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Institutional homogeneity and choice in superannuation

Clements, Adam & Drew, Michael (2004) Institutional homogeneity and choice in superannuation. Accounting Research Journal, 17(Special Issue), pp. 102-112.

Abstract

In this analysis of institutional investor performance, two questions are addressed. First, what degree of similarity is observed within the market place for retail superannuation funds? Second, what are the implications of homogenous behaviour for member choice policy? The answers from this study are as follows: as an industry, institutional investors destroyed value for superannuation investors for the period 1991 through 2003, underperforming passive portfolio returns by around 60 basis points per annum. Moreover, we find there is a great deal of clustering around this average underperformance. It also appears as though funds have similar risk characteristics which are, on average, defensive. The findings suggest that the products offered by those competing in this market are very similar in nature, hence limiting the potency' of choice policy in Australia.

Impact and interest:

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ID Code: 22637
Item Type: Journal Article
ISSN: 1030-9616
Divisions: Current > QUT Faculties and Divisions > QUT Business School
Current > Schools > School of Economics & Finance
Deposited On: 17 Jun 2009 23:18
Last Modified: 29 Feb 2012 23:09

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