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

24 Pages Posted: 6 Dec 2009

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: September 2009

Abstract

This paper presents an analysis of pension funds' performance in Poland and Hungary, as Central European countries characterized by strong regulation of their private pension fund industries. The paper contributes to the existing literature in the following ways. First, it is among the first papers to provide empirical evidence on the performance of pension funds in the two Central European countries. Second, it complements the available evidence on performance of pension funds operating in lax regulatory environments and guided by "prudent man'' laws by analyzing the performance of pension funds acting under much stricter regulations. Third, since the details of the regulations differ across the countries', the paper will provide valuable evidence on the effect of the regulations on pension funds' portfolio composition in these countries. Fourth, we believe that the paper's findings will have important implications for policy makers and pension fund managers in the Central European countries.

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 (September 2009). Available at SSRN: https://ssrn.com/abstract=1517105 or http://dx.doi.org/10.2139/ssrn.1517105

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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