The Impact of Fund Attrition on Superannuation Returns

Michael E. Drew, Jon D. Stanford

Research output: Contribution to journalArticlepeer-review

10 Citations (Scopus)


This paper investigates the impact of fund attrition on returns from a sample of superannuation fund managers (specialising in the management of domestic stock portfolios) for the period 1991 through 1999, using a four-factor asset pricing model. Survivorship bias is estimated at 23 basis points per annum. The evidence presented in this study is consistent with recent international evidence that suggests that a sampling technique that excludes terminated funds would result in an overestimation of fund manager performance. Moreover, fund attrition has a material negative impact on the ability for superannuation fund members to obtain their retirement income objectives.

Original languageEnglish
Pages (from-to)25-32
Number of pages8
JournalEconomic Analysis and Policy
Issue number1
Publication statusPublished - 2001


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