Pension funds performance in strongly regulated industries in Central Europe : evidence from Poland and Hungary


Bohl, Martin T. ; Lischewski, Judith ; Voronkova, Svitlana


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URL: http://ub-madoc.bib.uni-mannheim.de/3038
URN: urn:nbn:de:bsz:180-madoc-30388
Document Type: Working paper
Year of publication: 2010
Publication language: English
Institution: Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series: Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject: 330 Economics
Classification: JEL: G23 G28 ,
Subject headings (SWD): Ungarn , Polen , Pensionskasse , Regulierung , Wirkungsanalyse , Unternehmensentwicklung
Keywords (English): Pension fund management , investment and performance regulation , performance measurement , Central European stock markets , Emerging Markets
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 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 behind these findings. The results of the paper should be of interest for policy-makers seeking to achieve optimal performance of the pension systems and academics in the research area of pension funds.
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Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.




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Bohl, Martin T. ; Lischewski, Judith ; Voronkova, Svitlana (2010) Pension funds performance in strongly regulated industries in Central Europe : evidence from Poland and Hungary. Open Access [Working paper]
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