526
Views
3
CrossRef citations to date
0
Altmetric
Articles

Public Pension Funds and Alternative Investments: A Tale of Four Swedish National Pension Funds

References

  • Akerlof, G. A. (1970). The market for “Lemons”: Quality uncertainty and the market mechanism. The Quarterly Journal of Economics, 3(84), 488–500.
  • Albrecht, W. G., Shamsub, H., & Giannatasio, N. A. (2007). Public pension fund governance practices and financial performance. Journal of Public Budgeting, Accounting and Financial Management, 19(2), 245–267.
  • AP1. (2013, October). Official Website of the 1st AP Fund. Retrieved from http://www.ap1.se/en/About-AP1/History-of-the-AP-funds/.
  • Bogle, J. C. (1992). Selecting equity mutual funds: Why is it virtually impossible to pick the winners, yet so easy to pick a winner? and what should you do about it in the 1990s? Journal of Portfolio Management, 4(Winter), 94–100.
  • Burgess, D. F., & Fried, J. (1999). Canadian retirement savings plans and the foreign property rule. Canadian Public Policy – Analyses de Politiques, 25(3), 395–416.
  • Burgess, D. F., & Fried, J. (2004, November). The foreign property rule: A cost-benefit analysis. Journal of Pension Economics and Finance, 4(3), 274–289.
  • Cohen, S., & Eimicke, W. (1998). Is public entrepreneurship ethical? A second look at theory and practice. Working Paper. Columbia University, School of International and Public Affairs.
  • Coronado, J., Engen, E., & Knight, B. (2003). Public funds and private capital markets: The investment practices and performance of state and local pension funds. National Tax Journal, 61(3), 579–594.
  • Creswell, J. W. (2007). Qualitative inquiry and research design. Thousand Oaks, CA: Sage.
  • Dahlberg, J. (2012). Pensionsbluffen: Tryggheten som gick upp i rök. Stockholm, Sweden: Ordfront.
  • Eisenhardt, K. M. (1989). Agency theory: An assessment and review. Academy of Management Review, 14(1), 57–74.
  • Fama, E. F., & French, K. R. (2010). Luck versus skill in the cross section of mutual fund returns. Journal of Finance, 3 ( October), 1915–1947.
  • Finansutskottets betänkande. (2009/10: FiU6).AP-fondernas organisation och placeringsregler i det reformerade pensionssystemet. Retrieved from http://www.regeringen.se/content/1/c6/19/38/47/da65a149.pdf [The Ministry of Finance’s Report. 2009/10: FiU6) Organization and allocation rules for the Swedish AP funds in the reformed pension system].
  • Fukuyama, F. (1995). Trust: The social virtues and the creation of prosperity. New York, NY: Free Press.
  • Green, J., &, Nicki, T. (2009 [2004]). Qualitative methods for health research (2nd ed.). Thousand Oaks, CA: Sage.
  • Hess D., & Impavido, G. Governance of public pension funds: Lessons from corporate governance and international evidence. In A. Musalem and R. J. Palacios (Eds.), Public Pension Fund Management, Proceedings of the Second Public Pension Fund Management Conference in May 2003, Washington DC, The World Bank.
  • IMF. (2013). Global Financial Stability Report: Old risks, new challenges. Washington, DC: IMF.
  • Langensjo, M. (2012). AP-fonderna i pensionssystemet – effektivare förvaltning av pensionsreserven (SOU 2012:53). Stockholm, Sweden: The Swedish Government.
  • Larson, C. (2002). Managing your investment program in today’s market. Government Finance Review, 17(2), 40–41.
  • Lenzner, R., & McCormack, S. (1998, June). Belated bulls. Forbes, 1(62), 106.
  • Lovejoy, D. (2011). Private equity investing. Working Paper. Greycourt and Company, 1–32.
  • Lucas, D. J., & Zeldes, S. P. (2009). How should public pension plans invest? American Economic Review, 99(2), 527–532.
  • MacArthur, H., G. Elton, B. Halloran, & Varma, S. (2013). Top Private Equity Funds Mine Past Wins For Lessons, Forbes. Retrieved from http://www.forbes.com/sites/baininsights/2013/04/23/top-private-equity-funds-mine-past-wins-for-lessons/
  • Malkiel, B. (1995). Returns from investing in equity mutual funds. Journal of Finance, 50(3), 549–572.
  • Markowitz, H. M. (1952). Portfolio selection. Journal of Finance, 1(7), 77–91.
  • Michas, N. A. (1984). Pension funds: More diversification. Canadian Public Policy, 10(1), 47–53.
  • Miller, G. (1993). Debt management networks. Public Administration Review, 53(1), 50–58.
  • Milligan, K., & Smart, M. (2000). Restricting foreign investment: Estimating the cost of Canada’s foreign property rule. Working Paper, University of Toronto, pp. 1–27. Toronto, CA.
  • Mitchell, O. S., & Hsin, P.-L. (1994). Public pension governance and performance. Working Paper No. 4632, National Bureau of Economic Research, pp. 1–35. Cambridge, UK.
  • Mitchell, O. S., & Hsin, P.-L. (1994). Managing public sector pensions. In J. Shoven & S. Schieber (Eds.), Public policy toward pensions (pp. 3–40). Cambridge, MA: MIT Press.
  • Mohan, N., & Zhang, T. (2011). An analysis of risk-taking behavior for public defined benefit pension plans. Working Paper, W.E. Upjohn Institute for Employment Research, pp. 1–40. Kalamazoo, MI.
  • Munnell, A., & Sundèn, A. A. (2001). Investment practices of state and local pension funds: Implications for social security reform. In O. S. Mitchell, & E. C. Hustead (Eds.), Pensions in the public sector (pp. 153–194). Philadelphia, PA: University of Pennsylvania Press.
  • National Pension Insurance Funds Act. (2000). Law 2000:192. Svensk Författningssamling, 5(192), 1–12. ISSN: 1403–8889. Stockholm, Sweden.
  • Niskanen, W. A. (1971). Bureaucracy and public economics. New York, NY: Elgar.
  • OECD. (2012). Large Pension Funds Survey 2011. Paris, France: OECD.
  • Pink, G. H. (1989). Government restriction on foreign investment by pension funds: An empirical examination. Canadian Public Policy, 15(3), 300–312.
  • Plant, J., Stalebrink, O. J., Vasavada, T. B. (2010). Public values, public official associations and professionalism: A cross-national analysis. American Review of Public Administration, 40(6), 722–741.
  • Private Equity Growth Capital Council. (2012, November). Public pension fund analysis. Retrieved from http://www.pegcc.org/research/
  • Public Pension Database 2001–2011. (2013). Center for retirement research at Boston College, Center for State and Local Government Excellence, and National Association of State Retirement Administrators. Boston, MA: Public Plans Database.
  • Public Fund Survey. (2012). The National Association of State Retirement Administrators (NASRA). Retrieved from: http://www.publicfundsurvey.org/publicfundsurvey/index.htm
  • Regeringens Skrivelse. (2011/12:130). Redovisning av AP-fondernas verksamhet t.o.m. 2011, Retrieved from http://www.regeringen.se/content/1/c6/19/38/47/da65a149.pdf [Government Letter (2011/12:130) Accounting report related to the operations of the AP-funds].
  • Robinson, E., & Marois, M. (2010). Cleaning up calpers. Bloomberg Markets, October: 52–66.
  • Robertson, D., & Wielezynski, E. (2008). Alternative assets and public pension plan performance. Working Paper. Office of the Comptroller of the Currency, pp. 1–39.
  • Sharpe, W. F. (1991). The arithmetic of active management. Financial Analysts Journal, 44 (1), 7–9.
  • Stake, R. (1995). The art of case research. Thousand Oaks, CA: Sage.
  • Stalebrink, O. J. (2014). Public pension funds and assumed rates of return: An empirical examination of public sector defined benefit pension plans. American Review of Public Administration, 44 (1), 91–110.
  • Stalebrink, O. J., Kriz, K., & Guo, W. (2010). Prudent public sector investing and modern portfolio theory: An examination of public defined benefits plans. Journal of Public Budgeting and Finance, 30 (11), 28–46.
  • Sveriges Konsumenter. (2013). FundWatch: Granskningsrapport 2013. Retrieved from http://www.sverigeskonsumenter.se/Global/Pengar/FundWatch%202013%20-%20rapport.pdf
  • Sveriges Riksdag. (2012). Öppen utfrågning om AP-fondernas framtid. Retrieved from http://www.riksdagen.se/sv/Start/Press-startsida/ [The Swedish Parliament (2012) Open hearing about the future of the AP funds].
  • Swedish National Public Television. (2012). AP fondernas framtid. Retrieved from http://www.svtplay.se/klipp/274775/ap-fondernas-framtid
  • Swedish National Public Television. (2013a). Uppdrag Granskning: Jultomten i Sundsvall. Retrieved from http://www.svtplay.se/klipp/1014617/jultomten-i-sundsvall
  • Swedish National Public Television. (2013b). AP Fonder far Etiskt Bottenbetyg, Retrieved from http://www.svt.se/nyhetsklipp/nyheter/ekonomi/article1669436.svt
  • Swedish National Public Television. (2013c). Kärnvapen och miljöbovar hos AP-fonderna, Retrieved from http://www.svt.se/nyheter/ekonomi/bottenbetyg-for-ap-fonder
  • Swedish Government. (2010). The Swedish Government’s Audit for the AP-Funds’ Operations through 2010. Report No. 11: 130.
  • Tellis, Winston (1997). Introduction to case study. The Qualitative Report No 2 (3).
  • Useem, M., & Mitchell, O. S. (2000). Holders of the purse strings: Governance and performance of public retirement systems. Social Science Quarterly, 81(2), 489–507.
  • Vermeer, T. E., Styles, A. K., & Patton, T. K., (2010). Are local governments adopting optimistic actuarial methods and assumptions for defined benefit plans? Journal of Public Budgeting, Accounting & Financial Management, 22 (3), 511–542.
  • Williamson, O. E. (1985). The economic institutions of capitalism: Firms, markets, relational contracting. New York, NY: Free Press.
  • Yin, R. (1989a). Case study research: Design and methods (Rev. ed.). Beverly Hills, CA: Sage.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.