Managing Investment Risk In Defined Benefit Pension Funds PDF Download
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Author | : Dorothee Franzen |
Publisher | : |
Total Pages | : 60 |
Release | : 2010 |
Genre | : Finance and Investment |
ISBN | : |
Download Managing Investment Risk in Defined Benefit Pension Funds Book in PDF, ePub and Kindle
This paper inquires into the forces that drive the practice of risk management at defined benefit (DB) pension funds in Germany, Netherlands, United Kingdom and the United States in the aftermath of the perfect pension storm. First, pension funds' risk management is grounded in the context of the development of modern risk management in the financial industry more general. Second, focusing solely on single-employer sponsored DB pension funds this research critically examines the impact of recent changes in the regulatory and accounting environment for pension funds and their sponsors thereby explicitly taking into account the specific governance context in which pension funds are situated. The aim of this research is, first, to provide a better understanding of the investment risk management of DB pension funds thereby contributing to the theory of financial decision-making. Second, by conducting this analysis on a cross-country basis, this research aims at contributing to the comparative analysis of pension funds. This paper argues that the risk-taking capacity is a central element of DB pension funds. The empirical results suggest that in general risk management has become much more sophisticated but that it is often driven more by regulatory and accounting issues than by the pension fund's specific risk profile. Furthermore, changes to the regulatory and accounting standards increasingly impede the risk-taking capacity of DB pension funds. This research draws on in-depth interviews with market participants within the pension fund industry and their advisers.
Author | : |
Publisher | : |
Total Pages | : |
Release | : 2010 |
Genre | : |
ISBN | : |
Download Managing Investment Risk in Defined Benefit Pension Funds Book in PDF, ePub and Kindle
Author | : Marco Micocci |
Publisher | : CRC Press |
Total Pages | : 766 |
Release | : 2010-01-25 |
Genre | : Business & Economics |
ISBN | : 1439817545 |
Download Pension Fund Risk Management Book in PDF, ePub and Kindle
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
Author | : Sudhir Rajkumar |
Publisher | : World Bank Publications |
Total Pages | : 364 |
Release | : 2011 |
Genre | : Social Science |
ISBN | : 0821384708 |
Download Governance and Investment of Public Pension Assets Book in PDF, ePub and Kindle
And key messages -- Key principles of governance and investment management -- Governance of public pension assets -- Governance structures and accountabilities -- Qualification, selection, and operation of governing bodies -- Operational policies and procedures -- Managing fiscal pressures in defined-benefit schemes -- Policy responses to turbulent financial markets -- Investment of public pension assets -- Defining the investment policy framework for public pension funds -- Managing risk for different cohorts in defined-contribution schemes -- An asset-liability approach to strategic asset allocation for pension funds -- In-house investment versus outsourcing to external investment managers -- International investments and managing the resulting currency risk -- Alternative asset classes and new investment themes.
Author | : Keith P. Ambachtsheer |
Publisher | : John Wiley & Sons |
Total Pages | : 264 |
Release | : 1998-04-23 |
Genre | : Business & Economics |
ISBN | : 9780471246558 |
Download Pension Fund Excellence Book in PDF, ePub and Kindle
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.
Author | : Francesco Menoncin |
Publisher | : Springer Nature |
Total Pages | : 239 |
Release | : 2021-02-09 |
Genre | : Business & Economics |
ISBN | : 3030555283 |
Download Risk Management for Pension Funds Book in PDF, ePub and Kindle
This book presents a consistent and complete framework for studying the risk management of a pension fund. It gives the reader the opportunity to understand, replicate and widen the analysis. To this aim, the book provides all the tools for computing the optimal asset allocation in a dynamic framework where the financial horizon is stochastic (longevity risk) and the investor's wealth is not self-financed. This tutorial enables the reader to replicate all the results presented. The R codes are provided alongside the presentation of the theoretical framework. The book explains and discusses the problem of hedging longevity risk even in an incomplete market, though strong theoretical results about an incomplete framework are still lacking and the problem is still being discussed in most recent literature.
Author | : Barbara D. Bovbjerg |
Publisher | : DIANE Publishing |
Total Pages | : 48 |
Release | : 2011-04 |
Genre | : Reference |
ISBN | : 1437939961 |
Download State and Local Gov't. Pension Plans Book in PDF, ePub and Kindle
Recent market declines have significantly diminished the asset value of state and local pension plans (PP). Reported unfunded liabil. for these plans are estimated in the hundreds of billions of dollars. As a result, in the long term, these governments may need to make significant fiscal adjustments such as modifying employee benefits, or increasing contributions to plans. They may also alter invest. strategies to attempt to maximize returns by assuming increased risk. This report examined: (1) who makes invest. decisions for PP and what guides their decision making; (2) how PP allocate their assets and manage their invest.; and (3) practices that PP are using to meet a range of challenges in governance, invest., or funding. Illus. A print on demand report.
Author | : August J. Baker |
Publisher | : Oxford University Press |
Total Pages | : 366 |
Release | : 2004-10-28 |
Genre | : Business & Economics |
ISBN | : 0198037120 |
Download Managing Pension and Retirement Plans Book in PDF, ePub and Kindle
As the U.S. Population ages, retirement is becoming an increasingly important life stage. Pension and retirement plans are crucial to the financial well-being of older citizens and key determinants of their standard of living. Many varieties of pension plans are currently offered, and employers have an interest in these plans because a good pension plan can help an employer attract, retain, and motivate a competent workforce. In some cases, the employer's financial health can depend significantly on the financial health of its pension plan. When employers make decisions regarding pension and retirement plans, they are making decisions that have high stakes for both their employees and the employer itself. Poor decisions can lead to intense scrutiny, sometimes by the media or in the courtroom. Good pension decision making can provide a secure future for the employer and its employees. Managing Pension and Retirement Plans: A Guide for Employers, Administrators and Other Fiduciaries covers the essential financial issues surrounding pension plans. It discusses investment policy and strategy, performance measurement, fiduciary responsibilities, and labor market issues, among other topics. Anyone responsible for any aspect of pension plan management will profit from reading this book.
Author | : Philippe-N. Marcaillou |
Publisher | : Oxford University Press |
Total Pages | : 383 |
Release | : 2016 |
Genre | : Business & Economics |
ISBN | : 019873879X |
Download Defined Benefit Pension Schemes in the United Kingdom Book in PDF, ePub and Kindle
The goal of Asset-Liability Management (ALM) of a Defined Benefit Pension Scheme (DB) is to properly manage the risks related to variation in its building blocks on both sides of the balance sheet whilst maintaining the same expected return. This book provides a step-by-step methodology to maximize the complete restructuring and monitoring of the ALM of DB schemes. It is a product of the author's 25 years of experience and technical knowledge in ALM of Pension Funds, portfolio management, investment banking and, specifically, more than 700 meetings with investment experts in the Pension Industry. It includes 400 figures and tables to help the reader make appropriate decisions and identify hidden tricks. It provides an in-depth understanding of how an Asset-Liability structure works, how to assess the efficiency of an investment strategy, and how to maximize the management of cash. Liabilities and Liability Driven Investment technics (LDI) are explained through numerous examples. The book shows the reader how to select the right LDI manager, and how to define a liability hedging strategy and monitor its efficiency. It demonstrates how to build efficient investment portfolios and select the appropriate asset classes, as well as how to build and monitor an efficient risks and performances report. In addition, it shows how the most common financial instruments work, their roles, the basics of statistics, and the principles of portfolio construction. Finally, it provides introduction to Buy-in, Buyout, and Longevity risk management.
Author | : Greg Brunner |
Publisher | : World Bank Publications |
Total Pages | : 238 |
Release | : 2008-04-01 |
Genre | : Business & Economics |
ISBN | : 082137494X |
Download Risk-Based Supervision of Pension Funds Book in PDF, ePub and Kindle
'Risk-Based Supervision of Pension Funds' provides a review of the design and experience of risk-based pension fund supervision in countries that have been leaders in the development of these methods. The utilization of risk-based methods originates primarily in the supervision of banks. In recent years it has increasingly been extended to other types of financial intermediaries, including pension funds and insurers. The trend toward risk-based supervision of pensions reflects an increasing focus on risk management in both banking and insurance based on three key elements: capital requirements, supervisory review, and market discipline. Although similar in concept to the techniques developed in banking, its application to pension funds has required modifications, particularly for defined contribution funds that transfer investment risk to fund members. The countries examined–Australia, Denmark, Mexico, and the Netherlands–provide a range of experience that illustrates both the diversity of pension systems and the approaches to risk-based supervision, and also presents a commonality of focus on sound risk management and effective supervisory outcomes.