The asset allocation of defined benefit pension plans is a setting where both risk shifting and risk management incentives are likely be present. Empirically, firms with poorly funded pension plans and weak credit ratings allocate a greater share of pension fund assets to safer securities such...

Background facts / James Piereson -- The broad-based rise in return to top talent / Joshua D. Rauh -- The economic determinants of top income inequality / Charles I. Jones -- Intergenerational mobility and income inequality / Jörg L. Spenkuch -- The effects of redistribution policies on growth...

Analysis of required expected return disclosures by public pension funds in individual asset classes reveals a reliance on past performance in setting return expectations. These extrapolative expectations operate through the expected risk premium and occur across all risky asset classes. Pension...