Pension Funds' Performance in Strongly Regulated Industries in Central Europe: Evidence from Poland and Hungary

28 Pages Posted: 18 Dec 2010

See all articles by Martin T. Bohl

Martin T. Bohl

University of Muenster

Judith Lischewski

University of Muenster

Svitlana Voronkova

Centre for European Economic Research (ZEW)

Multiple version iconThere are 2 versions of this paper

Date Written: 2010

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 diff ers. 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.

Keywords: Pension fund management, investment and performance regulation, performance measurement, Central European stock markets, Emerging Markets

JEL Classification: G23, G28

Suggested Citation

Bohl, Martin T. and Lischewski, Judith and Voronkova, Svitlana, Pension Funds' Performance in Strongly Regulated Industries in Central Europe: Evidence from Poland and Hungary (2010). ZEW - Centre for European Economic Research Discussion Paper No. 10-076, Available at SSRN: https://ssrn.com/abstract=1726402 or http://dx.doi.org/10.2139/ssrn.1726402

Martin T. Bohl (Contact Author)

University of Muenster ( email )

Schlossplatz 2
D-48149 Muenster, D-48149
Germany

Judith Lischewski

University of Muenster ( email )

Muenster, D-48143
Germany

Svitlana Voronkova

Centre for European Economic Research (ZEW) ( email )

P.O. Box 10 34 43
L 7,1
D-68034 Mannheim, 68034
Germany

HOME PAGE: http://www.zew.de/de/mitarbeiter/mitarbeiter.php3?action=mita&kurz=sva

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