Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
5089757 | Journal of Banking & Finance | 2012 | 10 Pages |
Abstract
⺠We decompose the sources of pension funds' returns. ⺠We use a unique database of US pension funds' asset allocation from 1990 to 2008. ⺠We take explicit account of market movements. ⺠Policy allocation accounts for the bulk of global returns. ⺠Active management is an important source of performance at the asset class level.
Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics and Econometrics
Authors
Michel Aglietta, Marie Brière, Sandra Rigot, Ombretta Signori,