Asset Allocation Decisions for Public Pension Systems : Theory and Practice

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This research project resulted in a number of published research papers about asset allocation issues for pension funds, and related retirement planning issues. An underlying theme for the research is "goals-based investing" in which pension funds focus on the dynamics of wealth accumulation and withdrawals over long periods of time. The research considered important issues such as the role of international diversification for pension funds in emerging market countries, the role of lifecycle asset allocation strategies that reduce investments in stocks as the retirement date approaches, the characteristics of real-life workers that are relevant to the assumptions used in such studies, and effective withdrawal strategies during the retirement period.