Pension fund governance: a global perspective on financial regulation
Gespeichert in:
| Format: | Buch |
|---|---|
| Sprache: | English |
| Veröffentlicht: |
Cheltenham [u.a.]
Edward Elgar
2008
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XIII, 269 S. graph. Darst. |
| ISBN: | 9781847204851 |
Internformat
MARC
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| 264 | 1 | |a Cheltenham [u.a.] |b Edward Elgar |c 2008 | |
| 300 | |a XIII, 269 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 650 | 4 | |a Pension trusts | |
| 650 | 4 | |a Pension trusts |x Management | |
| 650 | 4 | |a Pension trusts |x Management |v Case studies | |
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Datensatz im Suchindex
| _version_ | 1804137665149272064 |
|---|---|
| adam_text | Contents
List of Figures vii
List of Tables ix
List of Contributors xi
Acknowledgments xiii
1. Introduction 1
John Evans, Michael Orszag and John Piggott
PART I FRAMEWORKS
2. Pension Fund Governance: Expertise and Organizational Form 9
Gordon L. Clark
3. Pension and Corporate Governance Reforms: Are They Twins? 30
Mario Catalan
4. Conflicted Super Structures: Are Australian Investors Being
Short-changed? 61
Anthony Asher
PART II GLOBAL GOVERNANCE: PRACTICE AND EXPERIENCE
5. Pension Supervision: Understanding International Practice
and Country Context 99
Richard P. Hinz and Anca Mataoanu
6. Governance of Public Pension Plans: The Importance of
Residual Claimants 139
Gregorio Impavido
7. Benchmarking the Performance of Superannuation Funds 158
Hazel Bateman and Robert J. Hill
PART III COUNTRY STUDIES
8. Public Sector Pension Governance, Funding and Performance:
A Longitudinal Appraisal 179
Tongxuan (Stella) Yang and Olivia S. Mitchell
vi Pension Fund Governance
9. How Do Australian Superannuation Fund Trustees Perceive
Their Role and Effectiveness? 200
Vrinda Gupta, Henry Jin, Michael Orszag and John Piggott
PART IV GOVERNMENT GUARANTEES
10. Pricing Defined Benefit Pension Insurance 223
David McCarthy and Anthony Neuberger
References 247
Index 259
Figures
3.1 Endogenous Determination of the Share of External
Funds Raised (x*) 40
3.2 Endogenous Determination of the Level of Investor
Protection (k*) 44
3.3 The Effects of Reforms 49
4.1 Sources of Conflict of Interest and Duty 75
5.1 Intensity Scales for Pension Supervision Activities 109
5.2 Australia: Intensity of Supervisory Activities 111
5.3 United States: Intensity of Supervisory Activities 113
5.4 Ireland: Intensity of Supervisory Activities 114
5.5 Hungary: Intensity of Supervisory Activities 117
5.6 Mexico: Intensity of Supervisory Activities 120
5.7 Chile: Intensity of Supervisory Activities 121
5.8 Argentina: Intensity of Supervisory Activities 123
5.9 Hong Kong: Intensity of Supervisory Activities 124
5.10 Correlation among Primary Elements of Pension Supervision:
Licensing, Analysis, Intervention and Correction 126
5.11 Correlation among Primary Elements of Pension Supervision:
Communication and Monitoring 127
5.12 Primary Elements of Supervision and GDP per Capita 128
5.13 Primary Elements of Supervision and Financial Market
Development 129
5.14 Rule of Law Index and Average Score of Intensity of
Supervisory Activities 131
5.15 Primary Elements of Supervision and the Number of
Privately Managed Pension Funds 132
5.16 Type of Retirement Income Provision System: Mandatory
versus Voluntary 134
5.17 Intensity of Supervision 13 6
9.1 Mean Response of Australian and British Trustees to
Industry Issues 216
10.1 Historical Default Rates of Global Bond Issuers, 1970-2003 231
10.2 Distribution of Claims in Worst One-year and Five-year
Period in 30 Years 237
Tables
4.1 Australia: Main Types of Superannuation Fund 62
4.2 Australia: Manner of Investment of Fund Assets 65
4.3 Australia: Asset Allocation of Funds by Type of Fund 85
4.4 Australia: Funds Costs as a Share of Their Assets by
Type of Fund 86
4.5 Australia: Wealth Management and Insurance Industry
Charges 87
A4.1 Australia: Aggregate Gross Returns of Funds by Type
ofFund 93
6.1 Investment Mandates 149
6.2 Investment Policy Restrictions 149
6.3 Portfolio Allocation 150
6.4 Board Composition 152
7.1 Benchmarks Used by Funds for Typical Investment Options 161
8.1 United States: Public Plan Assets, Liabilities, Funding
and Contribution Patterns, and Public Plan Investment
Performance 181
8.2 United States: Summary of the Empirical Findings of
Previous Research on Public Plan Funding 183
8.3 United States: Determinants of Public Pension Plan
Funding Status and Investment Performance 192
8.4 United States: Estimated Responsiveness of Key Explanatory
Variables 195
9.1 Australia: Distribution of Funds and Trustees 203
9.2 Australia: Background of Trustees 204
9.3 Australia: Expertise of Trustees 206
9.4 Australia: Beliefs, Attitudes and Working Relationships
of Trustees 208
9.5 Logit Results: Quality of Meetings, Skill Mix and
Responsibilities 210
9.6 Australia: Decision Making 212
9.7 Logit Results: Board Cohesion, Responsibilities and Time 214
9.8 Logit Results: Good Governance, Skill Mix and Awareness
of Fiduciary Responsibilities 214
x Pension Fund Governance
9.9 Logit Results: Time, Decision Making and Financial
Proficiency 214
9.10 Australia: Industry Issues 215
A9.1 Breakdown of Trustees Responses to Industry Issues 218
10.1 Premium and Average Claims with Structural Default 235
10.2 Simulation of Claims in Worst One-year and Five-year
Period in 30 years 236
10.3 Five-year Ratings Transition Matrix (pr) and Distribution
of UK Pension Schemes by Rating Category 243
10.4 Cross-subsidies under Different Premium Arrangements 244
|
| adam_txt |
Contents
List of Figures vii
List of Tables ix
List of Contributors xi
Acknowledgments xiii
1. Introduction 1
John Evans, Michael Orszag and John Piggott
PART I FRAMEWORKS
2. Pension Fund Governance: Expertise and Organizational Form 9
Gordon L. Clark
3. Pension and Corporate Governance Reforms: Are They Twins? 30
Mario Catalan
4. Conflicted Super Structures: Are Australian Investors Being
Short-changed? 61
Anthony Asher
PART II GLOBAL GOVERNANCE: PRACTICE AND EXPERIENCE
5. Pension Supervision: Understanding International Practice
and Country Context 99
Richard P. Hinz and Anca Mataoanu
6. Governance of Public Pension Plans: The Importance of
Residual Claimants 139
Gregorio Impavido
7. Benchmarking the Performance of Superannuation Funds 158
Hazel Bateman and Robert J. Hill
PART III COUNTRY STUDIES
8. Public Sector Pension Governance, Funding and Performance:
A Longitudinal Appraisal 179
Tongxuan (Stella) Yang and Olivia S. Mitchell
vi Pension Fund Governance
9. How Do Australian Superannuation Fund Trustees Perceive
Their Role and Effectiveness? 200
Vrinda Gupta, Henry Jin, Michael Orszag and John Piggott
PART IV GOVERNMENT GUARANTEES
10. Pricing Defined Benefit Pension Insurance 223
David McCarthy and Anthony Neuberger
References 247
Index 259
Figures
3.1 Endogenous Determination of the Share of External
Funds Raised (x*) 40
3.2 Endogenous Determination of the Level of Investor
Protection (k*) 44
3.3 The Effects of Reforms 49
4.1 Sources of Conflict of Interest and Duty 75
5.1 Intensity Scales for Pension Supervision Activities 109
5.2 Australia: Intensity of Supervisory Activities 111
5.3 United States: Intensity of Supervisory Activities 113
5.4 Ireland: Intensity of Supervisory Activities 114
5.5 Hungary: Intensity of Supervisory Activities 117
5.6 Mexico: Intensity of Supervisory Activities 120
5.7 Chile: Intensity of Supervisory Activities 121
5.8 Argentina: Intensity of Supervisory Activities 123
5.9 Hong Kong: Intensity of Supervisory Activities 124
5.10 Correlation among Primary Elements of Pension Supervision:
Licensing, Analysis, Intervention and Correction 126
5.11 Correlation among Primary Elements of Pension Supervision:
Communication and Monitoring 127
5.12 Primary Elements of Supervision and GDP per Capita 128
5.13 Primary Elements of Supervision and Financial Market
Development 129
5.14 Rule of Law Index and Average Score of Intensity of
Supervisory Activities 131
5.15 Primary Elements of Supervision and the Number of
Privately Managed Pension Funds 132
5.16 Type of Retirement Income Provision System: Mandatory
versus Voluntary 134
5.17 Intensity of Supervision 13 6
9.1 Mean Response of Australian and British Trustees to
Industry Issues 216
10.1 Historical Default Rates of Global Bond Issuers, 1970-2003 231
10.2 Distribution of Claims in Worst One-year and Five-year
Period in 30 Years 237
Tables
4.1 Australia: Main Types of Superannuation Fund 62
4.2 Australia: Manner of Investment of Fund Assets 65
4.3 Australia: Asset Allocation of Funds by Type of Fund 85
4.4 Australia: Funds' Costs as a Share of Their Assets by
Type of Fund 86
4.5 Australia: Wealth Management and Insurance Industry
Charges 87
A4.1 Australia: Aggregate Gross Returns of Funds by Type
ofFund 93
6.1 Investment Mandates 149
6.2 Investment Policy Restrictions 149
6.3 Portfolio Allocation 150
6.4 Board Composition 152
7.1 Benchmarks Used by Funds for Typical Investment Options 161
8.1 United States: Public Plan Assets, Liabilities, Funding
and Contribution Patterns, and Public Plan Investment
Performance 181
8.2 United States: Summary of the Empirical Findings of
Previous Research on Public Plan Funding 183
8.3 United States: Determinants of Public Pension Plan
Funding Status and Investment Performance 192
8.4 United States: Estimated Responsiveness of Key Explanatory
Variables 195
9.1 Australia: Distribution of Funds and Trustees 203
9.2 Australia: Background of Trustees 204
9.3 Australia: Expertise of Trustees 206
9.4 Australia: Beliefs, Attitudes and Working Relationships
of Trustees 208
9.5 Logit Results: Quality of Meetings, Skill Mix and
Responsibilities 210
9.6 Australia: Decision Making 212
9.7 Logit Results: Board Cohesion, Responsibilities and Time 214
9.8 Logit Results: Good Governance, Skill Mix and Awareness
of Fiduciary Responsibilities 214
x Pension Fund Governance
9.9 Logit Results: Time, Decision Making and Financial
Proficiency 214
9.10 Australia: Industry Issues 215
A9.1 Breakdown of Trustees'Responses to Industry Issues 218
10.1 Premium and Average Claims with Structural Default 235
10.2 Simulation of Claims in Worst One-year and Five-year
Period in 30 years 236
10.3 Five-year Ratings Transition Matrix (pr) and Distribution
of UK Pension Schemes by Rating Category 243
10.4 Cross-subsidies under Different Premium Arrangements 244 |
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| spelling | Pension fund governance a global perspective on financial regulation ed. by John Evans ... Cheltenham [u.a.] Edward Elgar 2008 XIII, 269 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Pension trusts Pension trusts Management Pension trusts Management Case studies Pensionskasse (DE-588)4045107-0 gnd rswk-swf Management (DE-588)4037278-9 gnd rswk-swf (DE-588)4522595-3 Fallstudiensammlung gnd-content Pensionskasse (DE-588)4045107-0 s Management (DE-588)4037278-9 s DE-604 Evans, John Sonstige oth HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016508746&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Pension fund governance a global perspective on financial regulation Pension trusts Pension trusts Management Pension trusts Management Case studies Pensionskasse (DE-588)4045107-0 gnd Management (DE-588)4037278-9 gnd |
| subject_GND | (DE-588)4045107-0 (DE-588)4037278-9 (DE-588)4522595-3 |
| title | Pension fund governance a global perspective on financial regulation |
| title_auth | Pension fund governance a global perspective on financial regulation |
| title_exact_search | Pension fund governance a global perspective on financial regulation |
| title_exact_search_txtP | Pension fund governance a global perspective on financial regulation |
| title_full | Pension fund governance a global perspective on financial regulation ed. by John Evans ... |
| title_fullStr | Pension fund governance a global perspective on financial regulation ed. by John Evans ... |
| title_full_unstemmed | Pension fund governance a global perspective on financial regulation ed. by John Evans ... |
| title_short | Pension fund governance |
| title_sort | pension fund governance a global perspective on financial regulation |
| title_sub | a global perspective on financial regulation |
| topic | Pension trusts Pension trusts Management Pension trusts Management Case studies Pensionskasse (DE-588)4045107-0 gnd Management (DE-588)4037278-9 gnd |
| topic_facet | Pension trusts Pension trusts Management Pension trusts Management Case studies Pensionskasse Management Fallstudiensammlung |
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