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| Tekijä: | Astrup Jensen, B. Sorensen, C. |
| Otsikko: | Paying for minimum interest rate guarantees: who should compensate who? |
| Lehti: | European Financial Management
2001 : JUN, VOL. 7:2, p. 183-211 |
| Asiasana: | ASSETS GUARANTEES INTEREST RATES |
| Kieli: | eng |
| Tiivistelmä: | Defined contribution pension schemes often have a mandatory minimum interest rate guarantee as an integrated part of the contract. The guarantee is an embedded put option issued by the institution to the individual who is forced to invest in the option. As argued in this paper, the individual may in this way face a constraint on the feasible set of portfolio choices. |
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