Pension Finance: Investment, Regulation, and Risk-Sharing

Svend E. Hougaard Jensen, James M. Poterba, and Joshua Rauh, Organizers

June 11, 2024

Copenhagen Business School, Solbjerg Plads, Copenhagen, Denmark

Conference Code of Conduct

Tuesday, June 11

8:30am

Morning Reception and Coffee

9:00am

Welcome
Svend E. Hougaard Jensen, Copenhagen Business School and PeRCent

9:09am

Session I: Investing Pension Assets
Chair: Joshua Rauh, Stanford University and NBER

9:10am

Arthur Korteweg, University of Southern California
Stavros Panageas, University of California, Los Angeles and NBER
Anand Systla, University of California, Los Angeles

Private Equity for Pension Plans? Evaluating Private Equity Performance from an Investor’s Perspective

Discussant:

Tim Jenkinson, University of Oxford

10:00am

Kristy A.E. Jansen, University of Southern California
Sven Klingler, BI Norwegian Business School
Angelo Ranaldo, University of Basel
Patty Duijm, De Nederlandsche Bank

Pension Liquidity Risk

Discussant:

Lasse H. Pedersen, Copenhagen Business School

10:50am

Break

11:05am

Aleksandar Andonov, University of Amsterdam
Matteo Bonetti, De Nederlandsche Bank
Irina Stefanescu, Board of Governors of the Federal Reserve System

Choosing Pension Fund Investment Consultants

Discussant:

Amit Goyal, University of Lausanne

11:55am

Danyu Zhang, UCLA Anderson School of Management

How Anti-ESG Pressure Affects Investment: Evidence from Retirement Savings

Discussant:

Elisabeth Kempf, Harvard University and NBER

12:45pm

Lunch

1:29pm

Session II: Pension Funds as Asset Holders
Chair: James Poterba, MIT and NBER

1:30pm

Vrinda Mittal, University of North Carolina Chapel Hill

Desperate Capital Breeds Productivity Loss: Evidence from Public Pension Investments in Private Equity

Discussant:

Alon Brav, Duke University and NBER

2:20pm

Roel Beetsma, University of Amsterdam
Svend E. Hougaard Jensen, Copenhagen Business School and PeRCent
David Pinkus, Copenhagen Business School
Dario Pozzoli, Copenhagen Business School

Does Long-Term Patient Capital Matter? The Impact of Pension Fund Investments on Firm Productivity

Discussant:

Rob Bauer, Maastricht University

3:10pm

Bryan Gutierrez, SBS Peru
Victoria Ivashina, Harvard University and NBER
Juliana Salomao, University of Minnesota and NBER

Performance Capital Flows in DC Pensions

Discussant:

Irina Stefanescu, Board of Governors of the Federal Reserve System

4:00pm

Break

4:29pm

Session III: Global Pension Trends
Chair: Svend E. Hougaard Jensen, Copenhagen Business School and PeRCent

4:30pm

Panel Discussion
Moderators: Svend E. Hougaard Jensen and Jesper Rangvid, Copenhagen Business School and PeRCent

Panelists:
Marie Briere, Amundi Investment Institute
James Poterba, MIT and NBER
Joshua Rauh, Stanford University and NBER

5:30pm

Closing Remarks and Adjourn