Decentralized Investment Management: Evidence from the Pension Fund Industry
利用独特数据集，研究养老基金从集中式向分散式管理的转变趋势，发现基金用专业经理替代通才经理，并用多个竞争经理替代单一经理以降低规模不经济，同时实施风险控制以平衡收益与协调难度。
ABSTRACT Using a unique data set, we document two secular trends in the shift from centralized to decentralized pension fund management over the past few decades. First, across asset classes, sponsors replace generalist balanced managers with better‐performing specialists. Second, within asset classes, funds replace single managers with multiple competing managers following diverse strategies to reduce scale diseconomies as funds grow larger relative to capital markets. Consistent with a model of decentralized management, sponsors implement risk controls that trade off higher anticipated alphas of multiple specialists against the increased difficulty in coordinating their risk‐taking and the greater uncertainty concerning their true skills.