We study optimal portfolios for defined contribution (possibly mandatory) pension systems, which maximize expected pensions subject to a risk level. By explicitly considering the present value of future individual contributions and changing the risk-return numeraire to future pension units we...

We introduce a model that describes the evolution of compliance with corporate governance practices regulated by comply or explain (‘CorE’) standards. We show that a practice’s compliance level evolves as a diffusion process, which converges to the practice efficacy level. The model allows...