Investment Performance of Private Pension Plans: Defined Benefit vs. Defined Contribution

The authors thank Camelia Kuhnen (editor), an anonymous associate editor, two anonymous referees, Aleksandar Andonov, Jun Cai (discussant), Ze Chen (discussant), Yijia Lin, Paul Malatesta, Vitaly Orlov (discussant), Jie Ying (discussant), and seminar and conference participants at the HEC Lausanne, IE Business School, University of Kansas, Southern Illinois University, Xiamen University, University of Oregon, Financial Management Association Annual Meeting, Chinese Finance Annual Meeting, International Symposium on Longevity Finance and Risk Management, China International Risk Forum, and Pacific Northwest Finance Conference for helpful comments.