Performance Evaluation of Public Pension Funds: The Reformed Pension System in Poland
AbstractThe paper is an updated first performance evaluation study of the Polish pension funds operating from 1999. The unconditional performance evaluation models are used. It is shown that pension fund managers did produce additional value due to active management. Therefore, unsatisfactory overall results for the public pension system cannot be attributed to the inefficiency of the investment process. The research presents some facts on pension fundsf investment behaviour (successful diversification, returns clustering around median manager, positive timing skills).
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Bibliographic InfoPaper provided by EconWPA in its series Finance with number 0306002.
Length: 36 pages
Date of creation: 09 Jun 2003
Date of revision:
Note: Type of Document - Acrobat ; prepared on IBM PC; to print on HP/PostScript/Franciscan monk; pages: 36. This is the Pensions Institute Working Paper PI-0308 http://www.bbk.ac.uk/res/pi/wp.html
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performance evaluation; pension funds; pension reform;
Find related papers by JEL classification:
- G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
- H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
This paper has been announced in the following NEP Reports:
- NEP-ALL-2003-06-16 (All new papers)
- NEP-CFN-2003-06-16 (Corporate Finance)
- NEP-LAB-2003-06-16 (Labour Economics)
- NEP-TRA-2003-06-16 (Transition Economics)
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