This study is a follow up of an earlier investigation concerning the effects of governance practices and investment strategies on public pension fund risk adjusted financial performance. Specifically, the inquiry uses three cross sectional national surveys of state and local government retirement systems to determine how governance practices in terms of system policies, board purview, and board composition impact abnormal returns. Results indicate that governance practices, particularly board purview over investment decisions, continue to have a direct negative impact on risk adjusted financial performance even after controlling for other factors.
Albrecht, W.G., Shamsub, H. and Giannatasio, N.A. (2007), "Public pension fund governance practices and financial performance", Journal of Public Budgeting, Accounting & Financial Management, Vol. 19 No. 2, pp. 246-268. https://doi.org/10.1108/JPBAFM-19-02-2007-B007Download as .RIS
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