In this article, we provide empirical evidence of an important economic consequence after major changes in accounting standards. More precisely, we document that several companies have switched their pension scheme from a traditional defined benefit (db) scheme to a defined contribution (dc)...

Collectively organized pension plans must increasingly demonstrate that the risk preferences of their members are adequately reflected in the plans' asset allocations. However, whether funds should elicit individual members' risk preferences to achieve this goal, or whether they can rely on...