Aglietta, Michel; Briere, Marie; Rigot, Sandra; … - Centre Emile Bernheim, Solvay Brussels School of … - 2012
active portfolio management. We use a unique database covering the asset allocations of US defined-benefit pension funds for … of returns, leaving little room for active management, we show that taking explicit account of market movement can change … the results significantly. Although active management plays a minor role in global asset allocation, its role is …