Show simple item record

dc.contributor.authorGölçen, Umut
dc.contributor.authorÖzsoy, Satı Mehmet
dc.contributor.authorYalçın, Atakan
dc.date.accessioned2020-11-30T11:49:54Z
dc.date.available2020-11-30T11:49:54Z
dc.date.issued2020-06
dc.identifier.issn1566-0141en_US
dc.identifier.urihttp://hdl.handle.net/10679/7157
dc.identifier.urihttps://www.sciencedirect.com/science/article/abs/pii/S156601411930007X
dc.description.abstractThe private pension fund system in Turkey presents a unique institutional structure where bank holding companies can own both private pension companies and asset management firms. More often than not, pension companies delegate their operational mandates to the asset management arm of the same bank. This practice exposes the retail investor to a double agency problem and raises questions about conflicts of interest and fiduciary duty. Our analysis reveals that the funds set up and managed under the same bank holding company perform worse on a risk-adjusted basis than the funds with an arm's length relationship between the pension company and the asset manager. We show that this relative underperformance is not simply a bank effect; bank-affiliated pension companies and asset managers do just as well, if not better than their peers, when they are not operating under the same roof. Unfortunately, this inefficient institutional structure is not eliminated by market discipline because these funds attract more flows from retail investors, and the underperformance is not discernible in raw returns.en_US
dc.language.isoengen_US
dc.publisherElsevieren_US
dc.relation.ispartofEmerging Markets Review
dc.rightsrestrictedAccess
dc.titleFirm boundaries, incentives, and fund performance: Evidence from a private pension fund systemen_US
dc.typeArticleen_US
dc.peerreviewedyesen_US
dc.publicationstatusPublisheden_US
dc.contributor.departmentÖzyeğin University
dc.contributor.authorID(ORCID 0000-0002-0108-458X & YÖK ID ) Gökçen, Umut
dc.contributor.authorID(ORCID 0000-0002-9391-7859 & YÖK ID 124910) Özsoy, Mehmet
dc.contributor.authorID(ORCID 0000-0002-0939-9236 & YÖK ID 179934) Yalçın, Atakan
dc.contributor.ozuauthorGölçen, Umut
dc.contributor.ozuauthorÖzsoy, Satı Mehmet
dc.contributor.ozuauthorYalçın, Atakan
dc.identifier.volume43en_US
dc.identifier.wosWOS:000536392500004
dc.identifier.doi10.1016/j.ememar.2020.100682en_US
dc.identifier.scopusSCOPUS:2-s2.0-85081358983
dc.contributor.authorMale3
dc.relation.publicationcategoryArticle - International Refereed Journal - Institutional Academic Staff


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


Share this page