000			04270cam a2200325Ii 4500
001			9781315621739
008			180706s2018 enka o 001 0 eng d
020			_a9781315621739 _q(e-book : PDF)
020			_a9781317220824 _q(e-book: Mobi)
020			_z9781138656802 _q(hardback)
024	7		_a10.4324/9781315621739 _2doi
035			_a(OCoLC)1013085625
040			_aFlBoTFG _cFlBoTFG _erda
050		4	_aHD7091 _b.P46 2018
082	0	4	_a368.4 _bP418
245	0	0	_aPension Fund Economics and Finance : _bEfficiency, Investments and Risk-Taking / _cedited by Jacob A. Bikker.
250			_aFirst edition.
264		1	_aLondon : _bTaylor and Francis, _c2018.
300			_a1 online resource (xi, 204 pages)
336			_atext _2rdacontent
337			_acomputer _2rdamedia
338			_aonline resource _2rdacarrier
490	0		_aRoutledge International Studies in Money and Banking
505	0	0	_tpart, I Efficiencyp -- _tchapter 1 Introduction / _r Jacob A. Bikker -- _tchapter 2 Is there an optimal pension fund size? -- _tA scale-economy analysis of administrative and investment costs 1 / _r Jacob A. Bikker -- _tchapter 3 The impact of scale, complexity and service quality on the administrative costs of pension funds 1 -- _tA cross-country comparison / _r Jacob A. Bikker Onno W. Steenbeek Federico Torracchi -- _tchapter 4 Cost differences between pension funds and life insurers in providing pensions / _r Jacob A. Bikker -- _tpart, II Investment behaviour and risk-taking -- _tchapter 5 The eligibility of emerging-market bonds for pension fund portfolios / _r Zaghum Umar Laura Spierdijk -- _tchapter 6 Mean reversion in stock prices -- _tImplications for long-term investors 1 / _r Laura Spierdijk Jacob A. Bikker -- _tchapter 7 Pension fund investment policy, risk-taking, ageing and the life-cycle hypothesis 1 / _r Jacob A. Bikker Dirk W.G.A. Broeders David A. Hollanders Eduard H. M. Ponds -- _tchapter 8 Investor sophistication and risk-taking 1 / _r Jan de Dreu Jacob A. Bikker -- _tchapter 9 Investment risk-taking by institutional investors 1 / _r Janko Gorter Jacob A. Bikker -- _tpart, III Risk-taking and regulation -- _tchapter 10 Measuring and explaining implicit risk sharing in defined-benefit pension funds 1 / _r Jacob A. Bikker Thijs Knaap Ward E. Romp -- _tchapter 11 Utility-equivalence of pension security mechanisms / _r D.W.G.A. Broeders An Chen Birgit Schnorrenberg.
520			_a"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."--Provided by publisher.
650		0	_aPensions.
650		0	_aSocial security individual investment accounts.
700	1		_aBikker, Jacob, _eeditor.
776	0	8	_iPrint version: _z9781138656802 _w(DLC) 2018006339
856	4	0	_uhttps://www.taylorfrancis.com/books/9781315621739 _zClick here to view.
999			_c127021 _d127021