The Experts below are selected from a list of 17586 Experts worldwide ranked by ideXlab platform
Gordon L Clark - One of the best experts on this subject based on the ideXlab platform.
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The problematic nature of UK Pension Fund regulation: Performing governance at the expense of innovation:
Competition & Change, 2020Co-Authors: Gordon L ClarkAbstract:At the heart of UK Pension Fund regulation are quasi-compulsory codes of practices and tests of Pension Fund trustees’ competence. This regime of ‘soft’ regulation focuses upon the ‘performance’ of...
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the norwegian government Pension Fund ethics over efficiency
Rotman International Journal of Pension Management, 2010Co-Authors: Gordon L Clark, Ashby H B MonkAbstract:The Norwegian Government Pension Fund Global has an explicit mission to integrate long-term investment return objectives with an ambitious ethical commitment. This approach has drawn praise among Western policymakers. However, we contend that the ethical investment policy of the Norwegian Government Pension Fund Global presents a paradox, as the manner in which the country applies its ethical criteria to investment management transgresses best practice as we define it. As a result, we believe that Norway has chosen to discount functional efficiency in favor of exerting a “Fundamental social perspective”. This may have unfavorable consequences in the long run. Nonetheless, we recognize the current approach is the source of the public and political legitimacy the Fund enjoys today.
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Pension Fund governance expertise and organizational form
Chapters, 2008Co-Authors: Gordon L ClarkAbstract:The academic literature on Pension governance is sparse and this book will fill some important gaps by bringing together original contributions from around the world on subjects related to the area. The book initially lays out the main frameworks for Pension Fund governance and then goes on to examine global governance practice and experience and country studies on Pension Funds in the United States and Australia. The final section of this in-depth study discusses the role of government guarantees.
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Pension Fund capitalism
2000Co-Authors: Gordon L ClarkAbstract:The State in Retreat Pension Fund Capitalism Functional and Spatial Structure of investment Management Competition and Innovation in Investment Management Pension Fund Trustee Decision Making Corruption and Investment Decision Making Four models of Financial Intermediation Provision of Urban Infrastructure Contested Terrain Community and Solidarity
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Pension Fund capitalism
OUP Catalogue, 2000Co-Authors: Gordon L ClarkAbstract:The growth of Pension Funds has been nothing short of astronomical. Pension Funds now dominate the world's financial markets, affecting nations' wealth, community development, and industrial well being. Yet little is known about their structure and organization. Pension Funds and their agents in the investment industry control enormous sums of money, profoundly affecting the structure and performance of nation-states and the global economy. At the same time, it is also apparent that many western governments are retreating from the provision of 'public good' once thought essential to the fabric of urban life. Clark agues that if we are to understand the long-term future of the western economies (in general) and our communities (in particular), we need also to understand how institutional investors allocate assets, mobilize Funds, and make investment decisions. There are few studies of the relationship between Pension Funds and the financial services industry. Pension Fund Capitalism fills an important gap in the literature as well as the intersection between Pension Funds and public policy.
Sandra Rigot - One of the best experts on this subject based on the ideXlab platform.
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Regulation and Pension Fund Risk-Taking
Journal of International Money and Finance, 2018Co-Authors: Ling-ni Boon, Marie Brière, Sandra RigotAbstract:We investigate the extent to which regulations governing investment, valuation and Funding affect the riskiness of defined benefit Pension Funds' asset allocation. We compare the regulatory frameworks of public, corporate and industry Pension Funds in the United States, Canada and the Netherlands over 1992–2011. Derived from panel data analysis of a unique set of asset allocation details for close to 600 Funds, our results highlight that regulatory factors are more economically significant than Pension Funds' characteristics in shaping asset allocation. In particular, risk-based capital requirements and mark-to-market valuation are both associated with a 7% lower risky asset exposure, especially equities, regardless of market conditions. By contrast, the exposure of a Pension Fund subject to a 100% Funding requirement does not differ significantly from that of an unconstrained Pension Fund during normal times, but the constrained Pension Fund invests 4% less in risky assets during a financial crisis. In line with theoretical predictions, we find that risk-based capital requirements and minimum Funding limits have different consequences for Pension Funds’ risk-taking.
Ling-ni Boon - One of the best experts on this subject based on the ideXlab platform.
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Regulation and Pension Fund Risk-Taking
Journal of International Money and Finance, 2018Co-Authors: Ling-ni Boon, Marie Brière, Sandra RigotAbstract:We investigate the extent to which regulations governing investment, valuation and Funding affect the riskiness of defined benefit Pension Funds' asset allocation. We compare the regulatory frameworks of public, corporate and industry Pension Funds in the United States, Canada and the Netherlands over 1992–2011. Derived from panel data analysis of a unique set of asset allocation details for close to 600 Funds, our results highlight that regulatory factors are more economically significant than Pension Funds' characteristics in shaping asset allocation. In particular, risk-based capital requirements and mark-to-market valuation are both associated with a 7% lower risky asset exposure, especially equities, regardless of market conditions. By contrast, the exposure of a Pension Fund subject to a 100% Funding requirement does not differ significantly from that of an unconstrained Pension Fund during normal times, but the constrained Pension Fund invests 4% less in risky assets during a financial crisis. In line with theoretical predictions, we find that risk-based capital requirements and minimum Funding limits have different consequences for Pension Funds’ risk-taking.
Trias Andati - One of the best experts on this subject based on the ideXlab platform.
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Analysis and Optimization of Investment Portfolio Performance (Case Study of PLN Pension Fund)
International Journal of Research, 2019Co-Authors: Andi Reski Almaida Dg Macenning, Dedi Budiman Hakim, Trias AndatiAbstract:This study aimed to analyses the performance of each asset in the investment portfolio using the risk-adjusted performance and also to analyses the composition of the investment portfolio that can provide optimal results using single-index model and tangency portfolio on the PLN Pension Fund. Based on historical data, PLN's Pension Fund investment portfolio currently has not achieved the expected rate of return. This study uses secondary data from the PLN Pension Fund investment division consisting of investment allocation and returns data for each asset. The results based on risk-adjusted performance using the Sharpe ratio, Treynor ratio, and Jensen alpha are mutual Funds that have suboptimal performance. Based on the results of optimal portfolio composition, the single-index model and tangency portfolio can provide an optimal rate of return with a lower level of risk compared to the historical portfolio of the PLN Pension Fund. However, the portfolio composition produced by the single-index model is not following PLN's Pension Fund investment policy, the allocation of government bonds exceeds the maximum quantitative limit. The portfolio assessed using the Sharpe ratio, tangency portfolio has the highest Sharpe ratio. So the portfolio formed based on tangency portfolio is the best portfolio combination.
Fiona Stewart - One of the best experts on this subject based on the ideXlab platform.
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Reform on Pension Fund Governance and Management: The 1998 Reform of Korea National Pension Fund
2011Co-Authors: Woochan Kim, Fiona StewartAbstract:This paper provides a detailed chronological account of the governance-cum-management reform of National Pension Fund in Korea and analyzes its success factors, drawing lessons for other countries. A review of the current governance structures with the Fund versus OECD guidelines and international good practice is also provided, along with suggestions for further reform.
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Reform on Pension Fund Governance and Management
OECD Working Papers on Finance Insurance and Private Pensions, 2011Co-Authors: Woochan Kim, Fiona StewartAbstract:This paper provides a detailed chronological account of the governance-cum-management reform of National Pension Fund in Korea and analyzes its success factors, drawing lessons for other countries. A review of the current governance structures with the Fund versus OECD guidelines and international good practice is also provided, along with suggestions for further reform.
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Supervisory Oversight of Pension Fund Governance
SSRN Electronic Journal, 2008Co-Authors: Fiona Stewart, Pablo AntolinAbstract:This working paper mainly analyses the responses of IOPS members to a survey on supervisory oversight of Pension Fund governance. The survey and responses cover the current focus, issues and problems as well as future developments. A few case studies are also included in the paper to illustrate the different types of issues that Pension Fund systems may face and the means that may be adopted by the relevant supervisory authorities to resolve these issues.
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Pension Fund Investment in Hedge Funds
OECD Working Papers on Insurance and Private Pensions, 2007Co-Authors: Fiona StewartAbstract:Having outlined the potential concerns relating to Pension Fund investment in hedge Funds, the OECD carried out a survey to investigate what information Pension Fund regulators have on these investments and how they are being controlled. The survey confirms that Pension Fund regulators have little information regarding how Pension Funds in their jurisdiction are investing in hedge Fund products (in terms of size of investments, the types of hedge Funds Pension Funds are exposed and to what type of product). Only the Slovak Republic and Mexico (for the mandatory system) prevent Pension Funds from investing in hedge Funds. Although the level of such investment is still very low in other countries, it is almost universally expected to increase. Few countries impose specific quantitative investment restrictions on Pension Fund investment in hedge Funds, with most regulators exercising control via general investment restrictions and requirements (for diversification, transparency, through the prudent person rule etc.). Some regulators have provided Pension Funds with further guidance as how to handle these instruments. In terms of policy issues, most concern centre around financial risk control and how to improve transparency and disclosure in relation to these investments.
