PUBLICACIONES

Rear-view-mirror-driving in Defined Contribution Systems: The Strange Formula of the Chilean Pension Funds

ISI: Rear-view-mirror-driving in Defined Contribution Systems: The Strange Formula of the Chilean Pension Funds

JOSÉ OLIVARES R.

2008 - Applied Economics - Vol. 40 , Nº 15, Pp 2009 - 2019

Abstract

The pioneering regulation on Chilean pension funds under Defined Contribution program requires private managing institutions to exclusively manage individual accounts and meet a minimum return to their clients. The purpose of this study is to empirically investigate the investment behaviour of pension funds and to contribute to the Social Security debate. The findings reveal the benchmark significantly explains funds’ performance. Pension funds tend to replicate their asset allocations to exhibit similarities in returns. We believe the obligation on fund managers to attain a minimum guaranteed return, based on relative performance evaluation, encourages them not to deviate from the industry's performance; indeed, the benchmark explains most of the group performance. To hold similar allocations, managers may monitor each others through their investment style.

Keywords

¿Quieres seguir leyendo? [Accede a la publicación completa]

Profesora Soledad Etchebarne recibe Reconocimiento ASFAE 2017

La Asociación Nacional de Directivos Superiores de Facultades de Administración, Negocios o Empresariales de Chile (ASFAE), otorgo el Reconocimiento ASFAE 2017 a la profesora Soledad ...

Sobre las aplicaciones de Inteligencia Artificial en los Negocios

En el mundo de la Big Data y la transformación digital, cada vez es mayor el número de empresas que busca en la Ciencia de Datos soluciones y herramientas para mantener y generar vent...

Todos los Derechos © 2014 | Departamento de Administración - Facultad de Economía y Negocios - Universidad de Chile - Diagonal Paraguay 257, torre 26, oficina 1101, piso 11, Santiago, Chile.