Alternative Investing by State and Local Pension Funds PDF Download
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Author: John E. Petersen
Publisher:
ISBN:
Category : Pensions
Languages : en
Pages : 142
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Book Description
Author: John E. Petersen
Publisher:
ISBN:
Category : Pensions
Languages : en
Pages : 142
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Book Description
Author: John E. Petersen
Publisher:
ISBN:
Category : Local government
Languages : en
Pages : 118
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Author: Douglas Robertson
Publisher:
ISBN:
Category :
Languages : en
Pages : 48
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Book Description
Author: Paul Rose
Publisher:
ISBN:
Category :
Languages : en
Pages : 31
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Book Description
Over the last decade, Defined Benefit (DB) public pension systems have come under greater stress. Pensions have experienced two recessions, demographic shifts and generally bad public budget circumstances. Pensions have modified their allocation strategies over this period, generally shifting away from equities and fixed income allocations in favor of alternatives. What's more, the stated justification for alternatives has shifted as well, from an emphasis on relative performance (alpha) towards diversification away from systemic shocks (beta). In this paper, we investigate motives for the employment of alternatives and the performance of these investments, considering both governance and financial performance motivations. We consider possible principal-agent and herding problems that may be unique to these portfolios, and find that the prudent person standard is of little protection against herding risks due to its relative benchmarking schema. Controlling for changes in governance, we find that private equity and other less liquid alternatives can be of value because of their relatively consistent pricing, whereas more liquid assets are more susceptible to price volatility. In fact, improvements in diversification (beta) can arise as an artifact of illiquidity.
Author:
Publisher:
ISBN: 9781885123022
Category : Investments
Languages : en
Pages : 104
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Author: Amod Choudhary
Publisher:
ISBN:
Category :
Languages : en
Pages : 11
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Book Description
State Public Pension funds have increased their portfolios into riskier alternative investments to meet their annual required contributions (ARC). Our paper uses The Public Plans Data (PPD) to analyze the differences in alternative investments for 2001 to 2013 by Democrats and Republican lawmakers. The shift in funds from traditional to alternative investments ushers in a new era for public pension fund money managers and their appetite for taking on higher levels of risk. This paper shows that the shift from traditional low risk - low return investments to alternative high risk - high return investments of state public pension funds are due to changes in governance and risk seeking investment behavior of the money managers.
Author: Jun Peng
Publisher: CRC Press
ISBN: 0849305519
Category : Political Science
Languages : en
Pages : 286
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Book Description
Intense media coverage of the public pension funding crisis continues to fuel heightened awareness in and debate over public pension benefits. With over $3 trillion in assets currently under management, the ramifications of poor oversight are severe. It is important that practitioners, researchers, and taxpayers be well-advised regarding any concer
Author: Alicia Haydock Munnell
Publisher:
ISBN:
Category : Pension trusts
Languages : en
Pages : 64
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Book Description
Author: Barbara D. Bovbjerg
Publisher: DIANE Publishing
ISBN: 1437939961
Category : Reference
Languages : en
Pages : 48
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Book Description
Recent market declines have significantly diminished the asset value of state and local pension plans (PP). Reported unfunded liabil. for these plans are estimated in the hundreds of billions of dollars. As a result, in the long term, these governments may need to make significant fiscal adjustments such as modifying employee benefits, or increasing contributions to plans. They may also alter invest. strategies to attempt to maximize returns by assuming increased risk. This report examined: (1) who makes invest. decisions for PP and what guides their decision making; (2) how PP allocate their assets and manage their invest.; and (3) practices that PP are using to meet a range of challenges in governance, invest., or funding. Illus. A print on demand report.
Author: Lee Webb
Publisher:
ISBN:
Category : Civil service
Languages : en
Pages : 164
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Book Description
