May 2026
22May

Pension Fund Investment and Firm Innovation

By Cédric Schneider, Dario Pozzoli & David Pinkus We use a unique database on domestic pension fund investment to analyze the relationship between pension fund investment and innovation within Danish firms. We find a significant positive association between pension fund investment and various measures of innovation, including green technologies for climate change mitigation and adaptation. However, this relationship is much weaker in highly competitive industries,suggesting that pension funds encourage innovation by monitoring and holding managers accountable. Our analysis also shows...

May 22, 2026
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22May

Investment Decisions of Defined Benefit Pension Plans

By Zhichuan Frank Li, Jun Wang & Yuqi Zhang This paper examines the determinants of defined benefit (DB) pension plan investment decisions of U.S. corporations with the largest 100 DB plans (Milliman 100 companies). We test two contradicting theories on DB plans. The risk-management theory indicates that firms tend to reduce risk in their pension investments when facing high risk, and the risk-shifting theory predicts the opposite because the funds’ downside risk is hedged by federal government insurance. We find...

May 22, 2026
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15May

Analysis of climate risk reporting across UK pension schemes

By XPS Group 2025 has shown that climate change is no longer a distant risk. It's a force that's already shaping economies, societies and investment markets. While government policy remains fragmented, UK pension schemes remain exposed to the risks of worsening climate outcomes, and to opportunities that arise from a faster transition to a green economy. Our fourth annual Task Force on Climate-related Financial Disclosures (TCFD) review examines how 49 UK pension schemes, representing £420bn in assets, are addressing climate change...

May 15, 2026
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15May

Private Climate Governance of Finance: “Net Zero” Prospects and Politics

By Cynthia A. Williams In 2021, as part of the COP26 climate negotiations in Glasgow, the Glasgow Financial Alliance for Net Zero (“GFANZ”) was announced. This Alliance of banks, asset managers, and insurance companies, among other financial institutions, with more than $130 trillion of assets under management when announced, was based on a pledge by the participating companies to work towards net-zero status in their businesses by 2050 or sooner. Led by former UK Bank of England Governor Mark Carney, who is now the U.N.’s Special Envoy...

May 15, 2026
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April 2026
29Apr

Crypto-assets and decentralised finance. Report on stablecoins, crypto-investment products and multifunction groups : October 2025

By European Systemic Risk Board Financial stability risks are mounting in 2025 as crypto-assets, including stablecoins, go mainstream, buoyed by forceful US policy measures. By mid-2025, the crypto-asset market had reached record valuations, largely driven by US pro-crypto policies aimed at boosting demand for US Treasuries and reinforcing the dollar’s dominance. In this context, the ESRB’s General Board noted in June 2025 that the growing links between the crypto sector and the financial sector should be closely monitored. It also voiced...

April 29, 2026
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17Apr

Asia-Pacific Climate Report 2025: Unlocking Nature for Development

By Asian Development Bank Nature is a core economic asset in Asia and the Pacific, with around 75% of GDP directly or indirectly tied to nature through sectors like agriculture, fisheries, and tourism. Yet, nature remains largely invisible in economic planning. When ecosystems degrade, economies face higher health and disaster costs, reduced productivity, shrinking fiscal revenues, and weakened debt sustainability. The report highlights that ecosystem services—such as pollination, water purification, and climate regulation—provide multiple benefits, underpinning food security, public health, livelihoods...

April 17, 2026
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17Apr

How we bridge the gap in climate innovation and investment in Latin America

By Georgina Mondino & Maximiliano Frey Latin America still attracts only a small share of global venture capital – just 2%– which helps explain why only five of its cities appear in StartupBlink’s latest Global Startup Ecosystem Index among the top 100 innovation hubs: São Paulo, Mexico City, Bogotá, Santiago and Buenos Aires. But the region is rich in ideas, talent and purpose-driven entrepreneurs who have already proven their ability to create value on a global scale. Over the past decade, Argentina...

April 17, 2026
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01Apr

Large Language Models in Financial Decision-Making: A Methodological Framework for Evaluating AI Trading Strategies

By Theo Nicolas Sitjar Large Language Models (LLMs) offer new possibilities for financial decision-making, but evaluating their effectiveness in trading requires systematic approaches. This paper describes a practical framework for assessing LLM performance in stock market scenarios. Our method follows a 5-step process: data preparation, prompt engineering, LLM inference, backtesting, and statistical analysis. We include memory mechanisms and standard risk metrics to evaluate trading strategies comprehensively. Through testing against fifteen traditional quantitative baseline strategies, we examine both the potential benefits...

April 1, 2026
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March 2026
20Mar

War and Pensions: The Effects of War on Social Security and Pensions Around the World

By John A. Turner, David Rajnes, Gerard Hughes & Maher Michelle War has affected the development of social security and employer-provided pensions. Roman soldiers received the first pensions. In most countries, military pensions preceded social security pensions, providing countries experience with the concept and administration of pensions. War or the threat of war affected the development of the two major branches of social insurance-based pensions—Bismarckian (earnings related pensions developed in Germany) and Beveridgian (pensions tied to years of work developed...

March 20, 2026
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13Mar

2025 Global Innovation Lab for Climate Finance Impact Report

By Climate Policy Initiative The 2025 Global Innovation Lab for Climate Finance (the Lab) Impact Report highlights how innovative financial solutions are helping mobilize private investment for climate action in emerging markets. From 2014 to 2025, the Lab incubated 87 climate finance instruments designed to address barriers to investment in sectors such as renewable energy, sustainable agriculture, nature-based solutions, and climate resilience. Together, these solutions have mobilized USD 4.4 billion in climate investment, with USD 1.83 billion from private investors. The report...

March 13, 2026
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