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An Analysis of the Correlation between Size and Performance of Private Pension Funds

Author

Listed:
  • Vasile ROBU

    (Bucharest Academy of Economic Studies)

  • Maria Iuliana SANDU

    (Bucharest Academy of Economic Studies)

Abstract

Using present performance measures, we find that inflation rate is barely covered by Romanian private pension funds strategies. The paper looks at effects of scale on performance. This issue is investigated empirically using data from Romanian private pension funds. We find results consistent with prior literature in that size, measured as total net assets, erodes performance. The highly regulated Romanian private pension environment gives rise to various interpretations for size detracting performance that do not sprout from the “asymmetric information” theory. We explain the empirical results as an effect of “perfect scaling”.

Suggested Citation

  • Vasile ROBU & Maria Iuliana SANDU, 2011. "An Analysis of the Correlation between Size and Performance of Private Pension Funds," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(3(556)), pages 107-116, March.
    • Handle: RePEc:agr:journl:v:3(556):y:2011:i:3(556):p:107-116
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    Cited by:

    1. Gabriela ANGHELACHE & Alexandru MANOLE & Ana CARP & Cristina SACALA, 2016. "Tendencies in the evolution of the private pensions system in Romania," Romanian Statistical Review Supplement, Romanian Statistical Review, vol. 64(11), pages 101-111, November.
    2. Gabriela ANGHELACHE & Alexandru MANOLE & Marian SFETCU, 2016. "The System of Performance Indicators Applying on the private pensions market," Romanian Statistical Review Supplement, Romanian Statistical Review, vol. 64(11), pages 193-197, November.

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