In this paper, we identify cross-sectional anomalies in excess returns of industrial bonds at the issuer and secondary market levels, and find that liquidity, risk, and historical return variables can generate cross-sectional excess returns that cannot be explained by traditional bond factors....

A commonly-accepted retirement goal for a healthy pension is for it to sustain the relatively higher standard-of-living of the latter part of one’s working life throughout retirement. A recent innovation implemented by Brazil in January 2023 might provide a solution to the pension challenges...

At a 2019 retirement security conference in Brazil, one of the authors proposed that Brazil introduce a low-cost, low-risk, simple and liquid bond innovation: “SeLFIES”—Standard of Living indexed, Forward-starting, Income-only Securities. SeLFIES would serve as the relative safe asset for...