The case against active pension funds: evidence from the Turkish private pension system

Name: The case against active pension funds: evidence from the Turkish private pension system
Author: Gökçen, U., Yalçın, Atakan

İsim	The case against active pension funds: evidence from the Turkish private pension system
Yazar	Gökçen, U., Yalçın, Atakan
Basım Tarihi:	2015-06
Basım Yeri	- Elsevier
Konu	Pension funds, Active management, Herding, Pension reform, Defined contribution
Tür	Süreli Yayın
Dil	İngilizce
Dijital	Evet
Yazma	Hayır
Kütüphane:	Özyeğin Üniversitesi
Demirbaş Numarası	1566-0141
Kayıt Numarası	e854faff-ee53-4672-8fbd-32e5bca08dd7
Lokasyon	International Finance
Tarih	2015-06
Notlar	Due to copyright restrictions, the access to the full text of this article is only available via subscription.
Örnek Metin	Using data on private Turkish pension funds we show that most active managers are not able to provide performance beyond what could be achieved by passive indexing. The average fund beats its benchmark by only 26 basis points, before fees. We also observe herding behavior among managers' asset allocation decisions which can potentially explain their lack of overperformance. Our results strongly support the need for low-cost index funds in emerging market countries that are reforming their pension schemes. We further recommend regulatory oversight on the “activeness” of funds and introduction of default plans with more balanced asset allocations.
DOI	10.1016/j.ememar.2015.04.007
Cilt	23

Kaynağa git Özyeğin Üniversitesi

Aramaya Dön

Özyeğin Üniversitesi

Kaynağa git

The case against active pension funds: evidence from the Turkish private pension system

Yazar Gökçen, U., Yalçın, Atakan

Basım Tarihi 2015-06

Basım Yeri - Elsevier

Konu Pension funds, Active management, Herding, Pension reform, Defined contribution

Tür Süreli Yayın

Dil İngilizce

Dijital Evet

Yazma Hayır

Kütüphane Özyeğin Üniversitesi

Demirbaş Numarası 1566-0141

Kayıt Numarası e854faff-ee53-4672-8fbd-32e5bca08dd7

Lokasyon International Finance

Tarih 2015-06

Notlar Due to copyright restrictions, the access to the full text of this article is only available via subscription.

Örnek Metin Using data on private Turkish pension funds we show that most active managers are not able to provide performance beyond what could be achieved by passive indexing. The average fund beats its benchmark by only 26 basis points, before fees. We also observe herding behavior among managers' asset allocation decisions which can potentially explain their lack of overperformance. Our results strongly support the need for low-cost index funds in emerging market countries that are reforming their pension schemes. We further recommend regulatory oversight on the “activeness” of funds and introduction of default plans with more balanced asset allocations.

DOI 10.1016/j.ememar.2015.04.007

Cilt 23