Strategic investment decisions in pension funds are made by trustees. In making these decisions, trustees contract independent advisors such as asset managers and actuaries. Can these external advisors transfer their investment beliefs to the pension funds they contract with? We use proprietary data with the names of asset management firms and individual actuaries that service multiple pension funds to answer this question. We find that pension funds make similar decisions on strategic asset allocations in the presence of a common asset manager or a common actuary, despite significant differences in their liability structures, funding levels, or sizes. The effect is particularly strong in alternative asset classes, such as private equity, hedge funds, and real estate. If two pension funds increase their strategic allocation to alternatives by 10 percentage points in one year, then a third pension fund that contracts the same asset manager increases its strategic allocation to alternatives by 2.5 percentage points, all else being equal. The common-advisor effect might lead a pension fund to select a strategic asset allocation that is not in line with its liability structure, funding ratio, sophistication level, or organizational structure.
{"title":"Common Advisor Effect in Strategic Asset Allocations","authors":"Rob Bauer, Matteo Bonetti, Dirk Broeders","doi":"10.2139/ssrn.3279390","DOIUrl":"https://doi.org/10.2139/ssrn.3279390","url":null,"abstract":"Strategic investment decisions in pension funds are made by trustees. In making these decisions, trustees contract independent advisors such as asset managers and actuaries. Can these external advisors transfer their investment beliefs to the pension funds they contract with? We use proprietary data with the names of asset management firms and individual actuaries that service multiple pension funds to answer this question. We find that pension funds make similar decisions on strategic asset allocations in the presence of a common asset manager or a common actuary, despite significant differences in their liability structures, funding levels, or sizes. The effect is particularly strong in alternative asset classes, such as private equity, hedge funds, and real estate. If two pension funds increase their strategic allocation to alternatives by 10 percentage points in one year, then a third pension fund that contracts the same asset manager increases its strategic allocation to alternatives by 2.5 percentage points, all else being equal. The common-advisor effect might lead a pension fund to select a strategic asset allocation that is not in line with its liability structure, funding ratio, sophistication level, or organizational structure.","PeriodicalId":10619,"journal":{"name":"Comparative Political Economy: Social Welfare Policy eJournal","volume":"123 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-10-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72761649","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This short essay discusses the financialization of housing / construction sector and the right to adequate housing in the context of recent policy initiatives and incentives provided by the government of Pakistan.
{"title":"Financialization of Housing and the Right to Adequate Housing","authors":"S. Sharif","doi":"10.2139/SSRN.3702852","DOIUrl":"https://doi.org/10.2139/SSRN.3702852","url":null,"abstract":"This short essay discusses the financialization of housing / construction sector and the right to adequate housing in the context of recent policy initiatives and incentives provided by the government of Pakistan.","PeriodicalId":10619,"journal":{"name":"Comparative Political Economy: Social Welfare Policy eJournal","volume":"48 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74599237","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The article reviews the changes of the service provision system, especially the structure of the Hungarian social care. Firstly, theoretical and international backgrounds of the topic are shown. Secondly, the article presents the transformation of the Hungarian social care in the last decades. Here, a tendency of concentration and centralization can be observed. Thirdly, the mixed nature of the Hungarian municipal social care system is analyzed, which system have been strongly centralized in the last five years. The effects of the centralization are analyzed as well, the article shows, that the changes of the funding have the most significant impact on the spatial structure of the service provision.
{"title":"Structure of the Personal Social Services in Hungary","authors":"I. Hoffman","doi":"10.56749/annales.elteajk.2017.lvi.6.83","DOIUrl":"https://doi.org/10.56749/annales.elteajk.2017.lvi.6.83","url":null,"abstract":"The Russian version of this paper can be found at <a href=\"https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3698546\">https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3698546</a><br><br>The article reviews the changes of the service provision system, especially the structure of the Hungarian social care. Firstly, theoretical and international backgrounds of the topic are shown. Secondly, the article presents the transformation of the Hungarian social care in the last decades. Here, a tendency of concentration and centralization can be observed. Thirdly, the mixed nature of the Hungarian municipal social care system is analyzed, which system have been strongly centralized in the last five years. The effects of the centralization are analyzed as well, the article shows, that the changes of the funding have the most significant impact on the spatial structure of the service provision.","PeriodicalId":10619,"journal":{"name":"Comparative Political Economy: Social Welfare Policy eJournal","volume":"103 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80638278","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
With unique datasets, this paper studies the externalities of bike sharing by examining house prices. We find that, for neighborhoods that are relatively far from subway stations, house prices increase with the usage intensity of shared bikes. This indicates a positive externality of bike sharing as a complement to the subway network. For neighborhoods near subway stations, however, house prices decrease with the intensity, especially if we exclude neighborhoods with a high-quality management service or if we look at the neighborhoods far from City Management Teams. This indicates a negative externality, which may be caused by the misplacement of shared bikes. Since the breakout of COVID-19, both the positive and negative externalities have become more capitalized into house prices; time-on-market also exhibits consistent patterns. This suggests that the profit sustainability of bike sharing has increased post the COVID-19 pandemic.
{"title":"Does Bike Sharing Increase House Prices? Evidence From Micro-Level Data","authors":"Zhengyi Zhou, Hongchang Li, A. Zhang","doi":"10.2139/ssrn.3409003","DOIUrl":"https://doi.org/10.2139/ssrn.3409003","url":null,"abstract":"With unique datasets, this paper studies the externalities of bike sharing by examining house prices. We find that, for neighborhoods that are relatively far from subway stations, house prices increase with the usage intensity of shared bikes. This indicates a positive externality of bike sharing as a complement to the subway network. For neighborhoods near subway stations, however, house prices decrease with the intensity, especially if we exclude neighborhoods with a high-quality management service or if we look at the neighborhoods far from City Management Teams. This indicates a negative externality, which may be caused by the misplacement of shared bikes. Since the breakout of COVID-19, both the positive and negative externalities have become more capitalized into house prices; time-on-market also exhibits consistent patterns. This suggests that the profit sustainability of bike sharing has increased post the COVID-19 pandemic.","PeriodicalId":10619,"journal":{"name":"Comparative Political Economy: Social Welfare Policy eJournal","volume":"10 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84225021","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Z. Mushkudiani, David Mamrikishvili, Irakli Gachechiladze
The paper studies pension reform in Georgia which has been going on since the 1990s, evolving over time and taking a modern look. The axiom is that the pension system in our country needed to be upgraded. The discussion on the current issue has been going on for a long time and the topic does not lose its relevance today. The establishment of a liberal economic environment can be considered as the basis for the accumulation of «accumulated pensions» in our country. Like all recent reforms, there are supporters and opponents of the reform, but unfortunately, for a number of reasons, the public expresses distrust and views the reform as a step backward. It is clear that pensioners› reliance on the basic state pension is a heavy burden for the country›s budget.
{"title":"Pros and Cons of Pension Reform- Georgian Case","authors":"Z. Mushkudiani, David Mamrikishvili, Irakli Gachechiladze","doi":"10.35945/GB.2020.09.011","DOIUrl":"https://doi.org/10.35945/GB.2020.09.011","url":null,"abstract":"The paper studies pension reform in Georgia which has been going on since the 1990s, evolving over time and taking a modern look. The axiom is that the pension system in our country needed to be upgraded. The discussion on the current issue has been going on for a long time and the topic does not lose its relevance today. The establishment of a liberal economic environment can be considered as the basis for the accumulation of «accumulated pensions» in our country. Like all recent reforms, there are supporters and opponents of the reform, but unfortunately, for a number of reasons, the public expresses distrust and views the reform as a step backward. It is clear that pensioners› reliance on the basic state pension is a heavy burden for the country›s budget.","PeriodicalId":10619,"journal":{"name":"Comparative Political Economy: Social Welfare Policy eJournal","volume":"34 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88046875","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We study a unique all-payer data set spanning 38 states to examine the differences in inpatient reimbursement rates paid by traditional Medicare (TM), Medicare Advantage (MA), Medicaid, and private (under-65) insurers, and the differences in negotiated rates across the 60 largest private insurers. After controlling for enrollee and hospital mix, we find that private insurers pay 37 percent more than TM, and MA pays 10 percent more than TM for the five most common inpatient diagnoses. The correlation in risk-adjusted payments by private insurers and by TM at the same hospital for the same diagnosis is only 0.10. There is significant variation in negotiated prices within and across private payers. Among the five largest US insurers, the most expensive insurer negotiates prices that are 5-26 percent higher than the mean price for the 20 most common inpatient diagnoses. Additionally, we find a 10 percent increase in insurer market share corresponds to a 7 percent decrease in inpatient negotiated prices and a 10 percent decrease in the standard deviation of prices. This finding suggests that increased insurer market power allows payers to negotiate prospective payment contracts – rather than the more common fee-for-service payments – thereby offloading financial risk to providers.
{"title":"Variation in Health Care Prices Across Public and Private Payers","authors":"Toren Fronsdal, Jay Bhattacharya, S. Tamang","doi":"10.3386/w27490","DOIUrl":"https://doi.org/10.3386/w27490","url":null,"abstract":"We study a unique all-payer data set spanning 38 states to examine the differences in inpatient reimbursement rates paid by traditional Medicare (TM), Medicare Advantage (MA), Medicaid, and private (under-65) insurers, and the differences in negotiated rates across the 60 largest private insurers. After controlling for enrollee and hospital mix, we find that private insurers pay 37 percent more than TM, and MA pays 10 percent more than TM for the five most common inpatient diagnoses. The correlation in risk-adjusted payments by private insurers and by TM at the same hospital for the same diagnosis is only 0.10. There is significant variation in negotiated prices within and across private payers. Among the five largest US insurers, the most expensive insurer negotiates prices that are 5-26 percent higher than the mean price for the 20 most common inpatient diagnoses. Additionally, we find a 10 percent increase in insurer market share corresponds to a 7 percent decrease in inpatient negotiated prices and a 10 percent decrease in the standard deviation of prices. This finding suggests that increased insurer market power allows payers to negotiate prospective payment contracts – rather than the more common fee-for-service payments – thereby offloading financial risk to providers.","PeriodicalId":10619,"journal":{"name":"Comparative Political Economy: Social Welfare Policy eJournal","volume":"7 2 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89491875","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Korean Abstract:무한책임을 요구하고 있는 우리나라 주택금융시장에서 최근 유한책임대출 또는 비소구대출(nonrecourse loan) 도입이 발표되었다. 동 발표로 인하여 금융시장에서는 주택가격이 하락하는 경우 차입자의 전략적 부도로 부실대출이 증가할 수 있다는 부정적 여론이 확대되었다. 본 논문에서는 유한책임대출의 장애요인으로 제시되고 있는 금융기관의 부담 즉 잠재적 위험을 논의한다. 특히 유한책임대출을 판매한 금융기관의 기대손실을 모의실험을 통하여 추정한다. 상대적으로 위험이 높은 수도권의 경우에 대출원금이 1,000억원인 경우 1% 발생확률에서 입을 수 있는 기대손실액의 최대 규모가 3,720만원으로 추정되었다. 시장에서의 우려에도 불구하고 현재 취급되고 있는 유한책임대출의 취급으로 인한 금융 기관의 잠재적 위험은 크지 않은 것으로 분석되었다.
English Abstract:Recently non-recourse mortgages introduced in the Korean housing finance market, mortgage products of which require unlimited liability for borrowers, A debate, followed by the introduction, starts in the market that with non-recourse mortgages, borrowers may make massive strategic default decisions in case of a financial turbulence, which may increase burdens of financial institutions. The paper studies risks of a financial institution who originates non-recourse mortgage loans. In particular, the paper evaluates an expected loss for the institution. The simulation results show that, with a probability of 1 per cent, the expected loss for KRW 100 billions non-recourse mortgages is only KRW 3.7 millions in Seoul Metropolitan Areas whose expected loss was higher than those in other areas during the global financial crisis in the late 2000s. The results confirm that the expected loss is lower than expected in financial markets.
Korean Abstract:要求无限责任的我国住宅金融市场最近发表了引进有限责任贷款或非贷款(nonrecourse loan)。由于该消息的公布，金融市场上出现了一种负面舆论，即，如果住宅价格下跌，由于借款人的战略性破产，不良贷款可能会增加。本论文将讨论有限责任贷款的障碍因素——金融机关的负担，即潜在的危险。特别是通过模拟实验推测销售有限责任贷款的金融机关的期待损失。在风险相对较高的首都圈，贷款本金为1000亿韩元的情况下，1%的发生概率所能遭受的最大损失额被推定为3720万韩元。据分析，尽管市场上存在忧虑，但目前办理的有限责任贷款对金融机构的潜在危险并不大。英语基础设施:Recently non-recourse mortgages introduced in the Korean housing finance market, mortgage products of which require unlimited liability for borrowers, A debate， rowers may make massive strategic default decisions in case of a financial turbulence;which may increase burdens of financial institutions。The paper studies risks of a financial institution who originates non-recourse mortgage loans。In particular, the paper evaluates an expected loss for the institution。The simulation results show that, with a probability of 1 per cent，the expected loss for KRW 100 billions non-recourse mortgages is only KRW 3.7 millions in Seoul Metropolitan Areas whose expected loss was higher than those in other Areas during the global financialcrisis in the late 2000s。The results confirm that The expected loss is lower than expected in financial markets。
{"title":"유한책임대출의 리스크 분석: 대출자의 기대손실을 중심으로 An Evaluation of Risks in Korean Nonrecourse Mortgages","authors":"Seungryul Ma, Seung Dong (Peter) You","doi":"10.2139/ssrn.3638869","DOIUrl":"https://doi.org/10.2139/ssrn.3638869","url":null,"abstract":"<b>Korean Abstract:</b>무한책임을 요구하고 있는 우리나라 주택금융시장에서 최근 유한책임대출 또는 비소구대출(nonrecourse loan) 도입이 발표되었다. 동 발표로 인하여 금융시장에서는 주택가격이 하락하는 경우 차입자의 전략적 부도로 부실대출이 증가할 수 있다는 부정적 여론이 확대되었다. 본 논문에서는 유한책임대출의 장애요인으로 제시되고 있는 금융기관의 부담 즉 잠재적 위험을 논의한다. 특히 유한책임대출을 판매한 금융기관의 기대손실을 모의실험을 통하여 추정한다. 상대적으로 위험이 높은 수도권의 경우에 대출원금이 1,000억원인 경우 1% 발생확률에서 입을 수 있는 기대손실액의 최대 규모가 3,720만원으로 추정되었다. 시장에서의 우려에도 불구하고 현재 취급되고 있는 유한책임대출의 취급으로 인한 금융 기관의 잠재적 위험은 크지 않은 것으로 분석되었다.<br><br><b>English Abstract:</b>Recently non-recourse mortgages introduced in the Korean housing finance market, mortgage products of which require unlimited liability for borrowers, A debate, followed by the introduction, starts in the market that with non-recourse mortgages, borrowers may make massive strategic default decisions in case of a financial turbulence, which may increase burdens of financial institutions. The paper studies risks of a financial institution who originates non-recourse mortgage loans. In particular, the paper evaluates an expected loss for the institution. The simulation results show that, with a probability of 1 per cent, the expected loss for KRW 100 billions non-recourse mortgages is only KRW 3.7 millions in Seoul Metropolitan Areas whose expected loss was higher than those in other areas during the global financial crisis in the late 2000s. The results confirm that the expected loss is lower than expected in financial markets.","PeriodicalId":10619,"journal":{"name":"Comparative Political Economy: Social Welfare Policy eJournal","volume":"23 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84711818","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Over the past decade, housing supply restrictions across US cities have contributed to anemic housing construction and high prices in some of the most in-demand
过去10年，美国各城市的住房供应限制，导致一些最热门城市的住房建设停滞不前，房价居高不下
{"title":"Policies to Help Communities Recover: Housing Restrictions","authors":"E. Hamilton, Salim Furth, M. Gray","doi":"10.2139/ssrn.3664297","DOIUrl":"https://doi.org/10.2139/ssrn.3664297","url":null,"abstract":"Over the past decade, housing supply restrictions across US cities have contributed to anemic housing construction and high prices in some of the most in-demand","PeriodicalId":10619,"journal":{"name":"Comparative Political Economy: Social Welfare Policy eJournal","volume":"52 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85757083","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Hazel Easthope, Laura Crommelin, L. Troy, Gethin Davison, M. Nethercote, Sarah Foster, R. V. D. Nouwelant, Alexandra Kleeman, Bill Randolph, R. Horne
This research investigates the demographic characteristics, types of buildings and neighbourhoods of lower-income apartment residents in Australia so as to improve wellbeing, community and housing affordability outcomes.
本研究调查了澳大利亚低收入公寓居民的人口特征、建筑类型和社区，以改善福利、社区和住房负担能力。
{"title":"Improving Outcomes for Apartment Residents and Neighbourhoods","authors":"Hazel Easthope, Laura Crommelin, L. Troy, Gethin Davison, M. Nethercote, Sarah Foster, R. V. D. Nouwelant, Alexandra Kleeman, Bill Randolph, R. Horne","doi":"10.18408/ahuri-7120701","DOIUrl":"https://doi.org/10.18408/ahuri-7120701","url":null,"abstract":"This research investigates the demographic characteristics, types of buildings and neighbourhoods of lower-income apartment residents in Australia so as to improve wellbeing, community and housing affordability outcomes.","PeriodicalId":10619,"journal":{"name":"Comparative Political Economy: Social Welfare Policy eJournal","volume":"28 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75554092","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study examines how local and international funding interventions focused on specific regions, such as City Deals, deliver affordable rental housing for low income households to enhance urban productivity.
{"title":"Strategic Planning, ‘City Deals’ and Affordable Housing","authors":"M. Pill, Nicole Gurran, C. Gilbert, P. Phibbs","doi":"10.18408/ahuri-7320301","DOIUrl":"https://doi.org/10.18408/ahuri-7320301","url":null,"abstract":"This study examines how local and international funding interventions focused on specific regions, such as City Deals, deliver affordable rental housing for low income households to enhance urban productivity.","PeriodicalId":10619,"journal":{"name":"Comparative Political Economy: Social Welfare Policy eJournal","volume":"22 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82755944","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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