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Joshua D. Rauh Associate Professor of Finance Kellogg School of Management Email: joshua-rauh<at>kellogg.northwestern.edu |
Most Requested
State breakdown of $2.5 trillion unfunded public pension liability at the state level
[link]
from Public Pension Promises: How Big Are They and What Are They Worth?
(with Robert Novy-Marx), October 2010, Journal of Finance 66(4), 1207-1245.
Congressional Testimony, 24 February 2011 [link] The Pension Bomb, The Milken Institute Review, 2011Q1, [link]
Recent Working Papers Revenue Demands of
Public Employee Pension Promises (with Robert Novy-Marx), June 2011
Local Overweighting and Underperformance: Evidence from Limited
Partner Private Equity Investments (with Yael Hochberg), latest version January 2012
Appendix available here [link]
Journal
Publications Explaining Corporate Capital Structure: Product Markets, Leases, and Asset Similarity (with Amir Sufi), latest version June 2011, Review of Finance, forthcoming
Data appendix available here [link]
Fiscal Imbalances and Borrowing Costs: Evidence from State Investment Losses
(with Robert Novy-Marx), latest version March 2011, American Economic Journal: Policy, forthcoming Public Pension Promises: How Big Are They and What Are They Worth?
(with Robert Novy-Marx), Journal of Finance 66(4), 2011, 1207-1245 Winner, 2011 Smith Breeden Prize, First Prize Paper for
the best capital markets paper published in the Journal of Finance Policy Options for State Pension Systems and Their Impact on Plan Liabilities
(with Robert Novy-Marx), Journal of Pension Economics and Finance 10(2), 173-194 Capital Structure and Debt Structure (with Amir Sufi), Review of Financial Studies 23(12), 2010, 4242-4280. Public dataset [data]
The Liabilities and Risks of State-Sponsored Pension Plans
(with Robert Novy-Marx), Journal of Economic Perspectives 23(4), 2009, 191-210.
Summary available in Kellogg Insight
Wall Street
and Main Street: What Contributes to the Rise in the Highest Incomes? (with Steven N. Kaplan), Review of Financial Studies 23(3), 2010, 1004-1050. Risk Shifting
versus Risk Management: Investment Policy in Corporate Pension Plans, Review of Financial Studies 22(7), 2009, 2687-2734. Defined Contribution Plans, Defined Benefit Plans, and the
Accumulation of Retirement Wealth (with James Poterba, Steven Venti, and David Wise), Journal of Public Economics 91(10), 2007, 2062-2086. Own Company Stock in Defined Contribution Pension Plans: A Takeover
Defense?, Journal
of Financial Economics 81(2), 2006, 379-410. Earnings Manipulation,
Pension Assumptions, and Managerial Investment Decisions (with Daniel Bergstresser and Mihir Desai), Quarterly
Journal of Economics 121(1), 2006, 157-195 Winner, 2004 Barclays Global Investor Best
Symposium Paper of the European Finance Association Investment and Financing
Constraints: Evidence from the Funding of Corporate Pension Plans, Journal
of Finance 61(1), 2006, 33-71 Winner, 2006 Brattle Prize, First Prize Paper for
the best corporate finance paper published in the Journal of Finance Winner, 2004 Western Finance Association Award for
best corporate finance paper Some Resources on the State Pension Crisis The Public Employee Pension Crisis in South Carolina
Presented 22 October 2010 in Columbia, SC at a Roundtable hosted by Governor Mark Sanford
The Public Employee Pension Crisis in California
Presented 8 July 2010 in Sacramento at a Pension Roundtable hosted by Governor Arnold Schwarzenegger
Opinions and Blog Posts Start Paying or Stop Promising
Posted on New York Times Room For Debate, 27 February 2011
New York City, Living in Fantasy Land
Posted on New York Times Room For Debate, 7 February 2011
Return Assumptions: It's All Just Borrowing in Disguise
Posted on Everything Finance, 20 September 2010
Can the Illinois Pension Catastrophe Be Stopped?
(with Robert Novy-Marx), Chicago Tribune, 13 Aug 2010
Pension Security Bonds: A New Plan to Address the Pension Crisis
(with Robert Novy-Marx), The Economists' Voice 7(3), 2010
Very short version on the New York Times blog "Room for Debate", 20 May 2010 [link] Illinois' Irrelevant Pension Reform
Posted on Everything Finance, 15 April 2010
The Day of Reckoning for State Pension Plans Posted on Everything Finance, 22 March 2010 A Bankruptcy to Save GM (with Luigi Zingales), 19 November 2008 Bankruptcy is Best to Save GM (with Luigi Zingales),
The Economists' Voice 6(4), 2009
Abbreviated version published in the Sunday Chicago Tribune, 23 November 2008
[link] Related Letter to The New York Times, 3 December 2008
[link] Other
Publications The Crisis in Local Government Pensions in the United States
(with Robert Novy-Marx), 2011, forthcoming in Growing Old: Paying for Retirement and Institutional Money Management after the Financial Crisis, Robert Litan and Richard Herring, eds., Brookings Institution, Washington, DC. Contains city and county breakdown of $0.6 trillion unfunded liabilities at the local level
Related comment in the New York Times Room for Debate Blog [link]
Covered in the
Front page of the
Are State Public Pensions Sustainable? Why the Federal Government Should Worry About State Pension Liabilities, National Tax Journal 63(3), 2010 (Forum) Earlier version prepared for "Train Wreck: A Conference on America's Looming Fiscal Crisis," January 2010
[link]
Related blog post [link] Utility
Evaluation of Risk in Retirement Savings Accounts (with James Poterba, Steven Venti and David Wise)
in Lifecycle
Asset Allocation Strategies and the Distribution of 401(k) Retirement Wealth
(with James Poterba, Steven Venti and David Wise)
in How Elastic is the Corporate Income Tax Base? (with Jonathan
Gruber)
in Taxing Corporate Income in the 21st Century, Cambridge University
Press, Alan Auerbach, James R. Hines, and Joel Slemrod (eds.), 2007. Why are Firms in the United States Abandoning Defined Benefit Pension Plans? (with Irina Stefanescu)
Rotman Journal of Pension Management
2(2), 2009, 18-25 Other
Papers The Intergenerational Transfer
of Public Pension Promises
(with Robert Novy-Marx) Funding and Outside Activities Funding and Outside Activities Links Kellogg School of Management Official Page
Pictures Unwinding (for Crain's 40 Under 40 Class of 2011)
