The Integration of Insurance and Taxes in Corporate Pension Strategy
研究保险和税收对公司养老金策略的联合影响，指出在资本市场不完美时，最优策略可能是内部解而非极端策略。
ABSTRACT This paper examines the implications of the joint effects of insurance and taxes for the optimal corporate pension strategy. It is shown that neither the “mini‐max” nor the “maxi‐min” strategy advocated by previous authors is necessarily best in corporate pension management. In the presence of capital market imperfections, the analysis via a single‐period contingent‐claims model indicates that optimal corporate pension strategy in both asset‐allocation and funding decisions can be a noncorner interior solution.