We estimate values-at-risk (VaR) in the accumulation phase of defined-contribution pension plans. We examine a range of asset-return models (including stationary moments, regime-switching and fundamentals models) and a range of asset-allocation strategies (both static and with simple dynamic forms, such as lifestyle, threshold and constant proportion portfolio insurance). We draw four conclusio...

water is a main resource in sustainable development planning where the management of quality and quantity of these resources play an important role in public health and social welfare. on the other hand, due to social, economic and environmental values of this vital resource, water resource management is considered as a very important task. the long term water strategies are not only a useful g...

to suceed in sport arena, provinces should have plans parallel with national sport plans. khorasan razavi province as one of the provinces that has played a vital role in iran sport lacks a comprehensive plan in sport and sport activities are follwoed randomly. therefore, this study aimed at developing the strategic plan of sport and youth organization of khorasan razavi in sport and physical e...

Demographic changes increase the necessity to base pension system more and on second third pillars, namely occupational private plans; this paper deals with Target Date Funds (TDFs), which are a typical investment opportunity for planners. TDFs usually identified decreasing fraction of wealth invested in equity (a so-called glide path) as retirement comes closer, i.e. is riskily younger saver i...