Articles Archives - Page 61 of 161 - Pension Policy International

28AprApril 28, 2022

The Causal Effects of Place on Health and Longevity

By Tatyana Deryugina & David Molitor Life expectancy varies substantially across local regions within a country, raising conjectures that place of residence affects health. However, population sorting and other confounders make it difficult to disentangle the effects of place on health from other geographic differences in life expectancy. Recent studies have overcome such challenges to demonstrate that place of residence substantially influences health and mortality. Whether policies that encourage people to move to places that are better for their health...

April 28, 2022

Aging, Articles2022, Healthcare, Longevity, Public Policy

28AprApril 28, 2022

The New Corporate Governance

By Oliver D. Hart & Luigi Zingales In the last few years, there has been a dramatic increase in shareholder engagement on environmental and social issues. In some cases shareholders are pushing companies to take actions that may reduce market value. It is hard to understand this behavior using the dominant corporate governance paradigm based on shareholder value maximization. We explain how jurisprudence has sustained this criterion in spite of its economic weaknesses. To overcome these weaknesses we propose the...

April 28, 2022

Articles, Investment, Pension Management2022, Climate crisis, Corporate Governance, Equality, ESG, Yields

28AprApril 28, 2022

Environmental, Social and Governance Considerations in Pension Plans

By Paul Williams & Elizabeth Harker Speaking at the United Nations Climate Change Conference ("COP26") in October 2021, the UK Secretary of State for Work and Pensions, Thérèse Coffey, said that pension schemes can become a "superpower" in fighting climate change and propelling the world to net zero. But to what extent does the legal landscape within which pension schemes operate allow them to perform this role, and indeed to what extent should they be performing this role? Here in the...

April 28, 2022

Articles, Investment, Pension Management2022, Climate crisis, Corporate Governance, ESG

14AprApril 14, 2022

Movements In and Out of Poverty at Older Ages: Evidence from the HRS

By Robert L. Clark, Annamaria Lusardi & Olivia S. Mitchell The objective of this paper is to determine Americans’ mobility patterns into and out of poverty in their later years. We track how older adults enter into and exit from poverty using the most extensive longitudinal survey on older Americans currently available, the Health and Retirement Study (HRS). Using over 20 years of data from the HRS, we show that the conditional probability of escaping poverty diminishes as the number...

April 14, 2022

Aging, Articles, System Characterization2022, Income, Poverty, Risk

14AprApril 14, 2022

Underfunded Public Sector Pension Plans, Social Security Participation, and the Retirement Decisions of Public Employees

By Leslie E. Papke I analyze the effects of public pension parameters, Social Security coverage, and state pension fund sustainability on the retirement of public employees. I use data from the Health and Retirement Study, including personal early and normal retirement eligibility and state of residence. I develop a state-level measure of effective public pension plan sustainability that reflects both the degree of public plan underfunding and a state’s ability to fund the plan with its own resources. Using the...

April 14, 2022

Articles, System Sustainability2022, Funding, Public Pensions, Social Security, US

Labor Marcket Search, Informality, and Schooling Investmets

14AprApril 14, 2022

Labor Market Search, Informality, and Schooling Investmets

By Matteo Bobba, Luca Flabbi & Santiago Levy We develop a search and matching model where jobs can be formal or informal. Workers choose schooling and search for jobs. Firms post vacancies in each schooling market and decide the job's formality status. Upon meeting, workers and firms bargain over wages. The equilibrium size of the informal sector is an endogenous function of labor market fundamentals and institutions. We estimate the model using labor force survey data from Mexico and exploiting the...

April 14, 2022

Articles, Labor Market2022, Income, Informal Sector

11AprApril 11, 2022

The Association between Mandated Environmental Liability Recognition and Voluntary ESG Disclosure Quality

By Daniel A. Bens, Cai Chen & Peter R. Joos We examine the association between mandated Asset Retirement Obligations (ARO), i.e., environmental clean-up costs of normal operations estimated on the balance sheet, and the quality of voluntary ESG disclosures. We hypothesize that when firms recognize larger AROs with higher accuracy that this effort will spillover into enhanced voluntary disclosure of a broad range of ESG outcomes. Empirical evidence supports this hypothesis. In a sample of environmentally sensitive industries, we find...

April 11, 2022

Articles, Investment, Pension Management2022, Climate crisis, ESG

11AprApril 11, 2022

Changes in Retirement Savings during the COVID Pandemic

By Elena Derby, Lucas Goodman, Kathleen Mackie, & Jacob Mortenson This paper documents changes in retirement saving patterns at the onset of the COVID-19 pandemic. We construct a large panel of U.S. tax data, including tens of millions of person-year observations, and measure retirement savings contributions and withdrawals. We use these data to document several important changes in retirement savings patterns during the pandemic years relative to the years preceding the pandemic or the Great Recession. First, unlike during the...

April 11, 2022

Articles, Savings2022, COVID-19, Public Policy, Taxation, US

11AprApril 11, 2022

Heterogeneity in Household Spending and Well-being around Retirement

By Patrick Moran, Martin O'Connell, Cormac O'Dea, Francesca Parodi & Michigan Retirement and Disability Research Submitter. We study heterogeneity in spending patterns around the time of retirement. Using rich consumption data from the Panel Study of Income Dynamics, and exploiting within-household spending variation, we systematically classify households into groups characterized by differences in consumption transitions at retirement. We decompose the overall spending changes into the contribution made by different subcomponents of consumption. We find that the households that increase their...

April 11, 2022

Adequacy, Articles2021, Income, savings

07AprApril 7, 2022

ESG and Private Market Assets: Pension and Insurance Investors Shifting the Trillions (2022 – 2026)

By M. Nicolas J. Firzli, Nick Sherry & Guan Seng Khoo The co-authors of the article, are amongst the original coiners of term such as “infrastructure as an asset class” and “pension superpowers.” They also predicted, at the onset of the Covid Crisis, that a “historic realignment on the asset allocation front is happening precisely at the moment when ESG is moving centre stage: even in once staunchly neoliberal jurisdictions like Texas, Alaska or Switzerland, the smart money is betting...

April 7, 2022

Articles, Investment, Pension Management2022, ESG, Regulation, UK

April 2022