between funded and unfunded systems when there are sources of uninsurable risk that are allocated in different ways by … return and income risks and also upon the actuarial fairness of annuity contracts. We focus on the case of Japan where aging …

between funded and unfunded systems when there are sources of uninsurable risk that are allocated in different ways by … return and income risks and also upon the actuarial fairness of annuity contracts. We focus on the case of Japan where aging …

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

"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 …, pension plans take more risk when they have greater representation by plan participants on their Boards of Trustees …

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 …, pension plans take more risk when they have greater representation by plan participants on their Boards of Trustees …