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Life Cycle Investing and Occupational Old-Age Provision in SwitzerlandLife Cycle Investing and Occupational Old-Age Provision in Switzerland
Life Cycle Investing and Occupational Old-Age Provision in Switzerland
Autor: Zainhofer, Florian

Life Cycle Investing and Occupational Old-Age Provision in Switzerland

2008. XXI, 279 pp. with 41 Fig. and 25 Tab. Soft cover
ISBN: 978-3-8349-1087-5

69,95 €
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Das Buch
Swiss economists have proposed to individualize the funded second pillar of the Swiss retirement provision system (BVG) by granting employees flexibility with respect to the contribution rate and risky asset share in their accounts. Opponents have stressed that such a reform would transfer the investment risk from pension funds to financially illiterate employees and thus imply a welfare loss.
Florian Zainhofer uses the theory of life cycle investing, i.e. how we should optimally choose our savings rate and risky asset share throughout our lives, as a framework to study the implications of a potential BVG individualization. Following an introduction on the Swiss system of old-age provision, the author reviews recent life cycle models of portfolio choice and covers their numerical solution algorithms in depth. He presents an empirical analysis of Swiss workers’ earnings dynamics since these are important determinants of life cycle investment behavior. To further investigate the implications of a flexible contribution rate and risky asset share in the mandatory BVG, the author proposes a model adapted to Swiss conditions and parameterized with the estimated earnings dynamics.
Aus dem Inhalt
Individualization of occupational old-age provision in Switzerland (BVG), life cycle models of portfolio choice with solution approaches and numerical algorithms, empirical analysis of Swiss workers’ earnings dynamics, illustration of optimal life cycle portfolio choice for stylized Swiss investors, welfare analysis of potential BVG individualization
Zielgruppe
Pensionskassen (BVG) Schweiz, Finanzinstitute, Financial Planners; Dozenten und Studenten der Betriebs- und Volkswirtschaftslehre mit dem Schwerpunkt Financial Economics
Autor | Herausgeber
Dr. Florian Zainhofer promovierte bei Prof. Dr. Martin Wallmeier am Lehrstuhl für Finanzmanagement der Université de Fribourg, Schweiz.
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