We show that supply side effects arising from the bond holdings of open-end mutual funds affect corporate credit risk. In our model, funds exposed to flow-performance relationships are reluctant to refinance bonds of companies with poor cash flow prospects fearing future investor outflows as a...

Default features in defined-contribution plans are designed to improve the retirement security of plan participants. To date, these have focused on the challenge of saving, ignoring the more complex challenge of dissaving. Automatic default provisions for drawing down participant account...

Financial institutes are the lifeblood of the financial system of any country that plays an intermediary between the surplus and deficit unit of any society. So the efficiency and performance of a financial institution is the indication of sound financial system. In this study the authors are...

This paper investigates whether bond fund managers with credit rating experience outperform their peers. We document that bond fund managers who previously worked in credit rat- ing agencies on average create higher risk-adjusted returns than their peers by 11-16 bps per month, with better...

With this paper we seek to contribute to the literature on pension insurance systems. The financial literature tends to focus exclusively on the US pension insurance system. This is the first major empirical study to address the German occupational pension insurance (PSVaG) plan in Germany. The...

If forced to choose a supplementary pension fund, people will decide not to decide, accepting decisions made for them by others (default bias), reaching a status quo position. This study analyses whether the status quo position achieved via the default option in Italian occupational pension...

This study empirically tested whether pension information derived from accounting disclosures is priced in corporate bond spreads. The model was tested on corporate bond data of U.S. companies for the 2001-04 period. Unfunded pension liabilities are incorporated in credit spreads, and the...