Performance and Governance of Swiss Pension Funds

39 Pages Posted: 11 Aug 2009

See all articles by Manuel Ammann

Manuel Ammann

University of St. Gallen - School of Finance

Andreas Zingg

UBS Global Asset Management

Date Written: June 1, 2008

Abstract

We investigate the relationship of pension fund governance and investment performance. For this purpose, we develop the Swiss Pensoin Fund Governance Index (SPGI) which is a standard metric for the governance quality of Swiss pension funds. The empirical analysis is based on a sample of 96 pension funds with total assets of more than CHF 190 billion. We find evidence for governance issues in the area organization and target setting. Our results support the widespread hypothesis of a positive relationship between pension fund governance and investment performance.

Keywords: Performance, Governance, Pension Funds

JEL Classification: G3, G11, G23

Suggested Citation

Ammann, Manuel and Zingg, Andreas, Performance and Governance of Swiss Pension Funds (June 1, 2008). Available at SSRN: https://ssrn.com/abstract=1324708 or http://dx.doi.org/10.2139/ssrn.1324708

Manuel Ammann (Contact Author)

University of St. Gallen - School of Finance ( email )

Unterer Graben 21
St.Gallen, CH-9000
Switzerland

Andreas Zingg

UBS Global Asset Management ( email )

Gessnerallee 3-5
CH-8098 Zurich
Switzerland

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