“(1) Public Pension Promises”

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(1)Robert Novy-Marx of the Simon Graduate School of Business University of Rochester and Joshua Rauh of the Kellogg School of Management Northwestern University calculate the present value of state employee pension liabilities using discount rates that reflect the risk of the payments from a taxpayer perspective in a new study in the Journal of Finance.(2)Source: Robert Novy-Marx and Joshua Rauh Public Pension Promises: How Big Are They and What Are They Worth? Journal of Finance August 2011.(3)For text: