We analyze the three components of active management (asset allocation, market timing and security selection) in the net performance of U.S. pension funds and relate these to fund size and the liquidity of the investments. On average, the funds in our sample have an annual net alpha of 89 basis...

The real estate sector accounts for more than a third of global greenhouse gas emissions and thus offers great potential for carbon abatement. Energy efficient and green buildings are rapidly transforming the commercial property sector, and institutional investors can benefit from that...

The unique regulation of U.S. public pension funds links their liability discount rate to the expected return on assets, which gives them incentives to invest more in risky assets in order to report a better funding status. Comparing public and private pension funds in the United States, Canada,...

In this review, we evaluate the active management by Norges Bank Investment Management (NBIM) of the Norwegian Government Pension Fund Global (NGPF) for Norway's Ministry of Finance. The review begins with an executive summary

A direct relationship between the observed investment beliefs held by pension funds and performance measures is tested using an international sample of pension funds. Investment beliefs address strategic choices in the investment philosophy and process that affect the future performance of the...