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steers people to portfolios with lower returns and higher risk. My results have important implications for a welfare analysis …
Persistent link: https://www.econbiz.de/10005012822
checks. Finally, advertising is found to steer people towards portfolios with higher fees and more risk, through higher …
Persistent link: https://www.econbiz.de/10012726983
that the new optimum has a lower risk. The effect of the regulation depends on several things, most importantly the …In this chapter I argue that as a response to the introduction of capital requirements in the form of risk weights … investors might potentially choose riskier portfolios than before the regulation – this is, presumably, not what the regulation …
Persistent link: https://www.econbiz.de/10005789350
A worker can contribute pre-tax dollars to a private pension plan. Under a progressive tax, this feature reduces income taxes. Ippolito (1986} argues that an individual in 1979 can reduce lifetime taxes by 20%. We re-examine his analysis using the complete time-series of US income tax history...
Persistent link: https://www.econbiz.de/10009644030
A worker can reduce tax liability by contributing to a private pension plan when marginal tax rates are high and withdraw pension benefits when marginal tax rates are low. We quantify the tax benefit of income smoothing through the private retirement system and find that it is negligible. This...
Persistent link: https://www.econbiz.de/10010719835
The Securities and Exchange Commission's disclosure philosophy has largely focused on a single model: the publicly held corporation. From its inception, the SEC's disclosure framework for mutual funds has been a relative backwater and based largely on the disclosure framework for publicly held...
Persistent link: https://www.econbiz.de/10012779346
This paper discusses responses to current financial and economic crisis by regulators, supervisors and policy makers in the area of private pensions. These responses are examined in the light of international guidelines, best practices and recommendations to improve the design of private...
Persistent link: https://www.econbiz.de/10004962920
This paper assesses the impact of different quantitative approaches to regulate investment risk on the retirement … bad outcomes. Reducing the downside risk on retirement income from DC pension plans requires moving into relatively … of renouncing potentially higher replacement rates that are attainable but at a higher risk of unfavourable retirement …
Persistent link: https://www.econbiz.de/10005005486
deliver comparable replacement rates adjusted by risk. However, life cycle strategies that maintain a constant exposure to … for a given level of risk than the more deterministic strategies, at least in the case of pay-outs in the form of variable …
Persistent link: https://www.econbiz.de/10008568056
-selection problem under capital risk by assuming sophisticated but time-inconsistent agents. We introduce stochastic hyperbolic … greater than the time-consistent, exponential case and,importantly, it is also more responsive to changes in risk. These …
Persistent link: https://www.econbiz.de/10011145677