{"product_id":"pension-finance-hardback-9780470058435","title":"Pension Finance (Hardback) 9780470058435","description":"\u003cfont face=\"Georgia\"\u003e\r\n\u003cp\u003e\u003cfont size=\"6\"\u003ePension Finance\u003c\/font\u003e\u003cbr\u003e\r\n\r\n\r\n\r\n\r\n\r\n\u003c\/p\u003e\n\u003cp\u003e\u003cfont size=\"4\"\u003eDavid Blake (Author)\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e9780470058435, Wiley\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eHardback, published 20 October 2006\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e496 pages\u003cbr\u003e23.2 x 16.3 x 3.2 cm, 0.794 kg\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\r\n\u003cp align=\"justify\"\u003e\u003cem\u003e\u003cfont size=\"3\"\u003e\"Informative without being patronizing and set out in a logical sequence with each chapter containing questions to help the reader consolidate what they have just learnt.\" (\u003ci\u003ePensions Age\u003c\/i\u003e, December 2006)  \u003cp\u003e“What makes this book unique is the discussion of many pension specific subjects that are not covered in other books.” (\u003ci\u003eInvestments \u0026amp; Pensions Europe,\u003c\/i\u003e March 2007)\u003c\/p\u003e \u003cp\u003e\"...this book provides a comprehensive and secure grounding in the theory and practice of finance.\" (\u003ci\u003ePensions World,\u003c\/i\u003e July 2007)\u003c\/p\u003e \u003cp\u003e\u003cbr\u003e  \u003c\/p\u003e\u003c\/font\u003e\u003c\/em\u003e\u003c\/p\u003e\r\n\r\n\u003cp align=\"justify\"\u003e\u003cstrong\u003e\u003cfont size=\"3\"\u003eThis book provides a secure grounding in the theory and practice of finance insofar as it deals with pension matters. By using it, the reader will understand the various types of investment assets; \u003cbr\u003e * the allocation of personal wealth to different asset classes\u003cbr\u003e * corporate pension finance\u003cbr\u003e * the financial aspects of defined contribution pension plans during both the accumulation and distribution phases\u003cbr\u003e * the financial aspects of defined benefit pension plans\u003cbr\u003e * the role of pension funds and pension fund management\u003cbr\u003e * pension fund performance measurement and attribution\u003cbr\u003e * risk management in pension funds\u003c\/font\u003e\u003c\/strong\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e\u003cb\u003ePreface.\u003c\/b\u003e  \u003cp\u003e\u003cb\u003e1 Investment Assets.Held by Pension Funds.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1.1 Money-market securities.\u003c\/p\u003e \u003cp\u003e1.2 Bonds and loans.\u003c\/p\u003e \u003cp\u003e1.3 Shares.\u003c\/p\u003e \u003cp\u003e1.4 Collective investment vehicles.\u003c\/p\u003e \u003cp\u003e1.5 Real assets.\u003c\/p\u003e \u003cp\u003e1.6 Derivatives.\u003c\/p\u003e \u003cp\u003e1.7 Alternative investments.\u003c\/p\u003e \u003cp\u003e1.8 Socially responsible investment.\u003c\/p\u003e \u003cp\u003e1.9 Global custody.\u003c\/p\u003e \u003cp\u003e1.10 Different asset characteristics and uses.\u003c\/p\u003e \u003cp\u003e1.11 Conclusion.\u003c\/p\u003e \u003cp\u003eQuestions.\u003c\/p\u003e \u003cp\u003eReferences.\u003c\/p\u003e \u003cp\u003eAppendix A: Standard deviation, value-at-risk and correlation.\u003c\/p\u003e \u003cp\u003e\u003cb\u003e2 Personal Finance: The Allocation of Personal Wealth to Different Asset Classes.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e2.1 Introduction.\u003c\/p\u003e \u003cp\u003e2.2 Modelling the allocation of personal wealth to different asset classes.\u003c\/p\u003e \u003cp\u003e2.3 Conclusion.\u003c\/p\u003e \u003cp\u003eQuestions.\u003c\/p\u003e \u003cp\u003eReferences.\u003c\/p\u003e \u003cp\u003e\u003cb\u003e3 Corporate Pension Finance.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e3.1 The valuation of pension liabilities: Differences between the actuarial and economic approaches.\u003c\/p\u003e \u003cp\u003e3.2 Pensions and the company balance sheet: Differences between the accounting and economic approaches.\u003c\/p\u003e \u003cp\u003e3.3 The asset allocation of the pension fund.\u003c\/p\u003e \u003cp\u003e3.4 The relationship between the pension fund and the sponsoring company’s profitability, credit rating and share price.\u003c\/p\u003e \u003cp\u003e3.5 Conclusion.\u003c\/p\u003e \u003cp\u003eQuestions.\u003c\/p\u003e \u003cp\u003eReferences.\u003c\/p\u003e \u003cp\u003e\u003cb\u003e4 Defined Contribution Pension Schemes – The Accumulation Phase.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e4.1 The optimal design of DC schemes during the accumulation phase.\u003c\/p\u003e \u003cp\u003e4.2 Charges.\u003c\/p\u003e \u003cp\u003e4.3 Persistency.\u003c\/p\u003e \u003cp\u003e4.4 Conclusions.\u003c\/p\u003e \u003cp\u003eQuestions.\u003c\/p\u003e \u003cp\u003eAppendix A: Charges.\u003c\/p\u003e \u003cp\u003eReferences.\u003c\/p\u003e \u003cp\u003e\u003cb\u003e5 Defined Contribution Pension Schemes – The Distribution Phase.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e5.1 Annuities.\u003c\/p\u003e \u003cp\u003e5.2 The optimal design of DC schemes during the distribution phase.\u003c\/p\u003e \u003cp\u003e5.3 Conclusion.\u003c\/p\u003e \u003cp\u003eQuestions.\u003c\/p\u003e \u003cp\u003eReferences.\u003c\/p\u003e \u003cp\u003e\u003cb\u003e6 Defined Benefit Pension Schemes.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e6.1 Types of defined benefit scheme.\u003c\/p\u003e \u003cp\u003e6.2 Defined benefit liabilities.\u003c\/p\u003e \u003cp\u003e6.3 The option composition of pension schemes.\u003c\/p\u003e \u003cp\u003e6.4 Valuing the options.\u003c\/p\u003e \u003cp\u003e6.5 The pension scheme preferences of members, sponsors and fund managers.\u003c\/p\u003e \u003cp\u003e6.6 Conclusion.\u003c\/p\u003e \u003cp\u003eQuestions.\u003c\/p\u003e \u003cp\u003eReferences.\u003c\/p\u003e \u003cp\u003e\u003cb\u003e7 Pension Fund Management.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e7.1 The role of a pension fund.\u003c\/p\u003e \u003cp\u003e7.2 The functions of a pension fund manager.\u003c\/p\u003e \u003cp\u003e7.3 Fund management styles.\u003c\/p\u003e \u003cp\u003e7.4 Different fund management strategies for defined benefit and defined contribution schemes.\u003c\/p\u003e \u003cp\u003e7.5 The fund manager’s relationship with the trustees.\u003c\/p\u003e \u003cp\u003e7.6 Passive fund management.\u003c\/p\u003e \u003cp\u003e7.7 Active fund management.\u003c\/p\u003e \u003cp\u003e7.8 Asset-liability management.\u003c\/p\u003e \u003cp\u003e7.9 The Myners review of institutional investment.\u003c\/p\u003e \u003cp\u003e7.10 Conclusion.\u003c\/p\u003e \u003cp\u003eQuestions.\u003c\/p\u003e \u003cp\u003eReferences.\u003c\/p\u003e \u003cp\u003eAppendix A: Investment-objectives questionnaire.\u003c\/p\u003e \u003cp\u003eAppendix B: Derivation of the optimal contribution rate and asset allocation in a defined benefit pension fund.\u003c\/p\u003e \u003cp\u003e\u003cb\u003e8 Pension Fund Performance Measurement and Attribution.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e8.1 \u003ci\u003eEx-post\u003c\/i\u003e returns.\u003c\/p\u003e \u003cp\u003e8.2 Benchmarks of comparison for actively managed funds.\u003c\/p\u003e \u003cp\u003e8.3 Risk-adjusted measure of portfolio performance for actively managed funds.\u003c\/p\u003e \u003cp\u003e8.4 Performance attribution for actively managed funds.\u003c\/p\u003e \u003cp\u003e8.5 Liability-driven performance attribution.\u003c\/p\u003e \u003cp\u003e8.6 Realised investment performance.\u003c\/p\u003e \u003cp\u003e8.7 Performance-related fund management fees.\u003c\/p\u003e \u003cp\u003e8.8 How frequently should fund managers be assessed?.\u003c\/p\u003e \u003cp\u003e8.9 Conclusions.\u003c\/p\u003e \u003cp\u003eQuestions.\u003c\/p\u003e \u003cp\u003eReferences.\u003c\/p\u003e \u003cp\u003eAppendix A: Deriving the power function.\u003c\/p\u003e \u003cp\u003e\u003cb\u003e9 Risk Management in Pension Funds.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e9.1 The objective of hedging.\u003c\/p\u003e \u003cp\u003e9.2 Hedging with futures.\u003c\/p\u003e \u003cp\u003e9.3 Hedging with options.\u003c\/p\u003e \u003cp\u003e9.4 Hedging with swaps.\u003c\/p\u003e \u003cp\u003e9.5 Hedging longevity risk.\u003c\/p\u003e \u003cp\u003e9.6 Conclusion.\u003c\/p\u003e \u003cp\u003eQuestions.\u003c\/p\u003e \u003cp\u003eReferences.\u003c\/p\u003e \u003cp\u003e\u003cb\u003e10 Pension Fund Insurance.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e10.1 The Pension Protection Fund.\u003c\/p\u003e \u003cp\u003e10.2 What the Pension Protection Fund can learn from other financial institutions and compensation schemes.\u003c\/p\u003e \u003cp\u003e10.3 The risks facing the PPF.\u003c\/p\u003e \u003cp\u003e10.4 Dealing with these risks.\u003c\/p\u003e \u003cp\u003e10.5 Conclusion.\u003c\/p\u003e \u003cp\u003eQuestions.\u003c\/p\u003e \u003cp\u003eReferences.\u003c\/p\u003e \u003cp\u003eAppendix A: The Marcus (1987) and Vanderhei (1990) models.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAppendix A: Financial Arithmetic.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAppendix B: Yields and Yields Curves.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAppendix C: Duration and Convexity.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIndex.\u003c\/p\u003e\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eSubject Areas: Finance \u0026amp; accounting [\u003ca title=\"See our other books on Finance \u0026amp; accounting\" 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