Optimizing the Aging, Retirement, and Pensions Dilemma (eBook, PDF)
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Optimizing the Aging, Retirement, and Pensions Dilemma (eBook, PDF)
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A straightforward guide focused on life cycle investing-namely aging, retirement, and pensions Life cycle investing and the implications of aging, retirement, and pensions continues to grow in importance. With people living longer, the relative and absolute number of retirees is growing while the number of workers contributing to pension funds is declining. This reliable resource develops a detailed economic analysis-at the micro (individual) and macro (economy wide) levels-which addresses issues regarding the economics of an aging population. Topics touched upon include retirement and the…mehr
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- Produktdetails
- Verlag: John Wiley & Sons
- Seitenzahl: 432
- Erscheinungstermin: 3. Februar 2010
- Englisch
- ISBN-13: 9780470585665
- Artikelnr.: 37297658
- Verlag: John Wiley & Sons
- Seitenzahl: 432
- Erscheinungstermin: 3. Februar 2010
- Englisch
- ISBN-13: 9780470585665
- Artikelnr.: 37297658
Retirement. CHAPTER 1 Issues in Retirement. 1.1 Longevity and Changing
Demographics across the World. 1.2 The Evolution of Retirement. 1.3
Provision for Retirement. References. CHAPTER 2 The Various Costs of
Pensions: Macro and Micro. 2.1 Governmental Cost of Retirement. 2.2
Pensions and Capital Formation. 2.3 Regulating Corporate Pensions. 2.4 DC
vs. DB: Shifting the Risks. 2.5 Freezing Pension Plans. 2.6 Where Do We Go
from Here? References. CHAPTER 3 The Various Pillars of Retirement: Social
Security, Company Pensions, Supplementary Pensions, and Private Savings.
3.1 Pillars of Retirement. 3.2 Reforming OECD Pensions. 3.3 Changing Role
of Private Pensions. 3.4 Plans for Reforming Social Pensions. 3.5
Rethinking Pension Promises: Breaking the Fixed Link to a Monetary Value.
3.6 Intergenerational Risk-Sharing. 3.7 Conclusions. 3.8 Case Study: Public
Sector vs. Private Pensions. References. CHAPTER 4 Asset Classes:
Historical Performance and Risk. 4.1 Equities. 4.2 ETFs: Exchange-Traded
Funds. 4.3 Bonds and Fixed Income. 4.4 The Bond-Stock Measure for
Medium-Term Large Crash Prediction. 4.5 Hedge Funds. 4.6 Real Assets. 4.7
Housing as an Asset Class. 4.8 Gold and Other Commodities. 4.9 Private
Equity and Related Assets. 4.10 Currencies. 4.11 Evaluation of Great
Investors. 4.12 Fundamental and Seasonal Anomalies of Asset Returns.
References. CHAPTER 5 The Current Economic Crisis and Its Impact on
Retirement Decisions. 5.1 Household and Government Debt. 5.2 Were the Crash
Models Helpful in Signaling the US and Worldwide 2007-2009 Crash? 5.3 The
Subprime Crisis and How It Evolved. 5.4 Impact on Retirement Expectations.
5.5 Pensions in Trouble. 5.6 State Pensions. 5.7 Future ERP. 5.8 Future
Inflation and Pensions. References. PART TWO Special Issues and Models.
CHAPTER 6 The Impact of Population Aging on Household Portfolios and Asset
Returns. 6.1 Introduction. 6.2 The Empirical Evidence. 6.3 Models for
Portfolio Choices and Life-Cycle Asset Allocations. 6.4 Conclusions.
References. CHAPTER 7 A Continuous Time Approach to Asset-Liability Surplus
Management. 7.1 The Rudolf-Ziemba (2004) Intergenerational Surplus
Management Model. 7.2 A Case Study Application of the Rudolf-Ziemba Model.
References. CHAPTER 8 Should Defined Benefit Pension Schemes Be Career
Average or Final Salary? 8.1 Introduction. 8.2 Career Average Defined
Benefit Schemes. 8.3 Cost Neutrality. 8.4 Choosing the Revaluation Rate.
8.5 The Adoption of Career Average Pension Schemes. 8.6 Advantages of a
Switch to a Career Average Scheme. 8.7 Disadvantages of a Switch to a
Career Average Scheme. 8.8 Redistribution Effects of a Switch to Career
Average Pensions. 8.9 Conclusions. References. CHAPTER 9 Applying
Stochastic Programming to the US Defined Benefit Pension System. 9.1
Introduction. 9.2 Integrated Corporate/Pension Planning Model. 9.3
Assisting the Defined Benefit Pension System. 9.4 Conclusions. References.
CHAPTER 10 Mortality-Linked Securities and Derivatives. 10.1 Introduction.
10.2 Longevity Risk Transfers. 10.3 Capital Market Solutions and the
Development of Mortality-Linked Securities and Derivatives. 10.4 Recent
Trends in Mortality-Linked Securities. 10.5 Hedging Pension Liabilities
with Mortality-Linked Securities and Derivatives. 10.6 Conclusion.
References. CHAPTER 11 Asset Allocation and Governance Issues of
Government-Owned Pensions. 11.1 Introduction. 11.2 Types of Sovereign
Funds. 11.3 Is There a Common Asset Allocation for Pension Funds? 11.4
Sovereign Pension Funds and International Capital Markets. 11.5 Governance
Issues of Public Pension Funds. 11.6 Regional Trends. 11.7 Conclusion.
References. CHAPTER 12 Issues in Individual Asset-Liability Management for
Retirement. 12.1 Own Company Stock. 12.2 The Role of Annuities. 12.3 The
Role of Insurance. 12.4 The Role of Managed Withdrawal Plans. 12.5 Where
and How to Retire? References. PART THREE Modeling the Issues. CHAPTER 13
Learning from Other Models. 13.1 Preserving Endowment Spending. 13.2
Devising a Rule So That Spending Never Falls. References. CHAPTER 14 The
Innovest Austrian Pension Fund Financial Planning Model. 14.1 How Should
Companies Fund Their Liabilities and Determine Allocations among Asset
Classes and Hedging Instruments? 14.2 Formulating InnoALM as a Multistage
Stochastic Linear Programming Model. 14.3 Some Typical Applications. 14.4
Some Test Results. 14.5 Model Tests. References. CHAPTER 15 An Individual
ALM Model for Lifetime Asset-Liability Management. References. CHAPTER 16
Implementation and Numerical Results of Individual ALM Model for Lifetime
Asset-Liability Management. References. CHAPTER 17 Conclusions. Index.
Retirement. CHAPTER 1 Issues in Retirement. 1.1 Longevity and Changing
Demographics across the World. 1.2 The Evolution of Retirement. 1.3
Provision for Retirement. References. CHAPTER 2 The Various Costs of
Pensions: Macro and Micro. 2.1 Governmental Cost of Retirement. 2.2
Pensions and Capital Formation. 2.3 Regulating Corporate Pensions. 2.4 DC
vs. DB: Shifting the Risks. 2.5 Freezing Pension Plans. 2.6 Where Do We Go
from Here? References. CHAPTER 3 The Various Pillars of Retirement: Social
Security, Company Pensions, Supplementary Pensions, and Private Savings.
3.1 Pillars of Retirement. 3.2 Reforming OECD Pensions. 3.3 Changing Role
of Private Pensions. 3.4 Plans for Reforming Social Pensions. 3.5
Rethinking Pension Promises: Breaking the Fixed Link to a Monetary Value.
3.6 Intergenerational Risk-Sharing. 3.7 Conclusions. 3.8 Case Study: Public
Sector vs. Private Pensions. References. CHAPTER 4 Asset Classes:
Historical Performance and Risk. 4.1 Equities. 4.2 ETFs: Exchange-Traded
Funds. 4.3 Bonds and Fixed Income. 4.4 The Bond-Stock Measure for
Medium-Term Large Crash Prediction. 4.5 Hedge Funds. 4.6 Real Assets. 4.7
Housing as an Asset Class. 4.8 Gold and Other Commodities. 4.9 Private
Equity and Related Assets. 4.10 Currencies. 4.11 Evaluation of Great
Investors. 4.12 Fundamental and Seasonal Anomalies of Asset Returns.
References. CHAPTER 5 The Current Economic Crisis and Its Impact on
Retirement Decisions. 5.1 Household and Government Debt. 5.2 Were the Crash
Models Helpful in Signaling the US and Worldwide 2007-2009 Crash? 5.3 The
Subprime Crisis and How It Evolved. 5.4 Impact on Retirement Expectations.
5.5 Pensions in Trouble. 5.6 State Pensions. 5.7 Future ERP. 5.8 Future
Inflation and Pensions. References. PART TWO Special Issues and Models.
CHAPTER 6 The Impact of Population Aging on Household Portfolios and Asset
Returns. 6.1 Introduction. 6.2 The Empirical Evidence. 6.3 Models for
Portfolio Choices and Life-Cycle Asset Allocations. 6.4 Conclusions.
References. CHAPTER 7 A Continuous Time Approach to Asset-Liability Surplus
Management. 7.1 The Rudolf-Ziemba (2004) Intergenerational Surplus
Management Model. 7.2 A Case Study Application of the Rudolf-Ziemba Model.
References. CHAPTER 8 Should Defined Benefit Pension Schemes Be Career
Average or Final Salary? 8.1 Introduction. 8.2 Career Average Defined
Benefit Schemes. 8.3 Cost Neutrality. 8.4 Choosing the Revaluation Rate.
8.5 The Adoption of Career Average Pension Schemes. 8.6 Advantages of a
Switch to a Career Average Scheme. 8.7 Disadvantages of a Switch to a
Career Average Scheme. 8.8 Redistribution Effects of a Switch to Career
Average Pensions. 8.9 Conclusions. References. CHAPTER 9 Applying
Stochastic Programming to the US Defined Benefit Pension System. 9.1
Introduction. 9.2 Integrated Corporate/Pension Planning Model. 9.3
Assisting the Defined Benefit Pension System. 9.4 Conclusions. References.
CHAPTER 10 Mortality-Linked Securities and Derivatives. 10.1 Introduction.
10.2 Longevity Risk Transfers. 10.3 Capital Market Solutions and the
Development of Mortality-Linked Securities and Derivatives. 10.4 Recent
Trends in Mortality-Linked Securities. 10.5 Hedging Pension Liabilities
with Mortality-Linked Securities and Derivatives. 10.6 Conclusion.
References. CHAPTER 11 Asset Allocation and Governance Issues of
Government-Owned Pensions. 11.1 Introduction. 11.2 Types of Sovereign
Funds. 11.3 Is There a Common Asset Allocation for Pension Funds? 11.4
Sovereign Pension Funds and International Capital Markets. 11.5 Governance
Issues of Public Pension Funds. 11.6 Regional Trends. 11.7 Conclusion.
References. CHAPTER 12 Issues in Individual Asset-Liability Management for
Retirement. 12.1 Own Company Stock. 12.2 The Role of Annuities. 12.3 The
Role of Insurance. 12.4 The Role of Managed Withdrawal Plans. 12.5 Where
and How to Retire? References. PART THREE Modeling the Issues. CHAPTER 13
Learning from Other Models. 13.1 Preserving Endowment Spending. 13.2
Devising a Rule So That Spending Never Falls. References. CHAPTER 14 The
Innovest Austrian Pension Fund Financial Planning Model. 14.1 How Should
Companies Fund Their Liabilities and Determine Allocations among Asset
Classes and Hedging Instruments? 14.2 Formulating InnoALM as a Multistage
Stochastic Linear Programming Model. 14.3 Some Typical Applications. 14.4
Some Test Results. 14.5 Model Tests. References. CHAPTER 15 An Individual
ALM Model for Lifetime Asset-Liability Management. References. CHAPTER 16
Implementation and Numerical Results of Individual ALM Model for Lifetime
Asset-Liability Management. References. CHAPTER 17 Conclusions. Index.