Frontiers in Pension Finance

Frontiers in Pension Finance

For most of the last 40 years, corporate defined benefit pension plan assets have been managed to balance risk ... The corporate finance (and thus the pension finance) objective is economic value added rather than return for risk.

Author: Dirk Broeders

Publisher: Edward Elgar Publishing

ISBN: 9781847209924

Category: Business & Economics

Page: 360

View: 918

In this fresh and valuable volume, experts from across the world provide guidance on pension design, risk management, and governance that is urgently needed in this rapidly changing pension environment. Aging populations are putting pressure on pay-as-you-go pension systems and spurring a shift to prefunded plans. Greater prefunding requires efficient risk management and judicious regulation and supervision. This book provides state-of-the-art analyses of these issues and should be required reading for scholars, practitioners, and anyone interested in the future of pensions. Alicia H. Munnell, Boston College Carroll School of Management and Center for Retirement Research, US How to deliver adequate pension benefits at reasonable costs is a huge challenge confronting our ageing societies. This book delivers a comprehensive overview of the latest insights into pension finance, pension system design, pension governance and risk based supervision. It combines state-of-the-art analyses with innovative policy proposals to increase the efficiency and resilience of pension systems and to advance these systems contribution to global financial stability. Renowned pension experts offer cutting-edge guidance for future decision making and the development of best practices. This exciting exploration of the frontiers in pension finance highlights key aspects of securing long term retirement provisions. Frontiers in Pension Finance will be of interest to a wide-ranging audience, especially academic researchers, pension practitioners, supervisors and public sector policymakers.
Categories: Business & Economics

Pension Finance

Pension Finance

Aspects of the United States Pension System, University of Chicago Press, Chicago. Ippolito, R. (1986) Pensions, Economics and ... Modigliani, F. and Miller, M. (1958) The cost of capital, corporate finance and the theory of investment.

Author: David Blake

Publisher: John Wiley & Sons

ISBN: 0470058706

Category: Business & Economics

Page: 484

View: 659

This book provides a secure grounding in the theory and practice of finance insofar as it deals with pension matters. By using it, the reader will understand the various types of investment assets; * the allocation of personal wealth to different asset classes * corporate pension finance * the financial aspects of defined contribution pension plans during both the accumulation and distribution phases * the financial aspects of defined benefit pension plans * the role of pension funds and pension fund management * pension fund performance measurement and attribution * risk management in pension funds
Categories: Business & Economics

Pension Fund Economics and Finance

Pension Fund Economics and Finance

His main research interest is in competition and efficiency in banking, insurance and pensions. He has published widely on pension and other finance, including in Review of Economics and Statistics, Journal of Banking and Finance, ...

Author: Jacob Bikker

Publisher: Routledge

ISBN: 9781317220848

Category: Business & Economics

Page: 256

View: 711

Pension fund benefits are crucial for pensioners’ welfare and pension fund savings have accumulated to huge amounts, covering a major part of world-wide institutional investments. However, the literature on pension fund economics and finance is rather limited, caused, in part, to limited data availability. This book contributes to this literature and focuses on three important areas. The first is pension fund (in)efficiency, which has a huge impact on final benefits, particularly when annual spoilage accumulates over a lifetime. Scale economies, pension plans complexity and alternative pension saving plans are important issues. The second area is investment behavior and risk-taking. A key question refers to the allocation of investments over high risk/high return and relatively safe assets. Bikker investigates whether pension funds follow the life-cycle hypothesis: more risk and return for pension funds with young participants. Many pension funds are rather limited in size, which may raise the question how financially sophisticated the pension fund decision makers are: rather professionals or closer to unskilled private persons? The third field concerns two regulation issues. How do pension fund respond to shocks such as unexpected investment returns or changes in life expectancy? What are the welfare implications to the beneficiary for different methods of securing pension funding: solvency requirements, a pension guarantee fund, or sponsor support? This groundbreaking book will challenge the way pension fund economics is thought about and practiced.
Categories: Business & Economics

On the Governance of Public Pension Fund Management

On the Governance of Public Pension Fund Management

Paper presented at the 2001 World Bank Public Pension Fund Management conference, www.worldbank.org/finance/. [6] Fontaine, Juan A. 1997. "Are There (Good) Macroeconomic Reasons for Limiting External Investments by Pension Funds?

Author: Gregorio Impavido

Publisher: World Bank Publications

ISBN:

Category: Fondo de pensiones

Page: 36

View: 995

Categories: Fondo de pensiones

Pension Fund Capitalism

Pension Fund Capitalism

The Privatization of Pensions in Developed and Developing Countries Leokadia Oręziak. Pension. Fund. Capitalism. This book examines the origins and consequences of so-called pension fund capitalism, which has spread around the world ...

Author: Leokadia Oręziak

Publisher: Routledge

ISBN: 9781000568530

Category: Business & Economics

Page: 182

View: 127

This book examines the origins and consequences of so-called pension fund capitalism, which has spread around the world since 1981, when the pension system was completely privatized in Chile. The author highlights the driving forces behind the privatization of pensions, its forms and tools used in practice, and the risks and costs related to private pensions. The reader can also learn about the experiences of various developed countries (including the USA, Canada, Australia, and Germany), as well as Latin American (including Chile) and Eastern European countries, related to the privatization of pensions. Particular attention is paid to Poland as an example of a country where such privatization failed completely. This book provides a source of serious reflection on what this privatization has led to, what its real economic and social consequences are and what the likelihood is of reversing it and strengthening the public pension system. Academic researchers and students of economics and finance, as well as social and political sciences, will find the book invaluable in understanding the problems arising from the privatization of pensions. It will also be of interest to professionals: institutions that shape or influence economic and social policy, including political parties, trade unions, non-governmental organizations, the media, and institutions operating on the financial market.
Categories: Business & Economics

State and Local Pension Fund Management

State and Local Pension Fund Management

beneficiaries of public pension benefits, but also to anyone who is interested in public policy regarding how financial assets are managed in the public sector. Reason No. 2: State and local public pension plans are also an important ...

Author: Jun Peng

Publisher: CRC Press

ISBN: 0849305519

Category: Political Science

Page: 286

View: 769

Intense media coverage of the public pension funding crisis continues to fuel heightened awareness in and debate over public pension benefits. With over $3 trillion in assets currently under management, the ramifications of poor oversight are severe. It is important that practitioners, researchers, and taxpayers be well-advised regarding any concer
Categories: Political Science

Oversight Hearing Concerning Pension Fund Investment in Construction

Oversight Hearing Concerning Pension Fund Investment in Construction

14 that the individuals who have responsibility for the determination of pension fund investment policy have full information and the knowledge they need . " 5 The AFL - CIO proposal is similar to that of Felix Rohatyn , the Lazard ...

Author: United States. Congress. House. Committee on Education and Labor. Subcommittee on Labor-Management Relations

Publisher:

ISBN: UCR:31210021601990

Category: Construction industry

Page: 575

View: 183

Categories: Construction industry

The New Cycle and New Finance in China

The New Cycle and New Finance in China

With too much dependence on the first pillar pension, however, there is a big shortfall in its pension guarantee fund and the sustainability of the fund remains relatively weak. An estimation of the World Bank shows that the investment ...

Author: Shusong Ba

Publisher: Springer Nature

ISBN: 9789811682094

Category: China

Page: 364

View: 514

This book is a selection of research by a Chinese economist who explains China's financial system, as well as predicting the future. The selected 45 articles focus on six topics covering diverse levels: China's macroeconomic and financial system, financial institutions, payment and clearing industry, inclusive finance, urbanization and financial supervision. The book builds a brand overview on China's financial development trend in the past recent years and long term.--
Categories: China

The Pension Fund Revolution

The Pension Fund Revolution

ernments who raid such funds to stuff governmental coffers and finance governmental irresponsibility. This is certain to become a central problem of American pension fund socialism. Indeed, such raiding is already under way.

Author: Peter F. Drucker

Publisher: Routledge

ISBN: 9781351477635

Category: Business & Economics

Page: 232

View: 829

In The Pension Fund Revolution, originally published nearly two decades ago under the title The Unseen Revolution, Drucker reports that institutional investors, especially pension funds, have become the controlling owners of America's large companies, the country's only capitalists. He maintains that the shift began in 1952 with the establishment of the first modern pension fund by General Motors. By 1960 it had become so obvious that a group of young men decided to found a stock-exchange firm catering exclusively to these new investors. Ten years later this firm (Donaldson, Lufkin & Jenrette) became the most successful, and one of the biggest, Wall Street firms.Drucker's argument, that through pension funds ownership of the means of production had become socialized without becoming nationalized, was unacceptable to the conventional wisdom of the country in the 1970s. Even less acceptable was the second theme of the book: the aging of America. Among the predictions made by Drucker in The Pension Fund Revolution are: that a major health care issue would be longevity; that pensions and social security would be central to American economy and society; that the retirement age would have to be extended; and that altogether American politics would increasingly be dominated by middle-class issues and the values of elderly people.While readers of the original edition found these conclusions hard to accept, Drucker's work has proven to be prescient. In the new epilogue, Drucker discusses how the increasing dominance of pension funds represents one of the most startling power shifts in economic history, and he examines their present-day Impact. The Pension Fund Revolution is now considered a classic text regarding the effects of pension fund ownership on the governance of the American corporation and on the structure of the American economy altogether. The reissuing of this book is more timely now than ever. It provides a w
Categories: Business & Economics

The Pension Fund Revolution

The Pension Fund Revolution

ernments who raid such funds to stuff governmental coffers and finance governmental irresponsibility. This is certain to become a central problem of American pension fund socialism. Indeed, such raiding is already under way.

Author:

Publisher: Transaction Publishers

ISBN: 9781412814140

Category: Business & Economics

Page: 232

View: 545

In The Pension Fund Revolution, originally published nearly two decades ago under the title The Unseen Revolution, Drucker reports that institutional investors, especially pension funds, have become the controlling owners of America's large companies, the country's only capitalists. He maintains that the shift began in 1952 with the establishment of the first modern pension fund by General Motors. By 1960 it had become so obvious that a group of young men decided to found a stock-exchange firm catering exclusively to these new investors. Ten years later this firm (Donaldson, Lufkin & Jenrette) became the most successful, and one of the biggest, Wall Street firms. Drucker's argument, that through pension funds ownership of the means of production had become socialized without becoming nationalized, was unacceptable to the conventional wisdom of the country in the 1970s. Even less acceptable was the second theme of the book: the aging of America. Among the predictions made by Drucker in The Pension Fund Revolution are: that a major health care issue would be longevity; that pensions and social security would be central to American economy and society; that the retirement age would have to be extended; and that altogether American politics would increasingly be dominated by middle-class issues and the values of elderly people. While readers of the original edition found these conclusions hard to accept, Drucker's work has proven to be prescient. In the new epilogue, Drucker discusses how the increasing dominance of pension funds represents one of the most startling power shifts in economic history, and he examines their present-day Impact. The Pension Fund Revolution is now considered a classic text regarding the effects of pension fund ownership on the governance of the American corporation and on the structure of the American economy altogether. The reissuing of this book is more timely now than ever. It provides a wealth of information for sociologists, economists, and political theorists.
Categories: Business & Economics