We analyze the risks and rewards of moving from an unfunded defined benefit pension system to a funded plan for civil servants in Germany, allowing for alternative portfolio mixes using a Monte Carlo framework and a Conditional Value at Risk metric. First, we estimate contributions as a percent...

As the level of retirement-related assets has grown, so too has public and private interest in so-called Socially Responsible Investment (SRI), an investment strategy that employs criteria other than the usual financial risk and return factors when selecting firms in which to invest. This study...