Pension Funds and Urban Investment: Four Models of Financial Intermediation

1997 ◽  
Vol 29 (7) ◽  
pp. 1297-1316 ◽  
Author(s):  
G L Clark
Keyword(s):  
Financial Markets ◽  
Asset Allocation ◽  
Imperfect Information ◽  
Pension Funds ◽  
Public And Private ◽  
Role Of Government ◽  
Proper Role ◽  
Current State ◽  
Fund Investment ◽  
Near Future

It has been often suggested that public and private pension funds should be, and could be, mobilised to invest in urban infrastructure, housing, and community development. In fact, given the apparent decline in government funding of such areas of concern, it has been suggested that pension funds may be the only ‘new’ sources of finance in the near future. In this paper, I assess the current state of play in the pension fund investment management industry, noting the conservatism of many fund trustees with respect to alternative investment products (AIPs) as well as noting that standard models of asset allocation hardly ever allocate significant resources to such products. It is argued that the rate of adoption and the level of funding of AIPs depend upon solutions to two basic interrelated problems associated with AIPs: the high costs of imperfect information and the lack of adequate measures of product providers' veracity. A set of four institutional solutions to these problems are reviewed, with a focus put upon the design and implementation of AIPs in relation to conventional financial markets. This leads to a consideration of the proper role of government policy with respect to AIPs and the long-term potential of AIPs with respect to product innovation in financial markets in general.

Actuaries, Pension Funds and Investment

1992 ◽  
Vol 43 ◽  
pp. 125-166
Author(s):  
T. G. Arthur ◽  
P. A. Randall
Keyword(s):  
Decision Making ◽  
Asset Allocation ◽  
Performance Monitoring ◽  
Pension Fund ◽  
Pension Funds ◽  
Investment Performance ◽  
Institutional Investment ◽  
Fund Investment

AbstractThe authors discuss the investment of pension and other institutional funds, stressing a theme of investing to meet liabilities. Their aim is to stimulate debate by actuaries and the investment community, leading to the development of better approaches to pension fund investment and its monitoring.The first part of the paper considers the matching of assets to liabilities, concentrating on a major principle applicable to actuarial valuations where assets and liabilities are mismatched.The paper goes on to consider principles of institutional investment and includes discussions of the meaning and measurement of risk, the setting of investment objectives, decision-making, asset allocation and investment performance monitoring.

Actuaries, pension funds and investment

1990 ◽  
Vol 117 (1) ◽  
pp. 1-49 ◽  
Author(s):  
T. G. Arthur ◽  
P. A. Randall
Keyword(s):  
Decision Making ◽  
Asset Allocation ◽  
Performance Monitoring ◽  
Pension Fund ◽  
Pension Funds ◽  
Investment Performance ◽  
Institutional Investment ◽  
Fund Investment

AbstractThe authors discuss the investment of pension and other institutional funds. stressing a theme of investing to meet liabilities. Their aim is to stimulate debate by actuaries and the investment community, leading to the development of better approaches to pension fund investment and its monitoring.The first part of the paper considers the matching of assets to liabilities, concentrating on a major principle applicable to actuarial valuations where assets and liabilities are mismatched.The paper goes on to consider principles of institutional investment and includes discussions of the meaning and measurement of risk, the setting of investment objectives, decision-making, asset allocation and investment performance monitoring.

scholarly journals A decision model on the repair and maintenance of shipping containers

2020 ◽  
Vol 5 (1) ◽  
Author(s):  
Niclas Hoffmann ◽  
Robert Stahlbock ◽  
Stefan Voß
Keyword(s):  
Decision Model ◽  
Individual Decision ◽  
Microsoft Excel ◽  
Current State ◽  
Repair Costs ◽  
Transport Chain ◽  
Shipping Containers ◽  
Logistic Chain ◽  
Safe Transport ◽  
Near Future

Abstract The use of shipping containers for the transport of goods has become indispensable and a crucial factor for globalization by providing inexpensive and safe transport opportunities. It is expected that the number of globally operating containers will increase in the near future. Despite a high technical modernisation of the logistic chain, the container still faces a risk of damage at any time and any place within the transport chain. In principle, a container is taken out of service, when a damage is recognized. Different causes of damage exist and various types of damage could occur to the container, ranging from minor to substantial major ones that do not permit the continued proper use of the container. Thus, an individual decision on repair and maintenance (R&M) for each damaged container is necessary. Aside from technical aspects, it has to be decided from an economical perspective whether a repair should be performed. A profound decision should consider various criteria like, e.g., repair costs, lifespan of the container, future yields and possible sales price. Based on a regulatory, practical, and scientific view, this paper proposes a multi-criteria decision model for the economic decision on the R&M of a damaged container. Implemented in Microsoft Excel, this decision model is easily applicable. The user can deduce a first (limited) guidance for dealing with a respective damaged container based on its current state and general market conditions.

Product Data Management Systems: State-of-the-Art and the Future

1997 ◽  
Author(s):  
Taner Bilgiç ◽  
Dennis Rock
Keyword(s):  
Data Management ◽  
State Of The Art ◽  
Product Data Management ◽  
Management Systems ◽  
Systems Management ◽  
Engineering Project ◽  
Product Data ◽  
Current State ◽  
Functional Representation ◽  
Near Future

Abstract We survey the current state-of-the-art in (commercial) Product Data Management (PDM) systems. After identifying the major functions of PDM systems, we indicate various shortcomings of the current PDM technology. An important shortcoming is in the representation and use of functions. We review the functional representation literature in the context of PDM technology. Systems management aspects of an engineering project is also commented on. We believe these two areas are the next two challenges awaiting PDM technology in the near future.

Economic Issues in Child-Care Policy

PEDIATRICS ◽  
1994 ◽  
Vol 94 (6) ◽  
pp. 1083-1084
Author(s):  
Barbara R. Bergmann
Keyword(s):  
Child Care ◽  
Point Of View ◽  
Child Care Policy ◽  
Care Policy ◽  
Role Of Government ◽  
Proper Role ◽  
The Government ◽  
American Children ◽  
Economic Functioning ◽  
Child Care Facilities

There are four important, interrelated issues in child-care policy, on which economists can make contributions. One is the adequacy of the supply of "affordable" child care. A second is the proper role of government, if any, in providing or paying for child care. A third is whether the public could afford to have the government provide child care, assuming that such provision was deemed appropriate and desirable. A fourth is the standards of quality that should be mandated by the government for federal or private-sector child-care facilities. The standard literature tends to be scant on all of these topics.1,2 Economists are seldom unanimous in their opinions, and they certainly do not agree on child-care issues. The now-sizeable school of economists led by Milton Friedman, whose members have staffed the administrations of the last two US presidents, believe that, with very few exceptions, government interventions into the economic functioning of the citizens and their businesses are pernicious. Economists faithful to this tradition argue that parents should buy child care out of their own incomes from nongovernmental providers and that those providers should be regulated minimally if at all. An opposing point of view is that child care is different in important ways from such commodities as shoes and strawberries. Children are the direct consumers of child care, and government intervention in protection of their interests is justified because they lack abilities that can be assumed to reside in the usual participants in the economy. Further, child care provided by or subsidized by government is an indispensable ingredient of any program aimed at bringing about the rescue of the 20% of American children who are officially designated as poor, who are living in conditions that should not be tolerated by a rich and civilized country.1

scholarly journals A comparison of retirement saving using discretionary investment and Regulation 28

2018 ◽  
Vol 21 (1) ◽  
Author(s):  
Gizelle D. Willows ◽  
Thomas Burgers ◽  
Darron West
Keyword(s):  
South Africa ◽  
South African ◽  
Asset Allocation ◽  
Pension Funds ◽  
Investment Risk ◽  
Retirement Savings ◽  
Primary Reason ◽  
Risk And Return ◽  
Retirement Saving ◽  
Retirement Fund

Background: There is growing uncertainty in global society with regard to how retirement savings should be approached. The primary reason for this is that most societies do not save enough and their citizens run out of money during retirement. Aim: This study investigates whether the limitations imposed by Regulation 28 of the Pension Funds Act of South Africa encourage optimal asset allocation and reduce investment risk for retirement savings when contrasted with discretionary investment. Setting: The study looks at hypothetical individuals who are subject to tax and retirement consequences as administered by South African legislation. Methods: A quantitative risk and return analysis was performed while considering two hypothetical investors who are identical in all aspects other than their choice of investments. Results: The findings indicate that Regulation 28 is effective in reducing the investment risk of retirement savings; however, it may also force the investor to sacrifice wealth. Conclusion: Depending on the tax bracket in which the investor sits, discretionary investment may be preferential to investing in a retirement fund under the mandate of Regulation 28.

An Assessment on the Benefits of Additive Manufacturing Regarding New Swirler Geometries for Gas Turbine Burners

2018 ◽  
Author(s):  
Fabrice Giuliani ◽  
Nina Paulitsch ◽  
Daniele Cozzi ◽  
Michael Görtler ◽  
Lukas Andracher
Keyword(s):  
Additive Manufacturing ◽  
Gas Turbine ◽  
Inconel 718 ◽  
Advanced Materials ◽  
Gas Turbine Combustor ◽  
Engineering Research ◽  
Know How ◽  
Current State ◽  
Research And Education ◽  
Near Future

In the near future, combustion engineers will shape the burner according to the flame, and not the opposite way anymore. In this contribution, this idea is explored with the help of additive manufacturing (AM). The focus is put on the design and the production of swirlers using advanced materials with the least possible efforts in terms of manufacturing. The material chosen for this study is Inconel 718. There are three motivations to this project. The first one is to design new shapes and assess these in comparison to conventional ones. The second motivation is to be able to manufacture them using additive manufacturing, and to gather know-how on selective laser melting. The third motivation is to elaborate a methodology involving engineering, research and education to promote — only if and when this is desirable — the production of series of premium parts such as high-end components of gas turbine combustor using AM. First-of-a-kind swirler shapes are explained and designed. These are unlikely to be produced using conventional manufacturing. They are then successfully produced in Inconel 718 using AM. The raw parts are directly submitted for testing with no surface post-processing. The paper states why at current state-of-the-art the raw surface quality still needs improvement, and highlights the benefits of the new swirler shape versus conventional.

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