Evaluating the Financial Performance of Pension Funds: An Individual Investor’s Perspective
分析金融中介费用对养老基金净回报的影响，发现中介利差显著降低个人投资者收益，尤其在固定缴费型基金中，并探讨了影响中介声誉需求的因素。
Pension funds require the managerial expertise of financial intermediaries, who must be paid a fee or spread. The spread significantly reduces the value of the pension fund over longer holding periods, and implies significantly greater incentive conflicts for defined contribution‐funded pension funds than for defined benefit‐funded pension funds. The magnitude of the intermediary spread and those factors affecting the demand for financial intermediary reputation and the marginal fee for this reputation are examined for a sample of 66 defined contribution and 54 defined benefit Australian pension funds during 1991–93. The intermediary spread significantly reduces the average net return provided to individual investors, particularly for defined contribution pension funds. Agency‐related factors affecting the demand for financial intermediary reputation and its marginal fee reflect underlying contract‐based differences between these types of fund.