Private savings for retirement, in the form of pensions, play an important role in most OECD countries. Given the scale of assets managed, these funds constitute a major institutional investor. The aim of this article is to present the financial behaviour of pension funds in these countries. A...

This paper deals with the principal-agent relationships involved by the management of pension funds. The focus is made on private defined benefit pension funds in the US. We first underline the main characteristics of management and financial pension policy. We then identify the principal-agent...

Private pension plans are now an important source of retirement income, especially in the United Kingdom and in the United States. They play an increasing role in the economy of most of the OECD countries. Therefore, we analyse the effect of pensions on private consumption. We focus on the...

The asset allocation principles to be followed by pension funds have recently recorded some important modifications on the international level. Canadian pension funds have also been subject to these evolutions. The main modifications concern the gradual elimination of some portfolio constraints,...

Since ten years, an increasing proportion of pension funds faces to severe financial difficulties, addressing some questions about the management of these institutions and the effectiveness of the regulatory framework. This thesis aims to analyze the investment decisions and financial risk...