Governance of Public Pension Funds : Lessons from Corporate Governance and International Evidence

An understanding of corporate governance theory can promote the adoption of appropriate governance tools to limit agency problems in public pension fund management. The absence of a market for corporate control hinders the translation of lessons fr...

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Main Authors:	Hess, David, Impavido, Gregorio
Format:	Policy Research Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2014
Subjects:	ADMINISTRATIVE COSTS ADVERSE SELECTION AGENCY PROBLEMS ASSET DIVERSIFICATION ASSETS AUDITS AUTHORITY BANK DEPOSITS BANKRUPTCY BANKS CIVIL SERVICE COMPARATIVE ADVANTAGE COMPETITIVENESS CORPORATE GOVERNANCE CORPORATE GOVERNANCE SYSTEM CORRUPTION COST OF LIVING COST OF LIVING ADJUSTMENTS CREDIT RATINGS DECISION-MAKERS DECISION-MAKING ECONOMIC DEVELOPMENT ECONOMIC EFFICIENCY ECONOMIES OF SCALE EFFECTIVE GOVERNANCE EMPIRICAL EVIDENCE EMPIRICAL RESEARCH EXTERNAL AUDITORS FINANCIAL HEALTH FINANCIAL INCENTIVES FINANCIAL INTERESTS FINANCIAL MARKETS FINANCIAL PERFORMANCE FINANCIAL SECTOR FOREIGN MARKETS GOVERNMENT BONDS GOVERNMENT OFFICIALS GOVERNMENT SERVICES HOUSING INCENTIVE EFFECTS INCOME INFLATION INSOLVENCY INSTITUTIONAL ARRANGEMENTS INSURANCE INSURANCE PREMIUMS INTEREST RATE INTEREST RATES INTERNAL AUDIT INTERNAL AUDIT FUNCTION INTERNAL CONTROLS LABOR MARKET LARGE SHAREHOLDERS LAWS LEGISLATION LIQUIDITY LOCAL GOVERNMENT MANDATES MORAL HAZARD MOTIVATIONS MUNICIPAL BONDS NATIONAL PENSIONS POLITICAL INTERFERENCE PROPERTY VALUES PUBLIC GOOD PUBLIC GOVERNANCE REPRESENTATIVES RESOURCE ALLOCATION RETIREMENT RETURN ON ASSETS RISK AVERSION SAVINGS SAVINGS ACCOUNTS SHAREHOLDERS SOCIAL SECURITY STATE TRUSTEES UNEMPLOYMENT WEALTH GOVERNANCE CAPACITY PUBLIC PENSION SYSTEMS PENSION FUNDS ADMINISTRATION PRIVATE SECTOR MANAGEMENT REGULATORY BODIES REGULATORY CONTROL WEALTH GOVERNANCE CAPACITY
Online Access:	http://documents.worldbank.org/curated/en/2003/08/2495953/governance-public-pension-funds-lessons-corporate-governance-international-evidence http://hdl.handle.net/10986/18125

id	okr-10986-18125
recordtype	oai_dc
spelling	okr-10986-181252021-04-23T14:03:41Z Governance of Public Pension Funds : Lessons from Corporate Governance and International Evidence Hess, David Impavido, Gregorio ADMINISTRATIVE COSTS ADVERSE SELECTION AGENCY PROBLEMS ASSET DIVERSIFICATION ASSETS AUDITS AUTHORITY BANK DEPOSITS BANKRUPTCY BANKS CIVIL SERVICE COMPARATIVE ADVANTAGE COMPETITIVENESS CORPORATE GOVERNANCE CORPORATE GOVERNANCE SYSTEM CORRUPTION COST OF LIVING COST OF LIVING ADJUSTMENTS CREDIT RATINGS DECISION-MAKERS DECISION-MAKING ECONOMIC DEVELOPMENT ECONOMIC EFFICIENCY ECONOMIES OF SCALE EFFECTIVE GOVERNANCE EMPIRICAL EVIDENCE EMPIRICAL RESEARCH EXTERNAL AUDITORS FINANCIAL HEALTH FINANCIAL INCENTIVES FINANCIAL INTERESTS FINANCIAL MARKETS FINANCIAL PERFORMANCE FINANCIAL SECTOR FOREIGN MARKETS GOVERNMENT BONDS GOVERNMENT OFFICIALS GOVERNMENT SERVICES HOUSING INCENTIVE EFFECTS INCOME INFLATION INSOLVENCY INSTITUTIONAL ARRANGEMENTS INSURANCE INSURANCE PREMIUMS INTEREST RATE INTEREST RATES INTERNAL AUDIT INTERNAL AUDIT FUNCTION INTERNAL CONTROLS LABOR MARKET LARGE SHAREHOLDERS LAWS LEGISLATION LIQUIDITY LOCAL GOVERNMENT MANDATES MORAL HAZARD MOTIVATIONS MUNICIPAL BONDS NATIONAL PENSIONS POLITICAL INTERFERENCE PROPERTY VALUES PUBLIC GOOD PUBLIC GOVERNANCE REPRESENTATIVES RESOURCE ALLOCATION RETIREMENT RETURN ON ASSETS RISK AVERSION SAVINGS SAVINGS ACCOUNTS SHAREHOLDERS SOCIAL SECURITY STATE TRUSTEES UNEMPLOYMENT WEALTH GOVERNANCE CAPACITY PUBLIC PENSION SYSTEMS PENSION FUNDS ADMINISTRATION CORPORATE GOVERNANCE PRIVATE SECTOR MANAGEMENT REGULATORY BODIES REGULATORY CONTROL WEALTH GOVERNANCE CAPACITY An understanding of corporate governance theory can promote the adoption of appropriate governance tools to limit agency problems in public pension fund management. The absence of a market for corporate control hinders the translation of lessons from the private sector corporate world to public pension governance. The establishment of a fit, and proper governing body for public pension funds, thus may be even more important than the maintenance of a comparable body for private sector corporations. In particular, behavioral controls should be carefully designed. 2014-04-30T20:30:44Z 2014-04-30T20:30:44Z 2003-08 http://documents.worldbank.org/curated/en/2003/08/2495953/governance-public-pension-funds-lessons-corporate-governance-international-evidence http://hdl.handle.net/10986/18125 English en_US Policy Research Working Paper;No. 3110 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	ADMINISTRATIVE COSTS ADVERSE SELECTION AGENCY PROBLEMS ASSET DIVERSIFICATION ASSETS AUDITS AUTHORITY BANK DEPOSITS BANKRUPTCY BANKS CIVIL SERVICE COMPARATIVE ADVANTAGE COMPETITIVENESS CORPORATE GOVERNANCE CORPORATE GOVERNANCE SYSTEM CORRUPTION COST OF LIVING COST OF LIVING ADJUSTMENTS CREDIT RATINGS DECISION-MAKERS DECISION-MAKING ECONOMIC DEVELOPMENT ECONOMIC EFFICIENCY ECONOMIES OF SCALE EFFECTIVE GOVERNANCE EMPIRICAL EVIDENCE EMPIRICAL RESEARCH EXTERNAL AUDITORS FINANCIAL HEALTH FINANCIAL INCENTIVES FINANCIAL INTERESTS FINANCIAL MARKETS FINANCIAL PERFORMANCE FINANCIAL SECTOR FOREIGN MARKETS GOVERNMENT BONDS GOVERNMENT OFFICIALS GOVERNMENT SERVICES HOUSING INCENTIVE EFFECTS INCOME INFLATION INSOLVENCY INSTITUTIONAL ARRANGEMENTS INSURANCE INSURANCE PREMIUMS INTEREST RATE INTEREST RATES INTERNAL AUDIT INTERNAL AUDIT FUNCTION INTERNAL CONTROLS LABOR MARKET LARGE SHAREHOLDERS LAWS LEGISLATION LIQUIDITY LOCAL GOVERNMENT MANDATES MORAL HAZARD MOTIVATIONS MUNICIPAL BONDS NATIONAL PENSIONS POLITICAL INTERFERENCE PROPERTY VALUES PUBLIC GOOD PUBLIC GOVERNANCE REPRESENTATIVES RESOURCE ALLOCATION RETIREMENT RETURN ON ASSETS RISK AVERSION SAVINGS SAVINGS ACCOUNTS SHAREHOLDERS SOCIAL SECURITY STATE TRUSTEES UNEMPLOYMENT WEALTH GOVERNANCE CAPACITY PUBLIC PENSION SYSTEMS PENSION FUNDS ADMINISTRATION CORPORATE GOVERNANCE PRIVATE SECTOR MANAGEMENT REGULATORY BODIES REGULATORY CONTROL WEALTH GOVERNANCE CAPACITY
spellingShingle	ADMINISTRATIVE COSTS ADVERSE SELECTION AGENCY PROBLEMS ASSET DIVERSIFICATION ASSETS AUDITS AUTHORITY BANK DEPOSITS BANKRUPTCY BANKS CIVIL SERVICE COMPARATIVE ADVANTAGE COMPETITIVENESS CORPORATE GOVERNANCE CORPORATE GOVERNANCE SYSTEM CORRUPTION COST OF LIVING COST OF LIVING ADJUSTMENTS CREDIT RATINGS DECISION-MAKERS DECISION-MAKING ECONOMIC DEVELOPMENT ECONOMIC EFFICIENCY ECONOMIES OF SCALE EFFECTIVE GOVERNANCE EMPIRICAL EVIDENCE EMPIRICAL RESEARCH EXTERNAL AUDITORS FINANCIAL HEALTH FINANCIAL INCENTIVES FINANCIAL INTERESTS FINANCIAL MARKETS FINANCIAL PERFORMANCE FINANCIAL SECTOR FOREIGN MARKETS GOVERNMENT BONDS GOVERNMENT OFFICIALS GOVERNMENT SERVICES HOUSING INCENTIVE EFFECTS INCOME INFLATION INSOLVENCY INSTITUTIONAL ARRANGEMENTS INSURANCE INSURANCE PREMIUMS INTEREST RATE INTEREST RATES INTERNAL AUDIT INTERNAL AUDIT FUNCTION INTERNAL CONTROLS LABOR MARKET LARGE SHAREHOLDERS LAWS LEGISLATION LIQUIDITY LOCAL GOVERNMENT MANDATES MORAL HAZARD MOTIVATIONS MUNICIPAL BONDS NATIONAL PENSIONS POLITICAL INTERFERENCE PROPERTY VALUES PUBLIC GOOD PUBLIC GOVERNANCE REPRESENTATIVES RESOURCE ALLOCATION RETIREMENT RETURN ON ASSETS RISK AVERSION SAVINGS SAVINGS ACCOUNTS SHAREHOLDERS SOCIAL SECURITY STATE TRUSTEES UNEMPLOYMENT WEALTH GOVERNANCE CAPACITY PUBLIC PENSION SYSTEMS PENSION FUNDS ADMINISTRATION CORPORATE GOVERNANCE PRIVATE SECTOR MANAGEMENT REGULATORY BODIES REGULATORY CONTROL WEALTH GOVERNANCE CAPACITY Hess, David Impavido, Gregorio Governance of Public Pension Funds : Lessons from Corporate Governance and International Evidence
relation	Policy Research Working Paper;No. 3110
description	An understanding of corporate governance theory can promote the adoption of appropriate governance tools to limit agency problems in public pension fund management. The absence of a market for corporate control hinders the translation of lessons from the private sector corporate world to public pension governance. The establishment of a fit, and proper governing body for public pension funds, thus may be even more important than the maintenance of a comparable body for private sector corporations. In particular, behavioral controls should be carefully designed.
format	Publications & Research :: Policy Research Working Paper
author	Hess, David Impavido, Gregorio
author_facet	Hess, David Impavido, Gregorio
author_sort	Hess, David
title	Governance of Public Pension Funds : Lessons from Corporate Governance and International Evidence
title_short	Governance of Public Pension Funds : Lessons from Corporate Governance and International Evidence
title_full	Governance of Public Pension Funds : Lessons from Corporate Governance and International Evidence
title_fullStr	Governance of Public Pension Funds : Lessons from Corporate Governance and International Evidence
title_full_unstemmed	Governance of Public Pension Funds : Lessons from Corporate Governance and International Evidence
title_sort	governance of public pension funds : lessons from corporate governance and international evidence
publisher	World Bank, Washington, DC
publishDate	2014
url	http://documents.worldbank.org/curated/en/2003/08/2495953/governance-public-pension-funds-lessons-corporate-governance-international-evidence http://hdl.handle.net/10986/18125
_version_	1764438919461470208

Governance of Public Pension Funds : Lessons from Corporate Governance and International Evidence

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