Public Pension Governance and Asset Allocation
19 Pages Posted: 20 Mar 2013 Last revised: 8 Apr 2013
Date Written: March 20, 2013
This paper analyses the relationship between governance, asset allocation, and risk among state and local government-operated pension systems in the United States of America. It is argued that governance influences investment decisions and risk profiles of public sector pension systems, creating the potential for agency problems to exist between decision makers, plan members, and taxpayers.
Keywords: Public pension governance, portfolio management, risk
JEL Classification: J2, H7, D7, G2
Suggested Citation: Suggested Citation