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La afiliación a un grupo ecónomico y el desempeño e inversiones de las administradoras de fondos de pensiones en Colombia

Author

Listed:
  • María Rossana Sánchez Vega
  • Mario García Molina

Abstract

The paper seeks to approach the effect of the Pension Funds Administrator’s (AFP) affiliation to a business group, specifically in terms of performance and investment decisions. We used the Malmquist index from the DEA methodology (2001 -2010) and the investments made by the AFPs and the relationships between their directors (2009- 2010). We find that affiliation to a national or foreign economic group is not a distinctive factor in the AFP´s business. It is possible that the Colombian market structure and some elements of the local regulation tend to equalize their performance and investments.

Suggested Citation

  • María Rossana Sánchez Vega & Mario García Molina, 2011. "La afiliación a un grupo ecónomico y el desempeño e inversiones de las administradoras de fondos de pensiones en Colombia," Econógrafos, Escuela de Economía 022973, Universidad Nacional de Colombia, FCE, CID.
    • Handle: RePEc:col:000176:022973
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    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance

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