Professor Jialu Shen’s Paper Accepted and Published in International Level A+ Journal, Focusing on Asset Pricing and Risk-Sharing Implications of Alternative Pension Plan Systems | Heavyweight

Release time：2025-10-13    

The paper entitled “Asset Pricing and Risk-Sharing Implications of Alternative Pension Plan Systems” coauthored by Jialu Shen, Associate Professor in Finance at FISF, and her partners Nuno Coimbra, Francisco Gomes and Alexander Michaelides, was published online on the top international finance journal, Journal of Finance.

Professor Introduction

Jialu Shen

Fudan International School of Finance

Associate Professor in Finance

PhD in Finance, Imperial College London

Main contents of the paper:

We document a new fact regarding the relationship showing that incorporating defined benefit pension funds in an incomplete markets asset pricing model improves its ability to match the historical equity premium and riskless rate and has important risk-sharing implications. We document the importance of the pension fund's size and asset demands, and a new risk channel arising from fluctuations in the fund's returns. We use our calibrated model to study the implications of a shift to an economy with defined contribution plans. The new steady state is characterized by a higher riskless rate and a lower equity premium. Consumption volatility increases for retirees but decreases for workers.

FISF

Ever since establishment, FISF has witnessed 40 professors publishing a total of 183 papers on world-famous academic journals, among which 130 academic papers of 34 professors were published on international level-A journals (including A+, A and A-). The teaching team of the school has always upheld the school motto of “Unified FISF, Excellence, Responsibility, Innovation”, devoting themselves wholeheartedly to the academic research work. They manage to maintain a high level of academic achievements in both quantity and quality, which fully reflects the excellent strength of the teaching team of FISF in the field of academic research. In the future, FISF will keep on pursuing international cutting-edge scientific research achievements and continue to make greater contributions to the promotion of first-class financial and economic disciplines.