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Discussion: A Normative Approach to Pension Fund Management

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  • Keenan, Michael

Abstract

The paper by Frankfurter and Hill is an interesting contribution to our understanding of the interrelationship between funding and portfolio investment decisions in pension fund management. This research summary is written with grea clarity, and the first three sections will be must reading for anyone doing serious work on the theory of corporate pension fund management. The reader would be well advised to go ahead and read the fourth section (“a numerical demonstration†) as well, for there theauthors clearly demonstrate both the power and serious weaknesses of a linear programming approach to this multiperiod, fixed horizon problem.

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  • Keenan, Michael, 1981. "Discussion: A Normative Approach to Pension Fund Management," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 16(4), pages 557-558, November.
    • Handle: RePEc:cup:jfinqa:v:16:y:1981:i:04:p:557-558_00
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    Cited by:

    1. Thomas H. Beechy, 2009. "The Many Challenges of Pension Accounting," Accounting Perspectives, John Wiley & Sons, vol. 8(2), pages 91-111, May.

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