Journal articles: 'Asset Managers'

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Arthur, Kim. "ETF Asset Managers." Journal of Index Investing 4, no. 2 (August 31, 2013): 95–97. http://dx.doi.org/10.3905/jii.2013.4.2.095.

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Brooks, Marcus, Stephanie Hairston, and Charles Harter. "Does manager ability influence the classification of lease arrangements?" Journal of Applied Accounting Research 21, no. 1 (December 23, 2019): 19–37. http://dx.doi.org/10.1108/jaar-02-2019-0028.

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Purpose The purpose of this paper is to examine the influence of manager ability on a firm’s choice of lease classification and the decision to capitalize vs lease firm-specific assets. Design/methodology/approach The authors use regression analysis to examine the association between manager ability, lease classification and asset specificity. Findings Using 31,110 firm-year observations from 1998 to 2013, the authors find a significant positive relationship between manager ability and the decision to classify leases as operating. The authors also find that high-ability managers are more likely to capitalize, rather than lease, specialized firm-specific assets. Research limitations/implications The results imply that manager ability influences the choice of lease classification, which provides some support for the recent changes to lease accounting in Accounting Standard Update (ASU) 2016-02. The authors also show that asset specificity may serve as a mitigating factor in high-ability managers’ preference for operating leases, which implies that high-ability managers’ concerns with operational efficiency outweigh the benefits of off-balance sheet financing in their purchasing decisions if the asset in question is firm-specific. Practical implications The findings may be useful to boards of directors, investors and accounting academics concerned with the role that managerial ability plays in operational decision making and financial reporting. Originality/value The results imply that high-ability managers prefer off-balance sheet financing, which is unlikely to limit their access to external capital, but that this relationship is mitigated if the firm requires highly specialized assets.

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Lippi, Andrea. "Does the Asset Manager’s Nationality Influence the Occupational Pension Fund Performance?" Business and Economic Research 6, no. 2 (August 11, 2016): 176. http://dx.doi.org/10.5296/ber.v6i2.9866.

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This paper examines the relationship between asset managers’ nationality and the Italian occupational pension funds extending the existing literature on the topic. We use a double analysis methodology, targeted at single- and multiple-managers, distinguishing between Italian and/or foreign professional managers. The results obtained show how asset manager’s nationality impacts differently on managed pension funds’ performance according to the different investment line risk level, opening debate on asset managers’ management skills.

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Munir, Mustapha, Arto Kiviniemi, Stephen Finnegan, and Stephen W. Jones. "BIM business value for asset owners through effective asset information management." Facilities 38, no. 3/4 (September 25, 2019): 181–200. http://dx.doi.org/10.1108/f-03-2019-0036.

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Purpose The purpose of this paper is to investigate the processes, tools and techniques of strategic asset information management (AIM) for built assets, and how the asset information content enhances the proficiency of asset managers to effectively manage their assets throughout their life cycle by utilising building information modelling (BIM) and asset management (AM) systems. For most asset managers, the problem is not the lack of information about their assets, but the abundance of it, and most especially the absence of established processes and protocols to effectively manage large sets of asset data. Therefore, it is crucial to develop a strategy to control and manage this information in order for asset managers to harness its potential and realise value from their organisation’s information assets.. Design/methodology/approach A qualitative case study strategy was used to investigate the effective management of asset data in an AIM system. Seven sets of interviews were conducted and nine respondents were interviewed. These were analysed through qualitative thematic analysis using the NVivo software. Findings The paper identifies six dimensions of value that BIM contributes to AM, which are: management, commerce, efficiency, industry, user and technology value. Also, the paper demonstrates that there is real value to be derived by the asset owner from the effective management of asset information. The study highlights that the value of BIM is not inherent but would require many other processes to deliver value to the organisation. Originality/value The key value of the paper is that it identifies important techniques for managing asset data and how asset information is collected, organised, stored, controlled, analysed, secured, shared and reported within a virtual AIM system for strategic management-based decisions.

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Houben, Servaas. "Asset Owners versus Asset Managers: Agency Costs and Asymmetries of Information in Alternative Assets." CFA Digest 42, no. 4 (November 2012): 25–27. http://dx.doi.org/10.2469/dig.v42.n4.32.

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Chen, Carl R., Anthony Chan, and Nancy J. Mohan. "Asset Allocation Managers' Investment Performance." Journal of Fixed Income 3, no. 3 (December 31, 1993): 46–53. http://dx.doi.org/10.3905/jfi.1993.408092.

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Boudt, Kris. "Machine Learning for Asset Managers." Quantitative Finance 20, no. 11 (September 25, 2020): 1761–62. http://dx.doi.org/10.1080/14697688.2020.1817534.

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Chan, Anthony, and Carl R. Chan. "How Well do Asset Allocation Mutual Fund Managers Allocate Assets?" Journal of Portfolio Management 18, no. 3 (April 30, 1992): 81–91. http://dx.doi.org/10.3905/jpm.1992.81.

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D’Agata, S. "The “go with what you know” approach to forecasting future asset replacement expenditure." Water Supply 3, no. 1-2 (March 1, 2003): 51–54. http://dx.doi.org/10.2166/ws.2003.0085.

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A reliable predictive model for the deterioration of water mains and sewers has been the quest of water industry asset managers for several decades. No doubt driven by finance managers, asset managers have been searching for that mythical formula that will tell them exactly when an asset will fail and allow them to accurately forecast replacement and renewal expenditure into the future. Although it is imperative that water authorities act to avoid and prevent the catastrophic failure of major infrastructure assets where the consequence of failure is high, for most authorities these assets form a relatively small part of the asset base. Therefore, the detailed predictive modelling and analysis of pipe material properties employed to plan the replacement of these critical assets is not appropriate or practical to apply to reticulation assets that represent over 95% of the total infrastructure for most Authorities. The application of predictive models based upon pipe material performance to develop replacement programs for extensive reticulation systems, does not adequately take into consideration the variations in construction methods, ground conditions, consumption patterns, topography and climatic conditions that exist in many networks. These variations are, however, implicit in historical performance data which also provides information of the rate of failure of assets which is the main driver for the replacement of reticulation assets. It is only when the rate of failure of an asset becomes unacceptable that replacement is necessary and this adopted level of service will have a greater influence on future asset replacement expenditure than the assessment of the deterioration of pipe materials. All the more reason to base asset replacement programs around historical data and go with what you know.

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Peake, Charles F. "Value at Risk for Asset Managers." CFA Digest 29, no. 3 (August 1999): 84–85. http://dx.doi.org/10.2469/dig.v29.n3.536.

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Moloney, N. "Liability of asset managers: a comment." Capital Markets Law Journal 7, no. 4 (October 1, 2012): 414–22. http://dx.doi.org/10.1093/cmlj/kms037.

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Brandolini, Dario, Massimiliano Pallotta, and Raffaele Zenti. "Risk policies for active asset managers." Journal of Asset Management 4, no. 6 (April 2004): 407–14. http://dx.doi.org/10.1057/palgrave.jam.2240119.

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Statman, Meir. "Behavioral Finance Lessons for Asset Managers." Journal of Portfolio Management 44, no. 7 (July 31, 2018): 135–47. http://dx.doi.org/10.3905/jpm.2018.44.7.135.

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Zhu, Zhaohui, and Wensheng Huang. "Bounded Rationality, Stock Mispricing, and Corporate Investment." Journal of Advanced Computational Intelligence and Intelligent Informatics 21, no. 6 (October 20, 2017): 1056–64. http://dx.doi.org/10.20965/jaciii.2017.p1056.

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Although the effects of agents’ bounded rationality and stock mispricing on corporate investment is becoming a frontier research field in corporate finance, little research has been devoted to different channels of managers catering to agents’ bounded rationality and stock mispricing. With a sample of 2003–2010 Chinese listed companies, we investigate how firms cater to stock mispricing in their investment decision-making. The empirical study results support the view that managers do cater to investors’ perceived bias for investment in intangible assets and/or fixed assets and that firms’ financial constraints, market characteristics, and the myopia of investors are important factors in catering for such investment. Moreover, fixed asset investment may be a more important channel than intangible asset investment for managers when catering to stock mispricing.

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Mallik, Avijit, Saad Niamatullah, and Swarup Saha. "Performance Appraisal of Asset Management Companies in Bangladesh." International Journal of Economics and Finance 11, no. 8 (June 30, 2019): 53. http://dx.doi.org/10.5539/ijef.v11n8p53.

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Mutual funds are a type of collective investment scheme where a large number of small investors pool their savings together and entrust it to an asset manager, who manages the capital to maximize returns in exchange for a management fee. While mutual funds and other collective investment schemes are popular in developed markets, with assets under management (AUM) to GDP ratio of 62% globally, they are yet to gain popularity in Bangladesh, where AUM-to-GDP ratio stands at only 0.53%. However, mutual funds and asset management companies have been growing at high rates, with 37 closed-end and 42 open-end funds now in operation, and there is enormous potential for growth in the mutual fund industry in Bangladesh. Since mutual funds are a new product in the Bangladeshi market, a detailed study was performed in order to distinguish skilled asset managers from unskilled asset managers. In this study, “skill” has been defined as the ability to beat the broad-market DSEX index on after-fee basis, with the underlying logic that managers - all of whom charge a management fee - should at least be able to beat a passive investment in the broad DSEX. For purposes of the study, the weekly NAV at market value was of 76 mutual funds managed by 16 asset management companies (AMCs) were collected. The weekly returns for the DSEX and each fund under consideration were calculated separately. Four well-known measures were used to rank each mutual fund utilizing the weekly returns. The measures were Jensen’s Alpha, the Sharpe Ratio, the Treynor Ratio and the Modigliani M2 Alpha ratio. For AMCs managing multiple funds, the measures were asset-weighted to calculate the measure for the AMC as a whole. Our findings illustrated that only 5 out of 16 AMCs managed to beat the DSEX index and earn an alpha over the benchmark. Our findings were in line with academic consensus which states that active management is a zero-sum game and that the majority of actively managed funds will underperform the index on an after-fee basis. Our recommendation is for AMCs to introduce passively-managed index funds which will at least keep up with the market return and minimize fees and trading costs.

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Jackson, Scott B. "The Effect of Firms' Depreciation Method Choice on Managers' Capital Investment Decisions." Accounting Review 83, no. 2 (March 1, 2008): 351–76. http://dx.doi.org/10.2308/accr.2008.83.2.351.

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This study examines whether straight-line depreciation, relative to accelerated depreciation, causes non-executive managers to make non-value-maximizing capital investment decisions. To do this, I conduct experiments in which managers must decide whether to continue using an existing asset or invest in a replacement asset. By design, replacing the existing asset yields higher cash flows and managers are aware of this fact. However, if the asset is replaced, then the greater remaining book value under straight-line depreciation relative to accelerated depreciation causes earnings to be lower. Lower earnings and psychological forces may push managers of firms that use straight-line depreciation away from making the economically efficient capital investment decision. The results suggest that managers of firms that use straight-line depreciation are less likely to invest in a replacement asset than are managers of firms that use accelerated depreciation. Further, the results suggest that managers perceive that an asset depreciated using straight-line depreciation has provided less retrospective utility than an asset depreciated using accelerated depreciation. In turn, I find that depreciation method-induced differences in managers' retrospective utility perceptions influence their prospective utility perceptions, which, in turn, influence managers' asset replacement decisions. By theoretically and empirically linking firms' depreciation method choice to managers' capital investment decisions, I provide evidence that a seemingly innocuous choice made for external financial reporting purposes can cause managers to make non-value-maximizing capital investment decisions.

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Maug, Ernst, and Narayan Naik. "Herding and Delegated Portfolio Management: The Impact of Relative Performance Evaluation on Asset Allocation." Quarterly Journal of Finance 01, no. 02 (June 2011): 265–92. http://dx.doi.org/10.1142/s2010139211000092.

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This paper investigates the effect of fund managers' performance evaluation on their asset allocation decisions. We derive optimal contracts for delegated portfolio management and show that they always contain relative performance elements. We then show that this biases fund managers to deviate from return-maximizing portfolio allocations and follow those of their benchmark (herding). In many cases, the trustees of the fund who employ the fund manager prefer such a policy. We also show that fund managers in some situations ignore their own superior information and "go with the flow" in order to reduce deviations from their benchmark. We conclude that incentive provisions for portfolio managers are an important factor in their asset allocation decisions.

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Schacht, Kurt N. "Do Asset Managers Pose a Systemic Risk?" CFA Institute Magazine 26, no. 4 (July 2015): 43. http://dx.doi.org/10.2469/cfm.v26.n4.12.

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Kustono, Alwan Sri, Aisa Tri Agustini, and Scherrgyo Agung Rhyo Dermawan. "Beware of the existence of a big bath with asset impairment after pandemic covid-19!" Indonesian Accounting Review 11, no. 1 (January 14, 2021): 21. http://dx.doi.org/10.14414/tiar.v11i1.2243.

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This study attempts to investigate the relationship between big bath accounting and asset impairment. It used the sample consisting of 231 firm-year observations from 33 mining companies listed on the Indonesia Stock Exchange during the 2012 to 2018 period. Logistic regression has been used to analyze a big bath accounting on assets impairment. The results provide evidence that companies that tend to do a big bath accounting will recognize a loss of asset value. A big bath accounting is done because managers assume that investors will respond when the company suffered large losses or small losses. The manager acknowledges the costs of future periods and current period losses when unfortunate unavoidable circumstances in the current period. It will consequently make a profit higher than expected in the next year. In the next period, the company’s performance will look better so that managers can maximize utility in the form of compensation for the targets that have been achieved.

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Miersch, Enrico, and Nils Schäfer. "Every Cloud has a Silver Lining: On the Relation between Bank-Affiliated Asset Manager Bias and Mutual Fund Fees." Credit and Capital Markets – Kredit und Kapital: Volume 54, Issue 1 54, no. 1 (January 1, 2021): 79–116. http://dx.doi.org/10.3790/ccm.54.1.79.

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Considering the institutional factors of the German mutual fund market, we analyze equity fund holdings of German retail clients who received financial advice between 2005 and 2014 to investigate whether those investors overweight the bank-affiliated asset manager and if so, whether this bank-affiliated asset manager bias leads to higher fees, i. e. Total Expense Ratios. Our analysis clearly indicates the presence of large bank-affiliated asset management biases for clients of all different banking sectors. Thus, German retail clients follow the biased financial advice they receive from their bank. Surprisingly, this bank-affiliated asset manager bias significantly reduces portfolio costs measured via mutual fund fees. Therefore, German banks disproportionately promote products of bank-affiliated asset managers but this biased advice does not lead to higher portfolio costs.

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Delgado, Francisco A., and Diego C. Cueto. "The shamans of wall street: a real conundrum in finance. Why systematically poor performing asset managers survive?" Cuadernos de difusión 17, no. 32 (June 30, 2012): 31–40. http://dx.doi.org/10.46631/jefas.2012.v17n32.03.

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In this paper we propose a behavioral explanation for the survival of poorly performing asset managers. We argue that, in general, asset managers make use of copious amounts of correct but useless information to convince investors about their supposed superior ability to interpret the market. Their marketing skills and motivational speeches seem to be enough to maintain asset managers in business regardless of the results. We present data that show how bad a number of asset managers can be. We also show how prevalent asset managers’ underperformance is. We argue that some Wall Street professionals are able to fool almost all of their clients most of the time into believing that they add value in the services they provide while the data show that this is not true. What we cannot show with this data is whether managers actually believe they are as good as they claim they are, or are not just shamans, albeit shameless as well.

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Guerrieri, Veronica, and Péter Kondor. "Fund Managers, Career Concerns, and Asset Price Volatility." American Economic Review 102, no. 5 (August 1, 2012): 1986–2017. http://dx.doi.org/10.1257/aer.102.5.1986.

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We propose a model of delegated portfolio management with career concerns. Investors hire fund managers to invest their capital either in risky bonds or in riskless assets. Some managers have superior information on default risk. Based on past performance, investors update beliefs on managers and make firing decisions. This leads to career concerns that affect managers' investment decisions, generating a countercyclical “reputational premium.” When default risk is high, return on bonds is high to compensate uninformed managers for the high risk of being fired. As default risk changes over time, the reputational premium amplifies price volatility. (JEL G11, G12, G23, L84)

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Rauterberg, Gabriel. "The Essential Roles of Agency Law." Michigan Law Review, no. 118.4 (2020): 609. http://dx.doi.org/10.36644/mlr.118.4.essential.

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This Article suggests a fundamental shift in how we think about agency. The essential function of agency law lies not only in enabling the delegation of authority, as is widely suggested, but as significantly in its effect on creditors’ rights through asset partitioning. There is an increasing temptation in legal scholarship to treat agency law as a sideshow confined to the first day of corporations class. This is because much of what agency law does in commerce could simply be accomplished through standard-form contracts that provide default terms for the relationships among firms, their managers, and third parties. Even agency’s much-vaunted fiduciary duties can easily be altered or waived by contract—and often are. This Article identifies the essential roles of agency law, which parties could not contractually replicate, and the important efficiencies that flow from them. Agency’s essential roles in commercial enterprise are twofold: first, to permit one person to attribute the legal significance of his or her acts to another, and second, to facilitate asset partitioning. Just as limited liability partitions off the assets of a firm’s owners from the assets of the firm itself, agency law partitions off the assets of a firm’s managers from the firm’s own assets. Recognizing this function reframes the usual staging of contractual disputes in agency as a zero-sum balancing act between the interests of third parties and of principals. Whether owners or managers should be liable for a firm’s unpaid contracts is not just a win-lose distributional question—pitting the firm’s creditors against insiders—but rather can be socially efficient. Through simplifying and specializing asset pools, asset partitioning lowers the cost of monitoring the firm’s assets and thus the cost of credit. To illustrate the asset partitioning role of agency law, I unearth two doctrines ignored by scholarship—the “veil piercing” doctrines of agency. Understanding agency’s asset partitioning role has extensive implications for theory and practice. In addition to providing a unifying account of agency law, the analysis resolves current disputes in the interpretation of its doctrine. Most importantly, recognizing the essential roles of agency demonstrates its ongoing significance to commercial and corporate law.

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Maletič, Damjan, Hana Pačaiová, Anna Nagyová, Boštjan Gomišček, and Matjaž Maletič. "Framework Development of an Asset Manager Selection Based on Risk Management and Performance Improvement Competences." Safety 7, no. 1 (February 2, 2021): 10. http://dx.doi.org/10.3390/safety7010010.

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This research focuses on proposing a framework based on an analytic hierarchy process (AHP) for the selection/evaluation of managers in the field of asset management. A hierarchical structure is constructed, encompassing the set of competences under the role of risk management and performance improvement of the Institute of Asset Management’s (IAM’s) competences framework. It also describes the AHP implementation and illustrates the entire process with an example that uses IAM competences as model criteria. A sensitivity analysis is also carried out to confirm the robustness of the proposed methodology. As per the findings, the AHP was proven to be a usable and reliable method in selecting the most appropriate asset manager. Therefore, it can help organizations to plan and develop the competences they need to meet current and future needs. This study is among the few studies that focus on competence requirements for people working in asset management. As such, a novel approach for selecting managers in the field of asset management is proposed by this study.

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Boersma, Jonathan. "The GIPS Standards: Not Just for Asset Managers." CFA Institute Magazine 24, no. 4 (July 2013): 52. http://dx.doi.org/10.2469/cfm.v24.n4.19.

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Morris, Stephen, Ilhyock Shim, and Hyun Song Shin. "Redemption risk and cash hoarding by asset managers." Journal of Monetary Economics 89 (August 2017): 71–87. http://dx.doi.org/10.1016/j.jmoneco.2017.03.008.

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DeMott, D. A. "Regulatory techniques and liability regimes for asset managers." Capital Markets Law Journal 7, no. 4 (September 16, 2012): 423–31. http://dx.doi.org/10.1093/cmlj/kms034.

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Zenti, R., and M. Pallotta. "Are asset managers properly using tracking error estimates?" Journal of Asset Management 3, no. 3 (December 2002): 279–89. http://dx.doi.org/10.1057/palgrave.jam.2240081.

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Christoffersen, Susan E. K., David K. Musto, and Russ Wermers. "Investor Flows to Asset Managers: Causes and Consequences." Annual Review of Financial Economics 6, no. 1 (December 2014): 289–310. http://dx.doi.org/10.1146/annurev-financial-110613-034339.

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Scherer, Bernd. "Should Asset Managers Hedge Their “Fees at Risk”?" Journal of Applied Corporate Finance 22, no. 4 (September 2010): 96–102. http://dx.doi.org/10.1111/j.1745-6622.2010.00305.x.

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Read, Dustin C., Erin Hopkins, and Rosemary Carruci Goss. "Working effectively with asset managers and institutional groups." Property Management 34, no. 4 (August 15, 2016): 280–96. http://dx.doi.org/10.1108/pm-07-2015-0031.

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Purpose – The purpose of this paper is to examine how property management firms are responding to the demands of asset managers and institutional real estate owners to address potential sources of conflict related to fee structures, reporting requirements and incongruent managerial philosophies. Design/methodology/approach – Interviews conducted with executives representing 25 of the largest apartment management firms in the USA are used to complete the analysis. Findings – Many of the apartment management firms represented in the sample are embracing incentive-based fee structures and a la carte service offerings as a means of aligning their interests with those of the asset managers and institutional clients they represent. A number of these firms are additionally incorporating new technologies and training procedures into their operating platforms to facilitate customization and responsiveness throughout the reporting process. Respondents also noted their firms are becoming more selective about who they work with and more willing to walk away from business opportunities when managerial philosophies conflicts. Research limitations/implications – The characteristics of the population from which the sample is drawn limit the generalizability of the results to large property management firms operating in the multifamily housing industry. Nonetheless, the best practices put forth by those participating in the study are anticipated to have relevance to a wide variety of real estate practitioners. Practical implications – The analysis links theory to practice by considering how apartment managers are evolving in response to the institutionalization of the multifamily housing industry. Originality/value – This paper is the first to the authors’ knowledge to examine apartment managers’ perceptions about the challenges associated with representing institutional clients.

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Ellison, Robin. "Asset managers: What is the duty of care?" Pensions: An International Journal 9, no. 1 (September 2003): 14–21. http://dx.doi.org/10.1057/palgrave.pm.5940245.

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Beckmann, Daniela, Lukas Menkhoff, and Megumi Suto. "Does culture influence asset managers’ views and behavior?" Journal of Economic Behavior & Organization 67, no. 3-4 (September 2008): 624–43. http://dx.doi.org/10.1016/j.jebo.2007.12.001.

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Kaczorek, Maciej, and Aleksandra Falana. "Technical asset management as basis for rational planning of railroad infrastructure maintenance and development – assumptions and systems review." Transportation Overview - Przeglad Komunikacyjny 2018, no. 6 (June 1, 2018): 69–80. http://dx.doi.org/10.35117/a_eng_18_06_07.

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The paper deals with the application of the method and systems for technical asset management in the process of the planning of railroad infrastructure maintenance and development. Due to the scale of operations of rail infrastructure managers, the application of appropriate management methods and IT tools supporting decision making, keeps increasingly resulting in the condition of the effectiveness for this measure. Technical asset management as part of Asset Management is an activity aimed at achieving a balance between factors such as: costs, risk, and efficiency, in such a way so as to meet the objectives of the infrastructure manager. The paper presents assumptions and the most important features with functionalities of systems used to manage technical assets. A review of systems including an assessment of their advanced technology and main implementations in entities related to railroad infrastructure have been presented. As a result of systems review, key areas of future use and related benefits have been identified.

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BATEMAN, HAZEL, and SUSAN THORP. "Decentralized investment management: an analysis of non-profit pension funds." Journal of Pension Economics and Finance 6, no. 1 (February 14, 2007): 21–44. http://dx.doi.org/10.1017/s1474747206002484.

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We investigate delegated investment management in private pension accounts using data from Australian accumulation (superannuation) funds. In Australian non-profit pension funds, trustees choose investment managers on behalf of members. We find that funds with many delegated managers have higher risk-adjusted returns than those with few. However funds with 13 or less specialized managers show no improvement over funds with a single diversified manager. All do worse than a benchmark portfolio of asset-class indices. Further, by using random selection to mimic the choices of an uninformed individual choosing from the same menu of delegate managers as used by trustees, we show that returns from pension funds with large numbers of trustee-selected managers compare favorably with returns from randomly selected, equally weighted portfolios. However this improvement falls off quickly for funds with fewer trustee-selected managers, or when randomly selected portfolios are also diversified across asset classes. Results indicate that an uninformed individual following a naive diversification strategy would have done as well as most trustee boards in this sample.

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Adams, Mike. "A Note on the Asset-Specific Nature of Life Insurance Firms." Journal of Interdisciplinary Economics 8, no. 3 (July 1997): 167–76. http://dx.doi.org/10.1177/02601079x9700800302.

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The concept of asset specificity is an important feature of the transaction-cost economics literature. This literature predicts that asset specificity – which embraces physical assets, specialist human capital and intangibles such as brands – fosters greater certainty in complicated transactions of long duration. The business of life insurance is a classical example of complex and long-term exchange between the owners and managers of the firm and its customers. This note thus examines the concept of asset specificity and considers its relevance to the life insurance industry. To stimulate further research four hypotheses are put forward.

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Kogan, Theodore Benjamin, and Galla Salganik-Shoshan. "Corporate monitoring and voting disclosure choices: A study of UK asset managers." Corporate Ownership and Control 13, no. 1 (2015): 851–67. http://dx.doi.org/10.22495/cocv13i1c8p5.

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This paper investigates the link between voting transparency and voting behaviour in asset managers, and its implications for corporate monitoring. Our results show that the more effort asset managers put into disclosure, the higher their dissention rate, suggesting that the duty asset managers have to represent their clients’ interests is not taken equally seriously across the board. When factoring in voting rationales, we find that 1) the more accepted a rationale for dissent by full-disclosure managers, the greater the overall opposition to management, and that 2) the partial-disclosure and the non-disclosure investors are significantly more complacent than the full disclosure ones. Collectively, our results suggest that when non-disclosure and partial-disclosure asset managers constitute a significant majority of investors, the core accountability mechanism between shareholders and corporate management – namely, stewardship through voting – is malfunctioning.

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Lesseig, Vance, and Janet D. Payne. "The precision of asset beta estimates." International Journal of Managerial Finance 13, no. 2 (April 3, 2017): 213–24. http://dx.doi.org/10.1108/ijmf-05-2016-0091.

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Purpose The capital asset pricing model has fundamentally changed the way finance is taught and practiced since its development in 1964. However, one problem with the use of the model is estimating the systematic risk of untraded assets. Academics and practitioners have dealt with the problem by using traded assets as “proxies” for the untraded asset. Some academic research has attempted to measure the validity of this technique using the average difference in the true beta of a traded firm and the “proxy” beta using a sample of similar firms. The paper aims to discuss these issues. Design/methodology/approach However, the use of the average difference across a number of comparisons is not necessarily useful to a practitioner. This paper examines the absolute difference between a firm’s unlevered beta and a proxy beta calculated using the formula given in Hamada, 1972, and the pure play method. Findings The authors find that the estimates are not reliably close to the true value. Using both deciles of relevant variables and a matching method similar to that used by practitioners, the authors examine a variety of different characteristics to identify similar firms. Originality/value However, the authors do not find any matching criteria that improves the absolute error of the estimate to a level, the authors believe would be acceptable to practitioners attempting to measure cost of equity capital for their untraded firm or asset. The authors conclude that managers should use pure play estimates of asset beta with caution. More research should be done in order to identify a better way for managers of untraded firms or assets to proxy their systematic risk.

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Umeh, Obinna Lawrence, and Al-ameen Ayoade Okonu. "Real estate performance in Nigeria pension fund." Journal of Property Investment & Finance 36, no. 5 (August 6, 2018): 454–65. http://dx.doi.org/10.1108/jpif-02-2018-0009.

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Purpose The purpose of this paper is to examine the contribution of real estate to the performance of mixed-asset portfolio of Nigeria Pension Fund with a view to providing a guide on investment decision making for institutional investors and portfolio managers. Design/methodology/approach Data on capital value were collected from the quarterly and annual reports of Nigeria Pension Commission over a period of ten (2007–2016) years, and the data were analyzed using descriptive statistics. Findings The findings show that there is diversification benefit resulting from integrating real estate to other assets of the Nigeria Pension Fund, and that the fund’s portfolio performed better when real estate is integrated in the mixed-asset portfolio. Practical implications Investment portfolio managers can benefit from the findings of this study by making investment decisions that are performance-driven. The study will serve as a guide in making investment decisions on mixed-asset portfolio of institutional investors other than pension funds. Originality/value There is no known paper on the contribution of real estate in the performance of asset portfolio of the Nigeria Pension Fund.

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Shurrab, Mohammed, Ghaleb Abbasi, and Razan Al Khazaleh. "Evaluating the effect of motivational dimensions on the construction project managers in Jordan." Engineering, Construction and Architectural Management 25, no. 3 (April 16, 2018): 412–24. http://dx.doi.org/10.1108/ecam-01-2017-0001.

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Purpose Construction organizations and companies are concerned with the motivational factors of the project managers that influence the project success. Therefore, the purpose of this paper is to use a questionnaire based on five Likert-scales to identify and investigate the importance of the motivational dimensions on the construction project managers in Jordan Design/methodology/approach Therefore, this study aims at using a questionnaire based on five Likert-scales to identify and investigate the importance of the motivational dimensions on the construction project managers in Jordan. The six motivational dimensions were interpersonal interaction, task, general working conditions, empowerment, personal development, and compensation. Hypotheses testing were also developed to study the influence of both the characteristics of the project manager and the characteristic of the project on the motivational dimensions. Findings The results showed that the construction project managers in Jordan were motivated more by compensation and personal development. Moreover, the level of education for the project manager was positively related to the motivation by task. It was also noticed that the project manager, who had higher experience, was motivated more by empowerment. The study is valuable in providing important information for the construction organizations in Jordan to actively influence the construction project managers’ motivation. Originality/value The urgent needs for increasing project managers’ motivation is the major concern for organizations and companies. Increasing the project managers’ motivation has a major influence on increasing the project success rate and productivity. Construction sector is typically country’s most important asset economically and socially. Currently, no studies were shown to investigate the construction project manager’s motivation in Jordan. This study is, therefore, aims to evaluate the factors that influence the construction project manager’s motivation in Jordan based on content and process motivational theories’ perspectives. This research also utilizes the motivational factors instrument to test its validity in Jordan construction sector.

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Boldyreva, Natalia, and Liudmila Reshetnikova. "Effectiveness of investment activities of managers in the mandatory pension insurance system." St Petersburg University Journal of Economic Studies 36, no. 3 (2020): 483–513. http://dx.doi.org/10.21638/spbu05.2020.306.

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This article examines reasons for the low efficiency of investment activity by pension asset managers, and pension investment rules are formulated. These rules are based on the Asset Allocation strategy, taking into account the long-term pension investments and the life-cycle investment strategy. All pension portfolios of Russiаn managers have weak diversification by asset classes, a high share of fixed income financial instruments, and a mismatch of the portfolio structure with the risk profile of the beneficiary. The pension industry has high costs. We evaluated the real efficiency of investment activity by pension asset managers according to the classical theory of investments, and compared it with the risk-return benchmarks of the Russian financial market. The real cumulative return by pension asset managers is negative for the period 2008–2018. At the same time, the Russian financial market provided opportunities for real growth of pension savings. Bank deposits allowed to defend capital from depreciation. Modeling of index pension portfolios (conservative, balanced, and aggressive) in the Russian financial market, according to pension investment rules, showed a positive impact on investment management efficiency of regular rebalancing of the portfolio containing stocks. The management of index pension portfolios by the proposed rules protect pension savings against inflation. Pension asset managers improve the investment policy efficiency following the pension investment rules.

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Lekander, Jon R. G. M. "How do institutional pension managers consider real estate." Journal of Property Investment & Finance 35, no. 1 (February 6, 2017): 26–43. http://dx.doi.org/10.1108/jpif-05-2016-0033.

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Purpose The asset allocation decision for a pension portfolio needs to consider several, sometimes conflicting, aspects. Most pension managers use models and processes that are developed for the traditional asset classes for analyzing this problem. The purpose of this paper is to investigate how real estate is included in this process, for what purpose and how the real estate portfolio is constructed. Design/methodology/approach Seven individuals responsible for the asset allocation process were interviewed, and their responses were analyzed with regards to organizational options and their real estate strategy. Findings It was found that real estate is held for three different purposes, risk diversification, inflation hedging/liability matching and return enhancement and that the allocation has increased over time. The allocation strategy has evolved at least in part in conjuncture with the organizational structure set in place to overcome real estate market frictions. Research limitations/implications The interviews were geographically limited to pension funds domiciled in Sweden and Finland. Practical implications It is concluded that the organizational capabilities of the pension fund of handling real estate is an important consideration for the ensuing real estate portfolio. Originality/value The originality of this paper lies in that it is based on interviews with individuals who are responsible for the asset allocation decision at large pension funds. The findings of the paper identify areas of interest for future research.

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Rennekamp, Kristina, Kathy K. Rupar, and Nicholas Seybert. "Impaired Judgment: The Effects of Asset Impairment Reversibility and Cognitive Dissonance on Future Investment." Accounting Review 90, no. 2 (August 1, 2014): 739–59. http://dx.doi.org/10.2308/accr-50879.

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ABSTRACT This paper examines how the reversibility of the accounting effect of asset impairments affects managers' investment decisions. We conduct two experiments in which participants act as CEO of a multi-division electronics company that suffers a large asset impairment at one of the divisions. Drawing on prior psychology research involving cognitive dissonance and decision reversibility, we predict and find that managers who are responsible for the decision to record the asset impairment invest more in the impaired division when the accounting effect of the impairment is reversible than when it is irreversible. This is consistent with the idea that reversible accounting effects encourage behavioral attempts to alter the cash flow outcome, while irreversible accounting effects encourage belief revision to rationalize the cash flow outcome. Also in line with cognitive dissonance theory, we show that managers who are not responsible for the decision to impair the asset, or managers who are given the opportunity to deny responsibility for the asset impairment, do not differ in their investment in the impaired division, regardless of impairment reversibility.

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Titman, Sheridan, K. C. John Wei, and Feixue Xie. "Market Development and the Asset Growth Effect: International Evidence." Journal of Financial and Quantitative Analysis 48, no. 5 (September 30, 2013): 1405–32. http://dx.doi.org/10.1017/s0022109013000495.

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AbstractA number of studies of U.S. stock returns document what is referred to as the investment or asset growth effect. Specifically, firms that increase investment or total assets subsequently earn lower risk-adjusted returns. This study finds substantial cross-country differences in the asset growth effect. In particular, the asset growth effect is stronger in countries with more developed financial markets, but it does not seem to be associated with corporate governance or the costs of trading. Overall, the evidence is consistent with a q-theory where financial market development captures either managers’ willingness or ability to align investment expenditures to the cost of capital, but it is inconsistent with the hypothesis that the asset growth effect is due to bad governance and overinvestment.

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Herrera, Elizabeth Kemp, Aimee Flannery, and Michael Krimmer. "Risk and Resilience Analysis for Highway Assets." Transportation Research Record: Journal of the Transportation Research Board 2604, no. 1 (January 2017): 1–8. http://dx.doi.org/10.3141/2604-01.

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Transportation agencies own tens of thousands of assets, providing essential mobility and economic services to the communities they serve. Moving Ahead for Progress in the 21st Century and subsequent legislation require asset managers to implement risk-based asset management. A discussion is presented on the application of one quantitatively based framework—the American Society of Mechanical Engineers Innovative Technology Institute's Risk and Resilience Analysis and Management for Critical Asset Protection—for analyzing risks posed by physical threats to highway transportation systems and assets. The application of this particular risk analysis framework by the Colorado Department of Transportation following the 2013 floods is recounted; the analysis was used to support requests for federal emergency response funding. Finally, the potential benefits of such analysis for highway transportation project planning and strategic planning are also examined.

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Martí Ballester, Carmen Pilar. "Does Concurrent Management of Mutual Funds and Pension Plans Create Conflicts of Interest?" Ensayos de Economía 30, no. 56 (July 28, 2020): 53–77. http://dx.doi.org/10.15446/ede.v30n56.78134.

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The purpose of this paper is to compare the performance of mutual funds —pension plans— whose managers simultaneously manage the assets belonging to pension plans —mutual funds— with that achieved by mutual funds —pension plans— whose managers only manage the assets belonging to mutual funds —pension plans—. To do this, we present a sample consisting of data corresponding to 115 Spanish equity pension plans and 336 Spanish equity mutual funds in relation to such aspects as risk-adjusted return, management and custodial fees, asset size, creation date, number of participants, name of the asset management companies for the period between February 2007 and June 2011. On this data, we propose a model using the bootstrap technique. The results obtained show no significant relationship between side-by-side management and financial performance in the mutual fund and pension plan industries. Therefore, we do not find evidence that pension plan investors are being exploited.

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Osman, Hesham, and Mazdak Nikbakht. "A game-theoretic model for roadway performance management." Built Environment Project and Asset Management 4, no. 1 (January 28, 2014): 40–54. http://dx.doi.org/10.1108/bepam-03-2013-0004.

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Purpose – The purpose of this paper is to present a socio-technical approach to modeling the behavior of roadway users, asset managers, and politicians toward roadway performance and asset management. This approach models the complex interactions that occur between these agents in a complex system. Most modeling approaches in the domain of infrastructure asset management take a purely asset-centric approach and fail to address these socio-technical interactions. Design/methodology/approach – Interactions among political decision makers, asset management strategy developers, and road users are modeled using a game-theoretic approach. The interactions are modeled as a non-cooperative game in which politicians, asset managers, and road users are the main players. Each player is autonomous and aims to come up with the set of moves to maximize their respective level of satisfaction in response to other players’ moves. Multi-attribute utility theory is used to deal with multitude of players’ goals, and the Nash equilibria of the game are south out to develop appropriate strategies for different players. Findings – An illustrative example for a road network of a Canadian city is used to demonstrate the developed methodology. The developed methodology demonstrates how behaviors of various agents involved in the sphere of asset management impacts their collective decision-making behavior. Originality/value – The developed framework provides asset managers and political decision makers with a valuable tool to evaluate the impact of public policy decisions related to asset managers on road performance and the overall satisfaction of road users.

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Wain, M., and M. Shenkin. "Trustee investment powers and the use of asset managers." Trusts & Trustees 15, no. 2 (January 27, 2009): 72–79. http://dx.doi.org/10.1093/tandt/ttn132.

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Roark, A., P. Skantze, and R. Masiello. "Exploring Risk-Based Approaches for ISO/RTO Asset Managers." Proceedings of the IEEE 93, no. 11 (November 2005): 2036–48. http://dx.doi.org/10.1109/jproc.2005.857485.

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Belev, Emilian, and Dan DiBartolomeo. "Private Equity Benchmarking for Asset Owners and Investment Managers." Journal of Index Investing 12, no. 2 (June 28, 2021): 6–27. http://dx.doi.org/10.3905/jii.2021.1.106.

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Journal articles on the topic 'Asset Managers'

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