Evaluating The Financial Performance Of Pension Funds

Author : Richard Hinz
Publisher : World Bank Publications
ISBN 13 : 9780821381601
Total Pages : 296 pages
Book Rating : 4.01/5 ( download)

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Download or read book Evaluating the Financial Performance of Pension Funds written by Richard Hinz and published by World Bank Publications. This book was released on 2010-01-14 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: Countries around the world are increasingly relying on individual pension savings accounts to provide income in old age for their citizens. Although these funds have now been in place for several decades, their performance is usually measured using methods that are not meaningful in relation to this long-term objective. The recent global financial crisis has highlighted the need to develop better performance evaluation methods that are consistent with the retirement income objective of pension funds. Compiling research derived from a partnership among the World Bank, the Organisation for Economic Co-operation and Development (OECD), and three private partners, 'Evaluating the Financial Performance of Pension Funds' discusses the theoretical basis and key implementation issues related to the design of performance benchmarks based on life-cycle savings and investment principles. The book begins with an evaluation of the financial performance of funded pension systems using the standard mean variance framework. It then provides a discussion of the limitations inherent to applying these methods to pension funds and outlines the many other issues that should be addressed in developing more useful and meaningful performance measures through the formulation of pension-specific benchmark portfolios. Practical implementation issues are addressed through empirical examples of how such benchmarks could be developed. The book concludes with commentary and observations from several noted pension experts about the need for a new approach to performance measurement and the impact of the recent global financial crisis on pension funds.

Author : Pulle Subrahmanya Srinivas
Publisher : World Bank Publications
ISBN 13 : 9780821344880
Total Pages : 56 pages
Book Rating : 4.89/5 ( download)

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Download or read book Do Investment Regulations Compromise Pension Fund Performance? written by Pulle Subrahmanya Srinivas and published by World Bank Publications. This book was released on 1999-01-01 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: " "Draconian" regulations have created distortions in asset management, limited opportunities for diversification, and, as a consequence have hampered, the performance of pension funds." This volume shows that the return to retirement assets, expected replacement rates, and, hence, the net welfare gain from pension reform is lower under a draconian regulatory framework than under a more liberal pension fund investment regime. Important policy conclusions of the paper are that existing regulatory regimes should be liberalized as soon as possible to allow pension fund investments in a wider array of financial instruments and that regulations should require evaluation of pension fund performance against market benchmarks as opposed to exclusive focus on comparisons with industry averages. The paper also suggests a review of the current structure of the private pension fund industry in Latin America and an evaluation against alternatives in the light of actual performance experience.

Author : G. Timothy Haight
Publisher : John Wiley & Sons
ISBN 13 : 9780470225790
Total Pages : 272 pages
Book Rating : 4.93/5 ( download)

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Download or read book How to Select Investment Managers and Evaluate Performance written by G. Timothy Haight and published by John Wiley & Sons. This book was released on 2008-01-02 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: An informative guide to selecting and evaluating external investment professionals This book-one of the very few of its kind-is an invaluable aid to trustees of pension plans, endowments, and trusts who seek to chart and navigate courses for governing and overseeing the investment of the trillions of dollars under their care. It covers many aspects of this essential endeavor, including return measures, fixed income and duration, manager searches, committee meetings, and much more. G. Timothy Haight (Atherton, CA) is President of Menlo College in Silicon Valley. Stephen O. Morrell, PhD (Coral Springs, FL) is Professor at Andreas School of Business of Barry University. Glenn Ross (Baltimore, MD) is a Managing Director and cofounder of Archstone Portfolio Solutions.

Author : George O. Aragon
Publisher : Now Publishers Inc
ISBN 13 : 1601980825
Total Pages : 123 pages
Book Rating : 4.23/5 ( download)

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Download or read book Portfolio Performance Evaluation written by George O. Aragon and published by Now Publishers Inc. This book was released on 2008 with total page 123 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a review of the methods for measuring portfolio performance and the evidence on the performance of professionally managed investment portfolios. Traditional performance measures, strongly influenced by the Capital Asset Pricing Model of Sharpe (1964), were developed prior to 1990. We discuss some of the properties and important problems associated with these measures. We then review the more recent Conditional Performance Evaluation techniques, designed to allow for expected returns and risks that may vary over time, and thus addressing one major shortcoming of the traditional measures. We also discuss weight-based performance measures and the stochastic discount factor approach. We review the evidence that these newer measures have produced on selectivity and market timing ability for professional managed investment funds. The evidence includes equity style mutual funds, pension funds, asset allocation style funds, fixed income funds and hedge funds.

Author : G. Timothy Haight
Publisher : John Wiley & Sons
ISBN 13 : 0470042559
Total Pages : 272 pages
Book Rating : 4.57/5 ( download)

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Download or read book How to Select Investment Managers and Evaluate Performance written by G. Timothy Haight and published by John Wiley & Sons. This book was released on 2007-10-12 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: An informative guide to selecting and evaluating external investment professionals This book-one of the very few of its kind-is an invaluable aid to trustees of pension plans, endowments, and trusts who seek to chart and navigate courses for governing and overseeing the investment of the trillions of dollars under their care. It covers many aspects of this essential endeavor, including return measures, fixed income and duration, manager searches, committee meetings, and much more. G. Timothy Haight (Atherton, CA) is President of Menlo College in Silicon Valley. Stephen O. Morrell, PhD (Coral Springs, FL) is Professor at Andreas School of Business of Barry University. Glenn Ross (Baltimore, MD) is a Managing Director and cofounder of Archstone Portfolio Solutions.

Author : Marco Micocci
Publisher : CRC Press
ISBN 13 : 1439817545
Total Pages : 766 pages
Book Rating : 4.44/5 ( download)

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Download or read book Pension Fund Risk Management written by Marco Micocci and published by CRC Press. This book was released on 2010-01-25 with total page 766 pages. Available in PDF, EPUB and Kindle. Book excerpt: As pension fund systems decrease and dependency ratios increase, risk management is becoming more complex in public and private pension plans. Pension Fund Risk Management: Financial and Actuarial Modeling sheds new light on the current state of pension fund risk management and provides new technical tools for addressing pension risk from an integr

Author : Maryam Badrizadeh
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.43/5 ( download)

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Download or read book Evaluating Pension Funds Considering Unobservable Variables Bridging Pension Funds Mutual Funds Through the Development of a New DEA Model written by Maryam Badrizadeh and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Private pension plans provide an important source of retirement income for employees and their families. The effective performance of private pension plans is an important issue to investigate because of the social and economic implications for investors, managers and governments. Typically, financial ratios which have inherent limitations, are used to evaluate pension funds' performance. The objective of this research is to develop Data Envelopment Analysis (DEA) models which evaluate the private pension funds' performance and suggest useful measures based on detailed data acquired from the federal regulator OSFI (Office of the Superintendent of Financial Institutions Canada). The research has three sections. The first section evaluates private pension funds' performance by considering the effect of regulations which are not under the control of fund managers as well as comparing pension funds with mutual funds which have different characteristics. A new DEA model is developed that can evaluate different entities with different cultures from the same industry such as pension funds and mutual funds. The results show that the new DEA model provided a more realistic assessment of pension funds' performance and comparison between pension funds and mutual funds. In section two, the reason for low minimum efficiency scores in DEA for pension funds is examined. It is found that the presence of very low efficiency scores is not uncommon in this industry. In section three, a new methodology is introduced which evaluates the pension funds' performance by considering the importance of different variables based on an expert's judgements as well as borrowing useful information from the mutual funds' dataset. The results show that the discriminatory power of DEA increases after adding an expert's opinions as well as mutual funds' information to the pension funds' DEA model and three different target levels are defined for inefficient plans. Since private pension funds have unique characteristics compared to other investment funds as well as the significant importance of retirement income to people, the results of this research will be of interest to government, financial and industrial managers.

Author : Kees Koedijk
Publisher : John Wiley & Sons
ISBN 13 : 1119437652
Total Pages : 328 pages
Book Rating : 4.59/5 ( download)

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Download or read book Achieving Investment Excellence written by Kees Koedijk and published by John Wiley & Sons. This book was released on 2019-04-08 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: Crucial methods, tactics and tools for successful pension fund management Achieving Investment Excellence offers trustees and asset managers a comprehensive handbook for improving the quality of their investments. With a stated goal of substantially and sustainably improving annual returns, this book clarifies and demystifies important concepts surrounding trustee duties and responsibilities, investment strategies, analysis, evaluation and much more. Low interest rates are making the high cost of future pension payouts fraught with tension, even as the time and knowledge required to manage these funds appropriately increases — it is no wonder that pensions are increasingly seen as a financial liability. Now more than ever, it is critical that trustees understand exactly what contributes to investment success — and what detracts from it. This book details the roles, the tools and the strategies that make pension funds pay off. Understand the role of pension funds and the fiduciary duty of trustees Learn the tools and kills you need to build profound and lasting investment excellence Analyse, diagnose and improve investment quality of funds using concrete tools and instruments Study illustrative examples that demonstrate critical implementation and execution advice Packed with expert insight, crucial tools and real-life examples, this book is an important resource for those tasked with governing these. Achieving Investment Excellence provides the expert insight, clear guidance and key wisdom you need to manage these funds successfully.

Author : August J. Baker
Publisher : Oxford University Press
ISBN 13 : 0190290218
Total Pages : 368 pages
Book Rating : 4.14/5 ( download)

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Download or read book Managing Pension and Retirement Plans written by August J. Baker and published by Oxford University Press. This book was released on 2004-10-28 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: As the U.S. Population ages, retirement is becoming an increasingly important life stage. Pension and retirement plans are crucial to the financial well-being of older citizens and key determinants of their standard of living. Many varieties of pension plans are currently offered, and employers have an interest in these plans because a good pension plan can help an employer attract, retain, and motivate a competent workforce. In some cases, the employer's financial health can depend significantly on the financial health of its pension plan. When employers make decisions regarding pension and retirement plans, they are making decisions that have high stakes for both their employees and the employer itself. Poor decisions can lead to intense scrutiny, sometimes by the media or in the courtroom. Good pension decision making can provide a secure future for the employer and its employees. Managing Pension and Retirement Plans: A Guide for Employers, Administrators and Other Fiduciaries covers the essential financial issues surrounding pension plans. It discusses investment policy and strategy, performance measurement, fiduciary responsibilities, and labor market issues, among other topics. Anyone responsible for any aspect of pension plan management will profit from reading this book.

Author : G. Timothy Haight
Publisher : Irwin Professional Publishing
ISBN 13 : 9780786308002
Total Pages : 0 pages
Book Rating : 4.01/5 ( download)

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Download or read book The Analysis of Portfolio Management Performance written by G. Timothy Haight and published by Irwin Professional Publishing. This book was released on 1997 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Analysis of Portfolio Management Performance is the first and only book to provide an all-encompassing treatment of the knowledge and policies necessary to evaluate the performance of professional money managers, investors and others charged with overseeing your organization's investments. Experienced financial professionals Tim Haight and Steve Morrell examine the many duties that fall to financial committee members and discuss strategies for selecting the right money manager, establishing a meaningful and useful investment policy statement, setting and monitoring investment approaches of outside money managers, and fairly evaluating investment of performance based on organizational guidelines.