tailieunhanh - Pension Funds Investment in Infrastructure

Another literature examines whether asset managers or sell-side analysts are better able to collect private information on equities of corporations in their geographic area. For instance, Coval and Moskowitz (1999) nd that fund managers are better able to select stocks of rms headquartered nearby, while Cohen, Frazzini, and Malloy (2008) nd that fund managers with past educational ties to corporate managers overweight and outperform in the stocks of those corporations. This literature suggests that geographic proximity and/or social networks can aid the transfer of private information. Further, Sonney (2009) nds that European sell-side analysts with a country specialization outperform analysts with an industry specialization, suggesting that an understanding. | OECDpublishing Please cite this paper as Croce R. D. 2011 Pension Funds Investment in Infrastructure Policy Actions OECD Working Papers on Finance Insurance and Private Pensions No. 13 OECD Publishing. http 5kg272f9bnmx-en OECD Working Papers on Finance Insurance and Private Pensions No. 13 Pension Funds Investment in Infrastructure POLICY ACTIONS Raffaele D. Croce JEL Classification G15 G18 G23 G28 J26 OECD OECD WORKING PAPERS ON FINANCE INSURANCE AND PRIVATE PENSIONS OECD Working Papers on Finance Insurance and Private Pensions provide timely analysis and background on industry developments structural issues and public policy in the financial sector including insurance and private pensions. Topics include risk management governance investments benefit protection and financial education. These studies are prepared for dissemination in order to stimulate wider discussion and further analysis and obtain feedback from interested audiences. The papers are generally available only in their original language English or French with a summary in the other if available. OECD WORKING PAPERS ON FINANCE INSURANCE AND PRIVATE PENSIONS are published on daf fin wp September 2011 OECD 2011 Applications for permission to reproduce or translate all or part of this material should be made to OECD Publishing rights@ or by fax 33 1 45 24 99 30. 2 Abstract Résumé PENSION FUNDS INVESTMENT IN INFRASTRUCTURE POLICY ACTIONS Abstract Pension funds are increasingly looking at infrastructure investment with some investors actively pursuing opportunities in the sector. Different countries are at different stages in the evolution of pension fund investment in infrastructure. A survey of a sample of the most significant actors was launched by the OECD in May 2010 within the framework of the OECD Project on Transcontinental Infrastructure 2030-20501. Based on the survey a series of barriers to investment were indentified. This paper draws largely on the .

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