Retail Superannuation Management in Australia: Risk, Cost and Alpha, Discussion Paper No 126

Drew, Michael E. & Stanford, Jon D. (2003) Retail Superannuation Management in Australia: Risk, Cost and Alpha, Discussion Paper No 126. . [Working Paper] (Unpublished)


In this performance evaluation study, two questions are addressed. First, does Australia’s superannuation management industry deliver returns commensurate with the risk taken? Second, what is the relationship between cost (specifically, the management expense ratio) and performance? The answers from this study are as follows: as an industry, managers failed to achieve returns proportionate to the market portfolio for the period 1991 through 1999 on a risk-adjusted basis. The study provides evidence that an inverse relationship between cost and return exists, with funds levying the lowest management expense ratios delivering the highest within sample returns.

Impact and interest:

Search Google Scholar™

Citation counts are sourced monthly from Scopus and Web of Science® citation databases.

These databases contain citations from different subsets of available publications and different time periods and thus the citation count from each is usually different. Some works are not in either database and no count is displayed. Scopus includes citations from articles published in 1996 onwards, and Web of Science® generally from 1980 onwards.

Citations counts from the Google Scholar™ indexing service can be viewed at the linked Google Scholar™ search.

Full-text downloads:

516 since deposited on 05 Jan 2005
10 in the past twelve months

Full-text downloads displays the total number of times this work’s files (e.g., a PDF) have been downloaded from QUT ePrints as well as the number of downloads in the previous 365 days. The count includes downloads for all files if a work has more than one.

ID Code: 317
Item Type: Working Paper
Refereed: No
Additional Information: All correspondence to:
Associate Professor Andrew Worthington
Editor, Discussion Papers in Economic, Finance and International Competitiveness
School of Economics and Finance, Queensland University of Technology
GPO Box 2434, BRISBANE QLD 4001, Australia
Keywords: Performance Evaluation, Superannuation Funds, Australia
ISSN: 1324-5910
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
Copyright Owner: Copyright 2003 (Please consult author)
Deposited On: 05 Jan 2005 00:00
Last Modified: 10 Aug 2011 17:36

Export: EndNote | Dublin Core | BibTeX

Repository Staff Only: item control page