Pensions: Corporate Finance and Capital Markets

25 Pages Posted: 20 Mar 2006

See all articles by J. Michael Orszag

J. Michael Orszag

Willis Towers Watson - Reigate (Surrey Office); Institute for the Study of Labor (IZA)

Neha Sand

Towers Watson

Date Written: May 2005


Because a significant portion of corporate financing is implicitly handled through pension vehicles, pensions are a quite important part of corporate finance and corporate financial policy. Yet many aspects of the interaction between pensions and corporate finance are imperfectly understood at both the theoretical and empirical level. This paper reviews the literature on the link between corporate pensions, corporate finance and capital markets.

Keywords: pensions, corporate finance

JEL Classification: G39

Suggested Citation

Orszag, J. Michael and Sand, Neha, Pensions: Corporate Finance and Capital Markets (May 2005). Watson Wyatt Technical Paper No. 2005-5, Available at SSRN: or

J. Michael Orszag (Contact Author)

Willis Towers Watson - Reigate (Surrey Office) ( email )

Watson House
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Reigate, Surrey, RH2 9PQ
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Institute for the Study of Labor (IZA)

P.O. Box 7240
Bonn, D-53072

Neha Sand

Towers Watson ( email )

875 Third Avenue
New York, NY 10022
United States

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