The Case against Stock in Public Pension Funds
论证了美国公共养老金基金应将其投资从股票转向债券，这能为当地纳税人增加价值，并降低代际冲突、员工补偿低估等风险。
The case against equity investment by U.S. corporate pension funds has been well documented for a quarter century. The public sector has ignored or dismissed that case because of differences between taxation and accounting between the private and public sectors, the differing interests of shareholders and taxpayers, and the presumption that public plans last forever. Despite these differences, shifting public pension fund investments from equities to bonds adds value for local taxpayers. It also minimizes the risks of intergenerational taxpayer conflicts, undercharges to employees’ compensation packages for the value of the pensions, employee claims on pension surplus, and higher governmental borrowing costs.