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Pension funds’allocations to hedge funds: an empirical analysis of US and Canadian defined benefit plans

Vincent Bouvatier () and Sandra Rigot

No 2013-4, EconomiX Working Papers from University of Paris Nanterre, EconomiX

Abstract: This paper investigates the characteristics of US and Canadian pension funds that allocate assets to hedge funds. The typical pension fund that invests in hedge funds is a large sophisticated pension fund that diversi es its portfolio across numerous classes of investments, private equity in particular, uses a core-satellite organization and has access to low delegation costs for alternative assets. Moreover, we fi nd that pension funds investing in hedge funds signifi cantly obtained higher global returns.

Keywords: pension funds; hedge funds; asset allocation; diversi cation (search for similar items in EconPapers)
JEL-codes: G23 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-age
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:drm:wpaper:2013-4

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