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Incentive Fees and Competition in Pension Funds: Evidence from a Regulatory Experiment
Assaf Hamdani, Eugene Kandel, Yevgeny Mugerman, Yishay Yafeh, via National Bureau of Economic Research [NBER] Sept. 19, 2016
"[F]unds with performance-based fees exhibit significantly higher risk-adjusted returns than other funds, but are not necessarily riskier (that depends on the measure of risk used).... [The authors] find that competitive pressure leads to poor performance, and conclude that incentives and competition are not perfect substitutes in the retirement savings industry.... [T]he pervasive regulatory restrictions on the use of performance-based fees in pension fund management may be costly for savers in the long-run."
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