PDF Growing Old: Paying for Retirement and Institutional Money Management after the Financial Crisis

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No wonder there has been a backlash.

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Retirement

The first serious concern about indexing is that it makes markets inefficient. Active investors research stocks, then buy shares in companies that are performing well and have good prospects. They sell shares in companies who are failing.


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This process ensures productive and profitable companies have access to capital. In index funds, capital goes to the biggest companies, not the most deserving. Another concern is markets will become more volatile, with more systematic risk, because all stocks will move together when index investors buy or sell their shares in a fund. There are reasons to be skeptical of these arguments.

First of all, the rise of index funds coincided with one of the most stable periods in market history even including the last few weeks. A large share of the financial industry is invested in active stock picking, so it is not surprising there would be pushback from people who have lots to lose. Bogle worries there are too few index fund providers, which means control over corporations will be concentrated in the hands of a handful of giant fund managers.

In that scenario, they may not exert as much oversight and pressure as active investors. But there are reasons not to worry. One study, published in the prestigious Journal of Finance , argues passive funds do influence corporate governance.

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Sometimes big institutions are the most effective at pressuring boards to do stuff. State Street and BlackRock, two of the biggest fund providers, have frequently voted to make corporate boards more diverse and have been skeptical of executive pay and treatment of the environment. The market for index funds may have been growing, but it is started to level off.

They still have an incentive to invest in active funds.

Paying for Retirement and Institutional Money Management after the Financial Crisis

Their chief investment officers are paid to do things that beat the market, like pick stocks or move money into alternatives assets, and they are not going anywhere anytime soon. Sandy Mackenzie.

Bloomberg - Are you a robot?

Igor Guardiancich. Charles D. Ellis Alicia H. Munnell Andrew D.

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The Future of Multi-Pillar Pensions. Albert Rees Sharon P. Catherine Blair Theodore Shank. Retirement System.


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