Linking Benefits to Investment Performance in US Public Pension Systems

Robert Novy-Marx, Joshua D. Rauh

NBER Working Paper No. 18491
Issued in October 2012

---- Acknowledgments ----

Rauh gratefully acknowledges funding from the Zell Center for Risk Research at the Kellogg School of Management. We thank Lans Bovenberg, Debbie Lucas, James Poterba, Eduard Ponds, Steve Zeldes, and participants at the 2012 Netspar Pension Workshop and the 2012 NBER Conference on Retirement Benefits for State and Local Employees for helpful comments. We thank David Villa for useful conversations. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Joshua D. Rauh ----

Joshua Rauh ‐ Funding and Outside Activities (as of 10/2012)

Since July 2012, I am a Professor of Finance at the Stanford Graduate School of Business and a Senior

Fellow at the Hoover Institution. I receive some research funding from both Stanford GSB and Hoover,

which I spend on the research topics of my choosing.

Between July 2009 and June 2012 I was an Associate Professor at the Kellogg School of Management at

Northwestern University. Through the Kellogg and the Zell Center for Risk Research at Kellogg, I received

a research budget which I spent on the research topics of my choosing.

In addition to my role as a faculty member, I have a few outside activities and affiliations. In the past

three years I have:

(i) been a research associate and faculty research fellow of the National Bureau of Economic Research

(NBER), a non‐profit organization devoted to economic research.

(ii) been a research fellow of Netspar (Netherlands), a network aimed at connecting pension practice

and pension science.

(iii) periodically received standard speaking fees, consulting fees, or honoraria. During the last three

years, I have received these types of fees from each of the following organizations: the Brookings

Institution, the Global Association of Risk Professionals (GARP), Blue Cross Blue Shield of South Carolina,

the Gerson Lehrman Group, Netspar, NBER, the New America Foundation, the Milken Institute, Stanford

University, the Federal Reserve Bank of Atlanta, Cornerstone Research, Loyola Marymount University,

and the Hoover Institution.

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