The impact of plan and sponsor characteristics on pension funds' asset allocation and currency diversification

被引：5
|
作者：
Defau L. [1 ,2 ]
De Moor L. [1 ]
机构：
[1] Vrije Universiteit Brussel, Faculty of Economic and Social Sciences, Solvay Business School, Pleinlaan 2, Brussels
[2] Research Foundation - Flanders (FWO), Egmontstraat 5, Brussels
来源：
Journal of Asset Management | 2018年 / 19卷 / 1期
关键词：
Asset allocation; Belgium; Currency diversification; Occupational pensions; Plan characteristics; Sponsor characteristics;
D O I：
10.1057/s41260-017-0058-3
中图分类号：
学科分类号：
摘要：
This paper presents new empirical evidence on the role of plan and sponsor characteristics in pension funds' investment decisions. In this research, we analyzed the portfolio allocation of 182 Belgian pension funds over the period 2001-2015. The results indicate that larger pension funds and pension funds with more active participants have better diversified equity portfolios. Furthermore, we show that pension funds in which employers pay higher contributions take more aggressive investment decisions; however, pension funds in which employees pay higher premiums take more conservative investment decisions. Finally, our findings suggest that corporate culture and performance parameters affect the investment behavior of pension funds. © 2017 Macmillan Publishers Ltd.
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页码：27 / 37
页数：10
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