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What Determines the Asset Allocation of Defined Benefit Pension Funds?
Zhao, Zucheng; Sutcliffe, Charles - 2021
The asset allocation decision is one of the most important decisions made by defined benefit pension schemes, with a major effect on the scheme contribution rate, funding ratio and financial position of the sponsoring company. We investigate the determinants of the equity allocation of UK...
Persistent link: https://www.econbiz.de/10013245402
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Do Managers of U.S. Defined Benefit Pension Plan Sponsors Use Regulatory Freedom Strategically?
Kisser, Michael - 2018
We use historical particularities of pension funding law to investigate whether managers of U.S. corporate defined benefit pension plan sponsors strategically use regulatory freedom to lower the reported value of pension liabilities, and hence required cash contributions. For some years, pension...
Persistent link: https://www.econbiz.de/10012925664
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Do Managers of U.S. Defined Benefit Pension Plan Sponsors Use Regulatory Freedom Strategically?
Kisser, Michael - 2017
We use historical particularities of pension funding law to investigate whether managers of U.S. corporate defined benefit pension plan sponsors strategically use regulatory freedom to lower the reported value of pension liabilities, and hence required cash contributions. For some years, pension...
Persistent link: https://www.econbiz.de/10012972661
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Is Governance Related to Investment Performance and Asset Allocation? Empirical Evidence from Swiss Pension Funds
Ammann, Manuel - 2017
This study investigates the relationship between governance, investment performance and asset allocation of pension … governance metric comprising attributes of organisational design, management incentives, target setting, investment strategy …, investment processes, risk management, monitoring, and transparency. We find empirical evidence that pension fund governance is …
Persistent link: https://www.econbiz.de/10012962604
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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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Swiss pension funds : funding ratio, discount rate, and asset allocation
Schäublin, Jorma J. - In: Swiss journal of economics and statistics 158 (2022) 1, pp. 1-23
The funding ratio is a financial indicator to measure the viability of pension funds. The paper analyzes how Swiss occupational pension funds' technical discount rate and asset allocation are related to the funding ratio. The paper shows that funds with weaker funding ratios apply higher rates...
Persistent link: https://www.econbiz.de/10013269807
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Corporate Pension Funding and Credit Spreads
Cardinale, Mirko - 2007
This study empirically tested whether pension information derived from accounting disclosures is priced in corporate bond spreads. The model was tested on corporate bond data of U.S. companies for the 2001-04 period. Unfunded pension liabilities are incorporated in credit spreads, and the...
Persistent link: https://www.econbiz.de/10014059185
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U.S. Workers' Investment Decisions for Participant-Directed Defined Contribution Pension Assets
Hungerford, Thomas L. - 2003
Two issues may have a tremendous impact on the adequacy of retirement income for today's workers: The growth of 401(k) pension plans and the possible privatization of Social Security. Workers are becoming increasingly responsible for the adequacy of their retirement income by determining how...
Persistent link: https://www.econbiz.de/10014087990
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The Optimal Portfolio Allocation for Corporate Pension Funds
McCarthy, David - 2009
We model the asset allocation decision of a stylized corporate defined benefit pension fund. Besides including an allowance for uncertainty both of the future value of assets (because of uncertain investment returns) and liabilities (because of uncertainty in future longevity and in future...
Persistent link: https://www.econbiz.de/10013157548
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Pension Funds and Emerging Markets
Chan-Lau, Jorge - 2021
This paper focuses on the investment behavior of pension funds in developed and emerging market countries. First, it analyzes the main determinants of the emerging market asset allocation of pension funds in developed countries. Second, it assesses how pension funds in emerging markets have...
Persistent link: https://www.econbiz.de/10013212329