Is There a Positive Relationship Between Superannuation Fund Costs and Returns?

Drew, Michael E.; Stanford, Jon D.

doi:10.1111/j.1759-3441.2003.tb01127.x

Cited by 4 publications

(2 citation statements)

References 26 publications

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“…We have shown that retail superannuation funds, specializing in the management of domestic equities, under-perform industry benchmarks, after taking into account the risk exposure of these funds (Drew and Stanford, 2003b); this research confirms findings from the US and the UK. We also have found that higher investment expenses (presumably reflecting active rather than passive portfolio management) are associated with lower returns to the portfolio (Drew and Stanford, 2003c). Finally, we have found some evidence that even the lowest cost cohort of wholesale funds have produced slight excess returns (Drew, Stanford and Veeraraghavan, 2002a), that is, managers are able to just recover the costs of active management.…”

Section: Portability Of Accumulated Balancesmentioning

confidence: 58%

Portability of Superannuation Balances

Drew¹,

Stanford²

2004

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Section: Portability Of Accumulated Balancesmentioning

confidence: 58%

Portability of Superannuation Balances

Drew¹,

Stanford²

2004

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“…Agency costs have been the focus of a number of studies of the Australian superannuation industry (Coleman et al 2006;Drew andStanford 2003a, 2003b). However, the traditional agency relationship does not exist in SMSFs as the managers of SMSFs are also the owners.…”

Section: Hypotheses Developmentmentioning

confidence: 99%

Understanding Assurance in the Australian Self-Managed Superannuation Fund Industry

et al. 2014

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Using proprietary data, this study examines auditor industry specialisation, professional brand effects and non-audit services (NAS) in the self-managed superannuation fund (SMSF) sector, the fastest growing and largest segment of the Australian $1.75 trillion retirement savings industry. We consider the impact of industry leadership for a large sample of SMSF audits for the three years to June 2010. After controlling for factors known to determine audit fees, we find evidence of fee discounting for the leading suppliers of SMSF audits, consistent with Simunic (1980)'s assertion of competition in the small audit client market. When considering the impact of professional affiliations, we find that registered company auditors and members of professional bodies who comply with auditing and ethical standards receive a fee premium. In terms of auditor independence, the supply of NAS is shown to improve the auditors' ability to report breaches, suggesting no independence concerns arising from joint supply of audit and NAS in this setting.

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Governance and Performance of Private Pension Funds: Australian Evidence

Liu

2014

SSRN Journal

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Is There a Positive Relationship Between Superannuation Fund Costs and Returns?

Cited by 4 publications

References 26 publications

Portability of Superannuation Balances

Portability of Superannuation Balances

Understanding Assurance in the Australian Self-Managed Superannuation Fund Industry

Governance and Performance of Private Pension Funds: Australian Evidence

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