Duration, Systematic Risk, and Employee Valuation of Default-Free Pension Claims: Reply

In response to Greg Niehaus' criticisms of an article on employee pension claims, it is argued that Niehaus' arguments, model, and conclusions are invalid because they are inconsistent with 2 theoretical premises that underlie the article: 1. Marketability is not a condition for valuation....

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Bibliographic Details
Published in:The Journal of risk and insurance 1993-03, Vol.60 (1), p.138-142
Main Author: Nader, Jihad S.
Format: Article
Language:English
Subjects:
Business risks
Critiques
Default
Discount rates
Economic benefits
Economic models
Employee pension plans
Insurance risk
Interest rates
Market equilibrium
Notes and Communications
Pension funds
Pension plans
Pensions
Retirement
Risk
Systematic risk
Theory
Valuation
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Summary:In response to Greg Niehaus' criticisms of an article on employee pension claims, it is argued that Niehaus' arguments, model, and conclusions are invalid because they are inconsistent with 2 theoretical premises that underlie the article: 1. Marketability is not a condition for valuation. 2. The appropriate discount rate is an equilibrium expected rate.
ISSN:0022-4367
1539-6975
DOI:10.2307/253104