...-management agency problem. Research limitations/implications – Samples of 628 US firms during the period 1996-2005. Only 238 firms for pension plans as many firms do not have an internal pension fund. Practical implications – The paper suggests practical ways to alleviate agency problems...

...Francesco Menoncin; Olivier Scaillet Purpose The purpose of this paper is to study the asset allocation problem for a pension fund which maximizes the expected present value of its wealth augmented by the prospective mathematical reserve at the death time of a representative member. Design...

...Djoko Wintoro The relationship between trustees of pension funds and investment managers has been well recognised in invest mentmanagement practice but studies of trust relationship between them are few. This study explores trustworthiness of investment managers as an important factor for trustees...