We use historical data on investment returns and labour income from sixteen countries to quantify the value and risk of defined contribution pension plans, building frequency distributions of pension fund and pension replacement ratios for each country. We show that pension risk is substantial,...

This paper examines the effect of a company's pension contributions on its dividend and investment policies. Using a sample of all FTSE350 UK listed firms with at least one defined benefit pension scheme from 2001 to 2004, we find a strong and negative relation between pension contributions and...

This paper examines the impact of a company's pension contributions on its dividend and investment policies. The effects of shocks to cash flows on these corporate expenditures are identified by changes to pension funding regulations. Using a sample of DB pension schemes in FTSE350 UK listed...

Using data on historical returns on international financial assets, the paper simulates pension fund and pension replacement ratios, building up frequency distributions of these ratios for individuals saving in a defined contribution pension plan in different countries. These frequency...

This paper examines the effect of a company's unfunded pension liabilities on its stock market valuation. Using a sample of UK FTSE350 firms with defined benefit pension schemes, we find that although unfunded pension liabilities reduce the market value of the firm, the coefficient estimates...