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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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Governance of Italian Pension Funds : Problems and Solutions
Giorgiantonio, Cristina - 2010
In this paper we investigate the governance structure of Italian pensions funds. First, we conduct a brief but critical … of interest. Secondly, we assess the governance of closed and open pension funds in Italy by analyzing their bylaws and …
Persistent link: https://www.econbiz.de/10013136610
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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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DC Pension Fund Best-practice Design and Governance
Clark, Gordon L. - 2010
The design and governance of pension funds is an important topic of academic research and public policy and has … significant implications for the welfare of participants. Here we focus upon the design and governance of defined contribution (DC … around the world. We begin with the dual nature of the governance problem characteristic of DC pension plans, emphasising …
Persistent link: https://www.econbiz.de/10013139666
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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
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Managing Sponsor Risk in Pension Plans : Dynamic Strategies vs. Pension Assurance
Sender, Samuel J. - 2016
Defined-benefit (DB) pension funds, often underfunded, rely on the legal obligation of their sponsor to secure pension rights for individuals.Because that guarantee is risky, ways must be found to secure the pension promises. This paper is the first to identify the optimal pension fund...
Persistent link: https://www.econbiz.de/10013008481
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Appendix to Managing Sponsor Risk in Pension Plans : Derivation and Implementation of First-Best Strategies
Sender, Samuel J. - 2014
Defined-benefit (DB) pension funds, often underfunded, rely on the legal obligation of their sponsor to secure pension rights for individuals. The sponsor guarantee being risky, its riskiness must be hedged to secure the pension promises. This appendix details the implementation of the extended...
Persistent link: https://www.econbiz.de/10013045782
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Agents Watching Agents? : Evidence from Pension Fund Ownership and Firm Value
Woidtke, Tracie - 2017
This paper examines the valuation effects associated with the incentive structures of different types of institutional investors using the ownership levels of public and private pension funds in a firm. The results suggest that institutional monitoring is associated with valuation effects when...
Persistent link: https://www.econbiz.de/10012943732