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A NOTABLE STUDY ON TURKISH PENSION FUNDS

A NOTABLE STUDY ON TURKISH PENSION FUNDS

27.03.2016

We are proud to provide trusted data and analytics to the academicians besides professionals in the finance sector. Umut Gökçen and Atakan Yalçın's “The Case Against Active Pension Funds: Evidence from the Turkish Private Pension System” is referenced by ETF.com after Huffington Post. Here is a part of the article “Active Inefficiency Excuse Hollow” By Larry Swedroe:

Even many advocates of active management will concede that the efficiency of the market for U.S. large-cap stocks is so great that attempts to add value (generate alpha) through individual stock selection and/or market timing are unlikely to produce positive results. However, they cling religiously to the notion that active management remains the winning strategy in less informationally efficient markets. And emerging markets are often considered the poster child for an inefficient market. It’s in light of this stubbornly persistent belief that Umut Gokcen and Atakan Yalcin—authors of the study “The Case Against Active Pension Funds: Evidence from the Turkish Private Pension System” which appears in the June 2015 issue of Emerging Markets Review—provide evidence in conflict with the idea that active managers are likely to outperform in inefficient markets.
 
Lessons From The Turkish Market : As of year-end 2012, the Turkish Individual Pension System had roughly $12 billion (in U.S. dollars) in assets under management. The study data, which is free of both reporting and survivorship bias, comes from RASYONET, a private data provider widely used by the financial industry in Turkey. The study covers the period 2004 through 2011 and includes 157 funds. Following is a summary of the authors’ findings:......

To read more click here. The study can be reached here.

About Atakan Yalçın
Associate Professor, Finance, Head of Banking and Finance, Özyeğin University
Dr. Yalçın received his BS in Electrical and Electronics Engineering from Boğaziçi University (1994), his MBA from Cox School of Management, Southern Methodist University (1996), and his PhD from Carroll School of Management, Boston College (2002). Previously, he has taught at Boston College, Brandeis University, and Koç University. He was the recipient of the Donald J. White Teaching Excellence Award at Boston College (2000).

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