05.17.2004 - PENSIONS: The $366 Billion Outrage
All across America, state and city workers are retiring early with unthinkably rich pay packages. Guess who's paying for it? You are. (FORTUNE Magazine)

04.11.2004 - Pension Funds Turn to Asset, Liability Matching - Again
Institutional investors are rediscovering that pension liabilities are just as important as assets. (Pensions & Investments Magazine) (Adobe PDF File)

03.03.2006 - Taxpayers May Face Big Blow For Pensions
Already facing deficits of more than $110 billion, public-employee pension plans in Los Angeles and elsewhere in the state have overestimated future investment income in a move that could imperil the systems and require taxpayer bailouts, former Mayor Richard Riordan and other financial experts warn. (LA Daily News) (Adobe PDF File)

BIBLIOGRAPHY

Blitzer, David, and Srikant Dash, 2004, Using Equity Duration in Pension Fund Asset Allocation, 27 January. (Adobe PDF File)

Blitzer, David, and Srikant Dash, 2005, Equity Duration – Updated Duration of the S&P 500, 04 January. (Adobe PDF File)

Cornell, Bradford, 1999, Equity Duration, Growth Options and Asset Pricing, July.
(Adobe PDF File)

Soliman, Mark, Richard Sloan, and Patricia Dechow, 2001, Implied Equity Duration: A New Measure of Equity Risk, June. (Adobe PDF File)

Sortino, Frank, 2004, “On The Difference Between Investing, Saving, and Speculation” www.sortino.com.

Lettau, Martin and Wachter A., Jessica, 2004, Why Is Long-Horizon Equity Less Risky? A Duration-Based Explanation of the Value Premium, 12 August. (Adobe PDF File)

Cohen, D. Ruben, Wilmott Magazine Article (U.K.): The Relationship Between the Equity Risk Premium, Duration and Dividend Yield. (Adobe PDF File)

Siegel, B. Laurence, and Waring, M. Barton, 2004, TIPS, the Dual Duration, and the Pension Plan, Financial Analysis Journal (Adobe PDF File)

Bolster, J. Paul, and Warrick, Sandy, 2000, Suitability and Optimality in the Asset Allocation Process, September. (Adobe PDF File)

Santa-Clara, Pedro, 2004, Discussion of ‘‘Implied Equity Duration: A New Measure of Equity Risk’’. UCLA's Anderson School of Management. (Adobe PDF File)

Cornell, Bradford, 1999, Equity Duration, Growth Options and Asset Pricing. UCLA's Anderson School of Management. (Adobe PDF File)

Lewin, A. Richard and Satchell, E. Stephen, 2001, The Derivation of a New Model of Equity Duration, 30 April. Judge Institute of Management Studies, & Faculty of Economics & Politics, University of Cambridge. (Adobe PDF File)

Martellini, Lionel, 2006, Managing Pension Assets: from Surplus Optimization to Liability-Driven Investment, March. Edhec Risk and Asset Management Research Centre (Adobe PDF File)