großen Industrieunternehmen nach ihren Empfehlungen zur Gestaltung eines Vermögensportfolios zur Altersvorsorge. Dieses … constructed from the recommendations are compared using different performance and risk measures. …

constructed from the recommendations are compared using different performance and risk measures. …

decline. While participating contracts embedding these guarantees are designed to share market risk across investor cohorts … when guarantees are not binding, we study how binding guarantees distort inter-cohort risk sharing. Using regulatory data … on participating contracts in Germany, we find that binding guarantees reduced inter-cohort transfer by 10 basis points …