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Show Results For
- All HBS Web
(472)
- People (1)
- News (119)
- Research (305)
- Events (1)
- Multimedia (6)
- Faculty Publications (199)
- November 2018 (Revised December 2018)
- Case
CalSTRS Takes on Gun Violence
By: Vikram S Gandhi and Caitlin Reimers
In Spring of 2018, Chris Ailman, CIO of the $200 billion pension plan for California public school teachers (CalSTRS) was mandated by his board to “prioritize engagement with makers and retailers of firearms in California” following a series of gun-related tragedies in... View Details
Keywords: Pension Funds; Pension Plan; Asset Allocation; Screening; ESG; Gun Violence; Business and Government Relations; Values and Beliefs; Education Industry; California; United States
Gandhi, Vikram S., and Caitlin Reimers. "CalSTRS Takes on Gun Violence." Harvard Business School Case 819-079, November 2018. (Revised December 2018.)
- winter 2006
- Article
Observations on Innovation in Pension Fund Management in the Impending Future
By: Robert C. Merton
- 1986
- Chapter
Promise Them Anything: The Incentive Structures of Local Public Pension Plans
By: Dutch Leonard
Keywords: Compensation and Benefits; Public Sector; Government and Politics; Local Range; Motivation and Incentives
Leonard, Dutch. "Promise Them Anything: The Incentive Structures of Local Public Pension Plans." In Public Sector Payrolls, edited by David A. Wise. Chicago: University of Chicago Press, 1986.
- 1988
- Chapter
Defined Benefit versus Defined Contribution Pension Plans: What are the Real Tradeoffs
By: Zvi Bodie, Alan J. Marcus and Robert C. Merton
Bodie, Zvi, Alan J. Marcus, and Robert C. Merton. "Defined Benefit versus Defined Contribution Pension Plans: What are the Real Tradeoffs." In Pensions in the U.S. Economy, edited by John B. Shoven and David A. Wise. Chicago: University of Chicago Press, 1988.
- 2004
- Working Paper
Do a Firm's Equity Returns Reflect the Risk of Its Pension Plan?
By: Li Jin, Robert C. Merton and Zvi Bodie
Jin, Li, Robert C. Merton, and Zvi Bodie. "Do a Firm's Equity Returns Reflect the Risk of Its Pension Plan?" Harvard Business School Working Paper, No. 05-011, August 2004. (Also NBER Working Paper Series, No. 10650.)
- Article
How will Emerging Markets Shape the Alternative Assets Arena?
By: Roberto Charvel
This article looks at the growth of pensions in Latin America and its future impact in local alternative assets' investments locally and in the developed world. View Details
Keywords: Emerging Economies; Emerging Markets; Pension; Institutional Investments; Alternative Assets; Venture Capital; Private Equity; Entrepreneurship; Financial Services Industry; Latin America
Charvel, Roberto. "How will Emerging Markets Shape the Alternative Assets Arena?" Venture Equity Latin America 10, no. 15 (September 15, 2011).
- July 2006
- Article
Do a Firm's Equity Returns Reflect the Risk of Its Pension Plan?
By: Li Jin, Robert C. Merton and Zvi Bodie
Jin, Li, Robert C. Merton, and Zvi Bodie. "Do a Firm's Equity Returns Reflect the Risk of Its Pension Plan?" Journal of Financial Economics 81, no. 1 (July 2006): 1–26.
- April 2020
- Supplement
Should a Pension Fund Try to Change the World? Inside GPIF's Embrace of ESG
Henderson, Rebecca. "Should a Pension Fund Try to Change the World? Inside GPIF's Embrace of ESG." Harvard Business School Multimedia/Video Supplement 320-704, April 2020.
- December 2017
- Teaching Note
Vicki Fuller: Chief Investment Officer of New York State's $150+ Billion Employee Pension Fund
By: Steven Rogers and Valerie Mosley
Teaching Note for HBS No. 317-044. View Details
- February 2019 (Revised March 2019)
- Case
Banorte and the Capital Call Facility: Infrastructure Finance in Mexico
By: John D. Macomber, Carla Larangeira and Fernanda Miguel
As a result of Mexico´s pension industry deregulation, pension funds were able to invest in energy and infrastructure projects through a variety of financial instruments, particularly through Capital Development Certificates (CKDs), an asset class that served as a... View Details
Keywords: Financial Products; Fund Management; Capital Call Facility; Pension Funds; Infrastructure; Energy; Finance; Decision Making; Investment Funds; Financial Instruments; North America; Mexico
Macomber, John D., Carla Larangeira, and Fernanda Miguel. "Banorte and the Capital Call Facility: Infrastructure Finance in Mexico." Harvard Business School Case 219-049, February 2019. (Revised March 2019.)
- 2010
- Chapter
Public Policy and Saving for Retirement: The 'Autosave' Features of the Pension Protection Act of 2006
By: John Beshears, James J. Choi, David Laibson, Brigitte C. Madrian and Brian Weller
Beshears, John, James J. Choi, David Laibson, Brigitte C. Madrian, and Brian Weller. "Public Policy and Saving for Retirement: The 'Autosave' Features of the Pension Protection Act of 2006." In Better Living through Economics, edited by John J. Siegfried, 274–290. Cambridge: Harvard University Press, 2010.
- August 2014
- Article
What Makes Annuitization More Appealing?
By: John Beshears, James J. Choi, David Laibson, Brigitte C. Madrian and Stephen P. Zeldes
We conduct and analyze two large surveys of hypothetical annuitization choices. We find that allowing individuals to annuitize a fraction of their wealth increases annuitization relative to a situation where annuitization is an "all or nothing" decision. Very few... View Details
Beshears, John, James J. Choi, David Laibson, Brigitte C. Madrian, and Stephen P. Zeldes. "What Makes Annuitization More Appealing?" Special Issue on NBER Pensions. Journal of Public Economics 116 (August 2014): 2–16.
- 2020
- Working Paper
How Do Private Equity Fees Vary Across Public Pensions?
By: Juliane Begenau and Emil Siriwardane
We study how investment fees vary within private-capital funds. Net-of-fee return clustering suggests that most funds have two tiers of fees, and we decompose differences across tiers into both management and performance-based fees. Managers of venture capital funds... View Details
Keywords: Pension Funds; Fee Dispersion; Search And Negotiation Frictions; Private Equity; Investment Funds
Begenau, Juliane, and Emil Siriwardane. "How Do Private Equity Fees Vary Across Public Pensions?" Harvard Business School Working Paper, No. 20-073, January 2020. (This working paper has been subsumed by the published paper "Fee Variation in Private Equity." Please see the final version of this paper under "Journal Articles.")
- June 2022
- Case
PFA Pensions: The Climate Plus Product
By: Daniel Green, Victoria Ivashina and Alys Ferragamo
The case explores whether alternative investments play a unique role in achieving low carbon dioxide emissions at the portfolio level. This case is set in April of 2020 and follows Kasper Ahrndt Lorenzen, Chief Investment Officer, and Peter Tind Larsen, Head of... View Details
Keywords: Carbon Emissions; Carbon Footprint; Alternative Assets; Alternative Investment Vehicles; Pension Fund Investing; Private Equity; Renewable Energy; Investment Portfolio; Corporate Social Responsibility and Impact; Environmental Sustainability; Denmark
Green, Daniel, Victoria Ivashina, and Alys Ferragamo. "PFA Pensions: The Climate Plus Product." Harvard Business School Case 222-088, June 2022.
- April 2024
- Article
Fee Variation in Private Equity
By: Juliane Begenau and Emil N. Siriwardane
We study how investment fees vary within private-capital funds. Net-of-fee return clustering suggests that most funds have two tiers of fees, and we decompose differences across tiers into both management and performance-based fees. Managers of venture capital funds... View Details
Keywords: Pension Funds; Fee Dispersion; Search And Negotiation Frictions; Private Equity; Investment Funds
Begenau, Juliane, and Emil N. Siriwardane. "Fee Variation in Private Equity." Journal of Finance 79, no. 2 (April 2024): 1199–1247.
- July 2003 (Revised December 2003)
- Case
Investment Policy at New England Healthcare
By: Jay O. Light, Luis M. Viceira and Akiko M. Mitsui
The Investment Committee of New England Healthcare must decide how to invest three long-term investment pools: a long-term, endowment-type fund and two pension plans. In particular, the committee is evaluating whether the two pension funds--one is a "final salary"... View Details
Keywords: Decisions; Asset Management; Investment; Investment Portfolio; Policy; Taxation; Health Industry; England
Light, Jay O., Luis M. Viceira, and Akiko M. Mitsui. "Investment Policy at New England Healthcare." Harvard Business School Case 204-018, July 2003. (Revised December 2003.)
- November 1999 (Revised April 2002)
- Case
International Business Machines Corporation (B)
By: David F. Hawkins
IBM changes pension plan from a defined benefit plan to a cash-balance plan. Teaching purpose: To understand pension accounting. View Details
Keywords: Business or Company Management; Transformation; Business Earnings; Private Sector; Personal Finance; Cash; Information Infrastructure; Taxation; Computer Industry; Accounting Industry
Hawkins, David F. "International Business Machines Corporation (B)." Harvard Business School Case 100-033, November 1999. (Revised April 2002.)
Nori Gerardo Lietz
Nori Gerardo Lietz is a Senior Lecturer of Business Administration in the Finance and Entrepreneurial Management Units. She presently teaches Real Estate Private Equity and Starting a Private Investment Firm.
Nori Gerardo Lietz is the founder of Areté... View Details
- December 2007
- Article
Applying Modern Risk Management to Equity and Credit Analysis
By: Robert C. Merton
Traditional conventions of accounting and actuarial science distort the valuation of capital risk in corporations with pension plans because under these conventions, pension assets and liabilities are not included in balance sheet calculations. The modern risk... View Details
Keywords: Risk Management; Valuation; Financial Reporting; Decision Making; Credit; Financial Statements; Capital; Equity; Compensation and Benefits
Merton, Robert C. "Applying Modern Risk Management to Equity and Credit Analysis." CFA Institute Conference Proceedings Quarterly 24 (December 2007): 14–22.