alpha. Our approach improves out-of-sample portfolio performance and significantly alters asset allocation decisions …

the effect of decentralization on the risk and performance of pension funds, and find evidence supporting some predictions … superior performance of specialists, and the switch from single to multiple managers is driven by sponsors properly … anticipating diseconomies-of-scale (as funds grow larger) and adding managers with different strategies before performance …

pension funds’ sources of performance. While the previous literature emphasized that policy allocation accounts for the bulk … contribution of active management as a source of performance for pension funds, at least at the asset class level. …

This study provides new evidence on the impact of governance on the performance of privately defined contribution … factors are found to be important for pension fund return on invested assets and also for its economic performance … account the different interests of the beneficiaries and owners as it may determine their performance. …

privately defined contribution pension fund performance in Poland. Using a hand-collected data set, we find evidence that the … chairman, as a motivated insider, plays an important role in determining fund performance. The results also show, although with … weaker evidence, that outsiders may positively impact fund performance. During the 2007–2008 crisis, however, the insider …

activity and performance of actively managed U.S. equity funds from 2000 to 2007 and document robust evidence that future … performance is positively related to past stock picking and negatively associated with past market timing. Finally, we find that … performance while market timing decreases performance. …

-advertising families. At the family level, flows have a convex relation with advertising expenditures, similar to that for performance … redemptions rather than increasing purchases of fund shares. We further find that advertising can affect the fund’s flow-performance …