Results: (1) if the “one-child policy” were still employed, the accumulated deficit of pension insurance fund would appear in the year of 2076; (2) if all couples that satisfy the rules of “selective two-child policy” bear the second child, the time of accumulated deficit of pension insurance fund would be postponed by about 9 years; (3) after implementing the universal two-child policy, the ti...

This paper examines persistence over time in the performance of fund managers responsible for making the investment decisions of UK pension funds. Previous work on UK pension funds found little evidence of fund manager persistence, but we argue that this may have been due to survivorship bias in the construction of these data samples, which may have disguised true persistence. Using a large sam...

This study reviews new pension accounting with K-IFRS and provides empirical changes in liability for retirement allowances with adoption of K-IFRS. It will help to understand the effect of pension accounting on individual firm's financial report and the importance of public announcement of actuarial assumptions. Firms that adopted K-IFRS had various changes in retirement liability compared to ...

This Pension funds nowadays in India play a huge role in development of the economy and it play active role in the Indian equity markets. A change both in their investment attitudes and in the regulatory climate, encouraging them to increase their investment levels in equities and would have a massive impact on capital market and on the economy as a whole. This paper examines the potential and ...

In this paper, we address the issue of determining the optimal contribution rate of a stochastic defined benefit pension fund. The affiliate’s mortality is modelled by a jump process and the benefits paid at retirement are function of the evolution of stochastic salaries. Assets of the fund are invested in cash, stocks and a rolling bond. Interest rates are driven by a Vasicek model. The object...

Most pension funds use an extensive array of service providers to administer and manage their ®nancial assets. In this paper, I sketch a `map' of the functional structure of service provision and the apparent spatial con®guration of those elements. Theoretically, the paper could be thought inspired by Richardson, Coase and Williamson, but goes on to consider three substantive issues particular ...

In this paper we consider the optimal management of an aggregated dynamic pension fund. There are n classes of workers whose salaries are stochastic.A portion of the salary is contributed to the funding process and the manager invests in a portfolio withm risky assets and a risk-free security. The main objective is to minimize the cost of contributions in a bounded horizon T and to maximize the...

Multistage stochastic programming in contrast to stochastic control has found wide application in the formulation and solution of nancial problems characterized by a large number of state variables and a generally low n umber of possible decision stages. The literature on the use of multistage recourse modelling to formalize complex portfolio optimization problems dates back to the early sevent...