Editor’s Corner
指出机构投资管理中理论与实践的脱节，表现为未能整合养老金/捐赠基金与其他资产负债、投资组合配置的羊群行为以及资源错配，呼吁建立专业的投资政策制定方法。
In the realm of institutional management, although asset allocation models abound, most institutions periodically conduct investment policy studies, and policy statements exist, a wide gap exists between theory and practice in investment policy research. Signs of the gap lie in the failure to integrate in portfolio policy the pension/endowment portfolio with the institution’s other assets and liabilities, in what appears to be herding in portfolio allocations, and in the misallocation of resources to active management rather than policy research. In short, practitioners lack a professional method for investment policy development.