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Author: Vladimir A. Atanasov Publisher: ISBN: Category : Languages : en Pages : 33
Book Description
We examine whether the reinvestment choices of public pension funds affect the governance of venture capital funds. We start with a hand-collected dataset of litigation against venture capitalists (VCs) that provides significant shocks to the reputation of VCs. We combine that information with detailed data on limited partner investments in VCs provided by LP Source and test whether public pension funds respond differently to the litigation shocks compared to other types of limited partners. Our triple-difference framework reveals that VCs who were defendants in lawsuits suffer a significant subsequent decline in investment by university endowments, but experience an increase in the investment share of public pension funds. Pension funds are about three times more likely to re-invest in post-lawsuit funds offered by litigated VCs. The additional pension fund investments thus partially compensate for the shortfall in post-lawsuit fundraising caused by the exodus of other investors. Our results indicate that the investment choices of public pension fund managers reduce the effectiveness of monitoring efforts by other limited partners in venture capital funds.
Author: Vladimir A. Atanasov Publisher: ISBN: Category : Languages : en Pages : 33
Book Description
We examine whether the reinvestment choices of public pension funds affect the governance of venture capital funds. We start with a hand-collected dataset of litigation against venture capitalists (VCs) that provides significant shocks to the reputation of VCs. We combine that information with detailed data on limited partner investments in VCs provided by LP Source and test whether public pension funds respond differently to the litigation shocks compared to other types of limited partners. Our triple-difference framework reveals that VCs who were defendants in lawsuits suffer a significant subsequent decline in investment by university endowments, but experience an increase in the investment share of public pension funds. Pension funds are about three times more likely to re-invest in post-lawsuit funds offered by litigated VCs. The additional pension fund investments thus partially compensate for the shortfall in post-lawsuit fundraising caused by the exodus of other investors. Our results indicate that the investment choices of public pension fund managers reduce the effectiveness of monitoring efforts by other limited partners in venture capital funds.
Author: Sudhir Rajkumar Publisher: World Bank Publications ISBN: 0821384708 Category : Social Science Languages : en Pages : 364
Book Description
And key messages -- Key principles of governance and investment management -- Governance of public pension assets -- Governance structures and accountabilities -- Qualification, selection, and operation of governing bodies -- Operational policies and procedures -- Managing fiscal pressures in defined-benefit schemes -- Policy responses to turbulent financial markets -- Investment of public pension assets -- Defining the investment policy framework for public pension funds -- Managing risk for different cohorts in defined-contribution schemes -- An asset-liability approach to strategic asset allocation for pension funds -- In-house investment versus outsourcing to external investment managers -- International investments and managing the resulting currency risk -- Alternative asset classes and new investment themes.
Author: David Hess Publisher: World Bank Publications ISBN: Category : Corporate governance Languages : en Pages : 40
Book Description
An understanding of corporate governance theory can promote the adoption of appropriate governance tools to limit agency problems in public pension fund management. The absence of a market for corporate control hinders the translation of lessons from the private sector corporate world to public pension governance. The establishment of a fit, and proper governing body for public pension funds, thus may be even more important than the maintenance of a comparable body for private sector corporations. In particular, behavioral controls should be carefully designed.
Author: Michael Orszag, John Evans, John Piggott Publisher: Edward Elgar Publishing ISBN: 1781007667 Category : Business & Economics Languages : en Pages : 284
Book Description
'This collection of essays on a rapidly developing topic is a valuable addition to the field and the editors must be congratulated on beginning to bring the area to the attention of thinkers and government (not necessarily the same thing), who are charged with dealing with the challenge of controlling private pension provision.' - Robin Ellison, Pensions
Author: John R. Evans Publisher: Edward Elgar Publishing ISBN: Category : Business & Economics Languages : en Pages : 296
Book Description
The academic literature on pension governance is sparse and this book will fill some important gaps by bringing together original contributions from around the world on subjects related to the area. The book initially lays out the main frameworks for pension fund governance and then goes on to examine global governance practice and experience and country studies on pension funds in the United States and Australia. The final section of this in-depth study discusses the role of government guarantees. The editors and contributors to this book have struck a balance between the various dimensions of the governance problem. Whilst ensuring that the theoretical frameworks are represented, at the same time, they have also recognized that it is vital to report on empirical work. Private pensions are examined closely, while also acknowledging that public pension funds are extremely important actors. Pension Fund Governance will appeal to academics and researchers of financial economics and financial management, as well as those in the fields of public finance and public sector economics. Furthermore the book will also find an audience among those in commercial and policy roles which involve pensions, including pension actuaries.
Author: Gregorio Impavido Publisher: ISBN: Category : Languages : en Pages : 35
Book Description
An understanding of corporate governance theory can promote the adoption of appropriate governance tools to limit agency problems in public pension fund management. The absence of a market for corporate control hinders the translation of lessons from the private sector corporate world to public pension governance. The establishment of a fit and proper governing body for public pension funds thus may be even more important than the maintenance of a comparable body for private sector corporations. In particular, behavioral controls should be carefully designed.This paper - a product of the Financial Sector Operations and Policy Department - is part of a larger effort in the department to study the effects of contractual savings development on financial markets.
Author: Ronald B. Davis Publisher: UBC Press ISBN: 0774858311 Category : Law Languages : en Pages : 254
Book Description
This book will spark a debate concerning the need for democracy and accountability in the governance of trillions of dollars of plan members' pension plan assets and the legitimacy of the present, mostly unaccountable, corporate governance decisions made by these plans. The author analyzes the reasons for this passivity, pointing to conflicts of interest with respect to corporate governance activity in pension plans and also to limitations in corporate, securities, and pension law. He argues that plan members should be given a voice in pension plan governance and the plans made accountable, and he outlines the legal reforms necessary.
Author: Jagdeep Singh Bachher Publisher: Springer ISBN: 1137508574 Category : Business & Economics Languages : en Pages : 168
Book Description
Who holds the power in financial markets? For many, the answer would probably be the large investment banks, big asset managers, and hedge funds. These are the organizations that are in the media's spotlight and whose leaders and employees command outsized salaries and bonuses. They are the supposed leading edge of global finance and their power seems almost absolute, even as questions abound about their social and economic utility. But more and more asset owners are confronting the status quo, the power to exact high fees and the focus on the short term. The New Frontier Investors chronicles the rise of this new group of long horizon asset owners that includes some of the world's largest pension funds, sovereign wealth funds, and endowments. These asset owners are driving the business of asset management to a new frontier by retaking responsibility of the end-to-end management of their investment portfolios and by re-conceptualizing investment decision-making. The lessons illustrated in The New Frontier Investors fly in the face of conventional wisdom, which has it that these asset owners are at a disadvantage to the private sector fund managers and other service providers. These asset owners are supposedly not able to attract talent nor do they have the organizational capabilities to compete. That many are located far from the markets in which they invest only exacerbates the problem. But this is incorrect. This expanding group of asset owners is learning how to make the most of their scale and long time horizons, finding new ways to attract talent, to collaborate, and to build greater alignment with the users of capital. They are not at a disadvantage. They are at an advantage. The New Frontier Investors is essential reading for anyone wanting to see a change in global financial markets and the professionalization of asset owners worldwide, from public pension funds and sovereign wealth funds to foundations and endowments. It is thus required reading for the senior executives and employees working in the field of beneficiary institutional investment, as well as government officials and others that have a stake in the design and governance of beneficiary financial institutions and long-term capital.
Author: Vladimir A. Atanasov
Author: Vladimir A. Atanasov
Author: Sudhir Rajkumar
Author: David Hess
Author: Michael Orszag, John Evans, John Piggott
Author: Mary Macdonald
Author: John R. Evans
Author: Gregorio Impavido
Author: Ronald B. Davis
Author: Judith W. Mares
Author: Jagdeep Singh Bachher