The unique regulation of US public pension funds links their liability discount rate to the
expected return on assets, which gives them incentives to invest more in risky assets in …

Many institutional investors depend on the returns they generate to fund their operations and
liabilities. How do these investors' financial conditions affect the management of their …

Although the budget deficit and the public debt feature prominently in political debate and
economic research, there is no agreement about how they should be measured. They can …

This paper studies whether US public pension funds reach for yield by taking more
investment risk in a low interest rate environment. To study funds? risk-taking behavior, we …

Since the 2000s, US public pensions have rotated out of public equities and into alternative
assets like private equity and hedge funds. We explore several explanations for these …

Using a large sample of US firms sponsoring defined benefit (DB) plans, we examine the
impact of pension risk on firms' cash management decisions. We document a positive …

This paper uses a novel numerical optimization technique–robust optimization–that is well
suited to solving the asset–liability management (ALM) problem for pension schemes. It …

This paper brings together the academic literature on individual and institutional investors in
order to understand the nature of difficulties faced by them and set the background for the …

We investigate the extent to which regulations governing investment, valuation and funding
affect the riskiness of defined benefit pension funds' asset allocation. We compare the …

This study quantifies the effects of persistently low interest rates near to the zero lower
bound and unconventional monetary policy on pension fund risk incentives in the United …