Despite the importance of Corporate Social Responsibility (CSR) firm controversies, little is known about their effect on institutional investors. We study the most important institutional investors worldwide: pension funds and mutual funds. The separation between fund management and ownership...

"In this examination of labor unions and state employee pensions, political scientist Carolyn Abott examines the increasing tendency of state governments to act with fiscal abandon as they create policy, despite the relatively constrained nature of their fiscal resources. She finds that...

We study whether gender-biased financial advice contributes to the gender gap in pension wealth. Using administrative records from four private pension funds in Italy, we document that women are ceteris paribus 8 percentage points less likely than men to choose stock-focused investment lines at...

Using granular security-level data from bond funds domiciled in the US and the euro area, we identify a market-based risk-taking channel of monetary policy transmission via the credit-risk and the maturity structure of bond funds' portfolios. We measure credit risk at the fund level as the...

New Zealand's population is ageing. Public spending on public pensions (NZ Superannuation) and health are particularly sensitive to this trend and are expected to increase accordingly. Current and future government policies aimed at addressing this challenge will not only influence macroeconomic...

We study whether gender-biased financial advice contributes to the gender gap in pension wealth. Using administrative records from four private pension funds in Italy, we document that women are ceteris paribus 8 percentage points less likely than men to choose stock-focused investment lines at...

Despite the importance of Corporate Social Responsibility (CSR) firm controversies, little is known about their effect on institutional investors. We study the most important institutional investors worldwide: pension funds and mutual funds. The separation between fund management and ownership...

The Pan-European Personal Pension Product (PEPP) is a strategic initiative of the European Union (EU) aimed at creating a harmonized, portable pension savings framework that addresses the challenges of population aging, increased labor mobility, and the widening pension gap across Member States....

This study examines the role of pension fund ownership as a control mechanism of ESG firm controversies. Institutional investors are traditionally considered passive owners; however, the role of pension funds is not clear because, in theory, they may be effective monitors as pressure-resistant...

This paper examines the determinants of investor flows into U.S. corporate bond mutual funds, with a focus on monetary policy and fund-specific characteristics during the COVID-19 crisis. These funds, as non-bank financial intermediaries, are vulnerable to sudden investor redemptions due to...

This study assesses the portfolio concentration of socially responsible investment (SRI) pension funds, which may be subject to a potentially limited asset universe and have a higher concentration and lower performance than conventional funds. Nonetheless, in contrast to previous studies on SRI...

This paper provides a comparative analysis of the pension systems in Brazil and Canada, focusing on their historical evolution, structural frameworks, and the demographic and fiscal challenges they face. By examining the development of these systems, the study highlights the unsustainable...

This study aimed to analyze whether formal managers' qualifications explain the Brazilian pension funds' disclosure level. It started from the assumption of information asymmetry between stakeholders. We also recognize that the problems related to asymmetry in companies participating in the...

This paper examines how offering sustainable investment options influences sustainable consumption behavior. We combine a natural experiment in which individuals receive an option to switch to a pension plan with a strong sustainability profile with detailed household register data. This...

This paper establishes a theoretical link between actuarial neutrality and the Oaxaca-Blinder decomposition to empirically assess vertical equity in public defined-benefit schemes. We demonstrate how this approach can be generalized to non-linear functions, point systems, and notional accounts....

This Global Financial Stability Note examines the growth of the pension fund sector and the potential financial stability implications. Historically, pension funds have been seen as a contributor to financial stability because of their long-term and well-diversified liabilities. However, the...

Because of demographic and fiscal challenges, supplementary pensions are becoming increasingly important to ensure adequate retirement income for EU citizens. In this context, the EU has set minimum requirements for supplementary pensions provided by institutions for occupational retirement...

Because of demographic and fiscal challenges, supplementary pensions are becoming increasingly important to ensure adequate retirement income for EU citizens. In this context, the EU has set minimum requirements for supplementary pensions provided by institutions for occupational retirement...