Pension fund investments have been under the spotlight lately, particularly on the back of the recent global financial and economic crisis that resulted in a significant reduction in pension fund assets across economies. Increased poverty levels and high financial indebtedness abound, as workers grapple with retrenchments, reduction in retirement benefits and reduced wages. This is causing a re-assessment of investment strategies of pension funds across the globe, and increasing support for the argument that, the traditional equity/government bond asset allocation is out - fashioned in a world of lower returns and wider choices. Pension funds by virtue of their size, can impact the society directly and/or indirectly through investments in companies that incorporate environmental, social and governance issues in their corporate behaviours, or in dedicated socially responsible investment funds or other forms of alternative investments. This study sought to provide a link between the investment patterns of pension funds and national economic development. An in-depth literature review was undertaken, and investments impacts were assessed by looking at published reports of select funds and corporations. Pension funds are an integral part of a nation‟s economy. This research work established the various dimensions in which pension fund investments can impact the socio economic development of a country, especially in developing countries, where there exists a huge infrastructural and economic gap among different sectors of the economy. Pension funds are workers capital, and therefore should be invested in a manner that will benefit workers, and these benefits cannot be restricted to mere financial benefits, it should be able to generate social, financial and environmental benefits, and in a sustainable way.

Prior studies on the impact of the termination of overfunded defined benefit pension plans on shareholders' wealth have produced conflicting findings. The first study on the stock market reaction to pension plan termination was conducted by Alderson and Chen (1986); this study claimed that shareholders realize significant positive abnormal returns around the termination announcement date. A more recent study, by Moore and Pruitt (1990), disclaimed the findings of Alderson and Chen. Reexamination of these two studies with additional evidence and the use of the appropriate announcement date suggests that termination of pension plans is associated with significant wealth gain to shareholders. This study also analyzes samples from periods prior to and after the imposition in 1986 of a 10 percent excise tax on recaptured excess pension assets. The empirical results suggest that shareholders experience significant positive wealth effects for the pre-tax (1980-85) period and no wealth effects for the post-tax (1986-88) period. The primary purpose of this study is to determine the impact of stock market reaction upon shareholders' wealth under the partial anticipation hypothesis. The pre-tax sample is analyzed by isolating the expected terminators using the multiple discriminant analysis model. This study finds significant positive abnormal returns only for firms that are not anticipated by the investors as potential terminators. The results of this study do not lend support to either the "separation" or the "integration" hypothesis as proposed by Alderson and Chen (1986). Instead, the results are consistent with the information hypothesis that the market reacts to unanticipated events that provide new information. Cross-sectional regression analysis of unexpected terminators suggests that the abnormal performance of stocks of pension terminating firms is explained by the firms' debt ratio and the amount of surplus pension assets. It can be inferred that firms may resort to recapturing excess pension assets as a way of financing investments internally when faced with unfavorable credit markets.

Chan Bun Bun. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2000. / Includes bibliographical references (leaves 63-67). / Abstracts in English and Chinese. / English Abstract --- p.ii / Chinese Abstract --- p.iii / Acknowledgements --- p.iv / Table of Contents --- p.v / Chapter Chapter 1 --- Introduction --- p.1 / Chapter Chapter 2 --- Hong Kong Social Security System / Chapter 2.1 --- The Needs of Old Age Protection in Hong Kong --- p.3 / Chapter 2.2 --- Current Situation in Hong Kong --- p.4 / Chapter 2.3 --- Review of the Development of Old Age Protection in Hong Kong --- p.7 / Chapter 2.4 --- The MPF System in Hong Kong --- p.9 / Chapter 2.5 --- The Policy Issues of the MPF System --- p.12 / Chapter Chapter 3 --- Singapore Social Security System / Chapter 3.1 --- The Needs Old Age Protection in Singapore --- p.18 / Chapter 3.2 --- The CPF System in Singapore --- p.20 / Chapter Chapter 4 --- The CPF in Singapore and the MPF in Hong Kong / Chapter 4.1 --- Reasons for Comparing the CFP in Singapore with the MPF in Hong Kong --- p.25 / Chapter 4.2 --- Comparing the CPF in Singapore with the MPF in Hong Kong --- p.26 / Chapter 4.3 --- Comparing the Impact of the MPF and the CPF on Aggregate Savings --- p.28 / Chapter Chapter 5 --- Literature Review / Chapter 5.1 --- The Impact of Social Security Wealth on Aggregate Savingsin United States --- p.33 / Chapter 5.2 --- The Impact of Social Security Wealth on Aggregate Savingsin Other Countries --- p.38 / Chapter Chapter 6 --- The Theory --- p.42 / Chapter Chapter 7 --- The Empirical Set Up / Chapter 7.1 --- The Data --- p.49 / Chapter 7.2 --- The Model --- p.50 / Chapter 7.3 --- Method of Estimation --- p.53 / Chapter Chapter 8 --- Results Interpretation --- p.56 / Chapter Chapter 9 --- Conclusion --- p.61 / Bibliography --- p.63 / Data Appendix --- p.75

Thesis (M.C.P.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 1982. / MICROFICHE COPY AVAILABLE IN ARCHIVES AND ROTCH. / Bibliography: leaves 155-164. / by Anita Emily Landecker. / M.C.P.

No abstract available. / Thesis (MBA)-University of Natal, 2002.

Thesis (M.B.A.)--University of Hong Kong, 1998. / Includes bibliographical references.

Thesis (Ph. D.)--University of California, Santa Cruz, 1999. / Typescript. Includes bibliographical references (leaves 102-109).

Thesis (Ph.D.) -- University of Rhode Island, 2009. / Typescript. Includes bibliographical references (leaves 157-168).

Thesis (M.Soc.Sc.)--University of Hong Kong, 1988. / Also available in print.

Thesis (doctoral)--Universiẗat Köln, 2005. / Includes bibliographical references (p. [341]-362).