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Do Investment Regulations Compromise Pension Fund Performance?

1999-01-01 Business & Economics
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Release : 1999-01-01
Genre : Business & Economics
Kind : eBook
Book Rating : 880/5 ( reviews)

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Book Synopsis Do Investment Regulations Compromise Pension Fund Performance? by : Pulle Subrahmanya Srinivas

Download or read book Do Investment Regulations Compromise Pension Fund Performance? written by Pulle Subrahmanya Srinivas. This book was released on 1999-01-01. Available in PDF, EPUB and Kindle. Book excerpt: " "Draconian" regulations have created distortions in asset management, limited opportunities for diversification, and, as a consequence have hampered, the performance of pension funds." This volume shows that the return to retirement assets, expected replacement rates, and, hence, the net welfare gain from pension reform is lower under a draconian regulatory framework than under a more liberal pension fund investment regime. Important policy conclusions of the paper are that existing regulatory regimes should be liberalized as soon as possible to allow pension fund investments in a wider array of financial instruments and that regulations should require evaluation of pension fund performance against market benchmarks as opposed to exclusive focus on comparisons with industry averages. The paper also suggests a review of the current structure of the private pension fund industry in Latin America and an evaluation against alternatives in the light of actual performance experience.

Portfolio Limits

2012
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Release : 2012
Genre :
Kind : eBook
Book Rating : /5 ( reviews)

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Book Synopsis Portfolio Limits by : Weltbank

Download or read book Portfolio Limits written by Weltbank. This book was released on 2012. Available in PDF, EPUB and Kindle. Book excerpt: The value of funded pensions can depend critically on the funds' investment performance. To try and protect people's savings, governments often regulate pension funds strictly, particularly when contributions are mandatory. For example, the new funded pension systems in Latin America and Eastern Europe are more stringently regulated than private pensions in OECD countries, which are mainly voluntary. While these pension fund regulations take three different forms, this briefing focuses on one of these: quantitative restrictions on pension funds' portfolios. Quantitative restrictions on the share of particular types of assets held by the fund limit the dispersion of outcomes, particularly for defined contribution schemes. In most mandatory schemes, this leads to a 'single portfolio' environment where members of the scheme are forced to hold basically the same portfolio. Most common are limits on risky assets such as shares and corporate bonds. Often, foreign investments are curtailed. This review includes a look at the adverse effects of portfolio limits, and argues for relaxing investment rules so that pension funds can reap the benefits from international diversification.

Portfolio Limits

2000 Electronic book
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Release : 2000
Genre : Electronic book
Kind : eBook
Book Rating : /5 ( reviews)

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Book Synopsis Portfolio Limits by :

Download or read book Portfolio Limits written by . This book was released on 2000. Available in PDF, EPUB and Kindle. Book excerpt:

Governance and Investment of Public Pension Assets

2011 Social Science
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Release : 2011
Genre : Social Science
Kind : eBook
Book Rating : 708/5 ( reviews)

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Book Synopsis Governance and Investment of Public Pension Assets by : Sudhir Rajkumar

Download or read book Governance and Investment of Public Pension Assets written by Sudhir Rajkumar. This book was released on 2011. Available in PDF, EPUB and Kindle. Book excerpt: And key messages -- Key principles of governance and investment management -- Governance of public pension assets -- Governance structures and accountabilities -- Qualification, selection, and operation of governing bodies -- Operational policies and procedures -- Managing fiscal pressures in defined-benefit schemes -- Policy responses to turbulent financial markets -- Investment of public pension assets -- Defining the investment policy framework for public pension funds -- Managing risk for different cohorts in defined-contribution schemes -- An asset-liability approach to strategic asset allocation for pension funds -- In-house investment versus outsourcing to external investment managers -- International investments and managing the resulting currency risk -- Alternative asset classes and new investment themes.

The effects of investment regulations on pension funds performance in Brazil

2020-08-19 Law
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Release : 2020-08-19
Genre : Law
Kind : eBook
Book Rating : 112/5 ( reviews)

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Book Synopsis The effects of investment regulations on pension funds performance in Brazil by : Michel Martins de Morais

Download or read book The effects of investment regulations on pension funds performance in Brazil written by Michel Martins de Morais. This book was released on 2020-08-19. Available in PDF, EPUB and Kindle. Book excerpt: Challenges faced by pension funds today include steady increases in life expectancy, frequent changes in the accounting rules, low interest rates and poor equity market returns. It is possible to tackle the difficulties encountered by pension funds not only by raising contributions and/or reducing benefits, but also by improving the way in which pension funds invest. In spite of some changes in the past few years, Brazilian pension funds investment management remains subject to strict constraints. The findings of this study, carried out in 2007, suggest that, even though the results of conducted tests deny, to some extent, the need for further adjustments in investment regulations, concluding this way would not be accurate. There are, in fact, strong reasons to believe that the high interest rates environment experienced over the last years contaminated these results. Furthermore, with a clear downward trend in interest rates, it is possible to imply that, if nothing is done, pension funds will lack flexibility when they need it the most.

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