Title Aging, asset allocation, and costs : evidence for the pension fund industry in Switzerland / prepared by David S. Gerber and René Weber

Published [Washington, D.C.] : International Monetary Fund, 2007

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Description 1 online resource (27 pages) : illustrations Series IMF working paper ; WP/07/29. Summary This paper focuses on the nexus between pension funds' balance sheet liabilities, reflecting their age profile and payments obligations, and the investment behavior and costs of these funds. The context of the analysis is the stringent regulatory framework and the highly fragmented and heterogeneous pension fund landscape in Switzerland. Detailed data from the Swiss Pension Statistic are analyzed using multivariate OLS-regressions. The evidence shows that a younger age structure and lower short-term benefits payouts are related to a higher share of equities and lower real estate holdings. Legal form, pension plan type, and size are important for administrative costs. The findings support the view that aging may lead to increased risk aversion and thus to a lower engagement of institutional investors in equities Bibliography Includes bibliographical references (pages 26-27) Notes Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL Print version record Subject Pension trusts -- Switzerland -- Finance Old age pensions -- Switzerland -- Finance Aging -- Economic aspects -- Switzerland Pension trusts -- Switzerland Pension trusts Aging -- Economic aspects Old age pensions -- Finance Pension trusts -- Finance Switzerland Form Electronic book Author Weber, René, 1965- author. International Monetary Fund. Office of the Executive Director. ISBN 1282392263 9781282392267

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