Surveys of Australian superannuation funds verify that most international bond holdings, but not equity holdings, are hedged for currency risk. We compare the mean-variance efficiency of this practice with two alternative strategies: a conventional forward hedge; and a selective hedge triggered...

A new explanation for the well-known reluctance of retirees to buy life annuities is due to Milevsky and Young (2002, 2003). Specifically, the decision to buy longevity insurance is largely irreversible, so that the real option to delay annuitization generally has value. Milevsky and Young...