Economic Liability
- Economic Surplus and Pension Asset Management
Too often Surplus Management minimizes risk without regard to return, and other discussion of the relationship between accounting and actuarial liabilities and investment management.
Author: Richard O. Michaud
Publication: 1989 - Pension Policy and Benchmark Optimization
This article applies benchmark optimization to pension plans, seeking for a deeper understanding of the respective roles of equity and fixed income instruments. Optimal asset allocation is integrated with economic pension liabilities.
Author: Richard O. Michaud
Publication: Investment Management Review 1988 - The Actuarial Interest Rate as an Investment Objective
This article discusses the usefulness of pension plans’ actuarial interest rates, determining that there is little financial meaning or investment significance in actuarial interest rates.
Author: Richard O. Michaud
Publication: Bache. September 13, 1979 - Pension Fund Financial Planning
This article analyzes pension plans in the mid-1970s, setting investment objectives and projecting pension liabilities and cash flow requirements.
Author: Richard O. Michaud
Publication: The Institute for Quantitative Research in Finance. May 5, 1976