scholarly journals Performance of Pension Funds and Stable Growth Open Investment Funds During the Changes in the Polish Retirement System

2016 ◽  
Vol 16 (1) ◽  
pp. 117 ◽  
Author(s):  
Krzysztof Kompa ◽  
Dorota Witkowska
Keyword(s):  
Pension Funds ◽  
Investment Funds ◽  
Retirement System ◽  
Stable Growth

scholarly journals THE EFFECT OF GOVERNMENT DECISIONS ON THE EFFICIENCY OF THE INVESTMENT FUNDS MARKET IN POLAND

2019 ◽  
Vol 20 (3) ◽  
pp. 573-594 ◽  
Author(s):  
Dorota Witkowska ◽  
Krzysztof Kompa ◽  
Grzegorz Mentel
Keyword(s):  
Mutual Funds ◽  
Statistical Tests ◽  
Investment Strategy ◽  
Pension Funds ◽  
Investment Efficiency ◽  
Investment Fund ◽  
Investment Funds ◽  
Stable Growth ◽  
Polish Government ◽  
The Impact

Polish government introduced crucial changes concerning conditions of the pension funds functioning in the years 2011–2014. This article focuses on explaining the impact of these political decisions on efficiency of investment fund market in Poland. Therefore, the article aims (1) to find out if changing in functioning of pension funds also affected the efficiency of mutual funds which provide stable growth investment policy (i.e. similar investment strategy as pension funds) and (2) to check which type of investment funds, pension or mutual, were more efficient in the sense of returns and risks under new regulations. The analysis is provided for selected mutual funds using daily, weekly and monthly returns. The whole period of analysis, years 2009–2015, is divided into six sub-periods according to the three events, that essentially changed the functioning of the pension funds. Statistical tests for in pairs comparisons of returns and risks, and ratios for investment efficiency evaluation were applied. Findings show that pension funds performed better than mutual funds which are managed by the same company. More, the changes of the rules for pension funds’ functioning caused an increase of risk and a decrease of efficiency of the considered investment funds’ portfolios.

scholarly journals Corporate Social Responsibility Strategies of Spanish Listed Firms and Controlling Shareholders’ Representatives

2017 ◽  
Vol 31 (4) ◽  
pp. 339-359 ◽  
Author(s):  
María Consuelo Pucheta-Martínez ◽  
Blanca López-Zamora
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Mutual Funds ◽  
Legal Protection ◽  
Pension Funds ◽  
Insurance Companies ◽  
Investment Funds ◽  
Controlling Shareholders ◽  
Csr Strategies ◽  
Corporate Social

This article aims at analyzing how controlling shareholders’ representatives on boards affect corporate social responsibility (CSR) strategies (disclosing CSR matters) in Spain, a context characterized by high ownership concentration, one-tier boards, little board independence, weak legal protection for investors, and the presence of large shareholders, especially institutional shareholders. Furthermore, among controlling shareholders’ representatives, we can distinguish between those appointed by insurance companies and banks and those appointed by mutual funds, investment funds, and pension funds. The effect of these categories of directors on CSR strategies is, therefore, also analyzed. Our findings suggest that controlling shareholders’ representatives have a positive effect on CSR strategies, as do directors appointed by investment funds, pension funds, and mutual funds, while directors appointed by banks and insurance companies have no impact on CSR strategies. This analysis offers new insights into the role played by certain types of directors on CSR strategies.

scholarly journals Social Investment by Union-Based Pension Funds and Labour-Sponsored Investment Funds in Canada

2002 ◽  
Vol 56 (1) ◽  
pp. 92-115 ◽  
Author(s):  
Jack Quarter ◽  
Isla Carmichael ◽  
Jorge Sousa ◽  
Susan Elgie
Keyword(s):  
Pension Fund ◽  
National Sample ◽  
Pension Funds ◽  
Investment Strategies ◽  
Social Investment ◽  
Investment Funds ◽  
Fund Investment

Summary This study has two objectives: first, to understand the extent of social investment among union-based pension funds as well as labour-sponsored investment funds in Canada; second, to understand the factors that affect social investment strategies among such funds. A national sample of 189 pension funds with assets of at least $50 million was drawn from the Canadian Pension Fund Investment Directory (Toronto: Maclean Hunter). The sample also included 10 labour-sponsored investment funds, half the number of such funds in Canada. The data indicate that pension funds in Canada have minimal social investment. There is somewhat higher social investment among labour-sponsored investment funds, and particularly labour-sponsored investment funds with genuine union sponsorship. The study also explored factors related to social investment by funds.

scholarly journals Albania among Bank Based System’s Countries

2013 ◽  
Vol 3 (2) ◽  
pp. 121
Author(s):  
MSc. Rovena Troplini
Keyword(s):  
Transition Economies ◽  
Financial Market ◽  
Capital Markets ◽  
Banking System ◽  
Financial System ◽  
Pension Funds ◽  
Asset Markets ◽  
Investment Funds ◽  
Dynamic Development ◽  
New Phase

The Albanian financial system has entered a new phase of its development. Financial system in Albania is bank oriented, as financial market is not active. Because of the important and deep changes that have altered the image of the banking system, the conditions for more dynamic development of non-banking intermediaries and capital markets have been created. The analysis is based on the standard indicators of size and activity of banking intermediaries. The results of the analysis show that the size and activity of Albanian banking system is growing faster but limiting the crediting process only on banks. However, the achieved level of development of banking intermediaries is still below of other advanced transition economies. Albanian financial system needs to develop quickly the activities of pension funds, investment funds and bond/asset markets in order to create great opportunities to the Albanian economy.

scholarly journals Assessment of Financial Investors’ Assets Level and Importance on Financial Market in Poland

2015 ◽  
Vol 16 (2) ◽  
pp. 31-44
Author(s):  
Paweł Trippner
Keyword(s):  
Financial Crisis ◽  
Financial Market ◽  
Capital Market ◽  
Gross National Product ◽  
Pension Funds ◽  
National Product ◽  
Insurance Companies ◽  
Investment Funds ◽  
Investment Portfolios

AbstractThe main purpose of the submitted article is the estimation of financial investors’ potential in Poland. There are four groups of collective investors on financial market in Poland like Banks, Insurance companies, Investment funds and Open Pension Funds, which have been analyzed. Their importance on financial market and especially on capital market in Poland is still rising. The dynamics of their assets value in 2009 – 2013 periods has been analyzed. Financial investors’ assets and Gross National Product in Poland ratio has been calculated. The influence of the financial crisis and post-crisis time on the investment portfolios structure has been also reviewed.

scholarly journals Private pension funds: pragmatics and problems of activity in Ukraine

2021 ◽  
pp. 41
Author(s):  
Zoriana Matsuk
Keyword(s):  
Asset Management ◽  
Pension Fund ◽  
Pension System ◽  
General Structure ◽  
Pension Funds ◽  
Private Pension ◽  
Investment Horizon ◽  
Investment Funds ◽  
Bank Deposits ◽  
State Pension

Introduction. Nowadays, the pension system in Ukraine is being transformed, which necessitates analytical research on the activities of private pension funds, namely, open-ended, identifying problems of their activities and finding ways for further effective development.Methods. In the article author uses methods of analysis and synthesis, graphic research methods, economic and statistical methods for information collection and processing, in particular, sample surveys, groupings, statistical comparisons, trend analysis - in the process of evaluating the activities of private pension funds in Ukraine, and the method of logical generalization in formulating conclusions.Results. Author did an analytical assessment of indicators that characterize both the quantitative side of the activities of private pension funds in Ukraine and the qualitative side of their effectiveness in the domestic financial market. Attention is focused on the peculiarities of the structure of the portfolio of open non-state pension funds and it is concluded that the biggest quote (about 95%) in it belongs to cash on bank deposits and government securities. Author analyzed the indicators of profitability of the five most profitable open pension funds of Ukraine (according to the results of 2020) and their comparative characteristics, both in terms of the level of profitability and with the inflation rate. The tendency to decrease the profitability of investment portfolios during the analyzed period is noted. It was found that the structure of the portfolio of the most profitable open private pension funds is practically the same as the general structure of all pension funds of Ukraine. Discussion. Author proposed to form the portfolio structure of a private pension fund based on the characteristics of its depositors, and for the part of the portfolio with the largest investment horizon include risky instruments: direct investment funds, venture funds and real estate funds. This will allow using part of the pension savings as a long-term investment resource for the modernization of the domestic economy.Prospects for further research necessitate consideration of the main methods used in the process of selecting an asset management company, the administrator of a private pension fund, and assess the effectiveness of its asset management of private pension funds.

scholarly journals Operational risk assessment at investment funds level

2019 ◽  
Vol 13 (1) ◽  
pp. 162-170
Author(s):  
Laurentiu Paul Baranga
Keyword(s):  
Risk Assessment ◽  
Operational Risk ◽  
Pension Funds ◽  
Capital Requirement ◽  
Financial Industry ◽  
Investment Funds ◽  
Legal Personality ◽  
Risk Assessment Models ◽  
Unit Value ◽  
Relative Risk Assessment

Abstract The operational risk has been analysed quite recently, both by the academic environment and by financial entities in their practical activity. This new risk has recently been introduced into the “solvency models” provided by the Capital Requirement and Solvency legislation. The “solvency models” are absolute assessment models and are based on the idea of determining an optimal solvency ratio between the level of potential losses associated with the risks a financial entity is exposed to and the level of own funds it holds. Below this optimal ratio it is considered that, in the event of a materialization of the risk, the entity will go bankrupt. In the financial industry there is also a category of financial entities that legally cannot go bankrupt, at worst they may be affected by a galloping decapitalization. This category includes investment and pension funds. Due to the fact that investment and pension funds are managed externally, the operational risk originates at the level of the manager and produces its effects on the assets held by the fund, namely on the unit value of the net asset or on the value of the net asset in case of decapitalization. In order to assess the operational risk of the funds, different approaches to Capital Requirement and Solvency should be applied. In this respect, the classification of funds according to the level of risk to which they are exposed can be done through relative assessment models, and the determination of the loss amount caused by the operational risk can be done by indirect methods. Such relative risk assessment models can also be used by financial/non-financial entities that have legal personality, as a mechanism for controlling absolute assessment models, or as a stand-alone assessment methodology if there is no regulated methodology.

scholarly journals An Empirical Examination Of U.S. Pension Funds, Social Security, And Individual Savings

2011 ◽  
Vol 17 (2) ◽  
Author(s):  
Kofi A. Amoateng
Keyword(s):  
Social Security ◽  
Pension Funds ◽  
Font Size ◽  
Empirical Examination ◽  
Vector Error Correction ◽  
Retirement System ◽  
Long Run ◽  
Short Run ◽  
Vector Error Correction Models ◽  
Long Run Equilibrium

<p class="MsoNormal" style="text-align: justify; margin: 0in 0.5in 0pt;"><span style="mso-bidi-font-size: 12.0pt; mso-bidi-font-style: italic;"><span style="font-size: x-small;"><span style="font-family: Batang;">This article has used cointegration and Vector Error-Correction Models(VECM) to examine empirically the causation and/or relationships among pension funds, Social Security, and individual<span style="mso-spacerun: yes;">&nbsp; </span>savings from 1980 to 1999. It finds that pension funds, Social Security, and individual savings tend to move together in the ling run. Pension funds influence individual savings in the short-run. In addition, individual savings seem to bear the brunt of adjustments in restoring long-term equilibrium to the retirement system. Finally, the interactive process of short-run (causality) and long-run equilibrium relationship shows that pension funds explain individual savings. Since individual savings bear the brunt of adjustment in restoring to long-run equilibrium it is the most important component in retirement planning.</span></span></span></p>

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