search query: @indexterm incentives / total: 682
reference: 347 / 682
| Author: | Sundaresan, S. Zapatero, F. |
| Title: | Valuation, optimal asset allocation and retirement incentives of pension plans |
| Journal: | Review of Financial Studies
1997 : FALL, VOL. 10:3, p. 631-660 |
| Index terms: | RETIREMENT INCENTIVES PENSIONS PLANNING VALUATION ASSETS |
| Language: | eng |
| Abstract: | This paper provides a unified framework for valuing pension obligations and finding asset allocation policies which depend on the lifetime marginal productivity schelude and the type of defined benefits (DB) plan that sponsoring firms have. The worker's retirement decision id influenced by the nature of DB plan. The paper characterizes the resulting retirement policy, taking advantage of the valuation of pension obligations. The analysis is conducted an arbitrage-free partial equilibrium setting. The feedback effects of retirement policies on valuation and asset allocation are modelled using numerical techniques. |
SCIMA