of the prudent investor rule are grounded in modern portfolio theory. In short, the prudent investor rule requires … diversification and an overall investment strategy having risk and return objectives reasonably suited to the purpose of the …

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

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

Failure to correct for pension risk leads to upward-biased discount rate estimates in firms with pension risk exposure …. The result is a negative and economically significant relation between pension risk and corporate investment. The effect …

We use a modified corporate risk management framework (e.g., Froot and Stein, 1998) to understand how inefficient risk … declining popularity. For reasonable parameter values, our model matches key empirical patterns including pension's risk … allocation and the relations among pension investment risk, corporate bankruptcy probability, and pension funding. Further, we …

ability to jointly match the historical equity premium and riskless rate, and has important implications for risk sharing. We … risk channel arising from fluctuations in the fund's endowment. We use our calibrated model to study the implications of a …

consumption and portfolio theory shows that the younger generations should have the higher equity exposure due to their human …

resolved by the introduction of generational accounts. Using modern portfolio and consumption planning theory we show that the …

resolved by the introduction of generational accounts. Using modern portfolio and consumption planning theory we show that the …