Description: A comprehensive literature review summarizing academic and other papers that draw a connection between population structure and asset class returns (or prices).

Description: A comprehensive literature review on demographics and asset returns plus model specifications relating to housing prices.

Description: This is a paper from the session on Migration and Other Factors at the January 15-18, 2023, 2023 Living to 100 Symposium in Orlando, Florida.

Description: This report explores the impact on financial assets as baby boomers enter into retirement. The authors conducted a literature search and then a detailed analysis of two papers supporting the theory demographic factors can have an impact on asset prices.

Description: This is a paper from the session on Migration and Other Factors at the January 15-18, 2023, 2023 Living to 100 Symposium in Orlando, Florida.

Description: In this paper the researchers analyze pension plans for three countries (Canada, the UK, and the US) using an ESG that includes a demographic ratio that has been defined consistently for all countries. In that regard the paper extends the literature and opens areas for future research.

Description: In most countries in the developed world and also in a number of other countries, the population is aging. What impact will a changing demographic structure have, if any, on economic factors such as growth and inflation? This question is of vital importance to actuaries who use demographic and economic projections in the pricing and valuation of products, design of risk management solutions, and in opinions regarding the sustainability of social programs. This research report, funded by the Society of Actuaries (SOA), provides background on research in this area and offers insights that may be of use to practicing actuaries.

Description: This paper establishes a framework to analyze the volatility of corporate profits as a result of variability in accounting for pension plans. It models a Canadian corporation that maintains a defined-benefit pension plan and that has adequate cash flow to fully fund the pension plan, should it wish. Volatility of corporate profits is important because many senior executives have some component of their compensation directly related to corporate profitability and consequently do not want any surprises with respect to actual profits compared to expected profits. The volatility management techniques considered are investment policies for the pension plan, funding the pension plan, and an alternative plan design. The analysis is timely since changes are proposed to the accounting standards to eliminate most smoothing techniques. The results suggest that, depending on the investment environment, reduced volatility may be accompanied by by enhanced return, which is a result that few would expect.

Description: This research paper assesses the adequacy of the combination of elder care and support programs in six developed countries. The programs considered are social security (retirement income), health care and long-term care, and four family compositions are considered to make the assessment. The paper discusses the difficulties of defining adequacy. The fuzzy set methodology of Ragin (2000) is used to label the level of adequacy of the combined programs. This is the first time this methodology has been applied to this problem. The paper contributes to research in the social sciences by combining quantitative and qualitative results. It finds that the combined programs are: often inadequate in England and the United States; not adequate or inadequate in Canada; and mainly adequate in France, Germany and Sweden. Three policy recommendations, which would increase the likelihood of benefit adequacy, are made.

Description: Abstract: This research paper assesses the adequacy of the combination of elder care and support programs in six developed countries. The programs considered are social security (retirement income), health care and long-term care, and four family compositions are considered to make the assessment. The paper discusses the difficulties of defining adequacy. The fuzzy set methodology of Ragin (2000) is used to label the level of adequacy of the combined programs. This is the first time this methodology has been applied to this problem. The paper contributes to research in the social sciences by combining quantitative and qualitative results. It finds that the combined programs are: often inadequate in England and the United States; not adequate or inadequate in Canada; and mainly adequate in France, Germany and Sweden. Three policy recommendations, which would increase the likelihood of benefit adequacy, are made.