The four essays collected in this dissertation serve as a contribution to the broad field of pension finance. They focus on the economic understanding of liability valuation on the one hand and investment policy for pension funds on the other. The first article concerns the impact of the...

In business, agents are exposed to both hidden information and hidden action. Occasionally, reputation for credibility is valuable in solving or mitigating the economic consequences of these problems. A ‘good’ firm can distinguish itself from a ‘bad’ firm by sending a signal about its...