The unique regulation of US public pension funds links their liability discount rate to the
expected return on assets, which gives them incentives to invest more in risky assets in order to …

E-commerce has emerged to be one of the most successful business models that have
provided numerous benefits to businesses in the contemporary environment. This study focuses …

We analyze the three components of active management (asset allocation, market timing
and security selection) in the net performance of US pension funds and relate these to fund …

Institutional investors expect infrastructure to deliver long-term stable returns but gain
exposure to infrastructure predominantly through finite-horizon closed private funds. The cash …

We evaluate the economics of financial intermediation in alternative assets by investigating
the allocation and performance of pension fund investments in real estate, the most …

Studies of real estate performance usu-ally analyze property indexes, inves-tigate individual
buildings, or address listed property companies (REITs). Outcomes of such studies can help …

ABSTRACT Representation on pension fund boards by state officials—often determined by
statute decades past—is negatively related to the performance of private equity investments …

We investigate the characteristics of infrastructure as an asset class from an investment
perspective of a limited partner. While non US institutional investors gain exposure to …

We assess and analyze the three components of active management (asset allocation,
market timing and security selection) in the performance of pension funds. Security selection …

The return expectations of public pension funds are positively related to cross-sectional
differences in past performance. This positive relation operates through the expected risk …