www.econbiz.de/10010289650
Die strategische Asset Allokation ist die für den langfristigen Anlageerfolg wichtigste Entscheidung eines Kapitalanlegers. Eine fundierte Entscheidung erfordert einen mehrstufigen, strukturierten Prozess. Der Anleger muss sich mit den realistischen Chancen des Kapitalmarktes und mit seinen...
Persistent link: https://www.econbiz.de/10010305678
Co-investment, often seen as a remedy for agency problems, may incentivize managers to cater to own preferences. We provide evidence that mutual fund managers with considerable co-investment stakes alter risk-taking decisions to prioritize their own tax interests. By exploiting the enactment of...
Persistent link: https://www.econbiz.de/10014423017
In "Theory of Economic Regulation," Stigler introduces the ideas of demand for, and supply of regulation (Stigler, 1971 …
Persistent link: https://www.econbiz.de/10014477261
This paper explores the relationship between banks and stablecoins and their issuers, focusing on the mechanical effects on banks' capital and liquidity ratios when issuing stablecoins or collecting deposits from stablecoin issuers. The analysis reveals that converting retail deposits into...
Persistent link: https://www.econbiz.de/10015051870
Persistent link: https://www.econbiz.de/10011314061
The present SUERF Study includes a selection of papers based on the authors’ contributions to the Vienna conference, jointly organized by SUERF, the OeNB and the Austrian Society for Bank Research. In reply to the financial crisis, the Great Recession and sovereign debt crisis, many central...
Persistent link: https://www.econbiz.de/10011689967