{"title":"Australian Superannuation Outsourcing: Fees, Related Parties and Concentrated Markets","authors":"K. Liu, B. Arnold","doi":"10.2139/ssrn.1661488","DOIUrl":"https://doi.org/10.2139/ssrn.1661488","url":null,"abstract":"Utilising a unique dataset collected by the Australian Prudential Regulation Authority (APRA), this paper examines the outsourcing by superannuation fund trustees eight superannuation functions, including administration, asset allocation, and investment management. In each of these individual outsourcing markets, we analyse related-party service providers, the concentration of independent service providers, and the combined impact on outsourcing costs. We find that ‘relatedness’ per se does not imply higher outsourcing fees: Related-party service providers used by not-for-profit funds generally charge no more than independent service providers, whereas retail related-party service providers tend to charge higher fees than their independent counterparts. We also find a wide diversity in competitiveness in the market for each function: Where outsourcing is concentrated among a small number of service providers - even where a large number of providers offer the service - we find that the dominant service providers charge higher fees.","PeriodicalId":147160,"journal":{"name":"Funds Management/Mutual Funds 2","volume":"61 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-06-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125888196","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Performance of the 130/30 Strategy in the Australian Equities Market","authors":"A. Frino, Elvis Jarnecic, Abhishek Das","doi":"10.2139/ssrn.1181363","DOIUrl":"https://doi.org/10.2139/ssrn.1181363","url":null,"abstract":"This paper empirically tests two 130/30 strategies using the top 50 stocks listed on the Australian Stock Exchange: a momentum returns driven 130/30 strategy, and a fundamental value based 130/30 strategy. The performance of these enhanced active strategies is evaluated, against traditional buy and hold strategies used by long-only managers as well as naive investments in market indices, over an eight year period with quarterly rebalancing. The results of back-testing and out of sample simulations reveal that momentum driven 130/30 strategies can earn significant alpha over a long investment horizon. The 130/30 portfolios also have higher information ratios and earn higher risk-adjusted returns compared to their long only counterparts.","PeriodicalId":147160,"journal":{"name":"Funds Management/Mutual Funds 2","volume":"81 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-07-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125484295","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}