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  • 1
    Electronic Resource
    Electronic Resource
    Determinants of Actuarial Valuation Method Changes for Pension Funding and Reporting: Evidence from the UK (2003)
    Oxford, UK : Blackwell Science Ltd
    Journal of business finance & accounting 30 (2003), S. 0 
    Details
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This study examines various factors that potentially explain cross-sectional variations in UK corporate managerial discretion to switch towards a market-based actuarial pension valuation method for pension funding and reporting purposes. Evidence is based on accounting, actuarial and share market data for an industry-matched pair sample of 90 UK firms. Consistent with our hypotheses we find that companies have a greater propensity to switch actuarial methods if they use lower discount rates, lower flow funding ratios and sponsor larger pension plans in the pre-switch valuation year. These findings are consistent with the traditional perspective, which implies that UK corporate switching decisions are explained by characteristics of their defined benefit pension funds. The results run contrary to the findings of earlier US based studies that find that such choices can be explained from an alternative corporate financial perspective.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/1468-5957.00488
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  • 2
    Electronic Resource
    Electronic Resource
    Evaluating the Financial Performance of Pension Funds: An Individual Investor’s Perspective (1999)
    Oxford, UK and Boston, USA : Blackwell Publishers Ltd
    Journal of business finance & accounting 26 (1999), S. 0 
    Details
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Pension funds require the managerial expertise of financial intermediaries, who must be paid a fee or spread. The spread significantly reduces the value of the pension fund over longer holding periods, and implies significantly greater incentive conflicts for defined contribution-funded pension funds than for defined benefit-funded pension funds. The magnitude of the intermediary spread and those factors affecting the demand for financial intermediary reputation and the marginal fee for this reputation are examined for a sample of 66 defined contribution and 54 defined benefit Australian pension funds during 1991–93. The intermediary spread significantly reduces the average net return provided to individual investors, particularly for defined contribution pension funds. Agency-related factors affecting the demand for financial intermediary reputation and its marginal fee reflect underlying contract-based differences between these types of fund.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/1468-5957.00256
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  • 3
    Electronic Resource
    Electronic Resource
    The Determinants of the Intermediary Spread: Evidence from Australian, UK and USA-based International Equity Funds (1998)
    Oxford, UK and Boston, USA : Blackwell Publishers Ltd
    Journal of business finance & accounting 25 (1998), S. 0 
    Details
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This paper develops and tests a new measure of mutual fund performance, based on Brennan's (1993a) equilibrium model of the pricing of retail financial products, which assumes that search costs of investors are non-trivial and cause the demand for mutual funds to be inelastic, thus creating an intermediary spread. This implies that the marginal costs of the intermediary spread in the form of expenses and sales load must be explicitly traded off against the marginal benefits in terms of the fund's return relative to a benchmark. The measure is used to evaluate the performance of twelve USA, eight UK and five Australian-based internationally diversified equity funds over the period 1982–95, and provides new insights into their performance in ways that are not revealed by the Jensen measure.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/1468-5957.00213
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