000			02585 a2200205 4500
999			_c1626 _d1626
003			OSt
005			20190321100234.0
008			190219b ||||| |||| 00| 0 eng d
020			_a9781138656802
040	0		_cIIMV
082	0		_a332.67254
245			_aPension Fund Economics and Finance: Efficiency, Investments and Risk-Taking
260			_bRoutledge, _aNew York, _c2018.
300			_axv, 256 pages; _billustrations: _c24 cm.
505			_aIntroduction A scale-economy The impact of scale complexity and service quality on Cost differences between pension funds and life insurers Implications for longterm Pension fund investment policy risktaking ageing Investor sophistication and risktaking Investment risktaking by institutional investors Measuring and explaining implicit risk sharing in defined Utilityequivalence of pension security mechanisms Copyright
520			_aPension 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.
650	0		_aBusiness & Economics _9926
700			_aJacob A. Bikker _d[Editor] _9922
942			_2ddc _cBK