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dc.contributor.authorHiggs, H
dc.contributor.authorWorthington, AC
dc.date.accessioned2017-05-03T13:06:41Z
dc.date.available2017-05-03T13:06:41Z
dc.date.issued2012
dc.date.modified2013-05-05T23:20:18Z
dc.identifier.issn1478-5315
dc.identifier.doi10.1057/pm.2012.29
dc.identifier.urihttp://hdl.handle.net/10072/50038
dc.description.abstractThis article provides estimates of economies of scale and scope for 200 large Australian superannuation (pension) funds using a multiple-output cost function. We separately define costs in terms of investment expenses - including investment, custodian and asset management fees - and operating expenses - comprising management, administration, actuarial, director and trustee fees/charges. The four investment outputs are cash flow-adjusted net assets, the number of investment options, the proportion of total assets in the default strategy and the 5-year rate of return for investment costs, whereas the four operating outputs are cash flow-adjusted net assets, the number of members, net contribution flows and net rollovers for operating costs. We find that economies of scale hold up to at least 300 per cent of current mean fund output in both investment and operating costs. There is little evidence that economies of scope prevail, generally reflected in the proclivity for many superannuation funds to contract out aspects of both investments and operations.
dc.description.peerreviewedYes
dc.description.publicationstatusYes
dc.format.extent266046 bytes
dc.format.mimetypeapplication/pdf
dc.languageEnglish
dc.language.isoeng
dc.publisherPalgrave Macmillan
dc.publisher.placeUnited Kingdom
dc.relation.ispartofstudentpublicationN
dc.relation.ispartofpagefrom252
dc.relation.ispartofpageto259
dc.relation.ispartofissue4
dc.relation.ispartofjournalPensions
dc.relation.ispartofvolume17
dc.rights.retentionY
dc.subject.fieldofresearchAccounting, auditing and accountability
dc.subject.fieldofresearchBanking, finance and investment
dc.subject.fieldofresearchFinancial institutions (incl. banking)
dc.subject.fieldofresearchSociology
dc.subject.fieldofresearchcode3501
dc.subject.fieldofresearchcode3502
dc.subject.fieldofresearchcode350204
dc.subject.fieldofresearchcode4410
dc.titleEconomies of scale and scope in Australian superannuation (pension) funds
dc.typeJournal article
dc.type.descriptionC1 - Articles
dc.type.codeC - Journal Articles
gro.facultyGriffith Business School, Department of Accounting, Finance and Economics
gro.rights.copyright© 2012 Palgrave Macmillan. This is a post-peer-review, pre-copyedit version of an article published in Pensions. The definitive publisher-authenticated version Pensions, Vol. 17(4), pp. 252-259 is available online at: http://dx.doi.org/10.1057/pm.2012.29.
gro.date.issued2012
gro.hasfulltextFull Text
gro.griffith.authorWorthington, Andrew C.
gro.griffith.authorHiggs, Helen


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