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Pension Funds' Performance in Strongly Regulated Industries in Central Europe: Evidence from Poland and Hungary

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  • Martin T. Bohl
  • Judith Lischewski
  • Svitlana Voronkova

Abstract

This paper presents an analysis of pension funds' performance in Poland and Hungary, two Central European countries characterized by strong regulation of their private pension fund industries. Thus, the paper extends the literature, which has so far mostly focused on the performance of pension fund industries facing no or limited regulation. We find that the performance of pension funds in the two studied countries differs. While we do not find convincing evidence of outperformance by Polish pension funds, we find strong evidence of underperformance by Hungarian pension funds. The results are robust to time variation. The paper considers possible explanations for these findings. The results of the paper should be of interest to policymakers seeking to achieve optimal performance of pension systems and to academics researching the area of pension funds.

Suggested Citation

  • Martin T. Bohl & Judith Lischewski & Svitlana Voronkova, 2011. "Pension Funds' Performance in Strongly Regulated Industries in Central Europe: Evidence from Poland and Hungary," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 47(0), pages 80-94, July.
    • Handle: RePEc:mes:emfitr:v:47:y:2011:i:0:p:80-94
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    Cited by:

    1. Cadoni, Marinella & Melis, Roberta & Trudda, Alessandro, 2017. "Pension funds rules: Paradoxes in risk control," Finance Research Letters, Elsevier, vol. 22(C), pages 20-29.
    2. Yu Mei & Xie Haibin & Huang Xiaowei & Xu Jinhai & Ralescu Dan, 2014. "A Study on the Chinese Enterprise Annuity Replacement Rate Problem," Journal of Systems Science and Information, De Gruyter, vol. 2(1), pages 1-15, February.

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