Premiums of the Pension Benefit Guarantee Corporation and risk taking by pension plans

被引：2

作者：

Romaniuk, Katarzyna ^{[1
]}

机构：

[1] Xian Jiaotong Liverpool Univ, Int Business Sch Suzhou, Accounting & Finance Dept, 8 Chongwen Rd,Suzhou Ind Pk, Suzhou 215123, Peoples R China

来源：

QUARTERLY REVIEW OF ECONOMICS AND FINANCE | 2019年 / 74卷

关键词：

PBGC; Policy levers; Premium; Defined benefit pension plan; Risk-taking; INSURANCE PREMIUMS; ASSET ALLOCATION; INVESTMENT; VALUATION; FUND; INCENTIVES; OPTION; POLICY; MODEL;

D O I：

10.1016/j.qref.2019.01.003

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper focuses on defining Pension Benefit Guarantee Corporation (PBGC) premiums. We propose an analytical framework to analyze the effect of premium form on risk-taking by sponsoring firms in their pension plans. We show that risk-taking increases (decreases) when a firm's probability of bank ruptcy is superior (inferior) to the sum of the under funding proportion considered in the premium and of the minimum funding requirement parameters, this sum being divided by the level of the guarantee. (c) 2019 Board of Trustees of the University of Illinois. Published by Elsevier Inc. All rights reserved.

引用

页码：301 / 307

页数：7

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