Corporate Pension Risk-Taking in a Low Interest Rate Environment

An earlier version of this paper won the Two Sigma Award for the Best Paper on Investment Management at the 2023 Western Finance Association (WFA) meeting. For helpful comments, the authors thank Steffen Andersen, Aleksandar Andonov, Thorsten Beck, Sebastien Betermier, David Blake, Maria Chaderina, John Chalmers, Joao Cocco, Michael Dambra, Hans Degryse, Alex Edmans, Roman Goncharenko, Igor Goncharov, Nandini Gupta, Kristy Jansen, David Lando, Moshe Milevsky, Kasper Meisner Nielsen, Laksmi Naaraayanan, Lars Norden, Giorgio Ottonello, Charlotte Østergaard, Marco Pagano, Gyöngyi Lóránth, Alex Michaelides, Loriana Pelizzon, Aleksandra Rzeznik, Jasper Rangvid, Ben Sand, Julien Sauvagnat (discussant), Kathrin Schlafmann (discussant), Günter Strobl, Sunil Wahal, Bas Werker, Youchang Wu, and Yufeng Wu (discussant) as well as conference and seminar participants at the 2023 WFA meeting, Arizona State University, Copenhagen Business School, Denmark National Bank, the Brazilian School of Public and Business Administration at Fundação Getulio Vargas (FGV) in Brazil, the Florence School of Banking and Finance at the European University Institute, KU Leuven, Lancaster University, London Business School, the Systemic Risk Centre at the London School of Economics and Political Science, Luiss University, National Bank of Greece, Swiss National Bank, University of Oregon, York University (Toronto), University of Zurich, University of Vienna, the Rady School of Management at the University of California, San Diego, and participants at the Ninth Annual Corporate Finance Conference and 2025 European Finance Association meeting.