The governance-performance link
Academics at Switzerland’s University of St. Gallen find that governance is positively related to both excess and risk-adjusted net returns but only marginally related to funds’ asset choices.
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Measuring manager performance expectations
Institutional investors do not act on their own expectations when choosing fund managers, rather their reliance on consultants, and past performance, exacerbates the agency problem in the institutional investment supply chain a new study from Oxford University shows. Using survey data for 1999-2011 the academics analyse the views of plan sponsors on their asset managers,
Asset Allocation