Alternative asset holdings by US pension funds since the 2008 financial crisis

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dc.creator MacLean, Stephen J.
dc.date.accessioned 2019-06-04T16:50:44Z
dc.date.available 2019-06-04T16:50:44Z
dc.date.issued 2018
dc.identifier http://library2.smu.ca/bitstream/handle/01/28890/asb_proceedings_2018.pdf?sequence=3&isAllowed=y#page=131
dc.identifier.uri http://library2.smu.ca/handle/01/28900
dc.description.abstract Since the financial crisis of 2008, the percentage of alternative asset holdings by institutional investors has increased dramatically. The current study utilizes the Public Plans Database to analyze both the drivers and impacts of this increased allocation to alternative assets on US pension funds. The results indicate that there has been a significant divergence in the asset mixes of US pension funds since the 2008 financial crisis, with the largest adaptors of alternatives now holding one-third of their funds in these assets. Regression analysis shows that Funded Ratio and Actuarially Assumed Rate of Return are both negatively related to the adaptation of alternatives. Finally, the naïve simulation analysis shows that, despite the argued motivation for the adaptation of alternatives by market research, those funds that adapted the highest level of alternatives would have actually performed worse during the 2008 financial crisis than those funds that made only modest allocation changes since that time. en_CA
dc.description.provenance Submitted by Hansel Cook (hansel.cook@smu.ca) on 2019-06-04T16:50:44Z No. of bitstreams: 1 asb_proceedings_2018.pdf: 3894863 bytes, checksum: 16f50c7a8d12f0c46bd2e657cd4d22cf (MD5) en
dc.description.provenance Made available in DSpace on 2019-06-04T16:50:44Z (GMT). No. of bitstreams: 1 asb_proceedings_2018.pdf: 3894863 bytes, checksum: 16f50c7a8d12f0c46bd2e657cd4d22cf (MD5) Previous issue date: 2018 en
dc.language.iso en en_CA
dc.publisher Atlantic Schools of Business en_CA
dc.subject.lcsh Pension trusts -- Investments -- United States
dc.subject.lcsh Portfolio management -- United States
dc.title Alternative asset holdings by US pension funds since the 2008 financial crisis en_CA
dc.type Text en_CA
dcterms.bibliographicCitation Proceedings of the 48th Atlantic Schools of Business conference, Université de Moncton, 2018, pp 131-141
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