Global (excluding US) pension fund performance
This article is incomplete.
Global (excluding US) pension fund performance describes the performance of pension fund managers, sampled worldwide. Pension funds are the funding mechanism for defined benefit plans, and in some countries are used as funding mechanisms for contributory retirement savings programs.
Global ex-US pensions
In 1994, the World Bank issued an influential study, "Averting the old age crisis: policies to protect the old and promote growth" . Citing rising demographic pressures, the report recommended that nations consider structuring a "three-pillar" approach in addressing the support of aging populations:
"The study concludes that financial security for the old would be better served if governments developed three systems, or "pillars" of old age security:
- A publicly managed system with mandatory participation and the limited goal of reducing poverty among the old;
- A privately managed, mandatory savings system;
- Voluntary savings."
As a result, many of the nations discussed below have added "second pillar" programs to there retirement systems.
|Australia||Sy and Liu (2010) |
|Australia||Cummings (2013) |
|Canada||Bauer and Kicken (2008) |
|Canada||Bouvatier, and Rigot (2012) |
|Finland||Ambachtsheer (2013) |
|Greece||Angelidis and Tessaromatis (2009) |
|Hong Kong||Chu (2007) |
|Hong Kong||Chu (2010) |
|Netherlands||Huang and Mahieu (2010) |
|Norway||Ang, Goetzmann, and Schaefer (2011) |
|Norway||Chambers, Dimson and Ilmanen (2011) |
|Spain||Saez and Martí (2008) |
|Spain||Andreu and Swinkels (2009) |
|Switzerland||Ammann and Zingg (2008) |
|Turkey||Gokcent and Yalcin (2013) |
|United Kingdom||Timmerman, and Lehmann, and Blake (1999) |
|United Kingdom||Tonks (2005) |
|United Kingdom||Clare, Cuthbertson, and Nitzsche (2009) |
|United Kingdom||Blake, Timmermann, Tonks, and Wermers (2010) |
Middle East and Asia Pacific
- Global ex-US studies
- Cummings, James Richard, "Effect of Fund Size on the Performance of Australian Superannuation Funds" (June 2013). Australian Prudential Regulation Authority Working Paper. Available at SSRN.
- Sy, Wilson N. and Liu, Kevin, "Improving the Cost Efficiency of Australian Pension Management" (Spring 2010). Rotman International Journal of Pension Management, Vol. 3, No. 1, 2010. Available at SSRN. .
- Bauer, Rob and Kicken, Luc, "Pension Fund Advantage: Are Canadians Overpaying Their Mutual Funds?" (October 1, 2008). Rotman International Journal of Pension Management, Vol. 1, No. 1, Fall 2008. Available at SSRN.
- Bouvatier, Vincent and Rigot, Sandra, '"Pension Funds' Allocations to Hedge Funds: An Empirical Analysis of U.S. and Canadian Defined Benefit Plans" (September 25, 2012). Available at SSRN.
- Ambachtsheer, Keith, "The Pension System in Finland: Institutional Structure and Governance ", Rotman International Centre for Pension Management, January 2013. Available at Investment Research, CEM Benchmarking
- Angelidis, Timotheos and Tessaromatis, Nikolaos, "The Efficiency of Greek Public Pension Fund Portfolios" (April, 24 2009). Available at SSRN.
- Hong Kong
- Chu, Patrick Kuok-Kun, "A Study on Stock-Selection and Market-Timing Performance: Evidence from Hong Kong Mandatory Provident Funds (MPF)" (July 16, 2007). 20th Australasian Finance & Banking Conference 2007 Paper. Available at SSRN.
- Chu, Patrick Kuok-Kun, "Price Linkages between the Equity Fund Price Levels and the Stock Markets: Evidences from Cointegration Approach and Causality Analysis of Hong Kong Mandatory Provident Fund (MPF)" (March 19, 2010). Available at SSRN.
- Huang, Xiaohong and Mahieu, Ronald, " Performance Persistence of Dutch Pension Funds" (September 15, 2010). Netspar Discussion Paper No. 09/2010-038. Available at SSRN.
- Ang, Andrew, Goetzmann, William, and Schaefer, Stephen , "Evaluation of Active Management of the Norwegian Government Pension Fund–Global" (2011/8/25) Available at Google Scholar.
- Chambers, David and Dimson, Elroy and Ilmanen, Antti S., "The Norway Model" (October 10, 2011). Available at SSRN.
- Andreu, Laura and Swinkels, Laurens A. P., "Performance Evaluation of Balanced Pension Plans" (October 1, 2009). Available at SSRN.
- Saez, Juan Carlos Matallin and Martí, Carmen Pilar, "Spanish Pension Plans Performance and Persistence" (March 1, 2008). Available at SSRN.
- Ammann, Manuel and Zingg, Andreas, "Investment Performance of Swiss Pension Funds and Investment Foundations" (January 2008). Available at SSRN.
- Gokcen, Umut and Yalcin, Atakan, "The Case Against Active Pension Funds: Evidence from the Turkish Private Pension System" (December 26, 2013). Available at SSRN.
- United Kingdom
- Blake, David P. and Timmermann, Allan G. and Tonks, Ian and Wermers, Russ, "Decentralized Investment Management: Evidence from the Pension Fund Industry" (February 2010). CEPR Discussion Paper No. DP7679.
- Clare, Andrew and Cuthbertson, Keith and Nitzsche, Dirk, "An Empirical Investigation into the Performance of UK Pension Fund Managers" (January 9, 2009). Available at SSRN.
- Timmermann, Allan G. and Lehmann, Bruce N. and Blake, David P., "Asset Allocation Dynamics and Pension Fund Performance. The Journal of Business", Vol. 72, No. 4, October 1999; Cass Business School Research Paper. Available at SSRN.
- Tonks, Ian, "Performance Persistence of Pension Fund Managers", The Journal of Business, (2005) University of Chicago Press, vol. 78(5), pages 1917-1942.
- "Averting the old age crisis : policies to protect the old and promote growth", World Bank Documents and Reports. Viewed 9 Jan. 2014