We present empirical evidence which suggests that a big increase in dividend taxation for UK pension funds in July 1997 affected the form in which some UK companies chose to make dividend payments, but otherwise had limited effects on both the level of dividend payments and the level of...

Seit im Jahre 2002 die ersten 18 Pensionsfonds ihre Geschäftstätigkeit aufgenommen haben, ist nun rund ein Jahrzehnt verstrichen. Dies ist Anlass, einen Blick auf die wirtschaftliche Situation der Pensionsfondsindustrie zu werfen.Zunächst werden die fünf Durchführungswege der betrieblichen...

Vor dem Hintergrund des demographischen und erwerbsstrukturellen Wandels und den damit verbundenen Finanzierungsproblemen der gesetzlichen Alterssicherungssysteme ist in der Bundesrepublik Deutschland ein Paradigmenwechsel vollzogen und den Systemen der betrieblichen und der privaten...

This paper gives a reassessment of the sustainability of the reformed Hungarian pension system with a special focus on whether the introduction of the fully funded pillar in 1998 has led to any improvement in the sustainability of the pension system. After a brief description of the 1997/1998...

The stock market collapse led to political tensions between generations due to the fuzzy definition of the property rights over the pension funds’ wealth. The problem is best resolved by the introduction of generational accounts. Modern consumption and portfolio theory shows that the younger...

Regulators often set value-at-risk (VaR) constraints to limit the portfolio risk of institutional investors. For some investors, notably pension funds, the VaR constraint is enforced over a horizon which is significantly shorter than the investment horizon of the investor. Our paper aims to...

We investigate numerically how indexation of funded pensions for inflation can be differ-entiated across the various groups of fund participants. The pension arrangement is modelledafter the Dutch situation. While the aggregate welfare consequences are small, group-specific consequences are more...

Durante buena parte de la era previa a la globalización, desde la década de 1860 hasta la I Guerra Mundial, Estados Unidos mantuvo aranceles sorprendentemente elevados. Los historiadores que se ocupan del tema económico actual han sugerido que el proteccionismo de EE. UU. fue producto de una...

This paper contributes for an initial study on the empirical determinants of the portfolio allocation of retirement savings in Brazil. To this end, the work makes use of a database with disaggregated data on the allocation profile of employees participating in the closed pension fund of a major...