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Books > Business & Economics > Finance & accounting > Finance > Pensions
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Finance and Occupational Pensions - Theories and International Evidence (Paperback, 1st ed. 2016)
Loot Price: R2,297
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Finance and Occupational Pensions - Theories and International Evidence (Paperback, 1st ed. 2016)
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Occupational pensions are major participants in global financial
markets with assets of well over $30 trillion, representing more
than 40% of the assets of institutional investors. Some
occupational pension funds control assets of over $400 billion, and
the largest 300 occupational pension funds each have average assets
of over $50 billion. The assets of UK pension funds are equivalent
to UK GDP, and US pension fund assets are 83% of US GDP. These
statistics highlight the importance of pension funds as major
players in financial markets, and the need to understand the
behaviour of these large institutional investors. Occupational
pensions also play an important, but neglected, role in corporate
finance. For example, US company pension schemes account for over
60% of company market value, and yet they are often ignored when
analysing companies. This book is based on the substantial body of
evidence available from around the world on a topic that has become
increasingly important and controversial in recent years. Written
for practitioners, students and academics, this book brings
together and systematizes a very large international literature
from financial economists, actuaries, practitioners, professional
organizations, official documents and reports. The underlying focus
is the application of the principles of financial economics to
occupational pensions, including the work of Nobel laureates such
as Merton, Markowitz, Modigliani, Miller and Sharpe, as well as
Black. This book will give readers an up-to-date understanding of
occupational pensions, the economic issues they face, and some
suggestions of how these issues can be tackled. The first section
explains the operation of defined benefit and defined contribution
pensions, along with some descriptive statistics. The second
section covers selected aspects of occupational pensions. The focus
of these first two sections is on the economic and financial
aspects of pensions, accompanied by some basic information on how
they operate. This is followed by three further sections that
analyse the investment of pension funds, the corporate finance
implications of firms providing pensions for their employees, and
annuities.
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