Just over 20 years have passed since the publication of Mark Carhart's landmark 1997 study
on mutual funds. Its conclusion—that the data did “not support the existence of skilled or …

The unique regulation of US public pension funds links their liability discount rate to the
expected return on assets, which gives them incentives to invest more in risky assets in …

A Review of the Active Management of Norway’s Government Pension Fund Global Page 1 A
Review of the Active Management of Norway’s Government Pension Fund Global Rob …

Using a unique data set, we document two secular trends in the shift from centralized to
decentralized pension fund management over the past few decades. First, across asset …

We evaluate the economics of financial intermediation in alternative assets by investigating
the allocation and performance of pension fund investments in real estate, the most …

Studies of real estate performance usu-ally analyze property indexes, inves-tigate individual
buildings, or address listed property companies (REITs). Outcomes of such studies can help …

Infrastructure investment is increasingly important for institutional investors. This paper
focuses on pension fund allocations to infrastructure, using the CEM Benchmarking …

Alternative assets represent an increasing share of pension fund assets, and real estate is a
cornerstone of that allocation. This paper investigates the trends in pension fund real estate …

We document that defined benefit pension plans with significant holdings in private equity
(PE) earn substantially greater returns than plans with small holdings, in both the 1990s and …

Using a unique dataset of 225 Dutch occupational pension funds with a total of 928 billion
euro of assets under management, we provide a comprehensive cross-sectional analysis of …