The market sensitivity of retirement and defined contribution pensions: Evidence from the public sector
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DOI: 10.1016/j.jpubeco.2016.11.008
Abstract: I provide evidence that defined contribution (DC) pensions make retirement more positively correlated with stock market returns as compared to defined benefits (DB) pensions. To identify the effect, I exploit the U.S. federal government's switch… read more here.
Keywords: retirement; pension; market; evidence ... See more keywords