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How Discretionary Decision-Making Impacts the Financial Performance and Legal Disclosures of S&P 500 Funds
Sharfman, Bernard S.; Deluard, Vincent - 2021
When investment funds track the S&P 500, the index becomes more than just a list of 500 companies. The focus then turns to the financial and regulatory issues that arise from the discretionary decision-making of the Index Committee that governs the S&P 500. The discussion of these issues and...
Persistent link: https://www.econbiz.de/10013235440
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Managerial factors in investment risk : evidence from Polish mutual funds
Filip, Dariusz - In: Financial internet quarterly 16 (2020) 1, pp. 1-10
The aim of this study is to examine whether investment risk is related to the managerial factors characterising portfolio managers. The study employs four risk measures and a set of individual manager characteristics, including socio-demographic variables determining a manager profile. The...
Persistent link: https://www.econbiz.de/10012197176
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The subsidy to infrastructure as an asset class
Andonov, Aleksandar; Kräussl, Roman; Rauh, Joshua - 2018
We investigate the characteristics of infrastructure as an asset class from an investment perspective of a limited partner. While non U.S. institutional investors gain exposure to infrastructure assets through a mix of direct investments and private fund vehicles, U.S. investors predominantly...
Persistent link: https://www.econbiz.de/10011901262
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Mutual Fund Revenue Sharing in 401(k) Plans
Pool, Veronika K.; Sialm, Clemens; Stefanescu, Irina - National Bureau of Economic Research - 2022
Recordkeepers in DC pension plans are often paid indirectly in the form of revenue sharing from third-party funds on the menu. We show that these arrangements affect the investment menu of 401(k) plans. Revenue-sharing funds are more likely to be added to the menu and are less likely to be...
Persistent link: https://www.econbiz.de/10013477213
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Business Ties and Information Advantage : Evidence from Mutual Fund Trading
Duan, Ying - 2016
This paper examines whether ties to portfolio firms' management via pension business relationships provides mutual funds with an informational advantage. Funds become related to portfolio companies when fund families serve as trustees for firms' employee pension plans. Selling by related funds...
Persistent link: https://www.econbiz.de/10013008673
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Swiss pension funds : funding ratio, discount rate, and asset allocation
Schäublin, Jorma J. - In: Swiss journal of economics and statistics 158 (2022) 1, pp. 1-23
The funding ratio is a financial indicator to measure the viability of pension funds. The paper analyzes how Swiss … occupational pension funds' technical discount rate and asset allocation are related to the funding ratio. The paper shows that … funds with weaker funding ratios apply higher rates to discount future pension liabilities what points toward euphemistic …
Persistent link: https://www.econbiz.de/10013269807
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Choosing the Right Target Date Funds for Your 401(K) Plan : Considerations for Investment Committees
Lach, Patrick A. - 2013
. They differ in several key areas: investment philosophy, glide paths, and costs. Understanding these differences is a …
Persistent link: https://www.econbiz.de/10013079235
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A Tale of Two Index Funds : Full Replication vs. Representative Sampling
Dyer, Travis; Guest, Nicholas M. - 2022
driven by higher expenses and transaction costs, but also poor stock picking. Overall, our analyses suggest representative …
Persistent link: https://www.econbiz.de/10013295752
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Characteristics of Pension Fund Financial Quality : The Role of Uncommitted Funds
Huynh, Michael; Seiler Zimmermann, Yvonne; Zimmermann, Heinz - 2022
The availability of uncommitted funds is used as a measure of the financial quality of pension funds. Panel logit models with data from the Swiss Pension Fund Statistics are estimated to identify structural characteristics of funds, most of them under control of their foundation board, that...
Persistent link: https://www.econbiz.de/10013404255
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Investment funds under stress
Gourdel, Régis; Maqui, Eduardo; Sydow, Matthias - 2019
This paper presents a model for stress testing investment funds, based on a broad worldwide sample of primary open-end equity and bond funds. First, we employ a Bayesian technique to project the impact of macro-financial scenarios on country-level portfolio flows worldwide that are constructed...
Persistent link: https://www.econbiz.de/10012115765