We found a match
Your institution may have access to this item. Find your institution then sign in to continue.
- Title
The Diversification and Performance of Self-Managed Superannuation Funds.
- Authors
Phillips, Peter J.; Cathcart, Alex; Teale, John
- Abstract
In this article we examine the diversification and performance of a small preliminary sample of Australian self-managed superannuation (retirement) funds (SMSFs). Using the single index model and traditional (risk-adjusted) performance measures within the context set by modern portfolio theory we find that the SMSFs in our sample exhibit considerable under-diversification. In addition, we find that the SMSFs do not appear to be benefiting from even naive diversification and, unsurprisingly, perform poorly on a risk-adjusted basis vis-à-vis the unmanaged S&P/ASX300 index. This empirical investigation contributes to economists' understanding of the microeconomic structure of this increasingly important component of Australia's retirement income stream.
- Subjects
AUSTRALIA; SELF-directed individual retirement accounts; ASSET allocation; RISK assessment; PERSONAL finance; PORTFOLIO management (Investments); FINANCIAL performance
- Publication
Australian Economic Review, 2007, Vol 40, Issue 4, p339
- ISSN
0004-9018
- Publication type
Article
- DOI
10.1111/j.1467-8462.2007.00475.x