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首页> 外文期刊>Journal of pension economics and finance >The Politics of Public Fund Investing: How to Modify Wall Street to Fit Main Street
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The Politics of Public Fund Investing: How to Modify Wall Street to Fit Main Street

机译：公共基金投资的政治：如何修改华尔街以适应主要街道

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摘要

According to the U.S. Census, there are more than 80,000 political subdivisions in the United States. These states, counties, cities, school districts, and other entities spend more than $2 trillion annually and hold financial assets of some $2.6 trillion, not counting pension funds. How these assets are overseen, managed, measured, and reported is the focus of Ben Finkelstein's book. The premise is that Main Street is different from Wall Street. Specifically, Wall Street's traditional focus on total return investment methods and performance standards is inapplicable to the management of public fund assets. This is because no uniform standard exists for public fund performance, and public managers must consider political issues and public perceptions, factors generally absent in the investment of private assets though ubiquitous for public fund managers.
机译：根据美国人口普查，美国有超过80,000个政治分区。这些州，县，城市，学区和其他实体每年花费超过2万亿美元，拥有大约2.6万亿美元的金融资产，这还不包括养老金。 Ben Finkelstein的书着重于如何监督，管理，衡量和报告这些资产。前提是大街与华尔街不同。具体而言，华尔街对总收益投资方法和绩效标准的传统关注不适用于公共基金资产的管理。这是因为对于公共基金绩效没有统一的标准，并且公共管理人员必须考虑政治问题和公共观念，尽管公共基金管理人员普遍存在私有资产投资中通常没有的因素。

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