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The Intergenerational Transfer of Public Pension Promises · Study

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PreprintThe Intergenerational Transfer of Public Pension Promises

Robert Novy‐Marx2008

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Preprintgreen2008

The Intergenerational Transfer of Public Pension Promises

Robert Novy‐Marx · Joshua Rauh

16 citations·0/0 files stored·SSRN Electronic Journal

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Financial Literacy, Pension, Retirement Analysis Fiscal Policies and Political Economy Economic Policies and Impacts

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References

1964CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*1958The Cost of Capital, Corporation Finance and the Theory of Investment 1975THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.]2002The Equity Premium 2006Investment and Financing Constraints: Evidence from the Funding of Corporate Pension Plans 2007Portfolio Choice over the Life‐Cycle when the Stock and Labor Markets Are Cointegrated 2008Risk Shifting versus Risk Management: Investment Policy in Corporate Pension Plans

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2008The Intergenerational Transfer of Public Pension Promisesreport · 10 shared references 2017In good times and in bad: Defined-benefit pensions and corporate financial policyarticle · 7 shared references 2014Corporate Pension Plansreview · 7 shared references 2011An Analysis of Risk-Taking Behavior for Public Defined Benefit Pension Plansreport · 7 shared references 2010Public Pension Promises: How Big Are They and What Are They Worth?article · 6 shared references 2018Regulation and pension fund risk-takingarticle · 6 shared references

Details

Year2008

Typepreprint

Published2008-01-01

VenueSSRN Electronic Journal

ISSN-L1556-5068

Languageen

Citations16

Files0 public / 0

ShelfFinancial Literacy, Pension, Retirement Analysis

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doi10.2139/ssrn.1156477

openalex_workW1544420703

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2005

Inflation risk premia and the expectations hypothesis