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Micro-Modelling of Retirement in Belgium
Dellis, Arnaud; Jousten, Alain; Perelman, Sergio - C.E.P.R. Discussion Papers - 2001
The present Paper studies the retirement incentives for elderly people in Belgium. We model the incentive structure … built into the various public early retirement and retirement systems. First, we compute indicators of benefit entitlement … as of the implicit tax rates the elderly workers face in case of delayed retirement. We find strong evidence of social …
Persistent link: https://www.econbiz.de/10005792016
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Disability Testing and Retirement
Cremer, Helmuth; Lozachmeur, Jean-Marie; Pestieau, Pierre - C.E.P.R. Discussion Papers - 2006
This paper studies the design of retirement and disability policies. It illustrates the often observed exit from the … social welfare. Benefits depend on retirement age and on the (reported) health status. We determine first- and second …-best optimal benefit levels and retirement ages and focus on the distortions which may be induced in the individuals’ retirement …
Persistent link: https://www.econbiz.de/10005123923
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Pension Reform, Ownership Structure, and Corporate Governance: Evidence from Sweden
Giannetti, Mariassunta; Laeven, Luc - C.E.P.R. Discussion Papers - 2007
Sweden offers a unique natural experiment to analyze the microeconomic effects of institutionalized saving on ownership structure, corporate governance and performance of listed companies. First, the Swedish pension reform increased the participation of pension funds in the domestic stock market...
Persistent link: https://www.econbiz.de/10005662367
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Performance Measurement using Multiple Asset Class Portfolio Data
Blake, David; Lehmann, Bruce N; Timmermann, Allan G - C.E.P.R. Discussion Papers - 1997
Using a data set containing 364 UK pension funds’ asset holdings, this paper provides a systematic investigation of the performance of managed portfolios across multiple asset classes. We find surprisingly little cross-sectional variation in the ex-post average performance across the UK...
Persistent link: https://www.econbiz.de/10005666475
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The Evolution of Aggregate Stock Ownership---A Unified Explanation
Rydqvist, Kristian; Spizman, Joshua; Strebulaev, Ilya - C.E.P.R. Discussion Papers - 2009
Since World War II, direct stock ownership by households has largely been replaced by indirect stock ownership by financial institutions. We argue that tax policy is the driving force. Using long time-series from eight countries, we show that the fraction of household ownership decreases with...
Persistent link: https://www.econbiz.de/10004969127
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Decentralized Investment Management: Evidence from the Pension Fund Industry
Blake, David; Timmermann, Allan G; Tonks, Ian; Wermers, Russ - C.E.P.R. Discussion Papers - 2010
The past few decades have seen a major shift from centralized to decentralized investment management by pension fund sponsors, despite the increased coordination problems that this brings. Using a unique, proprietary dataset of pension sponsors and managers, we identify two secular...
Persistent link: https://www.econbiz.de/10008530363
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Generational Accounting, Solidarity and Pension Losses
Vries, Casper G de; Teulings, Coen N - C.E.P.R. Discussion Papers - 2004
scaled down equiproportionally, and retirement should be postponed. Portfolio investment restrictions are quite costly. …
Persistent link: https://www.econbiz.de/10005498139
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Optimal portfolio allocation for corporate pension funds
McCarthy, David; Miles, David K - C.E.P.R. Discussion Papers - 2011
We model the asset allocation decision of a stylized corporate defined benefit pension plan in the presence of hedgeable and unhedgeable risks. We assume that plan fiduciaries--who make the asset allocation decision--face non-linear payoffs linked to the plan’s funding status because of the...
Persistent link: https://www.econbiz.de/10008854488
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Participation Constraints in Pension Systems
Beetsma, Roel; Romp, Ward E - C.E.P.R. Discussion Papers - 2013
We explore voluntary participation in pension arrangements. Individuals only participate when participation is more attractive than autarky. The benefit of participation is that risks can be shared with future generations. We apply our analysis to a pay-as-you-go system, a funded system without...
Persistent link: https://www.econbiz.de/10011083626
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An Econometric Analysis of the Mental-Health Effects of Major Events in the Life of Elderly Individuals
Lindeboom, Maarten; Portrait, France; den Berg, Gerard J van - C.E.P.R. Discussion Papers - 2001
Major events in the life of an elderly individual, such as retirement, a significant decrease in income, death of the …
Persistent link: https://www.econbiz.de/10005666455