The Academy of Financial Services (AFS) is excited to be collaborating with FPA to provide an "integrated conference experience" for AFS members this year. The AFS research conference will run for the full 2.5 days of the FPA Conference as part of a dedicated research track bringing the best of AFS and the Journal of Financial Planning (JFP) to you.
- A dedicated Research Room for presentations designed to bring the most relevant research impacting professional financial planners. This includes research sessions sponsored by the JFP and peer-reviewed research papers presented by AFS members. These sessions are CE credit approved.
- The winner of the JFP's Montgomery-Warschauer Award for best research from the prior year will present their research.
- In the Research Room AFS will coordinate other research content such as a panel discussion with the editors of the 4 major FP research journals explaining to planners and academics the type of research content to be found, how to best consume/digest research and apply it to a FP practice and more.
- A new FP Research Shark Tank. Based on the format of the popular TV series a select number of researchers will do 5 minute "pitches" on research that they believe would be significantly impactful for practitioners. Planners and researchers will then vote on the most exciting research proposal.
- AFS are co-ordinating 2 additional mini-breakout research rooms where researchers will present additional peer-reviewed, unpublished research selected from the many submissions we received. A timetable of these sessions can be found below.
- AFS will manage the research rooms for fully-hybrid attendance with face-to-face or virtual attendance. Although the content will be exceptional, we hope to see many of you in person as the networking, exhibit hall, FPA keynote speakers and other sessions outside of the research cannot be experienced any other way.
Chinese pension funds: do they outperform?
Short Description
We aim to investigate whether Chinese pension funds outperform under three dimensions, within-fund group, between-fund group, and across-fund company group. We are interested in Target Date Fund (TDF) and Target Risk Fund (TRF), pension funds of the third pillar. Our findings indicate a positive relation between TDFs & TRFs with larger fund family sizes, longer lock-in periods, greater manager experience, and better fund performance. Our findings show no indication that manager experience influences TDFs & TRFs’ fund flow. Through a comparison between TDFs & TRFs and mutual funds, our analysis reveals that pension funds outperform other funds in general. We also observe that fund company and their investors obtain a lower performance after becoming pension fund providers. The PSM-DiD test further supports our results. Additionally, we conducted analyses using alternative measures of fund family size and outcome variables, which consistently obtained robust results.