Combining investment advice and asset management

被引：0
|
作者：
Hlobil, T. M. [1 ]
van Leuvensteijn, M. [1 ]
机构：
[1] Netherlands Author Consumers & Markets, The Hague, Netherlands
来源：
ECONOMICS LETTERS | 2020年 / 197卷
关键词：
Pension funds; Investment advice; Asset management; Agency costs; ECONOMIES; SCALE;
D O I：
10.1016/j.econlet.2020.109627
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Dutch pension funds often hire investment consultants to give advice on how to invest the retirement contributions of their participants and to manage these investments. Combining investment advice with asset management has potential benefits for pension funds: lower prices for asset management that is tailored to investment advice. But there are also agency costs to consider. Investment consultants know more than investors do. Will investment consultants not tailor their advice to sell their asset management services? This article uses a regulatory dataset on Dutch pension funds to explore this question. (C) 2020 Elsevier B.V. All rights reserved.
引用
收藏
页数：3
相关论文
共 50 条
  • [31] Asset prices and real investment
    Kogan, L
    [J]. JOURNAL OF FINANCIAL ECONOMICS, 2004, 73 (03) : 411 - 431
  • [32] Investment Shocks and Asset Prices
    Papanikolaou, Dimitris
    [J]. JOURNAL OF POLITICAL ECONOMY, 2011, 119 (04) : 639 - 685
  • [33] VOLATILITY INDEXES AS AN INVESTMENT ASSET
    Arendas, Peter
    Chovancova, Bozena
    [J]. POLITICAL SCIENCES, LAW, FINANCE, ECONOMICS AND TOURISM, VOL II, 2014, : 875 - 882
  • [34] Investment Advice for Professional Men
    Dulan, Harold A.
    [J]. JOURNAL OF FINANCE, 1953, 8 (01): : 78 - 79
  • [35] Real estate as an investment asset
    Krulicky, Tomas
    Horak, Jakub
    [J]. INNOVATIVE ECONOMIC SYMPOSIUM 2018 - MILESTONES AND TRENDS OF WORLD ECONOMY (IES2018), 2019, 61
  • [36] Asset markets and investment decisions
    De Waegenaere, A
    Polemarchakis, H
    Ventura, L
    [J]. INTERNATIONAL ECONOMIC REVIEW, 2002, 43 (03) : 857 - 873
  • [37] Taxation, investment and asset pricing
    Santoro, Marika
    Wei, Chao
    [J]. REVIEW OF ECONOMIC DYNAMICS, 2011, 14 (03) : 443 - 454
  • [38] Effective asset management maximizes your return on investment (ROI) and customer satisfaction
    Johnson, K
    Mortada, MM
    [J]. 4th World Water Congress: Water Supply and Water Services Management, 2005, 5 (02): : 97 - 106
  • [39] CHANGES IN REGULATION OF INVESTMENT ADVICE
    NORBY, WC
    [J]. BUSINESS LAWYER, 1974, 29 : 97 - 102
  • [40] Investment Advice for Professional Men
    Burrell, O. K.
    [J]. ACCOUNTING REVIEW, 1952, 27 (03): : 413 - 413
12345