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Pension Fund Economics and Finance - Efficiency, Investments and Risk-Taking (Paperback)
Loot Price: R1,296
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Pension Fund Economics and Finance - Efficiency, Investments and Risk-Taking (Paperback)
Series: Routledge International Studies in Money and Banking
Expected to ship within 12 - 17 working days
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Pension 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.
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