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  • Superannuation: Switching and Roulette Wheels

    Author(s)
    Drew, ME
    Griffith University Author(s)
    Drew, Michael E.
    Year published
    2006
    Metadata
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    Abstract
    Abstract: Purpose - To investigate the effects of switching strategies between investment options for Australian superannuation funds. Design/methodology/approach - Outlines the switching arrangements available, refers to relevant research and explains Bauer and Dahlquist's (2001) 'roulette wheel' approach to evaluating switching strategies. Applies it to 1985-2005 monthly returns data for Australian and global investment opportunities including property and blended options. Explains the methodology and considers consistency with other research. Findings - Although Australian equities gave negative returns for 89 ...
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    Abstract: Purpose - To investigate the effects of switching strategies between investment options for Australian superannuation funds. Design/methodology/approach - Outlines the switching arrangements available, refers to relevant research and explains Bauer and Dahlquist's (2001) 'roulette wheel' approach to evaluating switching strategies. Applies it to 1985-2005 monthly returns data for Australian and global investment opportunities including property and blended options. Explains the methodology and considers consistency with other research. Findings - Although Australian equities gave negative returns for 89 of the 252 months, an Australian equity buy-and-hold strategy gave better returns than 63% of possible switching paths. Buy-and-hold was also superior to switching between Australian property and T-bills etc., confirming Sharpe's (1975) idea that investors need a 70% to 80% forecast accuracy for switching to work. Research limitations/implications - Calls for more research on superannuation funds' default investment options and switching effects, including switching at the margin. Originality/value - Provides evidence that buy-and-hold is usually better than switching strategies in the context of Australian superannuation funds.
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    Journal Title
    Australian Accounting Review
    Volume
    16
    Issue
    3
    DOI
    https://doi.org/10.1111/j.1835-2561.2006.tb00041.x
    Subject
    Other economics
    Accounting, auditing and accountability
    Accounting, auditing and accountability not elsewhere classified
    Publication URI
    http://hdl.handle.net/10072/29106
    Collection
    • Journal articles

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