Abstract
There has been a major change in the pension fund
management approaches in recent years. This change had profound effects on how
pension funds should design business models and investment functions. Thus, the
perception of the pension funds about the capital market functions and how
pension fund organizations should formulate their investment beliefs about
adding value to their customers were prioritized. Investment beliefs mainly
address the investment philosophy and strategic choices in investments that
affect the future performance of a pension fund. In other words, they
demonstrate what the main objectives of the pension fund are and how they aim
to achieve these main objectives. Thus, the present study will initially
discuss the theoretical meaning of pension fund investment beliefs, empirical studies
on the topic will be reviewed, and recommendations for future studies will be
presented.
References
- Ambachtsheer, Keith P. ve Don Ezra (1998). Pension Fund Excellence. New York: Wiley.
- Ambachtsheer, Keith P. (2007). Pension Revolution. A Solution to the Pensions Crisis. JohnWiley & Sons.
- Ambachtsheer, Keith P. ve John McLaughlin (2015). “How Effective Is Pension Fund Governance Today? Do Pension Funds Invest For The Long-Term? Findings From a New Survey”. KPA Advisory Services, s. 1-15.
- Brimble, Mark vd. (2011). “Belief ve Investing: Preferences ve Attitudes of the Faithful”. Australasian Accounting Business ve Finance Journal, C. 7, S. 1, s. 23-41.
- Clark, Gordon ve Roger Urwin (2007). “Best-Practice Investment Management: Lessons for Asset Owners”. The Oxford-Watson Wyatt Project on Governance, Oxford University for the Environment.
- Guyatt, Danyella (2005). “A Summary of the Findings of a Survey into: Investment Beliefs Relating to Corporate Governance ve Corporate Responsibility”. Manuscript, University of Bath, s. 1-28.
- Graaf, Frank Jan de ve Alfred Slager (2009). Guidelines for Integrating Socially Responsible Investment in the Investment Process. s. 1-19.
- Gray, Jack (2009). “Rethinking Investment Beliefs in a Time of Crisis: The Calming Hve of Philosophy”. Rotman International Journal of Pension Management, C. 2, S. 1, s. 6-11.
- Halim, Svey vd. (2010). “How Pension Funds Manage Investment Risks: A Global Survey”. Rotman International Journal of Pension Management, C. 3, S. 2, s. 30-38.
- Initiative for Responsible Investment (IRI) (2011). Investment Beliefs Statements. IRI Working Paper, s. 1-30.
- Koedjik, Kees ve Alfred Slager (2007). “Investment Beliefs: The Importance of Focus for an Institutional Investor”. Working Paper Prepared for the ICPM, s. 1-29.
- __________ (2009). “Do Institutional Investors Have Sensible Investment Beliefs?”. Rotman International Journal of Pension Management, C. 2, S. 1, s. 12-20.
- Koedjik, Kees vd. (2010). “Investment Beliefs that Matter: New Insights into the Value Drivers of Pension Funds”. ICPM Sponsored Research, s. 1-39.
- Koedjik, Kees vd. (2011). Investment Beliefs: A Positive Approach to Institutional Investing. Palgrave Macmillan, s. 1-187.
- Minahan, John R. (2008). “Investment Belief Systems: A Cultural Perspective”. NEPC Working Paper, s. 1-12.
- Rozanov, Verew (2015). “Public Pension Fund Management: Best Practice ve International Experience”. Asian Economic Policy Review, S. 10, s. 275-295.
- Slager, Alfred ve Kees Koedijk (2007). “Investment Beliefs”. The Journal of Portfolio Management, Spring, s. 77-85.
- Syed, Ali Murad (2017). “Environment, Social, and Governance (ESG) Criteria and Preference of Managers”. Cogent Business & Management, S. 4, s. 1-13.
Abstract
ilişkin yaklaşımda büyük bir değişim yaşanmaktadır. Yaşanan bu değişimin
emeklilik fonlarının işletme modellerini ve yatırım işlevlerini nasıl
tasarlamaları gerektiği konusunda derin etkileri olmuştur. Bu noktada emeklilik
fonlarının sermaye piyasalarının işleyişini nasıl algıladığı ve emeklilik fonu
kuruluşlarının bu görüşleri ile müşterilerine nasıl bir değer katabilecekleri
konusunda yatırım inaçlarını formüle etmeleri gerektiği anlaşılmıştır. Yatırım
inançları temelde bir emeklilik fonunun gelecekteki performansını etkileyen
yatırım felsefesi ve yatırım sürecindeki stratejik seçimlerini ele almaktadır.
Bir diğer deyişle emeklilik kurumunun temel hedeflerinin ne olduğunu ve söz
konusu temel hedeflere nasıl ulaşmayı hedeflediklerini göstermektedir. Bu
bağlamda bu çalışmada ilk olarak emeklilik fonlarına ait yatırım inançlarının
neler olduğu ele alınacak ve ardından konu ile ilgili yapılan ampirik
çalışmalara yer verilerek bu konuda gelecek çalışmalara önerilerde bulunulacaktır.
Keywords
yatırım inançları yatırım felsefesi emeklilik kurumları sermaye piyasaları finansal piyasalar
References
- Ambachtsheer, Keith P. ve Don Ezra (1998). Pension Fund Excellence. New York: Wiley.
- Ambachtsheer, Keith P. (2007). Pension Revolution. A Solution to the Pensions Crisis. JohnWiley & Sons.
- Ambachtsheer, Keith P. ve John McLaughlin (2015). “How Effective Is Pension Fund Governance Today? Do Pension Funds Invest For The Long-Term? Findings From a New Survey”. KPA Advisory Services, s. 1-15.
- Brimble, Mark vd. (2011). “Belief ve Investing: Preferences ve Attitudes of the Faithful”. Australasian Accounting Business ve Finance Journal, C. 7, S. 1, s. 23-41.
- Clark, Gordon ve Roger Urwin (2007). “Best-Practice Investment Management: Lessons for Asset Owners”. The Oxford-Watson Wyatt Project on Governance, Oxford University for the Environment.
- Guyatt, Danyella (2005). “A Summary of the Findings of a Survey into: Investment Beliefs Relating to Corporate Governance ve Corporate Responsibility”. Manuscript, University of Bath, s. 1-28.
- Graaf, Frank Jan de ve Alfred Slager (2009). Guidelines for Integrating Socially Responsible Investment in the Investment Process. s. 1-19.
- Gray, Jack (2009). “Rethinking Investment Beliefs in a Time of Crisis: The Calming Hve of Philosophy”. Rotman International Journal of Pension Management, C. 2, S. 1, s. 6-11.
- Halim, Svey vd. (2010). “How Pension Funds Manage Investment Risks: A Global Survey”. Rotman International Journal of Pension Management, C. 3, S. 2, s. 30-38.
- Initiative for Responsible Investment (IRI) (2011). Investment Beliefs Statements. IRI Working Paper, s. 1-30.
- Koedjik, Kees ve Alfred Slager (2007). “Investment Beliefs: The Importance of Focus for an Institutional Investor”. Working Paper Prepared for the ICPM, s. 1-29.
- __________ (2009). “Do Institutional Investors Have Sensible Investment Beliefs?”. Rotman International Journal of Pension Management, C. 2, S. 1, s. 12-20.
- Koedjik, Kees vd. (2010). “Investment Beliefs that Matter: New Insights into the Value Drivers of Pension Funds”. ICPM Sponsored Research, s. 1-39.
- Koedjik, Kees vd. (2011). Investment Beliefs: A Positive Approach to Institutional Investing. Palgrave Macmillan, s. 1-187.
- Minahan, John R. (2008). “Investment Belief Systems: A Cultural Perspective”. NEPC Working Paper, s. 1-12.
- Rozanov, Verew (2015). “Public Pension Fund Management: Best Practice ve International Experience”. Asian Economic Policy Review, S. 10, s. 275-295.
- Slager, Alfred ve Kees Koedijk (2007). “Investment Beliefs”. The Journal of Portfolio Management, Spring, s. 77-85.
- Syed, Ali Murad (2017). “Environment, Social, and Governance (ESG) Criteria and Preference of Managers”. Cogent Business & Management, S. 4, s. 1-13.
Details
| Primary Language | Turkish |
|---|---|
| Journal Section | Articles |
| Authors | |
| Publication Date | January 31, 2020 |
| Published in Issue | Year 2020 Volume: 21 Issue: 38 |
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