Pension funds have greater fiduciary responsibilities than mutual funds and are also more severely punished for poor performance. Thus pension funds may find it particularly risky to deviate from peers. Consistent with this view, we find that pension funds herd and that their herding negatively...

Managers investing on behalf of pension plan sponsors (i.e. pension funds) face greater fiduciary responsibilities and more stringent investment mandates than mutual funds. These constraints may reduce the information content of pension fund trading. Consistent with this view, we find that the...

This paper examines how the organizational structure of the defined benefit pension fund industry influence the investment decision and performance of pension fund managers. Corporate treasurers, who have an incentive to reduce their own job risk, tend to hire pension fund managers with low...

This paper examines whether the additional layers of delegation found in the pension fund industry generate agency costs that impair pension fund performance. Corporate treasurers, who have an incentive to reduce their own job risk, tend to hire pension fund managers with low tracking error....