Horizon sensitivity of the inflation hedge of stocks

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Strategic asset allocation with liabilities: beyond stocks and bonds (2008, background): “In the cross-sectional portfolio choice literature, Black and Litterman (1992), Pastor and Stambaugh (2000), Jorion (1986) and many others have suggested priors that shrink the portfolio weights towards an asset pricing model, the market portfolio or the global minimum variance (GMV) portfolio.”
Pension Fund Asset Allocation and Liability Discount Rates: Camouflage and Reckless Risk Taking by U.S. Public Plans? (2012, unknown): “…“as long as plan assets related to current employees, retirees, and their beneficiaries are projected to be sufficient to make the projected benefit payments for those individuals, governments would discount projected benefit payments using the long-term expected rate of return” (GASB, 2011, 2012).”