Sep 2026· The Journal of Private Markets Investing· Vol 25, pp. 27 - 36· 0 citations
Abstract
Recent regulatory initiatives have renewed interest in incorporating private markets into US defined contribution plans. The central question, however, is not whether such assets should be categorically permitted, but how plan fiduciaries can evaluate and implement them prudently. This article develops a practical framework organized around six factors identified in the US Department of Labor’s proposed rule: performance, fees, liquidity, valuation, meaningful benchmarks, and complexity. While defined benefit plans have allocated significant capital to private markets, there are differences between defined benefit plans and defined contribution plans. Research suggests that private market exposure is appropriate when embedded within professionally managed, diversified vehicles supported by reliable liquidity management, valuation, benchmarking, and monitoring procedures.
This study analyzes the association between capital structure and the environmental, social, and governance (ESG) performance among companies in emerging markets.
Using data from the London Stock Exchange Group covering 24 emerging markets and 2,665 firms from 2016 to 2023 (12,738 company-year observations),...
S. Mazzioni, Ilse Maria Beuren, C. K. Soschinski et al.· Journal of Accounting Litera...· 0 citations
: We show that interactions across government policies affect firms’ cost of equity capital. Exploiting the 2018 – 2019 U.S. tariff shocks and concurrent federal procurement spending, we find that firms facing higher tariff exposure earn higher subsequent risk premia, but this effect is substantially attenuated for fir...
Leslie Sheng Shen, Nancy R. Xu· Federal Reserve Bank of Bost...· 0 citations
This paper examines how Colombian workers choose between two pension regimes, pay-as-you-go (PAYG) and individual account (IA), in a context marked by widespread labor informality anduneven wage distributions. Drawing on a discrete choice framework, we hypothesize that there exists acritical wage threshold above which...
Insurance underwriting already recognizes many forms of prevention.
When a mitigation measure is observable, durable, actuarially credible,
and privately financed, it can enter expected-loss estimates and support
a lower premium. The harder cases arise before the safer risk exists.
Some investments require substantial...
Arthur Charpentier· Journal of Insurance Regulat...· 0 citations
This paper shows how weak tax administration leads to economic costs for firms in developing countries. We study the case of VAT refund processing in Zambia, where, as we document in a novel dataset, firms wait 700 days for reimbursement, on average. Linking our dataset to the universe of tax returns at the firm level,...
Daniel Overbeck, K. Adu-Ababio, Eliya Lungu· WIDER Working Paper· 0 citations
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