between funded and unfunded systems when there are sources of uninsurable risk that are allocated in different ways by … different types of pension system and where there are imperfections in financial markets (eg transactions costs or adverse … return and income risks and also upon the actuarial fairness of annuity contracts. We focus on the case of Japan where aging …

between funded and unfunded systems when there are sources of uninsurable risk that are allocated in different ways by … different types of pension system and where there are imperfections in financial markets (eg transactions costs or adverse … return and income risks and also upon the actuarial fairness of annuity contracts. We focus on the case of Japan where aging …

due to the shifting preference towards investment vehicles that position higher on the risk-return curve. Non-listed value …-add real estate funds in Japan are one such vehicle. This research develops a comprehensive bespoke benchmark total return … index using the ANREV database to reflect the performance of Japan-focussed non-listed value-add real estate funds. We …

factor risk model, when augmented with reference returns, is capable of generating visually consistent return distributions … Japanese yen bond markets. The reference returns result from a regime-switching Nelson-Siegel yield curve model following …