Self managed superannuation funds: theory and practice

Phillips, Peter J. ORCID: https://orcid.org/0000-0002-7094-5427 (2007) Self managed superannuation funds: theory and practice. Journal of Law and Financial Management, 6 (1). pp. 8-22. ISSN 1446-6899

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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.


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Item Type: Article (Commonwealth Reporting Category C)
Refereed: Yes
Item Status: Live Archive
Additional Information: Published version supplied by and deposited with (blanket?) permission of the Editor.
Faculty/School / Institute/Centre: Historic - Faculty of Business - School of Accounting, Economics and Finance (1 Apr 2007 - 31 Dec 2010)
Faculty/School / Institute/Centre: Historic - Faculty of Business - School of Accounting, Economics and Finance (1 Apr 2007 - 31 Dec 2010)
Date Deposited: 29 Aug 2008 05:05
Last Modified: 02 Jul 2013 23:05
Uncontrolled Keywords: microstructure, self managed superannuation funds, SMSF
Fields of Research (2008): 15 Commerce, Management, Tourism and Services > 1502 Banking, Finance and Investment > 150203 Financial Institutions (incl. Banking)
Fields of Research (2020): 35 COMMERCE, MANAGEMENT, TOURISM AND SERVICES > 3502 Banking, finance and investment > 350204 Financial institutions (incl. banking)
URI: http://eprints.usq.edu.au/id/eprint/4340

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