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Does Risk Aversion Matter for Foreign Asset Holdings of Pension Funds – The Case of Poland

. (2006), Revisiting Legal Limitations on Foreign Investing by Pension Funds, unpublished manuscript, available at: http://www.law.harvard.edu/programs/about/pifs/llm/sp12.pdf, [accessed on 28 July 2013] CampbellJ .Y., Serfaty-de Medeiros K., Viceira L.M. (2007).Global Currency Hedging,‘NBER Working Papers’ 13088 Deng L., Ma C., Yang W. (2011), Portfolio Optimization via Pair Copula-GARCH-EVT-CVaR Model, ‘Systems Engineering Procedia’ 2 Dimson E., Marsh P., Staunton M. (2006), The Worldwide Equity Premium: A Smaller

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Individual Pension Funds and Capital Market Development in Turkey

.05.2015] 23. Kim, H. S. (2010), Spillover Effects of Pension Funds on Capital Markets – The Mechanisms and Preconditions , http://growth-institutions.ec.unipi.it/pages/Pension_system/spillover.pdf [Accessed 08.05.2015] 24. Lakonishok, J., Shleifer, A., Vishny, R. W. (1992), “The Impact of Institutional Trading on Stock Prices”, Journal of Financial Economics , Vol.32, pp.23–43. 25. Liang, R., Bing, L. (2010), “Management of UK Pension Funds and Financial Market Development: 1970-2008” 3rd International Conference on Information Management, Innovation

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Pension Funds, the Requirement of Providing the Minimum Guaranteed Return and Excessive Legislative Restrictions of Pension Fund Investments

interest rates, Econometrica 53:385-407. Davis, P.E. 2001a. Prudent Person Rules or Quantitative Restrictions: The Regulation of Long-Term Insitutional Investors' Portfolios. Uxbridge: Brunel University. Davis, P.E. 2001b. Portfolio Regulation of Life Insurance Companies and Pension Funds, Paris: Organisation for Economic Co-operation and Development. Davis, P.E. 2002. Pension Fund Management and International Investment - A Global Perspective. London: The Pension Institute. Dert, C.L. 1995. Aseet liability

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Polish Pension Funds Investment - is There A Place For Real Property in A Portfolio?

Polish Pension Funds Investment - is There A Place For Real Property in A Portfolio?

The pension fund investments should be characterised by a long term, low risk and profitability, which implicates the necessity of portfolio diversification. In general, pension funds having regular long-term contributions should develop the long-term policy and its effects would be responsible for the economic position of their future beneficiaries. The ways of capital allocation are also critical in terms of the entire economy, as a constant flow of financial resources provided by pension funds stimulates the activity of its recipients. The typical assets in a pension fund's portfolio in the developed economy are stocks, bonds and real property owing to low (negative) correlation between these assets and their diversified potential. The legal investment limits imposed on the Polish pension funds exclude direct investment in real property, which is responsible - in the authors' opinion - for the lower level of diversification and hinders the risk reduction. The authors analyze the Polish pension fund portfolios focusing on risk and return levels. The aim of the study is to find the answer to the important question about the results of hypothetically added real property to the portfolios of pension funds.

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Mandatory pension funds in Chile: decline of the arrangement?

.pdf . International Monetary Fund [IMF] (2016). Chile: Staff Concluding Statement of the 2016 Article IV Mission. Retrieved from: www.imf.org/en/News/Articles/2016/11/02/MS110216-Chile-Staff-Concluding-Statement-of-the-2016-Article-IV-Mission . Knowledge@Wharton (2009). The Fall of Pension Funds in Chile: A Lesson from the Downturn, February 25. Retrieved from: http://knowledge.wharton.upenn.edu/article/the-fall-of-pension-funds-in-chile-a-lesson-from-the-downturn/ . Kritzer, B.E. (2008). Chile’s Next Generation Pension Reform. Social Security Bulletin , Vol.68, No.2

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Open Pension Funds in Poland: The Efects of the Pension Privatization Process

Abstract

Since their establishment in 1999, the Open Pension Funds (OPFs) have comprised a mandatory capital pillar in the pension system of Poland. The paper`s objective is to analyze the principles under which the OPFs function and assess their past and anticipated future impact on the state of the country's public fnances, particularly on the public debt. The analysis also considers the past and potential effects of the OPFs existence from the point of view of future levels of old-age pension. The studies are targeted at determining the threats connected with further maintenance of the OPFs from the point of view of both public fnance stability and pension system security.

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The Efficiency of a Supplementary Old-Age Pension System – the Case of Polish Voluntary Pension Funds

Abstract

The aim of this article is to evaluate the effectiveness of voluntary pension savings plans in Poland, based on the principles of operation and rates of return of voluntary pension funds (pol. Dobrowolne Fundusze Emerytalne, DFE). The selection of those funds from a whole range of solutions available in the 3rd pension pillar is due to the fact that only this type of voluntary pension saving plan provides complete and transparent information about the actual investment policy, the composition of pension investment portfolios, and the achieved rates of return. In order to evaluate the investment policies and the effectiveness of DFEs, the following research methods were used: a literature analysis, an analysis of financial data, and basic methods of investment efficiency assessment. The results of the evaluation lead to the conclusion that despite their adoption of similar investment strategies, the DFEs have achieved very different values of effectiveness. In the years 2013-2018, selected funds achieved higher than average rates of return, while others achieved returns that were no better than the interest rates of standard bank deposits.

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Assessment of Financial Investors’ Assets Level and Importance on Financial Market in Poland

emerytalnych [ Pension funds’ Investment efficiency ], CeDeWu, Warszawa. Jacob A., Klein J. (1998), Investment banking , Poltext, Warszawa. Marcinkowska M. (2007), Ocena działalności instytucji finansowych [Appraisal of operations of financial institutions] , Difin, Warszawa. Owsiak S. (2002), Podstawy nauki finansów [ Learning basics of finance ], PWE, Warszawa. Proniewski M., Niedźwiedzki A.M. (2001), Rynek pieniężny i kapitałowy. Podstawy teorii i praktyki [ Monetary and capital market. Theory and practice basics ], Wyższa Szkoła Finansów i

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Life tables estimation for pension system actuarial projection model with insufficient data: case of Republic of Srpska

References 1. Abramowitz, M. I. A. (1965). Handbook of Mathematical Functions with formulas, Graphs, and Mathematical Tables. Series 55, 4th printing ed. Washington DC: National Bureau of Standards, Applied Mathematics, U.S. Government Printing Office. 2. Booth, T., Tickle, L. (2008). Mortality modelling and forecasting: A review of methods. Annals of Actuarial Science, Vol. 3, No. 1-2, pp. 3-43. 3. Bošnjak, N. (2016). The actuarial projection method for pension fund’s dependency ratio in case of Pension and Disability Insurance Fund of

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Modeling the Diffusion of Private Pension Provision

References Administrator of the Pension Fund “Center of Personified Accounting”, 2017. Pension funds. from http://acpo.com.ua/ Arza, C., 2008. Changing European welfare: The new distributional principles of pension policy. In C. Arza and M. Kohli (Eds.), Pension Reform in Europe: Politics, policies and outcome (pp. 109-131). New York: Routledge. Baltac, A. G., and Dinca (Nicola), Z., 2013. Companies’ Role in the Evolution of the Romanian Economy in the Period 2011-2013. Romanian Statistical Review, 61 (4), 113-117. Bass, F. M., 1969. A

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