Corporate Pension Risk Transfers

The authors are grateful to the editor (Lukas Schmid) and two anonymous referees as well as seminar and conference participants at the American Finance Association, BI Oslo, CUNY Graduate Center, Stockholm School of Economics, and the UBC winter finance conference as well as Aleks Andonov, Bruno Gerard, Burton Hollifield, Kristy Jansen, Michael Kisser, Ben Knox, Ciara Klingler, Olivia Mitchell, George Pennacchi, Per Strömberg, and Rusty Yerkes for their helpful comments and suggestions. The paper has greatly benefitted from conversations and discussions at BI Oslo, where Klingler has formerly been employed. The authors are also grateful to Moody’s Analytics for providing Expected Default Frequency (EDF) data for the firms in the study. The views expressed are those of the authors and do not necessarily reflect those of Goldman Sachs Asset Management.