8/3/2004: Why Pension Fund Management Needs a Paradigm Shift (PDF) (Keith Ambachtsheer published by the Pension Research Council)

29 pages; working paper. Excerpt: [W]e assert that a 'new' paradigm is required which include a defensible set of investment beliefs which include a time-varying equity risk premium; an integrative investment model that directly links a varying return opportunity set to DB balance sheet stakeholder income needs and risk tolerances; and a human systems-based decision-making protocol that can dynamically integrate the first two elements into the production of measurable stakeholder value ...