04601nam a22003017a 4500 BJBSDDR 20261007150329.0 ta 260326s2018 enk||||| |||| 00| 0 eng d 9781138656802 1138656801 eng DLC eng HD 7105 P418 2018 Pension fund economics and finance : efficiency, investments and risk-taking / edited by Jacob A. Bikker London ; New York : Routledge, Taylor & Francis Group, 2018 xv, 131 pages ; 24 cm Routledge International Studies in Money and Banking Introduction / J.A. Bikker -- Is there an optimal pension fund size? A scale-economy analysis of administrative and investment costs / J.A. Bikker -- The impact of scale, complexity, and service quality on the costs of pension funds : a cross-country comparison / J.A. Bikker, O.W. Steenbeek, F. Torracchi -- Cost differences between pension funds and life insurers in providing pensions / J.A. Bikker -- The eligibility of emerging market bonds for pension fund portfolios / L. Spierdijk and Z. Umar -- Mean reversion of stock prices and its impact on pension fund investment policies / L. Spierdijk, J.A. Bikker -- Pension fund investment policy, risk taking, ageing and the life cycle hypothesis / J.A. Bikker, D. Broeders, D. Hollanders, E. Ponds -- Investor sophistication and risk taking / J. de Dreu, J.A. Bikker -- Investment risk-taking of institutional investors / J.K. Gorter, J.A Bikker -- Measuring and explaining implicit risk sharing in defined benefit pension funds / J.A. Bikker, T. Knaap, W. Romp -- Utility-equivalence of pension security mechanisms / D.W.G.A. Broeders, An Chen, and Birgit Schnorrenberg. 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. 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. Fideicomiso 18076 Fondos de pensiones 23755 Gestión de riesgos 3520 Bikker, Jacob A. 47724 editor Routledge International Studies in Money and Banking 50759 lcc BK cmc 126702 126702 0 0 lcc 0 0 CS BJB BJB CS 2026-03-26 0 HD 7105 P418 2018 00000198894 2026-03-26 19:09:00 1 2026-03-26 BK