Pension Funds and Financial Innovation

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Zvi Bodie;

Pension funds have played a critical role in the evolution of the markets for debt and equity securities and their derivatives in the U.S. over the last 15 years. The new securities and markets can largely be explained as responses to the investment demands of pension f... View more
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    5see Clark, Allen, and Sumner [1983) for a discussion of these ad hoc increases.

    5For example, see Black [19893, Arnott and Bernstein [1988], and Atbechtsheer [1987]. flfl, U.S. Government Printing Office, Washington D.C., 1989.

    VanDerhei, Jack, and Scott Harrington, "Pension Asset Reversions," Chapter 10 in Turner and Belier, op. cit.

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