高盛-资本市场战略.pdfVIP

Capital Markets Strategies Issuer Perspectives August 2003 Capital Markets Strategies Corporate Pension Plan Management Erol Hakanoglu Managing Director Within the Capital Structure erol.hakanoglu@ New York: 1-212-902-7057 Emmin Shung Vice President emmin.shung@ New York: 1-212-902-9955 Nikola Miljkovic Vice President jkovic@ New York: 1-212-902-5778 Goldman Sachs FICC Strategies Important disclosures appear at the back of this report Goldman, Sachs Co. Capital Markets Strategies FICC Strategies Armen Avanessians Managing Director Capital Markets Strategies Erol Hakanoglu Managing Director erol.hakanoglu@ Thomas Brennan Roy Luo Nikola Miljkovic Daniel Otero thomas.brennan@ roy.luo@ jkovic@ daniel.otero@ Gene Plotkin Emmin Shung gene.plotkin@ emmin.shung@ Editorial Beverly Bell beverly.bell@ We wish to acknowledge the influence that the late Fischer Black’s seminal work on pension plans in the 1980s had on this report. Fischer’s intuition about financial markets and corporate finance, the rigor of his analysis, and the clarity of his thoughts continue to amaze us. He was far ahead of his time, and we sorely miss his intellectual guidance and wisdom. Acknowledgements: We would like to thank Tim Bridges, John Eisenberg, Mark Evans, Scott McDermott, Ivan Ross, and Alan Wilmit for their comments and contributions. 0 August 2003 Goldman, Sachs Co.