Strategies and governance of pension funds.

Summary The aim of this thesis is to identify, both theoretically and empirically, the financial strategies and governance methods of institutional investors that are specific to their long-term investment behavior. These investors have a decisive advantage in strategic asset allocation: a long time horizon and more or less defined commitments. To this end, he confines his investigations and analyses to pension funds, observing what is likely to bring them closer or further away from long-term investor behavior. The deliberate choice to focus on pension funds is due to the fact that they have contractual commitments to their principals in terms of long-term pension liabilities. This paper focuses on one aspect of pension funds' behavior - namely their investments in hedge funds - in order to analyze the different proposals for regulating pension funds and hedge funds.