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Theo Kocken

Founder and CEO, Cardano Group, The Netherlands
Theo KockenTheo Kocken

Theo Kocken, founder and CEO of the Cardano Group, graduated in business administration (Eindhoven) and econometrics (Tilburg) and gained his PhD at Vrije Universiteit (VU), Amsterdam. From 1990 on he headed the market risk departments at ING and Rabobank International. In 2000 he started Cardano, a specialized organization that supports end users such as pension funds and insurance companies around Europe with strategic derivatives solutions and portfolio optimization. Cardano, now with over 60 employees, has offices in Rotterdam and London. Kocken is coauthor of various books and articles in the area of risk management. In 2006 he wrote Curious Contracts: Pension Fund Redesign for the Future, in which he applied embedded option theories as a basis for pension fund risk management and redesign.

Articles by this Author

  • Corporate Covenant and Other Embedded Options in Pension Funds
    by Theo Kocken
    Pension funds in their defined benefit (DB) form and the alternative structures that have evolved over time are among the most complex risk-sharing institutions ever created, not least because they involve many stakeholders (such as employers, retirees, and employees), all of whom assume different risks.The employers assume some of the risks by, for example, being obligated to replenish any shortfall in the pension fund. The pensioners and...

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