Pension Fund Investment Policy

Pension Fund Investment Policy
Author: Zvi Bodie
Publsiher: Unknown
Total Pages: 26
Release: 1988
Genre: Aging
ISBN: IND:30000113459949

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The purpose of this paper is to survey what is known about the investment policy of pension funds. Pension fund investment policy depends critically on the type of plan: defined contribution versus defined benefit. For defined contribution plans investment policy is not much different than it is for an individual deciding how to invest the money in an Individual Retirement Account (IRA). The guiding principle is efficient diversification, that is, achieving the maximum expected return for any given level of risk exposure. The special feature is the fact that investment earnings are not taxed as long as the money is held in the pension fund. This consideration should cause the investor to tilt the asset mix of the pension fund towards the least tax-advantaged securities such as corporate bonds. For defined benefit plans the practitioner literature seems to advocate immunization strategies to hedge benefits owed to retired employees and portfolio insurance strategies to hedge benefits accruing to active employees. Academic research into the theory of optimal funding and asset allocation rules for corporate defined benefit plans concludes that if their objective is shareholder wealth maximization then these plans should pursue extreme policies. For healthy plans, the optimum is full funding and investment exclusively in taxable fixed-income securities. For very underfunded plans, the optimum is minimum funding and investment in the riskiest assets. Empirical research so far has failed to decisively confirm or reject the predictions of this theory of corporate pension policy. Recent rule changes adopted by the Financial Accounting Standards Board regarding corporate reporting of defined benefit plan assets and liabilities may lead to a significant shift into fixed-income securities. The recent introduction of price-level indexed securities in u.s. financial markets may lead to significant changes in pension fund asset allocation. By giving plan sponsors a simple way to hedge inflation risk, these securities make it possible to offer plan participants inflation protection both before and after retirement.

China s Treaty Policy and Practice in International Investment Law and Arbitration

China s Treaty Policy and Practice in International Investment Law and Arbitration
Author: G. Matteo Vaccaro-Incisa
Publsiher: BRILL
Total Pages: 440
Release: 2021-04-26
Genre: Law
ISBN: 9789004443938

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With his comparative and analytical review of China's treaty policy and practice in international investment law, Vaccaro-Incisa draws the most detailed, comprehensive, effective, and objective work ever published on this subject.

Trade and Investment Policy

Trade and Investment Policy
Author: Thomas L. Brewer
Publsiher: Edward Elgar Pub
Total Pages: 490
Release: 1999
Genre: Business & Economics
ISBN: UCSD:31822033402736

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This two-volume set collects previously published journal articles and book excerpts to provide an extensive array of readings in the economics and politics of international trade and investment policy. Volume I (25 articles) discusses policy in the context of globalization, theory, firms' strategies, governments' policies, and domestic politics. Volume II (22 articles) covers multilateral institutions and agreements, regional institutions and agreements, and inter-policy linkages. Brewer is the editor of the Journal of International Business Studies, Georgetown U. Business School. There is no subject index. Annotation copyrighted by Book News, Inc., Portland, OR

Investment Policy Analysis and the Nigerian Economic System

Investment Policy Analysis and the Nigerian Economic System
Author: Nwabueze H. Achime
Publsiher: Unknown
Total Pages: 347
Release: 1996
Genre: Investments, Foreign
ISBN: STANFORD:36105070607705

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OECD Investment Policy Reviews OECD Investment Policy Reviews China 2006

OECD Investment Policy Reviews OECD Investment Policy Reviews  China 2006
Author: OECD Publishing,Organisation for Economic Co-operation and Development,Organisation for Economic Co-operation and Development (OECD) Staff
Publsiher: OECD
Total Pages: 92
Release: 2006-04-21
Genre: Business & Economics
ISBN: STANFORD:36105122272045

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China has become one of the world's leading destinations for foreign direct investment (FDI). However, while cross-border mergers and acquisitions (M&A) have become the dominant form of global FDI flows, they remain a relatively small part of FDI flows into China. Cross-border M&A can play an important part in the restructuring of state-owned industries, especially in China's old industrial heartland in the North East. The Chinese government has enacted legislation to open the economy to cross-border M&A but the regulatory framework could be more open and transparent. In reviewing developments since 2003, the Investment Policy review of China 2006 evaluates the progress made in developing an effective institutional framework for cross-border M&A in China, takes stock of remaining obstacles, and offers policy options to address them. This review is part of the OECD's ongoing co-operation with non-member economies around the world.

Welfare Reform and Social Investment Policy

Welfare Reform and Social Investment Policy
Author: Jun Choi, Young,Fleckenstein, Timo
Publsiher: Policy Press
Total Pages: 288
Release: 2021-02-26
Genre: Political Science
ISBN: 9781447352761

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Social investment policies have enjoyed prominence during recent welfare reforms across the OECD world, and yet there is insufficient long-term strategy for their success. Reviewing labour market, family and education policies, this edited collection analyses the emergence of social investment policies in both Europe and East Asia. Adopting a life course perspective and examining both public and private investments, this book addresses key contemporary policy issues including care, learning, work, social mobility and inequalities. Providing original observations, this seminal text explores the roads and barriers towards effective social investment policies, derives practical social policy implications and highlights important lessons for future policymaking.

Middle East and North Africa Investment Policy Perspectives

Middle East and North Africa Investment Policy Perspectives
Author: OECD
Publsiher: OECD Publishing
Total Pages: 240
Release: 2021-03-30
Genre: Electronic Book
ISBN: 9789264473041

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Middle East and North Africa Investment Policy Perspectives highlights the considerable progress in investment policies made by the region’s governments over the past decade. Yet, the reform momentum needs to be sustained and deepened for the benefits of investment to be shared with society at large and for growth to be sustainable, particularly in the context of the COVID-19 pandemic and resulting global economic upheaval.

OECD Investment Policy Reviews China 2006 Open Policies towards Mergers and Acquisitions

OECD Investment Policy Reviews  China 2006 Open Policies towards Mergers and Acquisitions
Author: OECD
Publsiher: OECD Publishing
Total Pages: 61
Release: 2006-04-17
Genre: Electronic Book
ISBN: 9789264021945

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In reviewing developments since 2003, the this review evaluates the progress made in developing an effective institutional framework for cross-border M&A in China, takes stock of remaining obstacles, and offers policy options to address them.

OECD Investment Policy Reviews Nigeria 2015

OECD Investment Policy Reviews  Nigeria 2015
Author: OECD
Publsiher: OECD Publishing
Total Pages: 312
Release: 2015-05-21
Genre: Electronic Book
ISBN: 9789264208407

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This Investment Policy Review examines Nigeria’s investment policies in light of the OECD Policy Framework for Investment (PFI), a tool to mobilise investment in support of economic growth and sustainable development.

OECD Investment Policy Reviews Mozambique 2013

OECD Investment Policy Reviews  Mozambique 2013
Author: OECD
Publsiher: OECD Publishing
Total Pages: 156
Release: 2013-11-13
Genre: Electronic Book
ISBN: 9789264203310

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OECD's comprehensive review of investment policy in Mozambique. After a country overview, this report examines investment policy, investment promotion and facilitation as well as infrastructure in Mozambique.

OECD Investment Policy Reviews Kazakhstan 2012

OECD Investment Policy Reviews  Kazakhstan 2012
Author: OECD
Publsiher: OECD Publishing
Total Pages: 136
Release: 2012-04-10
Genre: Electronic Book
ISBN: 9789264121812

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This review assesses Kazakhstan's ability to comply with the principles of liberalisation, transparency and non-discrimination and to bring its investment policy closer to recognised international standards such as the OECD Declaration on International Investment and Multinational Enterprises.

OECD Investment Policy Reviews Russian Federation 2008 Strengthening the Policy Framework for Investment

OECD Investment Policy Reviews  Russian Federation 2008 Strengthening the Policy Framework for Investment
Author: OECD
Publsiher: OECD Publishing
Total Pages: 88
Release: 2008-08-20
Genre: Electronic Book
ISBN: 9789264045989

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Reviews recent trends in international investment and related policy in Russia and, in a special chapter, addresses policies critical for coping with the country's huge energy investment needs.

OECD Investment Policy Reviews Ukraine 2016

OECD Investment Policy Reviews  Ukraine 2016
Author: OECD
Publsiher: OECD Publishing
Total Pages: 224
Release: 2016-09-27
Genre: Electronic Book
ISBN: 9789264257368

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This review, which was prepared in close co-operation with the Ukrainian authorities, analyses Ukraine’s general framework for investment, as well as recent reforms, and shows where further efforts are necessary.

OECD Investment Policy Reviews Uruguay

OECD Investment Policy Reviews  Uruguay
Author: OECD
Publsiher: OECD Publishing
Total Pages: 225
Release: 2021-07-12
Genre: Electronic Book
ISBN: 9789264489455

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In July 2020, the Investment Committee recommended to Council to invite Uruguay to become the 50th adherent to the OECD Declaration on International Investment and Multinational Enterprises. This OECD Investment Policy Review of Uruguay documents the progress made in recent years to align investment policies with the national development strategy in pursuit of the Sustainable Development Goals (SDGs).

OECD Investment Policy Reviews Indonesia 2010

OECD Investment Policy Reviews  Indonesia 2010
Author: OECD
Publsiher: OECD Publishing
Total Pages: 252
Release: 2010-11-01
Genre: Electronic Book
ISBN: 9789264087019

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OECD Investment Policy Reviews: Indonesia charts Indonesia’s progress in developing an effective policy framework to promote investment for development.