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

maximum limits by asset class) in order to create funds with different risk-return profiles. In this article we challenge this … approach and show that such funds exhibit erratic risk-return profiles that deviate significantly from the intended design. We … propose to replace all minimum and maximum asset allocation constraints by a single risk metric (or measure) that controls …

A well established believe in the pension industry is that collective pension funds should take more stock market risk … (compared to individual retirement accounts) since risk may be shared with future generations. We extend the OLG model of … Gollier (2008) by adding labor income risk in the spirit of Benzoni, Collin-Dufresne, and Goldstein (2007) and show that this …

and elected plan participants serving on the board, take more risk and use higher discount rates. The increased risk …

' individual and institutional characteristics, in shaping these asset allocations. In particular, risk-based capital requirements … funds to decrease their asset allocation to risky assets. Risk-based capital requirements reduce overall risky asset … that risk-based capital requirements encourage procyclical investment …