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Risk Shifting versus Risk Management: Investment Policy in Corporate Pension Plans
National Bureau of Economic Research [NBER] 
July 9, 2007
Excerpt: The asset allocation of defined benefit pension plans is a setting where both risk shifting and risk management incentives are likely be present. Empirically, firms with poorly funded pension plans and weak credit ratings allocate a greater share of pension fund assets to safer securities such as government debt and cash, whereas firms with well-funded pension plans and strong credit ratings invest more heavily in equity.
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