Placing the Production of Investment Returns: An Economic Geography of Asset Management in Public Pension Plans

References

• Agnes, P. 2009. The “end of geography” in financial services? Local embeddedness and territorialization in the interest rate swaps industry. Economic Geography 76 (4): 347–66. doi:10.1111/j.1944-8287.2000.tb00148.x.
   Google Scholar
• Ambachtsheer, K. 2007. Pension revolution: A solution to the pensions crisis. New York: John Wiley.
   Google Scholar
• Andonov, A., Bauer, R., and Cremers, K. 2015. Pension fund asset allocation and liability discount rates: Camouflage and reckless risk taking by US public plans? http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2070054.
   Google Scholar
• Andonov, A., Hochberg, Y. V., and Rauh, J. D. 2016. Pension fund board composition and investment performance: Evidence from private equity. https://ssrn.com/abstract=275482010.2139/ssrn.2754820.
   Google Scholar
• Baker, G. P., and Hubbard, T. N. 2003. Make versus buy in trucking: Asset ownership, job design, and information. American Economic Review 93 (3): 551–72. doi:10.1257/000282803322156981.
   Web of Science ®Google Scholar
• Bathelt, H., and Cohendet, P. 2014. The creation of knowledge: Local building, global accessing and economic development—Toward an agenda. Journal of Economic Geography 14 (5): 1–14. doi:10.1093/jeg/lbu027.
   Web of Science ®Google Scholar
• Beaverstock, J. V., and Hall, S. 2012. Competing for talent: Global mobility, immigration and the City of London’s labor market. Cambridge Journal of Regions, Economy and Society 5 (2): 271–87. doi:10.1093/cjres/rss005.
   Web of Science ®Google Scholar
• Boschma, R. 2005. Proximity and innovation: A critical assessment. Regional Studies 39 (1): 61–74. doi:10.1080/0034340052000320887.
   Web of Science ®Google Scholar
• Boschma, R., and Frenken, K. 2010. The spatial evolution of innovation networks: A proximity perspective. The handbook of evolutionary economic geography, ed. R. Boschma and R. Martin, 120–36. Cheltenham, UK: Edward Elgar.
   Google Scholar
• Bradley, D., Pantzalis, C., and Yuan, X. 2015. The influence of political bias in state pension funds. Journal of Financial Economics 119 (1): 69–91. doi:10.1016/j.jfineco.2015.08.017.
   Web of Science ®Google Scholar
• Brown, J. R., and Wilcox, D. 2009. Discounting state and local pension liabilities. American Economic Review: Papers and Proceedings 99 (2): 538–42. doi:10.1257/aer.99.2.538.
   Web of Science ®Google Scholar
• Cassis, Y. 2006. Capitals of capital: A history of international financial centres, 1780–2005. Cambridge: Cambridge University Press.
   Google Scholar
• Center for Retirement Research at Boston College. 2016. Public pension plans national data. http://publicplansdata.org/quick-facts/national/.
   Google Scholar
• Clark, G. L. 1998. Methodology in economic geography. Annals of the Association of American Geographers 88 (1): 73–87. doi:10.1111/1467-8306.00085.
   Web of Science ®Google Scholar
• ———. 2008. Governing finance: Global imperatives and the challenge of reconciling community representation with expertise. Economic Geography 84 (3): 281–302. doi:10.1111/j.1944-8287.2008.tb00366.x.
   Web of Science ®Google Scholar
• Clark, G. L., Caerlewy-Smith, E., and Marshall, J. C. 2006. Pension fund trustee competence: Decision making in problems relevant to investment practice. Issues and Policy 5 (1): 91–110.
   Google Scholar
• Clark, G. L., and Monk, A. H. B. 2013. Financial institutions, information, and investing-at-a-distance. Environment and Planning A 45 (6): 1318–36. doi:10.1068/a45286.
   Web of Science ®Google Scholar
• ———. 2014. State and local pension fund governance and the process of contracting for investment services: The scope of diversity and the problem of embeddedness. Territory, Politics, Governance 2 (2): 150–72. doi:10.1080/21622671.2014.893836.
   Web of Science ®Google Scholar
• ———. 2017. Institutional investors in global markets. Oxford: Oxford University Press.
   Google Scholar
• Clark, G. L., and O’Connor, K. 1997. The informational content of financial products and the spatial structure of the global finance industry. Spaces of globalization, ed. K. Cox, 89–114. New York: Guilford.
   Google Scholar
• Clark, G. L., Strauss, K., and Knox-Hayes, J. 2012. Saving for retirement. Oxford: Oxford University Press.
   Google Scholar
• Coe, N. M., Lai, K. P. Y., and Wójcik, D. 2014. Integrating finance into global production networks. Regional Studies 48 (5): 761–77. doi:10.1080/00343404.2014.886772.
   Web of Science ®Google Scholar
• Collins, S. 2003. The expenses of defined benefit pension plans and mutual funds. Perspectives 9 (6): 1–19.
   Google Scholar
• Cook, G. S., Pandit, N. R., Beaverstock, J. V., Taylor, P. J., and Pain, K. 2007. The role of location in knowledge creation and diffusion: Evidence of centripetal and centrifugal forces in the City of London financial services agglomeration. Environment and Planning A 39 (6): 1325–45. doi:10.1068/a37380.
   Web of Science ®Google Scholar
• Coval, J. D., and Moskowitz, T. J. 1999. Home bias at home: Local equity preference in domestic portfolios. Journal of Finance 54 (6): 2045–73. doi:10.1111/0022-1082.00181.
   Web of Science ®Google Scholar
• ———. 2001. The geography of investment: Informed trading and asset prices. Journal of Political Economy 109 (4): 811–41. doi:10.1086/322088.
   Web of Science ®Google Scholar
• Crossley, T., and Jametti, M. 2013. Pension benefit insurance and pension plan portfolio choice. Review of Economics and Statistics 95 (1): 337–41. doi:10.1162/REST_a_00216.
   Web of Science ®Google Scholar
• Dixon, A. D. 2012. Function before form: Macro-institutional comparison and the geography of finance. Journal of Economic Geography 12 (3): 579–600. doi:10.1093/jeg/lbr043.
   Web of Science ®Google Scholar
• Dixon, A. D., and Monk, A. H. B. 2014. Frontier finance. Annals of the Association of American Geographers 104 (4): 852–68. doi:10.1080/00045608.2014.912543.
   Web of Science ®Google Scholar
• Dörry, S. 2014. Strategic nodes in investment fund global production networks: The example of the financial center Luxembourg. Journal of Economic Geography 15 (4): 797–814. doi:10.1093/jeg/lbu031.
   Web of Science ®Google Scholar
• ———. 2016. The geographies of industrialised finance: Probing the global production networks of asset management. Geography Compass 10 (1): 3–14. doi:10.1111/gec3.12256.
   Web of Science ®Google Scholar
• Dougal, C., Parsons, C. A., and Titman, S. 2015. Urban vibrancy and corporate growth. Journal of Finance 70 (1): 163–210. doi:10.1111/jofi.12215.
   Web of Science ®Google Scholar
• Elder, E. M., and Wagner, G. A. 2015. Political effects on pension underfunding. Economics and Politics 27 (1): 1–27. doi:10.1111/ecpo.12048.
   Web of Science ®Google Scholar
• Florida, R. 2002a. Bohemia and economic geography. Journal of Economic Geography 2 (1): 55–71. doi:10.1093/jeg/2.1.55.
   Web of Science ®Google Scholar
• ———. 2002b. The economic geography of talent. Annals of the Association of American Geographers 92 (4): 743–55. doi:10.1111/1467-8306.00314.
   Web of Science ®Google Scholar
• Folkman, P., Froud, J., Johal, S., and Williams, K. 2007. Working for themselves? Capital market intermediaries and present-day capitalism. Business History 49 (4): 552–72. doi:10.1080/00076790701296373.
   Web of Science ®Google Scholar
• French, S., Leyshon, A., and Thrift, N. 2009. A very geographical crisis: The making and breaking of the 2007–2008 financial crisis. Cambridge Journal of Regions, Economy and Society 2 (2): 287–302. doi:10.1093/cjres/rsp013.
   Web of Science ®Google Scholar
• Gehl, S. B., Willoughby, K. G., and Bell, M. J. 2013. Pension reform in Atlanta: Funding past promises in an uncertain future. Public Budgeting and Finance 33 (3): 3–24. doi:10.1111/j.1540-5850.2013.12012.x.
   Google Scholar
• Gertler, M. S. 2003. Tacit knowledge and the economic geography of context, or the undefinable tacitness of being (there). Journal of Economic Geography 3 (1): 75–99. doi:10.1093/jeg/3.1.75.
   Web of Science ®Google Scholar
• Granovetter, M. 1985. Economic action and social structure: The problem of embeddedness. American Journal of Sociology 91 (3): 481–510. doi:10.1086/228311.
   Web of Science ®Google Scholar
• Haberly, D., MacDonald-Korth, D., Urban, M., and Wojcik, D. 2018. Asset management as a digital platform industry: A global financial network perspective. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3288514. 10.2139/ssrn.3288514.
   Google Scholar
• Haberly, D., and Wójcik, D. 2015. Regional blocks and imperial legacies: Mapping the global offshore FDI network. Economic Geography 91 (3): 251–80. doi:10.1111/ecge.2015.91.issue-3.
   Web of Science ®Google Scholar
• Hall, S. and Appleyard, L. 2009. ‘City of London, City of Learning’? Placing business education within the geographies of finance, Journal of Economic Geography 9 (5): 597–617. doi:10.1093/jeg/lbp026.
   Google Scholar
• Hebb, T., and Beeferman, L. 2009. Can private pension funds be socially responsible? The US experience. Journal of Comparative Social Welfare 25 (2): 109–17. doi:10.1080/17486830902789731.
   Google Scholar
• Hebb, T., and Sharma, R. 2013. New finance for America’s cities. Regional Studies 48 (3): 1–16.
   Web of Science ®Google Scholar
• Hooke, J., and Walters, J. J. 2013. Wall Street fees, investment returns, Maryland and 49 other state pension funds. http://www.mdpolicy.org/docLib/20130701_MarylandPolicyReport201302.pdf.
   Google Scholar
• Jenkinson, T., Jones, H., and Martinez, J. V. 2016. Picking winners? Investment consultants’ recommendations of fund managers. Journal of Finance 71 (5): 2333–70. doi:10.1111/jofi.12289.
   Web of Science ®Google Scholar
• Lai, K. 2012. Differentiated markets: Shanghai, Beijing and Hong Kong in China’s financial centre network. Urban Studies 49 (6): 1275–96. doi:10.1177/0042098011408143.
   Web of Science ®Google Scholar
• Lakonishok, J., Shleifer, A., and Vishny, R. W. 1992. The structure and performance of the money management industry. https://scholar.harvard.edu/files/shleifer/files/structure_performance.pdf. 10.2307/2534766
   Google Scholar
• MacIntosh, J., and Scheibelhut, T. 2012. How large pension funds organize themselves: Findings from a unique 19-fund survey. Rotman International Journal of Pension Management 5 (1): 34–40.
   Google Scholar
• Malkiel, B. G. 2013. Asset management fees and the growth of finance. Journal of Economic Perspectives 27 (2): 97–108. doi:10.1257/jep.27.2.97.
   Web of Science ®Google Scholar
• Monk, A. H. B., Sharma, R., and Sinclair, L. D. 2017. Reframing finance: New models of long-term investment management. Stanford: Stanford University Press.
   Google Scholar
• Munnell, A. H., Aubry, J., and Cafarelli, M. 2015. How did state/local plans become underfunded?. State and Local Pension Plans 42:1–7.
   Google Scholar
• Munnell, A. H., Aubry, J., Hurwitz, J., and Medenica, M. 2013. The funding of State and Local pensions: 2012–2016. State and Local Pension Plans 32 (July): 1–15. https://crr.bc.edu/wp-content/uploads/2013/07/slp_32.pdf.
   Google Scholar
• Munnell, A. H., Haverstick, K., and Aubry, J. 2008. Why does funding status vary among state and local plans?. State and Local Pension Plans 6 (May): 1–12.
   Google Scholar
• Novy-Marx, R., and Rauh, J. D. 2009. The liabilities and risks of state-sponsored pension plans. Journal of Economic Perspectives 23 (4): 191–210. doi:10.1257/jep.23.4.191.
   Web of Science ®Google Scholar
• ———. 2011. Public pension promises: How big are they and what are they worth?. Journal of Finance 66 (4): 1211–49. doi:10.1111/j.1540-6261.2011.01664.x.
   Web of Science ®Google Scholar
• O’Brien, R. 1992. Global financial integration: The end of geography. London: Pinter Publishers.
   Google Scholar
• O’Hara, M. 1995. Market microstructure theory. Oxford: Blackwell Publishing.
   Google Scholar
• Shiller, R. J. 2005. Irrational exuberance. Princeton, NJ: Princeton University Press.
   Google Scholar
• Storper, M., and Venables, A. J. 2004. Buzz: Face-to-face contact and the urban economy. Journal of Economic Geography 4 (4): 351–70. doi:10.1093/jnlecg/lbh027.
   Web of Science ®Google Scholar
• Strauss, K. 2008. Re-engaging with rationality in economic geography: Behavioural approaches and the importance of context in decision-making. Journal of Economic Geography 8 (2): 137–56. doi:10.1093/jeg/lbm048.
   Web of Science ®Google Scholar
• ———. 2009. Cognition, context, and multimethod approaches to economic decision making. Environment and Planning A 41 (2): 302–17. doi:10.1068/a412.
   Google Scholar
• Taylor, M., and Thrift, N. 1983. Business organization, segmentation and location business organization, segmentation and location. Regional Studies 16 (6): 445–65. doi:10.1080/09595238300185441.
   Google Scholar
• Thatcher, M., and Sweet, A. S. 2002. Theory and practice of delegation to non-majoritarian institutions. West European Politics 25 (1): 1–22. doi:10.1080/713601583.
   Web of Science ®Google Scholar
• Urban, M. 2018a. Rescaling of American public pension finance: Are state and local plans running away from Wall Street? Territory, Politics, Governance. doi:10.1080/21622671.2019.1568292.
   Web of Science ®Google Scholar
• ———. 2018b. Six key influences on the efficiency of insourcing in state and local plans. Journal of Retirement 5 (4): 57–72. doi:10.3905/jor.2018.5.4.057.
   Google Scholar
• ———. 2018c. Producing investment returns at the margin of finance: A frontier talent proposition. Geoforum 95 (October): 102–11. doi:10.1016/j.geoforum.2018.06.021.
   Google Scholar
• Vidal, P. M. 2017. Annual survey of public pensions: State- and locally-administered defined benefit data summary brief: 2016. https://www.census.gov/content/dam/Census/library/publications/2017/econ/g16-aspp-sl.pdf.
   Google Scholar
• Webber, D. 2018. The rise of the working-class shareholder. Cambridge, MA: Harvard University Press.
   Google Scholar
• Wójcik, D. 2011. The Global Stock Market: Issuers, Investors, and Intermediaries in an Uneven World. Oxford: Oxford University Press.
   Google Scholar
• ———. 2012. The end of investment bank capitalism? An economic geography of financial jobs and power. Economic Geography 88 (4): 345–68. doi:10.1111/ecge.2012.88.issue-4.
   Web of Science ®Google Scholar
• ———. 2013. The dark side of NY-LON: Financial centers and the global financial crisis. Urban Studies 50 (13): 1–16. doi:10.1177/0042098012474513.
   Web of Science ®Google Scholar
• Yang, T. S., and Mitchell, O. S. 2005. Public pension governance, funding, and performance: A longitudinal appraisal. https://www.pensions-institute.org/workingpapers/WP2005-2.pdf.
   Google Scholar