资金流对养老基金的影响。来自英国传统和社会责任养老基金的证据

Mercedes Alda
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引用次数: 4

摘要

我们研究了流动的决定因素及其对英国传统和社会责任(SR)养老基金经理能力的影响。我们研究了养老基金中几乎没有记录的三个方面。首先,养老基金投资者受到限制,因为他们在退休之前不能撤资,尽管他们可以将投资转向另一只基金,但资金流动可能会受到影响。其次,由于养老基金和社会责任基金都关注社会福利,社会责任基金表现出特殊的社会利益,可能表现出不同的行为。第三,据我们所知,信息流对风格选择能力的影响还没有被研究过。我们的研究结果表明,这两种养老基金在成立时间较短、规模较小的时候都经历了更大的资金流动,并且在过去都有过资金流动。经理人表现出负选股和糟糕的择时能力,与资金流无关。
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Flows impact on pension funds. Evidence from UK conventional and social responsible pension funds

We study the determinants of flows and their impact on managers’ abilities in UK conventional and socially responsible (SR) pension funds. We examine three aspects barely documented in pension funds. First, flows may be affected by the fact that pension fund investors are restricted because they cannot disinvest until retirement, although they can switch the investment to another fund. Second, as both pension funds and SR funds are concerned with social welfare, SR pension funds present a special social interest and possibly different behavior. Third, the influence of flows on style timing abilities, as far as we are aware, has not been studied before. Our results indicate that both pension funds experience greater flows when they are younger and smaller, and have received flows in the past. Managers present negative stock-picking and poor timing abilities, independently of flows.

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