Econ Papers Daily / 期刊论文
另类选择的兴起
The Rise of Alternatives
摘要
Since the 2000s, U.S. public pension funds have actively shifted their risky investments away from public equities and toward alternative assets like private equity and hedge funds—some much more than others. We explore a range of possible explanations for these trends and argue that beliefs about the risk-adjusted return of alternatives have played a central role. Pension beliefs are shaped by investment consultants, peers, and experience in the 1990s. Other demand-side channels related to risk-seeking motives, spending needs, and fund governance have weaker empirical support. We also consider supply-side factors and agency interpretations of the data. (JEL G11, G23, G41, H75)
中文摘要
自2000年代以来，美国公共养老基金积极将其风险投资从公开市场股票转向私募股权和对冲基金等另类资产——部分基金转向幅度远大于其他基金。我们探讨了这些趋势的一系列可能解释，并认为关于另类资产风险调整后回报的信念发挥了核心作用。养老基金的信念受到投资顾问、同行以及20世纪90年代经验的影响。与寻求风险动机、支出需求和基金治理相关的其他需求侧渠道获得的实证支持较弱。我们还考虑了供给侧因素以及对数据的代理理论解读。（JEL G11, G23, G41, H75）