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Saving and investing over the life cycle and the role of collective pension funds

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Author Info

  • Bovenberg, A.L.

    (Tilburg University)

  • Koijen, R.S.J.

    (Tilburg University)

  • Nijman, T.E.

    (Tilburg University)

  • Teulings, C.N.

    (Tilburg University)

Abstract

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Bibliographic Info

Paper provided by Tilburg University in its series Open Access publications from Tilburg University with number urn:nbn:nl:ui:12-301942.

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Date of creation: 2007
Date of revision:
Publication status: Published in De Economist (2007) v.155, p.347-415
Handle: RePEc:ner:tilbur:urn:nbn:nl:ui:12-301942

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Web page: http://www.tilburguniversity.edu/

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References

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  1. Antonios Sangvinatsos & Jessica A. Wachter, 2003. "Does the Failure of the Expectations Hypothesis Matter for Long-Term Investors," NBER Working Papers 10086, National Bureau of Economic Research, Inc.
  2. Martin Lettau & Stijn Van Nieuwerburgh, 2006. "Reconciling the Return Predictability Evidence," 2006 Meeting Papers, Society for Economic Dynamics 29, Society for Economic Dynamics.
  3. Coen Teulings & Casper Vries, 2006. "Generational Accounting, Solidarity and Pension Losses," De Economist, Springer, Springer, vol. 154(1), pages 63-83, 03.
  4. Luigi Guiso & Tullio Jappelli, 2003. "Awareness and Stock Market Participation," CSEF Working Papers, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy 110, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy, revised 01 Jun 2004.
  5. Bodie, Zvi & Merton, Robert C. & Samuelson, William F., 1992. "Labor supply flexibility and portfolio choice in a life cycle model," Journal of Economic Dynamics and Control, Elsevier, Elsevier, vol. 16(3-4), pages 427-449.
  6. M.C.J. van Rooij & C.J.M. Kool & H.M. Prast, 2005. "Risk-return preferences in the pension domain: are people able to choose?," Working Papers, Utrecht School of Economics 05-04, Utrecht School of Economics.
  7. Kortleve, N. & Ponds , E.H.M., 2006. "Pension deals and value-based ALM," Open Access publications from Tilburg University, Tilburg University urn:nbn:nl:ui:12-348156, Tilburg University.
  8. Campbell, John & Yogo, Motohiro, 2006. "Efficient tests of stock return predictability," Scholarly Articles 3122601, Harvard University Department of Economics.
  9. Abowd, John M & Card, David, 1989. "On the Covariance Structure of Earnings and Hours Changes," Econometrica, Econometric Society, Econometric Society, vol. 57(2), pages 411-45, March.
  10. David I. Laibson & Andrea Repetto & Jeremy Tobacman, 1998. "Self-Control and Saving for Retirement," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(1), pages 91-196.
  11. Arjan B. Berkelaar & Roy Kouwenberg & Thierry Post, 2004. "Optimal Portfolio Choice under Loss Aversion," The Review of Economics and Statistics, MIT Press, vol. 86(4), pages 973-987, November.
  12. Amy Finkelstein & James Poterba & Casey Rothschild, 2006. "Redistribution by Insurance Market Regulation: Analyzing a Ban on Gender-Based Retirement Annuities," NBER Working Papers 12205, National Bureau of Economic Research, Inc.
  13. Haliassos, Michael & Bertaut, Carol C, 1995. "Why Do So Few Hold Stocks?," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 105(432), pages 1110-29, September.
  14. Ralph S. J. Koijen & Theo E. Nijman & Bas J. M. Werker, 2010. "When Can Life Cycle Investors Benefit from Time-Varying Bond Risk Premia?," Review of Financial Studies, Society for Financial Studies, Society for Financial Studies, vol. 23(2), pages 741-780, February.
  15. Martin Browning & Thomas F. Crossley, 2001. "The lifecycle model of consumption and saving," IFS Working Papers, Institute for Fiscal Studies W01/15, Institute for Fiscal Studies.
  16. John Ameriks & Andrew Caplin & John Leahy, 2003. "Wealth Accumulation And The Propensity To Plan," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 118(3), pages 1007-1047, August.
  17. Hoevenaars, J. & Ponds, E.H.M., 2008. "Valuation of intergenerational transfers in collective funded pension schemes," Open Access publications from Tilburg University, Tilburg University urn:nbn:nl:ui:12-3129587, Tilburg University.
  18. Hoevenaars, Roy P.M.M. & Ponds, Eduard H.M., 2008. "Valuation of intergenerational transfers in funded collective pension schemes," Insurance: Mathematics and Economics, Elsevier, vol. 42(2), pages 578-593, April.
  19. Andrew Ang & Geert Bekaert, 2001. "Stock Return Predictability: Is it There?," NBER Working Papers 8207, National Bureau of Economic Research, Inc.
  20. Huberman, Gur, 2001. "Familiarity Breeds Investment," Review of Financial Studies, Society for Financial Studies, Society for Financial Studies, vol. 14(3), pages 659-80.
  21. Alma Cohen & Liran Einav, 2005. "Estimating Risk Preferences from Deductible Choice," Discussion Papers, Stanford Institute for Economic Policy Research 04-031, Stanford Institute for Economic Policy Research.
  22. Jeffrey Brown, 2002. "Differential Mortality and the Value of Individual Account Retirement Annuities," NBER Chapters, National Bureau of Economic Research, Inc, in: The Distributional Aspects of Social Security and Social Security Reform, pages 401-446 National Bureau of Economic Research, Inc.
  23. Jeffrey R. Brown & Olivia S. Mitchell & James M. Poterba, 1999. "The Role of Real Annuities and Indexed Bonds in an Individual Accounts Retirement Program," Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania 99-18, Wharton School Center for Financial Institutions, University of Pennsylvania.
  24. Koijen, R.S.J. & Nijman, T.E. & Werker, B.J.M., 2006. "Optimal Portfolio Choice with Annuitization," Discussion Paper, Tilburg University, Center for Economic Research 2006-78, Tilburg University, Center for Economic Research.
  25. Gomes, Francisco J & Michaelides, Alexander, 2003. "Portfolio Choice with Internal Habit Formation: A Life-Cycle Model with Uninsurable Labour Income Risk," CEPR Discussion Papers, C.E.P.R. Discussion Papers 3868, C.E.P.R. Discussion Papers.
  26. Munk, Claus & Sørensen, Carsten, 2010. "Dynamic asset allocation with stochastic income and interest rates," Journal of Financial Economics, Elsevier, Elsevier, vol. 96(3), pages 433-462, June.
  27. James J. Choi & David Laibson & Brigitte C. Madrian, 2005. "$100 Bills on the Sidewalk: Suboptimal Saving in 401(k) Plans," Levine's Bibliography 784828000000000649, UCLA Department of Economics.
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Citations

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Cited by:
  1. Beetsma, Roel M.W.J. & Romp, Ward E. & Vos, Siert J., 2012. "Voluntary participation and intergenerational risk sharing in a funded pension system," European Economic Review, Elsevier, Elsevier, vol. 56(6), pages 1310-1324.
  2. Coen Teulings, 2010. "How to Share Our Risks Efficiently? Principles for Optimal Social Insurance and Pension Provision," De Economist, Springer, Springer, vol. 158(1), pages 1-21, April.
  3. Maarten C.J. van Rooij & Annamaria Lusardi & Rob J.M. Alessie, 2012. "Financial Literacy, Retirement Planning and Household Wealth," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 122(560), pages 449-478, 05.
  4. Zvi Bodie & J�r�me Detemple & Marcel Rindisbacher, 2009. "Life-Cycle Finance and the Design of Pension Plans," Annual Review of Financial Economics, Annual Reviews, Annual Reviews, vol. 1(1), pages 249-286, November.
  5. Jacob A. Bikker & Dirk W.G.A. Broeders & David A. Hollanders & Eduard H.M. Ponds, 2009. "Pension funds' asset allocation and participant age: a test of the life-cycle model," DNB Working Papers, Netherlands Central Bank, Research Department 223, Netherlands Central Bank, Research Department.
  6. Casper Ewijk, 2009. "Credit Crisis and Dutch Pension Funds: Who Bears the Shock?," De Economist, Springer, Springer, vol. 157(3), pages 337-351, September.
  7. Jakob Bikker & Thijs Knaap & Ward Romp, 2011. "Real Pension Rights as a Control Mechanism for Pension Fund Solvency," DNB Working Papers, Netherlands Central Bank, Research Department 311, Netherlands Central Bank, Research Department.
  8. Peeters, Marga, 2011. "“Better Safe than Sorry” - Individual Risk-free Pension Schemes in the European Union - Macroeconomic Benefits, the Mobile Working Citizen’s Perspective and Why Nots," MPRA Paper 33571, University Library of Munich, Germany.
  9. Hans Fehr, 2009. "Computable Stochastic Equilibrium Models and Their Use in Pension- and Ageing Research," De Economist, Springer, Springer, vol. 157(4), pages 359-416, December.
  10. Mehlkopf, R.J., 2011. "Risk sharing with the unborn," Open Access publications from Tilburg University, Tilburg University urn:nbn:nl:ui:12-4960700, Tilburg University.
  11. Sánchez Martín, A. & Jiménez Martín, S. & Robalino, D. & Todeschini, F., 2012. "Labor Income and the Design of Default Portfolios in Mandatory Pension Systems: An Application to Chile," Working Papers 2012-04, FEDEA.
  12. Marga Peeters, 2012. "Better Safe than Sorry - Individual Risk-free Pension Schemes in the European Union," Contemporary Economics, University of Finance and Management in Warsaw, University of Finance and Management in Warsaw, vol. 6(3), September.
  13. Dalen, H.P. van & Henkens, K. & Hershey, D.A., 2008. "Are Pension Savings sufficient? Perceptions and Expectations of American and Dutch Workers," Discussion Paper, Tilburg University, Center for Economic Research 2008-58, Tilburg University, Center for Economic Research.

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