Asset allocation policy, returns and expenses of superannuation funds : recent evidence based on default options

Basu, Anup & Andrews, Stephanie (2014) Asset allocation policy, returns and expenses of superannuation funds : recent evidence based on default options. The Australian Economic Review, 47(1), pp. 63-77.

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We examine the asset allocation, returns, and expenses of superannuation funds whose assets are mainly invested in default investment options between 2004 and 2012. A majority of these funds fail to earn returns commensurate with their strategic asset allocation policy. It appears that much of the variation of returns between the funds might be a result of their engaging in significant active management of assets. Our results indicate that returns from active management are negatively related to expenses. We also find strong evidence of economies of scale existing in these superannuation funds across different size categories.

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ID Code: 63970
Item Type: Journal Article
Refereed: Yes
Additional URLs:
Keywords: Superannuation funds, asset allocation, fund performance, returns, expenses, active management, economies of scale
DOI: 10.1111/1467-8462.12040
ISSN: 0004-9018
Subjects: Australian and New Zealand Standard Research Classification > ECONOMICS (140000) > APPLIED ECONOMICS (140200) > Financial Economics (140207)
Divisions: Current > QUT Faculties and Divisions > QUT Business School
Current > Schools > School of Economics & Finance
Copyright Owner: Copyright 2014 The University of Melbourne, Melbourne Institute of Applied Economic and Social Research
Deposited On: 04 Nov 2013 23:24
Last Modified: 06 Apr 2015 17:32

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