Prudent person rules or quantitative restrictions? The regulation of long-term institutional investors' portfolios
AbstractThis paper examines the rationale, nature and financial consequences of two alternative approaches to portfolio regulations for life insurers and pension funds, namely prudent person rules and quantitative portfolio restrictions. The argument draws on the financial-economics of investment and the differing characteristics of institutions liabilities, as well as evidence drawn from major OECD countries. The overall conclusion is that prudent person rules are superior to restrictions, particularly for pension funds, except in certain circumstances that may hold temporarily in emerging market economies.
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Bibliographic InfoArticle provided by Cambridge University Press in its journal Journal of Pension Economics and Finance.
Volume (Year): 1 (2002)
Issue (Month): 02 (July)
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- Poonam Puri, 2009. "A Matter of Voice: The Case for Abolishing the 30 percent Rule for Pension Fund Investments," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 283, February.
- Ajantha Kumara & Wade Pfau, 2013.
"Would emerging market pension funds benefit from international diversification: investigating wealth accumulations for pension participants,"
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- Kumara, Ajantha Sisira & Pfau, Wade Donald, 2011. "Would emerging market pension funds benefit from international diversification: investigating wealth accumulations for pension participants," MPRA Paper 31395, University Library of Munich, Germany, revised 10 Jun 2011.
- Pfau, Wade Donald, 2009.
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19039, University Library of Munich, Germany.
- Wade D. Pfau, 2008. "Emerging Market Pension Funds and International Diversification," GRIPS Discussion Papers 08-10, National Graduate Institute for Policy Studies.
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