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Gouvernance et investissement des fonds de pension privés aux Etats-Unis

  • Anne Lavigne

    ()

    (LEO - Laboratoire d'économie d'Orleans - CNRS : UMR6221 - Université d'Orléans)

Les fonds de pension américains suscitent en France une crainte souvent irrationnelle. Perçus comme les emblèmes du capitalisme inhumain et sans visage, on leur prête une puissance économique et financière, au mieux déstabilisante, au pire destructrice. L'objectif principal de cette contribution est d'éclairer un lectorat francophone sur les grands traits de la gouvernance des fonds de pension privés aux Etats-Unis, et l'incidence de cette gouvernance sur leurs comportements financiers et leurs performances. Dans un premier temps, on dresse un panorama des relations d'agence au sein des fonds de pension, en insistant sur les différences entre fonds à cotisations et prestations définies. Dans un second temps, on présente les implications de ces schémas de gouvernance pour la politique d'investissement des fonds de pension, en soulignant les différences d'exposition au risque financier des fonds à cotisations et prestations définies.

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Paper provided by HAL in its series Working Papers with number halshs-00081401.

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Date of creation: 23 Jun 2006
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Handle: RePEc:hal:wpaper:halshs-00081401
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