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Guaranteed Trouble: The Economic Effects of the Pension Benefit Guaranty Corporation

Brown, Jeffrey Robert - National Bureau of Economic Research (NBER) - 2007

funding of pension obligations; and 3) failed to promote sufficient information disclosure to market participants. The paper …

Persistent link: https://www.econbiz.de/10005089167

The Economics of State and Local Public Pensions

Brown, Jeffrey Robert; Clark, Robert; Rauh, Joshua - National Bureau of Economic Research (NBER) - 2011

pensions in the U.S. Drawing on the research commissioned for an NBER research program on this topic, we discuss the large … optimality of pre-funding, portfolio allocation, the discounting of liabilities, as well as how plans operate in practice. We … also lay out an agenda for future research related to financial aspects of public pensions, retiree health plans for public …

Persistent link: https://www.econbiz.de/10008839447

Do Required Minimum Distributions Matter? The Effect of the 2009 Holiday On Retirement Plan Distributions

Brown, Jeffrey Robert; Poterba, James; Richardson, David - National Bureau of Economic Research (NBER) - 2014

This paper investigates how the 2009 one-time suspension of the Required Minimum Distribution (RMD) rules associated with qualified retirement plans affected plan distributions at TIAA-CREF, a large retirement services provider. Using panel data on retirement plan participants at TIAA-CREF, we...

Persistent link: https://www.econbiz.de/10010950731

The Effect of Inheritance Receipt on Retirement

Brown, Jeffrey Robert; Coile, Courtney; Weisbenner, Scott J. - National Bureau of Economic Research (NBER) - 2006

This paper uses the receipt of an inheritance to measure the effect of wealth shocks on retirement. Using the Health and Retirement Study (HRS), we first document that inheritance receipt is common among older workers %u2013 one in five households receives an inheritance over an eight-year...

Persistent link: https://www.econbiz.de/10005828645

Private Pensions, Mortality Risk, and the Decision to Annuitize

Brown, Jeffrey Robert - National Bureau of Economic Research (NBER) - 1999

This paper examines household decisions about whether or not to annuitize retirement resources. A life-cycle model of consumption, implemented with the use of dynamic programming techniques, is used to construct a utility-based measure of annuity value for individuals and couples in the Health...

Persistent link: https://www.econbiz.de/10005777975

Framing Lifetime Income

Brown, Jeffrey Robert; Kling, Jeffrey Richard; … - National Bureau of Economic Research (NBER) - 2013

We provide evidence that individuals optimize imperfectly when making annuity decisions, and this result is not driven by loss aversion. Life annuities are more attractive when presented in a consumption frame than in an investment frame. Highlighting the purchase price in the consumption frame...

Persistent link: https://www.econbiz.de/10010796749

Federal Terrorism Risk Insurance

Brown, Jeffrey Robert; Kroszner, Randall S.; Jenn, Brian H. - National Bureau of Economic Research (NBER) - 2002

The terrorist attacks of September 11, 2001 represented a loss for commercial property & casualty insurers that was both unprecedented and unanticipated. After sustaining this record capital loss, the availability of adequate private insurance coverage against future terrorist attacks came into...

Persistent link: https://www.econbiz.de/10005714321

The In-State Equity Bias of State Pension Plans

Brown, Jeffrey Robert; Pollet, Joshua M.; Weisbenner, … - National Bureau of Economic Research (NBER) - 2015

This paper provides evidence on the investment behavior of 27 state pension plans that manage their own equity portfolios. Even though these state plans typically hold broadly diversified portfolios, they substantially over-weight the equity of companies that are headquartered in-state. The...

Persistent link: https://www.econbiz.de/10011201892

Do Foreign Firm Betas Change During Cross-listing?

Lewis, Karen K. - National Bureau of Economic Research (NBER) - 2015

The reaction of foreign stocks to cross-listing events has been documented in an extensive literature, finding that the betas of these stocks change over time. In this paper, I use stock return data for foreign companies listed on U.S. exchanges to ask whether the betas changed at all and, if...

Persistent link: https://www.econbiz.de/10011213641

International Consumption Risk Is Shared After All: An Asset Return View

Lewis, Karen K.; Liu, Edith X. - National Bureau of Economic Research (NBER) - 2012

International consumption risk sharing studies have largely ignored their models' counterfactual implications for asset returns although these returns incorporate direct market measures of risk. In this paper, we modify a canonical risk-sharing model to generate more plausible asset return...

Persistent link: https://www.econbiz.de/10009652809