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008			260326s2018 enk||||| |||| 00| 0 eng d
020			_a9781138656802
020			_a1138656801
040			_bspa _cBJBSDDR
041			_aeng
050			_bP418 2018
245	0	1	_aPension fund economics and finance : _befficiency, investments and risk-taking / _c Jacob Bikker
260			_aLondon : _bRoutledge, Taylor & Francis Group, _c2020
300			_a xv, 131 pages ; _c24 cm
520			_aPension fund benefits are crucial for pensioners’ welfare and pension fund savings have accumulated to huge amounts, covering a major part of world-wide institutional investments. However, the literature on pension fund economics and finance is rather limited, caused, in part, to limited data availability. This book contributes to this literature and focuses on three important areas. The first is pension fund (in)efficiency, which has a huge impact on final benefits, particularly when annual spoilage accumulates over a lifetime. Scale economies, pension plans complexity and alternative pension saving plans are important issues. The second area is investment behavior and risk-taking. A key question refers to the allocation of investments over high risk/high return and relatively safe assets. Bikker investigates whether pension funds follow the life-cycle hypothesis: more risk and return for pension funds with young participants. Many pension funds are rather limited in size, which may raise the question how financially sophisticated the pension fund decision makers are: rather professionals or closer to unskilled private persons? The third field concerns two regulation issues. How do pension fund respond to shocks such as unexpected investment returns or changes in life expectancy? What are the welfare implications to the beneficiary for different methods of securing pension funding: solvency requirements, a pension guarantee fund, or sponsor support? This groundbreaking book will challenge the way pension fund economics is thought about and practiced.
700	1		_aBikker, Jacob _947724
942			_2lcc _n0 _cBK
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999			_c126702 _d126702