Pension fund return s can be decomposed into different sources, including market movements, asset allo-cation policy, and active portfolio management. We use a unique database covering the asset allocations of US defined-benefit pension funds for the perio d 1990–2008, and we test the role...

Because of their governance, investors are not able to develop long-term investment policies. While they have been outsourcing investment decision making to asset management firms and evaluation to intermediaries (consulting firms and credit rating agencies), they have contributed to the...

Because of their governance, investors are not able to develop long-term investment policies. While they have been outsourcing investment decision making to asset management firms and evaluation to intermediaries (consulting firms and credit rating agencies), they have contributed to the...

Economic Analysis of Law versus Institutionnalism. A “in situation” comparison This paper compares two approaches of law economics concerning the same empirical object - the United States employees savings schemes – on one hand within the framework of mainstream Law and Economics and on...

The independence of expert evaluators in finance, advocated by financial theory, does not resist sociological investigation. The proximity of knowledge and expertise and collusion of interests of evaluators and evaluated people are attributable to the origin of financial firms considered, the...

L'auteur montre pourquoi le système des fonds de pension américain ne peut pas être introduit en France. Devant concilier à la fois la protection sociale et la spéculation financière, il repose sur un régime de propriété typiquement anglo-saxon, le trust. L'auteur analyse ce régime et...

corporate governance can be viewed as a consequence of the pension industry reorganisation which occured in the 1970s and 1980s in so far as corporate governance borrows the same organisational principles.