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Managing Public Investment Funds : Best Practices and New Challenges
Mitchell, Olivia S. - 2008
Large publicly-held pools of assets are playing an increasingly prominent role in the global investment arena. We compare three distinct forms of such public funds, namely foreign exchange reserve funds, sovereign wealth funds, and public pension funds, to highlight their differences and...
Persistent link: https://www.econbiz.de/10012771671
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The Global History of Corporate Governance : An Introduction
Steier, Lloyd - 2013
, Germany, Japan, India, Italy, the Netherlands, Sweden, the United Kingdom, and the United States. Together, the studies …
Persistent link: https://www.econbiz.de/10012754560
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How Important are Perpetual Tax Savings?
Hines Jr., James R. - 2012
Federal estate taxes give very wealthy families incentives to transfer resources directly to distant generations in order to avoid taxes on successive rounds of transfers. Until recently such transfers were impeded by the rule against perpetuities, which prevented transfers to most potential...
Persistent link: https://www.econbiz.de/10013097667
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Economic Effects of Runs on Early 'Shadow Banks' : Trust Companies and the Impact of the Panic of 1907
Frydman, Carola - 2012
We use the unique circumstances that led to the Panic of 1907 to analyze its impact on economic activity. The panic was fuelled by runs on the 'shadow banks' of the time, New York's trust companies. But the shock that triggered the runs was unrelated to the nonfinancial corporations affiliated...
Persistent link: https://www.econbiz.de/10013103045
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Fiduciary Duty and the Market for Financial Advice
Bhattacharya, Vivek - 2019
Fiduciary duty aims to solve principal-agent problems, and the United States is in the middle of a protracted debate … state-level variation in common law fiduciary duty, we find that it raises risk-adjusted returns by 25 bp. Through the lens …, and counterfactual simulations suggest that further increases in the stringency of fiduciary duty, such as a federal …
Persistent link: https://www.econbiz.de/10012870060
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Conflicting Interests and the Effect of Fiduciary Duty — Evidence from Variable Annuities
Egan, Mark; Ge, Shan; Tang, Johnny - 2022
conflicts of interest, the Department of Labor proposed a rule in 2016 that would hold brokers to a fiduciary standard when … dealing with retirement accounts. We find that after the proposed fiduciary rule, sales of high-expense variable annuities …-expense products. Based on our structural model estimates, investor welfare improved as a result of the fiduciary rule under …
Persistent link: https://www.econbiz.de/10014238702
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Public Pension Funding in Practice
Munnell, Alicia H. - 2010
Public pension funding has recently become a front-burner policy issue in the wake of the financial crisis and given the pending retirement of large numbers of baby boomers. This paper examines the current funding of state and local pensions using a sample of 126 plans, estimating an aggregate...
Persistent link: https://www.econbiz.de/10013137305
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Should Public Retirement Plans Be Fully Funded?
Bohn, Henning - 2010
Most state and local retirement plans strive for full funding, at least by actuarial standards. Funding measured at market values fluctuates and often falls short. A common argument for full funding is that pensions are a form of deferred compensation that does not justify a debt. The paper...
Persistent link: https://www.econbiz.de/10013137604
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Portfolio Allocation for Public Pension Funds
Pennacchi, George - 2012
This paper presents a dynamic model of a public pension fund's choice of portfolio risk. Optimal portfolio allocations are derived when pension fund management maximize the utility of wealth of a representative taxpayer or when pension fund management maximize their own utility of compensation....
Persistent link: https://www.econbiz.de/10013115597
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Logical Implications of Gasb's Methodology for Valuing Pension Liabilities
Novy-Marx, Robert - 2011
It is well known that the funding status of state and local government defined benefit pension plans, as measured by the accounting methodology prescribed by the Governmental Accounting Standards Board (GASB), improves when the plans take on more investment risk. This paper documents several...
Persistent link: https://www.econbiz.de/10013118133