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March 2019

31Mar

Global Pension Crisis: Unfunded Liabilities and How We Can Fill the Gap

By Richard A. Marin, Robert H. Frank A comprehensive look at the crisis of unfunded pension liabilities and what must be done to avoid the same problem in the future As the generational bubble of the Baby Boomers begins to retire, it is increasingly evident that governments, corporations, and individuals have failed to adequately prepare for the obligations and needs of this giant cohort. Retirees are outliving actuarial life expectancies, pension liabilities are skyrocketing, pension plans are underfunded, and medical costs...

March 31, 2019
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June 2018

11Jun

Optimal Risk-Sharing in Pension Funds When Stock and Labor Markets are Co-Integrated

By Ilja Boelaars (University of Chicago) & Roel Mehlkopf (Tilburg University) A well established believe in the pension industry is that collective pension funds should take more stock market risk (compared to individual retirement accounts) since risk may be shared with future generations. We extend the OLG model of Gollier (2008) by adding labor income risk in the spirit of Benzoni, Collin-Dufresne, and Goldstein (2007) and show that this idea may be misguided. For the empirical range of parameter values...

June 11, 2018
Articles, Investing, Labor Market, , ,
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August 2017

20Aug

Ethical, Environmental, Social and Governance-Oriented Investments

By Julia M. Puaschunder (Harvard) In the aftermath of the 2008/9 World Great Recession, ethical investing blossomed as opportunity to imbue trust in the economy. The crisis aftermath offered invaluable opportunities to redefine social investment to strengthen a more sustained, inclusive and equitable society. The 2015 incepted Sustainable Development Goals spearheaded the idea of financing societal advancement. Ethical, Environmental, Social and Governance-oriented Investments are key to sustainable prosperity. In the wake of stakeholder activism and based on intrinsic socio-psychological motives,...

August 20, 2017
Articles, Investing, Management, Slider-Left, ,
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20Aug

Whale Watching on the Trading Floor: Organizational Misbehaviour, Collusive Rogue Trading, and Corporate Culture Deficits in the Investment Banking Industry

By Hagen Rafeld & Peter N. Posch (TU Dortmund University); Sebastian G Fritz-Morgenthal (Frankfurt School of Finance and Management) Recent history reveals a series of rogue traders, jeopardizing their employer’s assets and reputation. There have been a number of instances of unauthorized acting in concert between traders, their supervisors, and/or firm’s senior management, resulting in collusive rogue trading (CRT). In the likes of the Libor manipulation by jointly several traders from major investment banks, CRT cannot be seen only in relation...

August 20, 2017
Articles, Corporate Governance, Investing, Management,
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May 2017

22May

The Swiss Occupational Pension System: A Governance View

By Nadège Bregnard (University of Neuchatel) This paper describes the current Swiss occupational pension system with a focus on its governance aspects by emphasizing on the minimum guarantees established by the law, the governance-related requirements, and the most recent supervision framework. It documents in details how the various and different Swiss pension funds are structured and organised and identify six key structure characteristics to classify them. The major distinction with other country pension systems is that pure defined-contributions plans do...

May 22, 2017
Articles, Regulation, Supervision, System Sustainability, ,
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