Self managed superannuation funds: theory and practice

Article

Phillips, Peter J.. 2007. "Self managed superannuation funds: theory and practice." Journal of Law and Financial Management. 6 (1), pp. 8-22.
Article Title

Self managed superannuation funds: theory and practice

ERA Journal ID35529
Article CategoryArticle
Authors
AuthorPhillips, Peter J.
Journal TitleJournal of Law and Financial Management
Journal Citation6 (1), pp. 8-22
Year2007
Place of PublicationSydney, Australia
ISSN1446-6899
Web Address (URL)http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1123043
Abstract

[Abstract]: In this paper, a small preliminary sample of self managed superannuation funds (SMSFs) is investigated. The contents of the actual SMSF portfolios are examined and a number of microstructure features that characterise the SMSF portfolios are described. These empirical characteristics are juxtaposed with theoretical and empirical finance to produce an analysis of self managed superannuation funds in theory and practice. A theoretical economic rationale for the existence of SMSFs is developed and microstructure features exhibited by the SMSFs such as home bias, under-diversification, high relative weightings of blue chip securities and the deployment of infrequent portfolio revisions (buy-and-hold strategies) are reported and discussed vis-à-vis theoretical and empirical finance. The outcome is a first step towards a more complete understanding of this increasingly important component of Australia's retirement income stream.

Keywordsmicrostructure, self managed superannuation funds, SMSF
ANZSRC Field of Research 2020350204. Financial institutions (incl. banking)
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File reproduced in accordance with the copyright policy of the publisher/author.

Byline AffiliationsSchool of Accounting, Economics and Finance
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