The Optimal Allocation of Pension Fund Assets
An Individual’s Perspective
DOI:
https://doi.org/10.1016/1057-0810(91)90004-IAbstract
This study asks which assets in individual should hold indirectly in a pension in order to maximize total portfolio return, where the totaI portfolio consists of assets held directly outside of pensions pIus the pro rata share of pension assets. The answer depends upon whether the individual actively or passively manages the nonpension portion of the total portfolio. Most individuals should place high-yield stocks in the pension fund. But active investors should place low-yield growth stocks in the pension, while very passive investors should place bonds in the pension fund. Rei~tatement of capital gains excbon would usually make corporate bonds the optimal pension asset.
Downloads
Downloads
Published
Issue
Section
License
Copyright (c) 1991 JAI Press Inc.
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
Author(s) retain the copyright and full publishing rights without restriction.
Author(s) grant the Journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-NonCommercial 4.0 International License that allows reusers to distribute, remix, adapt, and build upon the material in any medium or format, for noncommercial purposes only. Reusers must acknowledge the work's authorship and initial publication in this Journal.
Noncommercial means not primarily intended for or directed towards commercial advantage or monetary compensation.
In addition, FSR grants to the UGA Libraries a worldwide, non-exclusive license to all content published by the Journal, including metadata, that is necessary to publish, transmit, and index the Journal and to preserve its content over time.
