Do superannuation funds manage disbursements and risk efficiently in generating returns? New evidence

References

• Basso, A., and S. Funari. 2005. “A Generalized Performance Attribution Technique for Mutual Funds.” Central European Journal of Operations Research 13: 65–84.
   Google Scholar
• Berk, J. B., and J. H. Binsbergen. 2015. “Measuring Skill in the Mutual Fund Industry.” Journal of Financial Economics 118 (1): 1–20. doi:10.1016/j.jfineco.2015.05.002.
   Web of Science ®Google Scholar
• Bui, Y. H., S. Delpachitra, and D. A. Abdullahi. 2014. “Efficiency of Australian SFs: A Comparative Assessment.” Journal of Economic Studies 43 (6): 1022–1038. doi:10.1108/JES-05-2015-0088.
   Web of Science ®Google Scholar
• Choi, Y. K., and B. P. S. Murthi. 2001. “Relative Performance Evaluation of Mutual Funds: A Non-parametric Approach.” Journal of Business Finance Accounting 28 (7–8): 853–876. doi:10.1111/1468-5957.00396.
   Google Scholar
• Commonwealth of Australia (2014) “Financial System Inquiry, Final Report, Australian Government the Treasury.”
   Google Scholar
• Galagedera, D. U. A. 2018. “Modelling SF Management Function as a Two-stage Process for Overall and Stage-level Performance Appraisal.” Applied Economics 50 (22): 2439–2458. doi:10.1080/00036846.2017.1400649.
   Web of Science ®Google Scholar
• Galagedera, D. U. A., H. Fukuyama, J. Watson, and E. K. M. Tan. 2020. “Do Mutual Fund Managers Earn Their Fees? New Measures for Performance Appraisal.” European Journal of Operational Research 287 (2): 653–667. doi:10.1016/j.ejor.2020.04.009.
   Web of Science ®Google Scholar
• Galagedera, D. U. A., and J. Watson. 2015. “Benchmarking SFs Based on Relative Performance.” Applied Economics 47 (28): 2959–2973. doi:10.1080/00036846.2015.1011315.
   Web of Science ®Google Scholar
• Gallagher, D. R., T. M. Gapes, and G. J. Warren. 2019. “In-house Asset Management in the Australian Superannuation Industry.” Accounting and Finance 59 (S1): 615–655. doi:10.1111/acfi.12262.
   Web of Science ®Google Scholar
• Glawischnig, M., and M. Sommersguter-Reichmann. 2020. “Assessing the Performance of Alternative Investments Using Non-parametric Efficiency Measurement Approaches: Is It Convincing?” Journal of Banking and Finance 34 (2): 295–303. doi:10.1016/j.jbankfin.2009.07.017.
   Web of Science ®Google Scholar
• Gupta, R., and J. Thadavillil. 2015. “The Impact of SF Choice Legislation and the Global Financial Crisis on Australian Retail Fund Flows.” Financial Services Review 24: 217–248.
   Google Scholar
• Hsiao, H. C., H. Chang, A. M. Cianci, and L. H. Huang. 2010. “First Financial Restructuring and Operating Efficiency: Evidence from Taiwanese Commercial Banks.” Journal of Banking and Finance 34 (7): 1461–1471. doi:10.1016/j.jbankfin.2010.01.013.
   Web of Science ®Google Scholar
• Iskra, L. 2012. “A Technical Note on Australian Default Superannuation Investment Strategies.” Australasian Accounting Business and Finance Journal 6: 113–120.
   Google Scholar
• Khorana, A., H. Servaes, and P. Tufane. 2008. “Mutual Fund Fess around the World.” The Review of Financial Studies 22 (3): 1279–1310. doi:10.1093/rfs/hhn042.
   Web of Science ®Google Scholar
• Lee, T., and S. Chih. 2013. “Does Financial Regulation Affect the Profit Efficiency and Risk of Banks? Evidence from China’s Commercial Banks.” North American Journal of Economics and Finance 26: 705–724. doi:10.1016/j.najef.2013.05.005.
   Web of Science ®Google Scholar
• Liu, K., and B. R. Arnold (2010) “Australian Superannuation Outsourcing: Fees, Related Parties and Concentrated Markets.” http://ssrn.com/abstract=1661488
   Google Scholar
• Malhotra, D. K., R. Martin, and P. Russel. 2007. “Determinants of Cost Efficiencies in the Mutual Fund Industry.” Review of Financial Economics 16 (4): 323–334. doi:10.1016/j.rfe.2006.08.002.
   Google Scholar
• McMullen, P., and R. Strong. 1998. “Selection of Mutual Funds Using Data Envelopment Analysis.” Journal of Business and Economic Studies 4: 1–12.
   Google Scholar
• Modigliani, F., and L. Modigliani. 1997. “Risk-adjusted Performance.” Journal of Portfolio Management 23 (2): 45–54. doi:10.3905/jpm.23.2.45.
   Web of Science ®Google Scholar
• Morey, M., and R. Morey (1999) “Mutual Fund Performance Appraisals: A Multi-horizon Perspective With Endogenous Benchmarking.” Omega 27: 241–258.
   Google Scholar
• Murthi, B., Y. Choi, and P. Desai. 1997. “Efficiency of Mutual Funds and Portfolio Performance Measurement: A Nonparametric Approach.” European Journal of Operational Research 98 (2): 408–418. doi:10.1016/S0377-2217(96)00356-6.
   Web of Science ®Google Scholar
• Nguyen, T. T. C., M. Tan, and M.-A. Cam. 2012. “Governance, Fees and Performance in Australian Corporate SFs: A Non-parametric Analysis.” Journal of Law and Financial Management 11: 2–23.
   Google Scholar
• Niblock, S., E. Sinnewe, and P. Heng. 2017. “A Review of SF Performance Studies: Empirical Evidence from Australia – 2000 to 2014.” Accounting Research Journal 30 (2): 224–240. doi:10.1108/ARJ-03-2015-0026.
   Web of Science ®Google Scholar
• Premachandra, I. M., J. Zhu, J. Watson, and D. U. A. Galagedera. 2012. “Best-performing US Mutual Fund Families from 1993 to 2008: Evidence from a Novel Two-stage DEA Model for Efficiency Decomposition.” Journal of Banking and Finance 36 (12): 3302–3317. doi:10.1016/j.jbankfin.2012.07.018.
   Web of Science ®Google Scholar
• Qu, J. Z. 2014. An Efficiency Study of the Australian Superannuation Industry. Sydney: University of New South Wales. https://www.apra.gov.au/sites/default/files/Qu-An-efficiency-study-of-the-Australian-superannuation-industry.pdf
   Google Scholar
• Sathye, M. 2011. “The Impact of Financial Crisis on the Efficiency of Superannuation Funds: Evidence from Australia.” Journal of Law and Financial Management 10: 16–27.
   Google Scholar
• Sharpe, W. F. 1966. “Mutual Fund Performance.” Journal of Business 39 (S1): 119–138. doi:10.1086/294846.
   Web of Science ®Google Scholar
• Financial Services Council (2019), “State of the Industry Report- 2019.” Sydney, Australia.
   Google Scholar
• Sy, W., and K. Liu (2009) “Investment Performance Ranking of Superannuation Firms, Working Paper, Australian Prudential Regulation Authority, ACT, Australia.”
   Google Scholar
• Tan, M. G. S., and M.-A. Cam. 2015. “Does Governance Structure Influence Pension Fund Fees and Costs? An Examination of Australian Not-for-profit SFs.” Australian Journal of Management 40 (1): 114–134. doi:10.1177/0312896214525179.
   Web of Science ®Google Scholar
• Treynor, J. L. 1965. “How to Rate Management of Investment Funds.” Harvard Business Review 44: 131–136.
   Google Scholar
• Tsolas, I. E. 2014. “Precious Metal Mutual Fund Performance Appraisal Using DEA Modelling.” Resources Policy 39: 54–60. doi:10.1016/j.resourpol.2013.11.001.
   Web of Science ®Google Scholar
• Wilkens, K., and J. Zhu. 2001. “Portfolio Evaluation and Benchmark Selection: A Mathematical Programming Approach.” The Journal of Alternative Investments 4 (1): 9–19. doi:10.3905/jai.2001.319003.
   Google Scholar