Pension Fund Economics And Finance

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Pension Fund Economics and Finance

Jacob Bikker
Pension Fund Economics and Finance Book PDF

Author : Jacob Bikker
Publisher : Routledge
Page : 216 pages
File Size : 44,7 Mb
Release : 2017-11-22
Category : Business & Economics
ISBN : 9781317220831

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Pension Fund Economics and Finance by Jacob Bikker Pdf

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.

Pension Fund Economics and Finance

Jacob Bikker
Pension Fund Economics and Finance Book PDF

Author : Jacob Bikker
Publisher : Routledge
Page : 256 pages
File Size : 51,6 Mb
Release : 2019-12-12
Category : Electronic
ISBN : 0367877759

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Pension Fund Economics and Finance by Jacob Bikker Pdf

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.

Pension Fund Capitalism

Leokadia Oręziak
Pension Fund Capitalism Book PDF

Author : Leokadia Oręziak
Publisher : Routledge
Page : 200 pages
File Size : 55,6 Mb
Release : 2022
Category : Business & Economics
ISBN : 1032078642

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Pension Fund Capitalism by Leokadia Oręziak Pdf

"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"--

Pension Finance

David Blake
Pension Finance Book PDF

Author : David Blake
Publisher : John Wiley & Sons
Page : 501 pages
File Size : 42,5 Mb
Release : 2006-12-04
Category : Business & Economics
ISBN : 9780470058435

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Pension Finance by David Blake Pdf

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

European Pensions & Global Finance

Gordon L. Clark
European Pensions Global Finance Book PDF

Author : Gordon L. Clark
Publisher : Oxford University Press, USA
Page : 282 pages
File Size : 53,7 Mb
Release : 2003
Category : Business & Economics
ISBN : 0199253633

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European Pensions & Global Finance by Gordon L. Clark Pdf

This book explains the demographic and funding crises that threaten continental European systems of pension and retirement income. Based upon examination of pension provision in France, Germany, The Netherlands and the United Kingdom, the book argues that state-sponsored social security will not deliver promised retirement incomes for the baby-boom generation. The author considers the future of pensions and in particular the prospects for a Pan-European approach to retirement income provision.

Pension Economics

David Blake
Pension Economics Book PDF

Author : David Blake
Publisher : John Wiley & Sons
Page : 273 pages
File Size : 44,8 Mb
Release : 2006-12-04
Category : Business & Economics
ISBN : 9780470058442

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Pension Economics by David Blake Pdf

While not attempting to train readers as professional economists, this book aims to provide a secure grounding in the theory and practice of economics insofar as it deals with pension matters. From reading this book, the user will understand: * The key types of pension scheme * The role of pensions in maximizing individual lifetime welfare * The role of pensions in individual savings and retirement decisions * The role and consequences of the pension plan from the company's viewpoint * The role of pensions in promoting aggregate savings * The role of pensions and retirement in overlapping generations models * The economics of ageing and intergenerational accounting * The social welfare implications of pensions * The lessons of behavioural economics for pensions

Finance and Occupational Pensions

Charles Sutcliffe
Finance and Occupational Pensions Book PDF

Author : Charles Sutcliffe
Publisher : Springer
Page : 325 pages
File Size : 55,5 Mb
Release : 2016-11-25
Category : Business & Economics
ISBN : 9781349948635

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Finance and Occupational Pensions by Charles Sutcliffe Pdf

Occupational pensions are major participants in global financial markets with assets of well over $30 trillion, representing more than 40% of the assets of institutional investors. Some occupational pension funds control assets of over $400 billion, and the largest 300 occupational pension funds each have average assets of over $50 billion. The assets of UK pension funds are equivalent to UK GDP, and US pension fund assets are 83% of US GDP. These statistics highlight the importance of pension funds as major players in financial markets, and the need to understand the behaviour of these large institutional investors. Occupational pensions also play an important, but neglected, role in corporate finance. For example, US company pension schemes account for over 60% of company market value, and yet they are often ignored when analysing companies. This book is based on the substantial body of evidence available from around the world on a topic that has become increasingly important and controversial in recent years. Written for practitioners, students and academics, this book brings together and systematizes a very large international literature from financial economists, actuaries, practitioners, professional organizations, official documents and reports. The underlying focus is the application of the principles of financial economics to occupational pensions, including the work of Nobel laureates such as Merton, Markowitz, Modigliani, Miller and Sharpe, as well as Black. This book will give readers an up-to-date understanding of occupational pensions, the economic issues they face, and some suggestions of how these issues can be tackled. The first section explains the operation of defined benefit and defined contribution pensions, along with some descriptive statistics. The second section covers selected aspects of occupational pensions. The focus of these first two sections is on the economic and financial aspects of pensions, accompanied by some basic information on how they operate. This is followed by three further sections that analyse the investment of pension funds, the corporate finance implications of firms providing pensions for their employees, and annuities.

Pension Design and Structure

Olivia S. Mitchell,Stephen P. Utkus
Pension Design and Structure Book PDF

Author : Olivia S. Mitchell,Stephen P. Utkus
Publisher : OUP Oxford
Page : 320 pages
File Size : 45,5 Mb
Release : 2004-07-15
Category : Business & Economics
ISBN : 9780191534249

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Pension Design and Structure by Olivia S. Mitchell,Stephen P. Utkus Pdf

Employees are increasingly asked to make sophisticated decisions about their pension and healthcare plans. Yet recent research shows that the decisions 'real' people make are often not those of the careful and well-informed economic agent conventionally portrayed in economic research. Rather, decision-makers tend to operate with flawed information and make some of the most critical financial decisions of their lives lacking a full understanding of the options before them and the implications of their decisions. Pension Design and Structure explores the assumptions behind commonly-held theories of retirement decision-making, in order to draw out the consequences of frontier research in behavioral finance and economics for those interested in better design and structure of retirement pensions. Using large datasets newly provided by financial service firms and real-world experiments, this volume tests the hypotheses of this research. This is the first book to explore the implications of behavioral finance research for pensions and retirement studies. The authors blend cutting-edge research from several fields including Finance, Economics, Management, Sociology, and Psychology. The book will be of interest to pension plan participants and sponsors, financial service groups responsible for pensions, and retirement system regulators.

The End of Finance

Jan Toporowski
The End of Finance Book PDF

Author : Jan Toporowski
Publisher : Routledge
Page : 177 pages
File Size : 55,5 Mb
Release : 2002-03-11
Category : Business & Economics
ISBN : 9781134618286

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The End of Finance by Jan Toporowski Pdf

This volume develops an original critique of the belief that the present era of finance, where finance markets dominate contemporary capitalist economies, represents the best possible way of organising economic affairs. In fact, it is argued, the ensuing economic instability and inefficiency create the preconditions for the end of the dominance of finance. The End of Finance develops a theory of capital market inflation rooted in the work of Veblen, Kalecki, Keynes and Minsky, demonstrating how it disinclines productive activity on the part of firms, provides only short-term conditions that are propitious for privatisation and distorts monetary policy in the long-term. The author examines the role of pension fund schemes and financial derivatives in transmitting capital market inflation and provides a nuanced analysis of the contradictory role they play in the financial system. Capital market inflation is also examined in its historical context and compared with past inflations, in particular the South Sea and Mississippi Bubbles, which spawned the first financial derivatives, and the first privatisations. This broad historical vision allows us to see these forms of inflation as temporary and provisional in character.

The Money Flood

Michael J. Clowes
The Money Flood Book PDF

Author : Michael J. Clowes
Publisher : John Wiley & Sons
Page : 326 pages
File Size : 46,7 Mb
Release : 2000-06-13
Category : Business & Economics
ISBN : 9780471384830

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The Money Flood by Michael J. Clowes Pdf

Praise for Michael J. Clowes and the money flood "What a fine book! As an active participant in the revolution in pension investing, I could almost feel the times and tides of the past half-century shifting beneath me. Mike Clowes's splendid and articulate tour through the era is destined to become a landmark on the bookshelves of everyone interested in this illuminating history of the past, as well as its portents of the future."-John C. Bogle, founder, The Vanguard Group "The corporate pension fund ranks high among the spectacular financial innovations of the twentieth century. Mike Clowes has built a fascinating story about the impact of this flood of money on the theory and practice of investing, the financial markets, the labor force, corporate management, and the general economy. The far-reaching consequences of these changes make this authoritative and lively book must-reading for everyone."-Peter L. Bernstein, President, Peter L. Bernstein, Inc., author, Against the Gods: The Remarkable Story of Risk "The definitive history of the rise of pension fund capitalism in America."-Keith Ambachtsheer, President, KPA Advisory, author, Pension Fund Excellence: Creating Value for Shareholders "Beautifully written, broad in coverage of all the best parts of a great American story, Mike Clowes's new book gives us an easy-to-read and easy-to-enjoy explanation of who did what and when in the investment revolution of the past half-century."-Charles D. Ellis, Partner, Greenwich Associates, author, The Investor's Anthology: Original Ideas from the Industry's Greatest Minds

Issues in Pension Economics

Zvi Bodie,John B. Shoven,David A. Wise
Issues in Pension Economics Book PDF

Author : Zvi Bodie,John B. Shoven,David A. Wise
Publisher : University of Chicago Press
Page : 384 pages
File Size : 49,6 Mb
Release : 1987-03-01
Category : Business & Economics
ISBN : 0226062848

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Issues in Pension Economics by Zvi Bodie,John B. Shoven,David A. Wise Pdf

In the past several decades, pension plans have become one of the most significant institutional influences on labor and financial markets in the U.S. In an effort to understand the economic effects of this growth, the National Bureau of Economic Research embarked on a major research project in 1980. Issues in Pension Economics, the third in a series of four projected volumes to result from thsi study, covers a broad range of pension issues and utilizes new and richer data sources than have been previously available. The papers in this volume cover such issues as the interaction of pension-funding decisions and corporate finances; the role of pensions in providing adequate and secure retirement income, including the integration of pension plans with social security and significant drops in the U.S. saving rate; and the incentive effects of pension plans on labor market behavior and the implications of plans on labor market behavior and the implications of plans for different demographic groups. Issues in Pension Economics offers important empirical studies and makes valuable theoretical contributions to current thinking in an area that will most likely continue to be a source of controversy and debate for some time to come. The volume should prove useful to academics and policymakers, as well as to members of the business and labor communities.

The Future of Pension Plans in the EU Internal Market

Nazaré da Costa Cabral,Nuno Cunha Rodrigues
The Future of Pension Plans in the EU Internal Market Book PDF

Author : Nazaré da Costa Cabral,Nuno Cunha Rodrigues
Publisher : Springer Nature
Page : 359 pages
File Size : 40,6 Mb
Release : 2019-11-26
Category : Business & Economics
ISBN : 9783030294977

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The Future of Pension Plans in the EU Internal Market by Nazaré da Costa Cabral,Nuno Cunha Rodrigues Pdf

This edited volume takes a closer look at various European pension-plan models and the recent challenges, trends and predictions related to the design of such schemes. The contributors analyse new ideas, both from national governments and European institutions, and consider current debates on topics such as the Capital Markets Union (CMU) and the so-called ‘European Pillar of Social Rights’ – calling for a new approach to social policy at the European level in response to common challenges, such as ageing and the digital revolution.This interdisciplinary work embraces economic, financial and legal perspectives, while focusing on previously selected coherence aspects in order to ensure that the analyses are comprehensive and globally consistent.

Pension Fund Risk Management

Marco Micocci,Greg N. Gregoriou,Giovanni Batista Masala
Pension Fund Risk Management Book PDF

Author : Marco Micocci,Greg N. Gregoriou,Giovanni Batista Masala
Publisher : CRC Press
Page : 766 pages
File Size : 55,5 Mb
Release : 2010-01-25
Category : Business & Economics
ISBN : 9781439817544

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Pension Fund Risk Management by Marco Micocci,Greg N. Gregoriou,Giovanni Batista Masala Pdf

As pension fund systems decrease and dependency ratios increase, risk management is becoming more complex in public and private pension plans. Pension Fund Risk Management: Financial and Actuarial Modeling sheds new light on the current state of pension fund risk management and provides new technical tools for addressing pension risk from an integr

Pension Fund Excellence

Keith P. Ambachtsheer,Don Ezra
Pension Fund Excellence Book PDF

Author : Keith P. Ambachtsheer,Don Ezra
Publisher : John Wiley & Sons
Page : 264 pages
File Size : 42,5 Mb
Release : 1998-04-23
Category : Business & Economics
ISBN : 0471246557

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Pension Fund Excellence by Keith P. Ambachtsheer,Don Ezra Pdf

Neue Ideen für mehr Erfolg! Alles, was ein Manager über Rentenfonds wissen muß - die Zusammenstellung effektiver Fonds, ihr Management, die optimale Wertsteigerung - wird hier anhand in- und ausländischer Fallbeispiele eingängig erklärt. Nutzerfreundlich werden die wichtigsten Schritte in Übersichten zusammengestellt. Verschiedene moderne Ansätze zum Rentenfondsmanagement werden kritisch bewertet.

Pension Funds: Retirement-Income Security and Capital Markets: An International Perspective

E. Philip Davis
Pension Funds Retirement Income Security and Capital Markets An International Perspective Book PDF

Author : E. Philip Davis
Publisher : Unknown
Page : 337 pages
File Size : 52,7 Mb
Release : 1995
Category : Capital market
ISBN : OCLC:56134071

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Pension Funds: Retirement-Income Security and Capital Markets: An International Perspective by E. Philip Davis Pdf

This book is essential reading for students and specialists in finance, financial markets and institutions, public policy, macroeconomics, and economic development; for practitioners in the fields of pension funds, corporate finance and institutional investment; and for regulators and policy-makers active in the maintenance and reform of pension provisions in OECD countries, developing countries, and the former Communist states.