INVESTMENT PROCESS OF VOLUNTARY PENSION FUNDS – A CLUSTER APPROACH

Flavia Barna, Maria Luiza Moş and Victoria Seulean
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Flavia Barna: West University of Timişoara
Maria Luiza Moş: West University of Timişoara

Theoretical and Applied Economics, 2011, vol. 5(558)(supplement), issue 5(558)(supplement), 121-128

Abstract: In this paper, we intended to establish a grouping of the voluntary pension funds in Romania by risk levels using cluster analysis. The investment policy of the voluntary pension funds is influenced by a variety of factors: the taxpayers’ risk profile, the capital market conditions, and the number of competitors. The results show that the voluntary pension funds take into account when regularly selecting and optimizing the financial portfolio, the level of risk acceptable for the contributors, reflected in the existence of two clusters on the voluntary pension fund market in Romania.

Keywords: cluster analysis; voluntary pension funds; investment policy. (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:121-128

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