| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1677 |
| DP1677 The Indeterminacy of the Euro Conversion Rates. Why it Matters and How it can be Solved | |
| Paul De Grauwe | |
| 发表日期 | 1997-07-30 |
| 出版年 | 1997 |
| 语种 | 英语 |
| 摘要 | Using a data set containing 364 UK pension funds? asset holdings, this paper provides a systematic investigation of the performance of managed portfolios across multiple asset classes. We find surprisingly little cross-sectional variation in the ex-post average performance across the UK pension fund portfolios as a whole as well as within asset classes. This finding we ascribe to the strong incentive the fund managers had not to underperform relative to their peer group. For domestic equities, by far the most important component of the portfolios, we find that fund size is the only variable that appears to account for an important fraction of the cross-sectional variation in measured performance. |
| 主题 | Financial Economics |
| 关键词 | Asset allocation Pension funds Performance measurement |
| URL | https://cepr.org/publications/dp1677 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530819 |
| 推荐引用方式 GB/T 7714 | Paul De Grauwe. DP1677 The Indeterminacy of the Euro Conversion Rates. Why it Matters and How it can be Solved. 1997. |
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