Show simple item record

Familiarity Breeds Alternative Investment: Evidence from Corporate Defined-Benefit Pension Plans

hal.structure.identifierDauphine Recherches en Management [DRM]
dc.contributor.authorAtanasova, Christina*
hal.structure.identifierDauphine Recherches en Management [DRM]
dc.contributor.authorChemla, Gilles*
dc.date.accessioned2014-11-07T11:29:42Z
dc.date.available2014-11-07T11:29:42Z
dc.date.issued2014-08
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/14129
dc.language.isoenen
dc.subjectPension plansen
dc.subjectSponsoren
dc.subjectR&Den
dc.subjectL&Ben
dc.subjectAlternative assetsen
dc.subjectPrivate equityen
dc.subjectReal estateen
dc.subjectTilten
dc.subjectInformationen
dc.subjectSpilloveren
dc.subjectFamiliarityen
dc.subject.ddc332en
dc.subject.classificationjelG.G1.G11en
dc.subject.classificationjelG.G2.G23en
dc.subject.classificationjelG.G3.G31en
dc.subject.classificationjelG.G3.G32en
dc.titleFamiliarity Breeds Alternative Investment: Evidence from Corporate Defined-Benefit Pension Plansen
dc.typeDocument de travail / Working paper
dc.contributor.editoruniversityotherSimon Fraser University;Canada
dc.description.abstractenWe show that corporate R&D intensity and Land and Buildings intensity increase sponsored defined-benefit pension plan investment in private equity and real estate, respectively. Pension funds with such alternative investment tilts underperform significantly, which is inconsistent with plans benefiting from an informational advantage or asset-specific expertise. We find some evidence consistent with the existence of spillovers between pension funds with portfolio tilts and their corporate sponsors. Our results are consistent with theories of familiarity based on ambiguity aversion and on fear of the unknown. This familiarity bias in asset allocation is both robust and economically significant.en
dc.identifier.citationpages44en
dc.identifier.urlsitehttp://dx.doi.org/10.2139/ssrn.2468290en
dc.subject.ddclabelEconomie financièreen
dc.description.submittednonen
dc.description.halcandidateoui
dc.description.readershiprecherche
dc.description.audienceInternational
hal.identifierhal-01451096*
hal.version1*
hal.update.actionupdateMetadata*
hal.author.functionaut
hal.author.functionaut


Files in this item

FilesSizeFormatView

There are no files associated with this item.

This item appears in the following Collection(s)

Show simple item record