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    • All HBS Web  (390)
      • Faculty Publications  (66)

      Pension Funds Remove Pension Funds →

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      Note on Pension Guarantee Funds
      Directory of Pension Funds and Their Investment Managers | Money Market Directory | Baker Library | Bloomberg Center | Harvard Business School
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      • 2020
      • Working Paper

      Institutional Corporate Bond Demand

      By: Ishita Sen, Lorenzo Bretscher, Lukas Schmid and Varun Sharma
      We compile a rich dataset that links institutional investors' position level holdings with corporate bond characteristics and estimate demand elasticities with respect to critical sources of risk. Persistence in institutions' holdings provide us with an instrument to...  View Details
      Keywords: Corporate Bonds; Demand Systems; Insurance Companies; Mutual Funds; Liquidity; Bonds; Insurance; Investment Funds; Financial Liquidity
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      Sen, Ishita, Lorenzo Bretscher, Lukas Schmid, and Varun Sharma. "Institutional Corporate Bond Demand." Working Paper, December 2020.
      • April 2020
      • Supplement

      Should a Pension Fund Try to Change the World? Inside GPIF's Embrace of ESG

      By: Rebecca Henderson
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      Henderson, Rebecca. "Should a Pension Fund Try to Change the World? Inside GPIF's Embrace of ESG." Harvard Business School Multimedia/Video Supplement 320-704, April 2020.
      • 2020
      • Working Paper

      How Do Private Equity Fees Vary Across Public Pensions?

      By: Juliane Begenau and Emil Siriwardane
      We document large variation in net-of-fee performance across public pension funds investing in the same private equity fund. In aggregate, these differences imply that the pensions in our sample would have earned $45 billion more – equivalent to $8.50 more per $100...  View Details
      Keywords: Pension Funds; Cost Of Private Investment Vehicles; Price Dispersion; Public Finance; Private Equity; Investment Funds
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      Begenau, Juliane, and Emil Siriwardane. "How Do Private Equity Fees Vary Across Public Pensions?" Harvard Business School Working Paper, No. 20-073, January 2020. (Revised July 2020.)
      • 2020
      • Working Paper

      Cutting the Gordian Knot of Employee Health Care Benefits and Costs: A Corporate Model Built on Employee Choice

      By: Regina E. Herzlinger and Barak D. Richman
      The U.S. employer-based health insurance tax exclusion created a system of employer-sponsored insurance (ESI) with limited insurance choices and transparency that may lock employed households into health plans that are costlier or different from those they prefer to...  View Details
      Keywords: After-tax Income; Consumer-driven Health Care; Health Care Costs; Health Insurance; Income Inequality; Tax Policy
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      Herzlinger, Regina E., and Barak D. Richman. "Cutting the Gordian Knot of Employee Health Care Benefits and Costs: A Corporate Model Built on Employee Choice." Duke Law School Public Law & Legal Theory Series, No. 2020-4, December 2019. (Revised January 2021.)
      • 2019
      • Book

      Patient Capital: The Challenges and Promises of Long-Term Investing

      By: Victoria Ivashina and Josh Lerner
      There has never been a greater need for long-term investments. And it is increasingly unlikely that the public sector will be willing or able to fill the gap. Those best positioned to address the long-run needs are likely to be the pools of capital in the hands of...  View Details
      Keywords: Long-term Investing; Large Investors; Capital; Investment; Strategic Planning; Problems and Challenges; Opportunities; Society
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      Ivashina, Victoria, and Josh Lerner. Patient Capital: The Challenges and Promises of Long-Term Investing. First ed. Princeton, NJ: Princeton University Press, 2019.
      • February 2019 (Revised March 2019)
      • Case

      Banorte and the Capital Call Facility: Infrastructure Finance in Mexico

      By: John D. Macomber, Carla Larangeira and Fernanda Miguel
      As a result of Mexico´s pension industry deregulation, pension funds were able to invest in energy and infrastructure projects through a variety of financial instruments, particularly through Capital Development Certificates (CKDs), an asset class that served as a...  View Details
      Keywords: Financial Products; Fund Management; Capital Call Facility; Pension Funds; Infrastructure; Energy; Finance; Decision Making; Investment Funds; Financial Instruments; North America; Mexico
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      Macomber, John D., Carla Larangeira, and Fernanda Miguel. "Banorte and the Capital Call Facility: Infrastructure Finance in Mexico." Harvard Business School Case 219-049, February 2019. (Revised March 2019.)
      • January 2019 (Revised February 2020)
      • Case

      Should a Pension Fund Try to Change the World? Inside GPIF's Embrace of ESG

      By: Rebecca Henderson, George Serafeim, Josh Lerner and Naoko Jinjo
      In the fall of 2018, Hiro Mizuno, the Chief Investment Officer (CIO) of GPIF, the Japanese Government Pension Fund, was reflecting on his efforts to integrate Environmental, Social and Governance (ESG) issues into every aspect of GPIF’s portfolio. His efforts ranged...  View Details
      Keywords: Pension Funds; Esg (environmental, Social, Governance) Performance; Investment Funds; Environmental Sustainability; Social Issues; Governance; Leading Change; Economy; Performance Improvement; Japan
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      Henderson, Rebecca, George Serafeim, Josh Lerner, and Naoko Jinjo. "Should a Pension Fund Try to Change the World? Inside GPIF's Embrace of ESG." Harvard Business School Case 319-067, January 2019. (Revised February 2020.)
      • December 2018 (Revised March 2020)
      • Teaching Note

      Asset Allocation at the Cook County Pension Fund

      By: Emil Nuwan Siriwardane
      Teaching Note for HBS No. 218-030.  View Details
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      Siriwardane, Emil Nuwan. "Asset Allocation at the Cook County Pension Fund." Harvard Business School Teaching Note 219-074, December 2018. (Revised March 2020.)
      • December 2018
      • Supplement

      Asset Allocation at the Cook County Pension Fund

      By: Emil Nuwan Siriwardane
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      Siriwardane, Emil Nuwan. "Asset Allocation at the Cook County Pension Fund." Harvard Business School Spreadsheet Supplement 219-729, December 2018.
      • 2019
      • Working Paper

      Investing Outside the Box: Evidence from Alternative Vehicles in Private Equity

      By: Josh Lerner, Jason Mao, Antoinette Schoar and Nan R. Zhang
      This paper uses previously unexplored custodial data to examine the use of alternative investment vehicles in private equity over four decades. We document a steep increase in the capital directed to alternative vehicles, with these vehicles approaching a 40% share of...  View Details
      Keywords: Investment Funds; Private Equity; Performance
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      Lerner, Josh, Jason Mao, Antoinette Schoar, and Nan R. Zhang. "Investing Outside the Box: Evidence from Alternative Vehicles in Private Equity." Harvard Business School Working Paper, No. 19-012, August 2018. (Revised May 2019.)
      • 2018
      • Working Paper

      The Impact of Pensions and Insurance on Global Yield Curves

      By: Robin Greenwood and Annette Vissing-Jorgensen
      We document a strong effect of pension and insurance company (P&I) assets on the long end of the yield curve. Using data from 26 countries, the yield spread between 30-year and 10-year government bond yields is negatively related to the ratio of pension assets (in...  View Details
      Keywords: Pension Funds; Investment Funds; Insurance; Assets; Interest Rates; Bonds
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      Greenwood, Robin, and Annette Vissing-Jorgensen. "The Impact of Pensions and Insurance on Global Yield Curves." Harvard Business School Working Paper, No. 18-109, June 2018. (Revised December 2018.)
      • February 2018
      • Case

      Infrastructure in Nigeria: Unlocking Pension Fund Investments

      By: John Macomber and Pippa Tubman Armerding
      The so-called “infrastructure finance gap” was a problem in Nigeria as in many parts of the world. Infrastructure projects like power plants and dams were very large capital investments that could generate long-term consistent cash flows, but their financing and...  View Details
      Keywords: Pension Fund Investing; Infrastucture; Power/energy; Credit Enhancement; Infrastructure; Project Finance; Investment Funds; Emerging Markets; Nigeria; Africa
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      Macomber, John, and Pippa Tubman Armerding. "Infrastructure in Nigeria: Unlocking Pension Fund Investments." Harvard Business School Case 218-071, February 2018.
      • February 2018 (Revised December 2019)
      • Case

      The Tax Man: Taxes in Private Equity Real Estate

      By: Nori Gerardo Lietz, Timothy J. Becker, Ricardo Andrade and Sayiddah F. McCree
      In January 2018, Caelan Langan, an associate at KSW Partners LLC (“KSW”), was asked by Katherine Scott, the partner for whom he worked, to recommend a proposed structure to acquire a prominent office building in San Francisco for their most recent fund. Caelan was...  View Details
      Keywords: Real Estate; Alternative Investment Structures; Property; Acquisition; Private Equity; Investment; Management; Taxation; Policy
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      Lietz, Nori Gerardo, Timothy J. Becker, Ricardo Andrade, and Sayiddah F. McCree. "The Tax Man: Taxes in Private Equity Real Estate." Harvard Business School Case 218-077, February 2018. (Revised December 2019.)
      • September 2017 (Revised March 2019)
      • Supplement

      Asset Allocation at the Cook County Pension Fund

      By: Emil Nuwan Siriwardane
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      Siriwardane, Emil Nuwan. "Asset Allocation at the Cook County Pension Fund." Harvard Business School Spreadsheet Supplement 218-704, September 2017. (Revised March 2019.)
      • September 2017 (Revised November 2019)
      • Case

      Asset Allocation at the Cook County Pension Fund

      By: Emil Siriwardane, Juliane Begenau and Yuval Gonczarowski
      Nickol Hackett, chief investment officer of the Cook County Pension Fund, is responsible for investing the fund’s $9 billion worth of assets on behalf of the employees of Cook County, Illinois. Like many other defined-benefit pensions at the time, the Cook County...  View Details
      Keywords: Asset Management; Investment Funds; Financial Strategy; Decision Choices and Conditions
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      Siriwardane, Emil, Juliane Begenau, and Yuval Gonczarowski. "Asset Allocation at the Cook County Pension Fund." Harvard Business School Case 218-030, September 2017. (Revised November 2019.)
      • August 2017 (Revised January 2020)
      • Case

      PFA Pension: Expansion of Alternatives Portfolio

      By: Victoria Ivashina, Federica Gabrieli and Jérôme Lenhardt
      PFA Pension was the biggest commercial pension provider in Denmark. At the end of 2015, the company had decided to boost its investments into the alternative asset class, an area where it was lagging behind its competitors. The aim was to privilege direct investments...  View Details
      Keywords: Asset Management; Private Equity; Investment; Denmark; Europe
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      Ivashina, Victoria, Federica Gabrieli, and Jérôme Lenhardt. "PFA Pension: Expansion of Alternatives Portfolio." Harvard Business School Case 218-025, August 2017. (Revised January 2020.)
      • August 2017
      • Case

      Altoona State Investment Board & Bain Capital Fund XI

      By: Josh Lerner and Ted Berk
      Considers the decision faced by state pension fund manager Rod Calhoun as he decides whether to invest $200 million in Bain Capital's eleventh global buyout fund: Bain Capital Fund XI. For the fund, Bain was offering its limited partners a choice among three different...  View Details
      Keywords: Equity Method; Leveraged Buyout; Management Buyout; Capital; Design; Entrepreneurship; Finance; Leveraged Buyouts; Management; Private Equity; Venture Capital; Banking Industry; Massachusetts
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      Lerner, Josh, and Ted Berk. "Altoona State Investment Board & Bain Capital Fund XI." Harvard Business School Case 218-022, August 2017.
      • September 2016 (Revised August 2018)
      • Case

      State Street—The Development and Growth of SHE

      By: Vikram Gandhi
      State Street Global Advisors was the investment arm of State Street Corporation, one of the largest custodians and asset managers in the world with over $2.3 trillion in assets under management. Inspired by demand from a large pension fund client for better gender...  View Details
      Keywords: Etf; Asset Management; Financial Services Industry
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      Gandhi, Vikram. "State Street—The Development and Growth of SHE." Harvard Business School Case 317-040, September 2016. (Revised August 2018.)
      • Article

      ESG Integration in Investment Management: Myths and Realities

      By: Sakis Kotsantonis, Christopher Pinney and George Serafeim
      The authors’ aim in this article is to set the record straight on the financial performance of sustainable investing while also correcting a number of other widespread misconceptions about this rapidly growing set of principles and methods. Myth Number 1:...  View Details
      Keywords: Esg; Sustainability; Investment Management; Finance; Corporate Social Responsibility; Integrated Corporate Reporting; Corporate Social Responsibility and Impact; Investment; Environmental Sustainability; Corporate Governance
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      Kotsantonis, Sakis, Christopher Pinney, and George Serafeim. "ESG Integration in Investment Management: Myths and Realities." Journal of Applied Corporate Finance 28, no. 2 (Spring 2016): 10–16.
      • May 2015
      • Article

      What Are We Meeting For? The Consequences of Private Meetings with Investors

      By: David H. Solomon and Eugene F. Soltes
      Regulation Fair Disclosure was passed in 2000 in response to the concern that certain investors were gaining selective access to privileged firm information. In spite of the passage of this regulation, some investors continue to meet privately with executives. Using a...  View Details
      Keywords: Conferences; Decision Making; Investment
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      Solomon, David H., and Eugene F. Soltes. "What Are We Meeting For? The Consequences of Private Meetings with Investors." Journal of Law & Economics 58, no. 2 (May 2015): 325–355.
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      Are you looking for?

      Note on Pension Guarantee Funds
      Directory of Pension Funds and Their Investment Managers | Money Market Directory | Baker Library | Bloomberg Center | Harvard Business School
      × Please sign in You need to log in to use the bookmarking feature. Sign In Harvard Business School Sign in to Baker Library Baker Library |...
      → Search All HBS Web
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