Performance Evaluation of Public Pension Funds: The Reformed Pension System in Poland

Dariusz Stańko

Finance from University Library of Munich, Germany

Abstract: The paper is an updated first performance evaluation study of the Polish pension funds operating from 1999. The unconditional performance evaluation models are used. It is shown that pension fund managers did produce additional value due to active management. Therefore, unsatisfactory overall results for the public pension system cannot be attributed to the inefficiency of the investment process. The research presents some facts on pension funds' investment behaviour (successful diversification, returns clustering around median manager, positive timing skills).

Keywords: performance evaluation; pension funds; pension reform (search for similar items in EconPapers)
JEL-codes: G23 H55 (search for similar items in EconPapers)
Pages: 36 pages
Date: 2003-06-09
New Economics Papers: this item is included in nep-cfn, nep-lab and nep-tra
Note: Type of Document - Acrobat ; prepared on IBM PC; to print on HP/PostScript/Franciscan monk; pages: 36. This is the Pensions Institute Working Paper PI-0308 http://www.bbk.ac.uk/res/pi/wp.html
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Citations: View citations in EconPapers (6)

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Persistent link: https://EconPapers.repec.org/RePEc:wpa:wuwpfi:0306002

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