funded and unfunded systems when there are sources of uninsurable risk that are allocated in different ways by different …

between funded and unfunded systems when there are sources of uninsurable risk that are allocated in different ways by …

"This paper presents a dynamic model of a public pension fund's choice of portfolio risk. Optimal portfolio allocations … public pension fund management, we find evidence that funds chose greater overall asset - liability portfolio risk following … periods of relatively poor investment performance. In addition, pension plans that select a relatively high rate with which to …

This paper presents a dynamic model of a public pension fund's choice of portfolio risk. Optimal portfolio allocations … public pension fund management, we find evidence that funds chose greater overall asset - liability portfolio risk following … periods of relatively poor investment performance. In addition, pension plans that select a relatively high rate with which to …