Cash holdings in pension funds
利用瑞士养老基金数据，发现基金间现金持有差异很大，运营和投资需求只能解释一小部分，大部分差异源于不可观测的基金特定因素。平均基金持有超额现金且部署缓慢，若将超额现金（占总资产8.4%）投资于代表性组合，每年可多获得17至32个基点的预期收益。小基金现金持有更多且对特定需求反应更弱，表明减少现金配置的潜力更大。
Using unexplored data on Swiss pension funds, we document substantial heterogeneity in cash holdings across funds. While we identify key operational and investments needs to hold cash, they only explain a small share of the variation in cash holdings. A large share of this variation is attributable to an unobservable, time-invariant, fund-specific factor. The average fund holds excess cash and slowly deploys it for investment. Funds with excessive cash holdings keep 8.4% of total assets in excess cash. Investing this surplus in a representative portfolio, could yield an additional expected annual return of 17 to 32 basis points, ultimately benefiting pension participants. Finally, small funds have larger cash holdings that are less responsive to specific needs, suggesting greater potential for reducing cash allocations.