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Analysing the Performance of the Pension Fund Industry with a Stochastic Frontier Model: A Case Study for Portugal

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  • Carlos Pestana Barros

    ()
    (Instituto Superior de Economia e Gest�o, Technical University of Lisbon, Rua Miguel Lupi, 20, Lisbon 1249-078, Portugal.)

  • Maria Teresa Medeiros Garcia

    ()
    (Instituto Superior de Economia e Gest�o, Technical University of Lisbon, Rua Miguel Lupi, 20, Lisbon 1249-078, Portugal.)

Abstract

The enhanced role of occupational and personal pension plans in providing retirement income raises issues concerning efficiency and performance.1 This paper evaluates the performance of Portuguese pension fund management companies from 1994 to 2003, using a Cobb–Douglas stochastic cost frontier model to generate their efficiency scores. We conclude that the price of labour, the price of capital-management services and the price of capital-premises, as well as profits, the number of participants, the number of closed funds and the decision whether or not to manage open funds all play a major role in the efficiency of such companies. We also find that the efficiency scores are mixed. The managerial implications of these results are derived. The Geneva Papers (2007) 32, 190–210. doi:10.1057/palgrave.gpp.2510126

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Bibliographic Info

Article provided by Palgrave Macmillan in its journal The Geneva Papers on Risk and Insurance Issues and Practice.

Volume (Year): 32 (2007)
Issue (Month): 2 (April)
Pages: 190-210

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Handle: RePEc:pal:gpprii:v:32:y:2007:i:2:p:190-210

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Cited by:
  1. Garcia, Maria Teresa Medeiros, 2010. "Efficiency evaluation of the Portuguese pension funds management companies," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 20(3), pages 259-266, July.

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