Should the Equities in the North Carolina State Employees’ Pension Fund Be Indexed or Actively Managed?

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2016-05-19

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Abstract

R. Ron Elmer is running for Treasurer of the State of North Carolina. He is aware that the high expenses and high turnover associated with active management of portfolios reduce returns. Part of Elmer’s platform is to replace active management of stock mutual funds, private equity, real estate funds, real estate partnerships, hedge funds and commodity funds with an index investment strategy, managed in house.

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Scholars@Duke

Tower

Edward Tower

Professor Emeritus of Economics

Professor Tower specializes in finance, computable general equilibrium modeling, macroeconomics, development economics, microeconomics, and managerial economics. He conducts a majority of his research within the study of trade and development, exploring a variety of variables from tariffs, quotas, and time zone arbitrage, to equities, mutual funds, and index mutual funds. Since he began publishing his work in 1965, he has contributed over 130 articles to leading academic journals and has had several books, chapters, and papers appear in print. Some of his more recent writings include, “School Choice: Money, Race, and Congressional Voting on Vouchers,” completed in collaboration with O. Gokcekus and J. Phillips; “Rational Pessimism: Predicting Equity Returns by Tobin’s q and Price/Earnings Ratio” with M. Harney; and “Predicting Equity Returns for 37 Countries: Tweaking the Gordon Formula” with K. Reinker. Much of his work pertaining to U.S. trade policy has been used to determine congressional voting on protectionist issues based on campaign contributions. His work on financial issues has also played an important role in determining the value of the U.S. stock market. His latest studies involved an investigation of congressional voting on importation of ethical drugs and predicting returns on both foreign and U.S. equity.


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