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dc.contributor.authorClements, Adam
dc.contributor.authorE. Drew, Michael
dc.date.accessioned2017-05-03T11:46:36Z
dc.date.available2017-05-03T11:46:36Z
dc.date.issued2004
dc.identifier.issn10309616
dc.identifier.urihttp://hdl.handle.net/10072/32683
dc.description.abstractIn this analysis of institutional investor performance, two questions are addressed. First, what degree of similarity is observed within the market place for retail superannuation funds? Second, what are the implications of homogenous behaviour for member choice policy? The answers from this study are as follows: as an industry, institutional investors destroyed value for superannuation investors for the period 1991 through 2003, underperforming passive portfolio returns by around 60 basis points per annum. Moreover, we find there is a great deal of clustering around this average underperformance. It also appears as though funds have similar risk characteristics which are, on average, defensive. The findings suggest that the products offered by those competing in this market are very similar in nature, hence limiting the potency' of choice policy in Australia.
dc.description.peerreviewedYes
dc.description.publicationstatusYes
dc.languageEnglish
dc.language.isoeng
dc.publisherRoyal Melbourne Institute of Technology, Department of Economics and Finance
dc.publisher.placeMelbourne, Vic.
dc.publisher.urihttp://www.emeraldinsight.com/1030-9616.htm
dc.relation.ispartofpagefrom102
dc.relation.ispartofpageto112
dc.relation.ispartofissuespecial issue
dc.relation.ispartofjournalAccounting Research Journal
dc.relation.ispartofvolume17
dc.subject.fieldofresearchAccounting, Auditing and Accountability not elsewhere classified
dc.subject.fieldofresearchAccounting, Auditing and Accountability
dc.subject.fieldofresearchBanking, Finance and Investment
dc.subject.fieldofresearchcode150199
dc.subject.fieldofresearchcode1501
dc.subject.fieldofresearchcode1502
dc.titleInstitutional homogeneity and choice in superannuation
dc.typeJournal article
dc.type.descriptionC1 - Articles
dc.type.codeC - Journal Articles
gro.date.issued2015-01-29T01:30:57Z
gro.hasfulltextNo Full Text
gro.griffith.authorDrew, Michael E.


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