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

Arbeitspapier

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.

Show object

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: ZEW Discussion Papers ; No. 10-076

Classification and Topics

• Classification: Wirtschaft ; Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors ; Financial Institutions and Services: Government Policy and Regulation
• Subject: pension fund management ; investment and performance regulation ; performance measurement ; Central European stock markets ; Emerging Markets ; Pensionsfonds ; Regulierung ; Wirkungsanalyse ; Unternehmensentwicklung ; Polen ; Ungarn

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Bohl, Martin T. ; Lischewski, Judith ; Voronkova, Svitlana
• Event: Veröffentlichung
• (who): Zentrum für Europäische Wirtschaftsforschung (ZEW)
• (where): Mannheim
• (when): 2010

Further information

• Handle: http://hdl.handle.net/10419/41428