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Author: Maarten van Rooij Publisher: ISBN: Category : Languages : en Pages : 40
Book Description
In this paper we investigate pension preferences and the effect of individual freedom of choice on risk taking in the context of pension arrangements based on a representative survey of about 1000 Dutch citizens. The attitude towards pension schemes and portfolio choices is explained by individual characteristics. Our main conclusions are the following. Risk aversion is domain dependent and highest in the pension domain. The vast majority of respondents is in favour of compulsory saving for retirement and favours a defined benefit pension system. If offered a combined defined benefit/defined contribution system, the majority of the respondents would like to have a guaranteed pension income of 70% or more of their net labour income. Self-assessed risk tolerance and financial expertise are important explanatory variables of pension system attitude. Respondents are on average conservative in their investment policy. If given investor autonomy, they are willing to change the composition of their retirement savings portfolio in response to their personal financial situation, general economic conditions, and expectations of financial markets. Respondents may be inconsistent in their preferences. Especially respondents who have chosen a relatively safe portfolio (less stock, more bonds) appear to prefer the retirement income streams of the median investment portfolio to their own portfolio choice. Finally, the average respondent considers himself financially unsophisticated, but is not very eager to take control of retirement savings investment when offered the possibility to increase expertise.
Author: Maarten van Rooij Publisher: ISBN: Category : Languages : en Pages : 40
Book Description
In this paper we investigate pension preferences and the effect of individual freedom of choice on risk taking in the context of pension arrangements based on a representative survey of about 1000 Dutch citizens. The attitude towards pension schemes and portfolio choices is explained by individual characteristics. Our main conclusions are the following. Risk aversion is domain dependent and highest in the pension domain. The vast majority of respondents is in favour of compulsory saving for retirement and favours a defined benefit pension system. If offered a combined defined benefit/defined contribution system, the majority of the respondents would like to have a guaranteed pension income of 70% or more of their net labour income. Self-assessed risk tolerance and financial expertise are important explanatory variables of pension system attitude. Respondents are on average conservative in their investment policy. If given investor autonomy, they are willing to change the composition of their retirement savings portfolio in response to their personal financial situation, general economic conditions, and expectations of financial markets. Respondents may be inconsistent in their preferences. Especially respondents who have chosen a relatively safe portfolio (less stock, more bonds) appear to prefer the retirement income streams of the median investment portfolio to their own portfolio choice. Finally, the average respondent considers himself financially unsophisticated, but is not very eager to take control of retirement savings investment when offered the possibility to increase expertise.
Author: Lans Bovenberg Publisher: Cambridge University Press ISBN: 1107022266 Category : Business & Economics Languages : en Pages : 435
Book Description
Pension systems are under serious pressure worldwide. This pressure stems not only from the well-known trend of population aging, but also from those of increasing heterogeneity of the population and increasing labour mobility. The current economic crisis has aggravated these problems, thereby exposing the vulnerability of many pension schemes to macroeconomic shocks. This book reconsiders the multi-pillar pension scheme against the background of these pressures. It adopts an integral perspective and asks how the pension system as a whole contributes to the three basic functions of pension schemes: facilitating life-cycle financial planning, insuring idiosyncratic risks and sharing macroeconomic risks across generations. It focuses on the optimal balance between the various pension pillars and on the optimal design of each of the schemes. It sketches a number of economic trade-offs, showing that countries may opt for different pension schemes depending on how they react to these trade-offs.
Author: Raimond Maurer Publisher: Oxford University Press on Demand ISBN: 0199660697 Category : Business & Economics Languages : en Pages : 312
Book Description
The book explores the lessons to be learnt for retirement planning and long-term financial security in view of the massive shocks to stock markets, labour markets, and pension plans caused by the financial crisis. It aims to rethink the resilience of defined contribution plans and how defined benefit plans reacted to the financial crisis.
Author: Onno W. Steenbeek Publisher: Springer Science & Business Media ISBN: 354074374X Category : Political Science Languages : en Pages : 247
Book Description
Recommended by Nobel Laureate Robert C. Merton, this book offers the world a first-hand opportunity to learn why the Dutch pension system is so often praised and how it operates. The book also discusses aspects of the system that are less favorable, such as implicit value transfers from younger to older generations that limit mobility of labor. Throughout the discussions, the authors provide quantitative evidence to support their assertions.
Author: Joachim Klement Publisher: CFA Institute Research Foundation ISBN: 1944960473 Category : Business & Economics Languages : en Pages : 150
Book Description
If risk aversion and willingness to take on risk are driven by emotions and we as humans are bad at correctly identifying them, the finance profession has a serious challenge at hand—how to reliably identify the individual risk profile of a retail investor or high-net-worth individual. In this series of CFA Institute Research Foundation briefs, we have asked academics and practitioners to summarize the current state of knowledge about risk profiling in different key areas.
Author: Jacob Bikker Publisher: Routledge ISBN: 1136013121 Category : Business & Economics Languages : en Pages : 229
Book Description
The 2008 credit crisis started with the failure of one large bank: Lehman Brothers. Since then the focus of both politicians and regulators has been on stabilising the economy and preventing future financial instability. At this juncture, we are at the last stage of future-proofing the financial sector by raising capital requirements and tightening financial regulation. Now the policy agenda needs to concentrate on transforming the banking sector into an engine for growth. Reviving competition in the banking sector after the state interventions of the past years is a key step in this process. This book introduces and explains a relatively new concept in competition measurement: the performance-conduct-structure (PCS) indicator. The key idea behind this measure is that a firm’s efficiency is more highly rewarded in terms of market share and profit, the stronger competitive pressure is. The book begins by explaining the financial market’s fundamental obstacles to competition presenting a brief survey of the complex relationship between financial stability and competition. The theoretical contributions of Hay and Liu and Boone provide the theoretical underpinning for the PCS indicator, while its application to banking and insurance illustrates its empirical qualities. Finally, this book presents a systematic comparison between the results of this approach and (all) existing methods as applied to 46 countries, over the same sample period. This book presents a comprehensive overview of the knowns and unknowns of financial sector competition for commercial and central bankers, policy-makers, supervisors and academics alike.
Author: OECD Publisher: OECD Publishing ISBN: 9264046399 Category : Languages : en Pages : 160
Book Description
Individuals face an increasing variety of financial risks, including those linked to their retirement. At the same time, public funding has been reduced or is strictly limited in most countries. Private insurance and pensions products therefore play ...
Author: Vincent G. Duffy Publisher: Springer Nature ISBN: 3031060180 Category : Computers Languages : en Pages : 476
Book Description
This two-volume set LNCS 1319 and 13320 constitutes the thoroughly refereed proceedings of the 13th International Conference on Digital Human Modeling and Applications in Health, Safety, Ergonomics and Risk Management, DHM 2022, which was held virtually as part of the 24rd HCI International Conference, HCII 2022, in June/July 2022. The total of 1271 papers and 275 poster papers included in the 39 HCII 2022 proceedings volumes was carefully reviewed and selected from 5487 submissions. DHM 2022 includes a total of 56 papers. The first volume focuses on topics related to ergonomic design, anthropometry, and human modeling, as well as collaboration, communication, and human behavior. The second volume focuses on topics related to task analysis, quality and safety in healthcare, as well as occupational health and operations management, and Digital Human Modeling in interactive product and service design.
Author: Evan Lau Publisher: Springer Nature ISBN: 9819919797 Category : Business & Economics Languages : en Pages : 204
Book Description
This book is a compilation of the best papers presented at the 2022 Asia-Pacific Conference on Economics & Finance (APEF), which is held annually in Singapore. With a great number of submissions, it presents the latest research findings in economics and finance and discusses relevant issues in today's world. The book is a useful resource for readers who want access to economics, finance and business research focusing on the Asia-Pacific region.2023 Asia-Pacific Conference on Economics & Finance (APEF) will take place on the 14-15 Dec 2023 in Singapore.
Author: Maarten van Rooij
Author: Maarten van Rooij
Author: Maarten van Rooij
Author: Lans Bovenberg
Author: Raimond Maurer
Author: Onno W. Steenbeek
Author: Joachim Klement
Author: Jacob Bikker
Author: OECD
Author: Vincent G. Duffy
Author: Evan Lau