Pension Fund Efficiency: An International Comparison of Australian Performance

44 Pages Posted: 22 Aug 2015

See all articles by Hazel Bateman

Hazel Bateman

UNSW Sydney, CEPAR

Nicholas Morris

University of New South Wales (UNSW) - Faculty of Law

Date Written: August 20, 2015

Abstract

Using a sample of 256 pension funds from Australia, Canada, the United States and Europe for the period 2004 to 2012, we use data envelopment, cluster and multivariate analysis to compare performance. We find high efficiency scores for many smaller corporate funds and lower efficiency scores for larger Australian industry and retail funds. Among US, Canadian and European pension funds passive investment management outperforms active. Defined contribution and public offer fund types perform least well. We attribute the generally lower efficiency scores for Australian funds to the higher degree of separation between managers and beneficiaries which exists in Australia, where delegation of responsibility is widespread.

Keywords: Pension fund, pension fund efficiency, pension fund performance, superannuation fund

JEL Classification: G23, H55

Suggested Citation

Bateman, Hazel and Morris, Nicholas, Pension Fund Efficiency: An International Comparison of Australian Performance (August 20, 2015). UNSW Business School Research Paper No. 2015ACTL16. Available at SSRN: https://ssrn.com/abstract=2648743 or http://dx.doi.org/10.2139/ssrn.2648743

Hazel Bateman (Contact Author)

UNSW Sydney, CEPAR ( email )

High Street
Sydney, NSW 2052
Australia

Nicholas Morris

University of New South Wales (UNSW) - Faculty of Law ( email )

Kensington, New South Wales 2052
Australia

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