A comparison of the returns of 'Regulation 28' compliant and non-compliant funds in South Africa

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dc.contributor.advisorWest, Darronen_ZA
dc.contributor.authorNoland, Stuarten_ZA
dc.date.accessioned2015-12-08T11:51:22Z
dc.date.available2015-12-08T11:51:22Z
dc.date.issued2015en_ZA
dc.description.abstractThe shift from defined benefit to defined contribution plans has exposed pensioners to a number of new risks which the South African government has been encouraged to mitigate through the aggressive implementation of retirement fund regulations. This study specifically focuses on the effect of asset allocation restrictions. The effect of these regulations is critically evaluated by comparing the long-term effects of both excess returns and risk-weighted returns of Regulation 28 compliant funds, to fully discretional non-compliant portfolios. With a population of 27 compliant funds and 21 non-compliant funds, it was found that while mean excess long-term return of non-compliant funds consistently outperforms compliant funds, there is no significant statistical difference between the two data sets. Additionally, while regulations successfully reduce the variation of excess returns of the compliant funds relative to the noncompliant funds, and the mean risk-weighted performance of compliant funds consistently outperformed non-compliant funds during the latter parts of the scoped period, no significant statistical difference was identified between compliant and non-compliant investment funds.en_ZA
dc.identifier.apacitationNoland, S. (2015). <i>A comparison of the returns of 'Regulation 28' compliant and non-compliant funds in South Africa</i>. (Thesis). University of Cape Town ,Faculty of Commerce ,Department of Finance and Tax. Retrieved from http://hdl.handle.net/11427/15710en_ZA
dc.identifier.chicagocitationNoland, Stuart. <i>"A comparison of the returns of 'Regulation 28' compliant and non-compliant funds in South Africa."</i> Thesis., University of Cape Town ,Faculty of Commerce ,Department of Finance and Tax, 2015. http://hdl.handle.net/11427/15710en_ZA
dc.identifier.citationNoland, S. 2015. A comparison of the returns of 'Regulation 28' compliant and non-compliant funds in South Africa. University of Cape Town.en_ZA
dc.identifier.ris TY - Thesis / Dissertation AU - Noland, Stuart AB - The shift from defined benefit to defined contribution plans has exposed pensioners to a number of new risks which the South African government has been encouraged to mitigate through the aggressive implementation of retirement fund regulations. This study specifically focuses on the effect of asset allocation restrictions. The effect of these regulations is critically evaluated by comparing the long-term effects of both excess returns and risk-weighted returns of Regulation 28 compliant funds, to fully discretional non-compliant portfolios. With a population of 27 compliant funds and 21 non-compliant funds, it was found that while mean excess long-term return of non-compliant funds consistently outperforms compliant funds, there is no significant statistical difference between the two data sets. Additionally, while regulations successfully reduce the variation of excess returns of the compliant funds relative to the noncompliant funds, and the mean risk-weighted performance of compliant funds consistently outperformed non-compliant funds during the latter parts of the scoped period, no significant statistical difference was identified between compliant and non-compliant investment funds. DA - 2015 DB - OpenUCT DP - University of Cape Town LK - https://open.uct.ac.za PB - University of Cape Town PY - 2015 T1 - A comparison of the returns of 'Regulation 28' compliant and non-compliant funds in South Africa TI - A comparison of the returns of 'Regulation 28' compliant and non-compliant funds in South Africa UR - http://hdl.handle.net/11427/15710 ER - en_ZA
dc.identifier.urihttp://hdl.handle.net/11427/15710
dc.identifier.vancouvercitationNoland S. A comparison of the returns of 'Regulation 28' compliant and non-compliant funds in South Africa. [Thesis]. University of Cape Town ,Faculty of Commerce ,Department of Finance and Tax, 2015 [cited yyyy month dd]. Available from: http://hdl.handle.net/11427/15710en_ZA
dc.language.isoengen_ZA
dc.publisher.departmentDepartment of Finance and Taxen_ZA
dc.publisher.facultyFaculty of Commerceen_ZA
dc.publisher.institutionUniversity of Cape Town
dc.subject.otherFinancial Managementen_ZA
dc.titleA comparison of the returns of 'Regulation 28' compliant and non-compliant funds in South Africaen_ZA
dc.typeMaster Thesis
dc.type.qualificationlevelMasters
dc.type.qualificationnameMComen_ZA
uct.type.filetypeText
uct.type.filetypeImage
uct.type.publicationResearchen_ZA
uct.type.resourceThesisen_ZA
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