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Research

Capturing illiquidity premiums

This paper commissioned by the Norwegian Ministry of Finance investigates the possibilities for the Government Pension Fund Global (GPFG) to profit from liquidity premiums in  illiquid investments. It looks at the empirical evidence for the presence of liquidity effects in a broad range of asset classes: listed equities, corporate bonds, treasury and agency bonds, and […]
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Carbon credit market gets a boost

Norway and Britain have both announced plans to buy carbon credits, giving the United Nation’s struggling Clean Development Mechanism a boost.   Sovereign institutions have thrown a lifeline to the United Nation’s struggling Clean Development Mechanism, CDM, set up under the Kyoto Protocol which awards tradable carbon credits to projects like wind farms or solar […]
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Mercer survey compares use of active management

In analysis completed for the Norwegian Ministry of Finance, Mercer has conducted a survey of active management, assessing the use and performance of active management at the total fund and asset class levels for 14 pension funds with combined assets of $950 billion, including eight funds from Europe and three from North America.