Do Health Care Investments Hedge Health Care Liabilities?
William W. Jennings
U.S. Air Force Academy - Department of Management
Steve P. Fraser
Florida Gulf Coast University
Brian C. Payne
US Air Force Academy; University of Nebraska at Lincoln - Department of Finance
We examine whether health care equity investments hedge health care liabilities. In contrast with conventional wisdom, we find them uncorrelated and, thus, poor hedges.
Number of Pages in PDF File: 15
Keywords: portfolio choice, mean-variance optimization, asset allocation, pension, liability-driven investment, non-profit investment, health-care financing
JEL Classification: G11, G23, I10, L30
Date posted: November 29, 2007
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