Asset Allocation Decisions for Public Pension Systems : Theory and Practice

这一研究项目导致发表了一些关于养老基金资产配置问题的研究论文，以及相关的退休规划问题。这项研究的一个基本主题是“基于目标的投资”，即养老基金专注于财富积累和长期撤资的动态。这项研究审议了以下重要问题：新兴市场国家养恤基金国际多样化的作用；随着退休日期的临近减少对股票投资的生命周期资产分配战略的作用；与这类研究中使用的假设相关的现实工作人员的特征；以及退休期间的有效撤出战略。

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.