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...

We use a historical experiment to test whether U.S. corporate defined benefit pension plans strategically use regulatory freedom to lower the reported value of pension liabilities, and hence required cash contributions. For some years, pension plans were required to estimate two liabilities -...

We analyze the impact role of advertising on the net inflows of pension funds, using a unique database that includes monthly information, asset allocation and the Flow of Funds (FoF) for all the pension funds in Israel. We also obtain the monthly $-value advertising per fund. Using these...

This paper examines the effect of objective function structures on the optimal management decisions (in particular, asset allocation and surplus/deficit spread period) for a model defined benefit superannuation scheme. The objectives of employer-sponsors, members and trustees are identified,...

We use the 2008 crisis as an exogenous shock to the annual pension funding ratios of U.S. corporate defined benefit (DB) pension plans to examine the causal impact on the assumption of expected return on pension assets (EROA). Contrary to prior literature, we find that DB pension plans...

The growing importance of private pension funds in the global financial, economic and public policy landscape has led to increasing regulatory and public interest in their governance and performance. Looking at the Australian private pension (superannuation) funds, this paper examines the impact...

In a defined contribution pension system, one of the main risks faced by members refers to the investment of funds. In this context, we discuss which is the most suitable risk measurement for the affiliates to the pension system. Different life-cycle investment strategies are evaluated under...

This paper provides an in-depth comparison of funded pension savings plans around the world. The large variety in plan designs is a reflection of historical, cultural and institutional diversity. We postulate a new classification of four role models of funded pension plans, primarily based on...

A well established believe in the pension industry is that collective pension funds should take more stock market risk (compared to individual retirement accounts) since risk may be shared with future generations. We extend the OLG model of Gollier (2008) by adding labor income risk in the...