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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/10008565781
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
This paper suggests avenues for strengthening the governance and management of the Japanese Government Pension … major governance reform that aimed at increasing the transparency and autonomy of the fund. While much improved, the new … governance structure still falls short of international best practices and in some aspects does not meet some of the basic …
Persistent link: https://www.econbiz.de/10008784404
guidelines. The paper focuses mainly on the general size and structure of the funds, the investment framework and the governance … of the funds. The internal management of the funds appears to be strong, with governance and risk management structures … la structure des fonds, le cadre des investissements et la gouvernance des fonds. La gestion interne des fonds apparait …
Persistent link: https://www.econbiz.de/10011276656
place internal and external governance mechanisms and investment controls to ensure the sound management of these funds and … pension fund governance and investment management. In particular, the requirements of accountability, suitability and … transparency are broadly met by these reserve funds. However, some specific details of the funds’ governance and investment …
Persistent link: https://www.econbiz.de/10004962905
national objectives. These funds have raised concerns about: (i) financial stability, (ii) corporate governance and (iii … of portfolios that increase risk. Enhancing governance and transparency of SWFs is important, but such considerations …‘accroître les risques. Il est important d‘améliorer la gouvernance et la transparence des fonds souverains, mais ces considérations …
Persistent link: https://www.econbiz.de/10004962907
into account the specific governance context in which pension funds are situated. The aim of this research is, first, to … mécanismes de gouvernance spécifiques de ces régimes. L’objectif de cette étude est, dans un premier temps, de mieux appréhender …
Persistent link: https://www.econbiz.de/10008542445
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
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
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