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Joshua D. Rauh Professor of Finance, Stanford Graduate School of
Business Senior Fellow, Hoover Institution, Stanford
University 655 Knight Way Stanford, CA 94305 Email: Rauh_Joshua@gsb.stanford.edu |
Most Requested
Podcast on EconTalk with Russ Roberts, 5 November
2012 [link]
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),
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
Funding Soft Liabilities, February 2013
Linking Benefits to
Investment Performance in US Public Pension Systems (with Robert Novy-Marx), October 2012
Cost
Shifting and the Freezing of Corporate Pension Plans (with Irina Stefanescu and Stephen Zeldes),
October 2012
Journal Publications
Family,
Education, and Sources of Wealth Among the Richest Americans, 1982-2012
(with Steven
N. Kaplan), January 2013, American
Economic Review P&P, forthcoming.
Revenue
Demands of Public Employee Pension Promises (with Robert Novy-Marx),
2013, American Economic Journal: Economic
Policy, conditionally accepted
Local
Overweighting and Underperformance: Evidence from Limited Partner Private
Equity Investments (with Yael Hochberg), latest version October 2012, Review
of Financial Studies, forthcoming
Explaining
Corporate Capital Structure: Product Markets, Leases, and Asset Similarity
(with Amir Sufi), latest version June 2011, Review of Finance 16(1),
115-155
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.
Public pre-publication version on SSRN [link]
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
The
Looming Shortfall in Public Pension Costs
Washington Post, 19 October 2012
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
Joshua
Rauh Stanford GSB Faculty Page
Joshua Rauh Hoover Institution Page
Pictures
Unwinding (for Crain's 40
Under 40 Class of 2011)
Joshua Rauh Stanford