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The Impact of Foreign Asset Investments on the Performance of Brazilian Pension Funds
Raphael Braga Silva,Roberto Moreno Moreira,Luiz Felipe Jacques Motta
Revista Brasileira de Finan?as , 2009,
Abstract: The present study has performed an analysis of the effects caused in the performance of Brazilian pension funds by the inclusion of international assets in their portfolios. The Resolution CMN 3456 of June 1, 2007 allowed pension funds in Brazil to allocate up to 3% of their investments in international hedge funds. Given the wide range of assets classes available in this category of hedge funds, this study has focused on international assets. The investments in such asset classes do not generate a major effect on the efficient frontier of the pension funds’ investments. The results do not change much even if we increase the constraint from 3% to 20%. However, changes in the current economic environment indicate that finding alternative investments that can enhance the asset performance on a long term view will be a crucial factor to maintain the financial health of pension funds.
Croatian bank investments in securities
Antun Jurman
Zbornik Radova Ekonomskog Fakulteta u Rijeci : ?asopis za Ekonomsku Teoriju i Praksu , 2005,
Abstract: In this paper the author presents the basic characteristics of debt securities and shares and analyses the amount, structure and characteristics of the securities portfolio in Croatian banks in period from 1993 to 2004. The analysis shows that in the entire analyzed period Republic of Croatia together with state funds and other public institutions was the main issuer of securities that banks have in their portfolios. The securities issued by banks and companies represent only a marginal part of banks’ portfolios but it is also true that banks have strongly supported the privatization process of state owned companies by providing credit for purchasing of shares and later on swapping their credit claims for shares. In this way banks acquired a significant portfolio of shares that they later sold on the open market. Data about the significant reduction of securities portfolio in the banking assets structure, from 46.1% in 1993 to only 10.6% in 2004, is indicative of a low level of trading in securities. This means that in the following years, central and local government should secure the necessary funds more by issuing securities than by credit, especially not by taking credit from abroad. Furthermore, in order to spread business with securities, banks should also substitute a portion of their credit portfolio with short and long term securities. In this way, the investors would be able to use the benefits of investing in securities instead of investing their funds in bank deposits as they have done until now.
Assessing the Governance and Transparency of National Public Pension Funds  [cached]
Pablo Souto,Alberto R. Musalem
Review of European Studies , 2012, DOI: 10.5539/res.v4n2p148
Abstract: Full or partial funding of traditional public pension schemes becomes crucial for the inter-temporal sustainability of the systems. A good governance structure for national public pension funds (NPPFs) may work as a deterrent for misuse of the assets of the fund, which are particularly exposed to abuse by governments. Our study provides the first global comprehensive survey on governance, transparency, assets, and investments of 83 NPPFs located in 68 countries. We develop and calculate a Transparency and Governance Index that measures compliance of NPPFs with best practices. Our results indicate a wide dispersion in governance and transparency performance of these funds, and provide the basic elements that governments should take into account when reforming NPPFs’ governance structures.
Effects of Private Pension Funds to Emergent Markets
Iulia Ban
Theoretical and Applied Economics , 2007,
Abstract: The rapid growth of the private pension funds industry has potential quantitative and qualitative effects for the capital markets, especially for the emerging markets. There are several factors that influence the decision to invest on the emerging markets and, in the case the decision to invest on these markets had been taken, there are factors that can highly influence the performance obtained by the pension funds.
Ye. Malyshko,Ryshard Pukala
Economics of Development , 2012,
Abstract: The rate of the development of the private pension funds has been analyzed on the basis of the dynamics of the funds activities selected with the help of rated systems according to the net cost of pension unit fees. The key performance indicators of private pension funds by the share of investment objects in total assets have been estimated with the help of the integral index, the factors influence on the level of private pension funds development has been determined. The essence of the pension system and the development of private pension funds in Poland has been considered. The main priorities for the further development of private pension funds in Ukraine have been defined.At present, the reliability of the NPF as the financial system is determined, on the one hand, by the availability of sufficient financial resources for the provisions of the fund activity, and on the other hand, by the guarantees of the funds preservation and growth received from the depositors. In order to minimize the risks and protect the savings the private pension fund assets must be diversified, which allows to reduce the negative impact of each on the overall profitability and assets in general. The results of the coefficient calculation suggest that ONPF "Social Standards", unlike the other two analyzed funds scored more efficient investment policy of the Fund, accompanied by the growth of net assets, the number of individuals and the net value of pension unit’s fees. The reliability indices of the fund as the financial system may be its solvency, investment attractiveness in terms of depositors or its financial stability. The government should promote the further development of private pension system.According to the authors it is necessary for further effective development of private pension funds to determine the following priorities: to expand the areas of pension assets investment if there are the favorable conditions in the stock market and macroeconomic stability, to expand the use of financial instruments in which the NPF will invest its assets, to introduce the flexible requirements to the differentiation of NPF assets.
Socially responsible investments in mutual funds  [PDF]
Radu, I.,Funaru, M.
Bulletin of the Transilvania University of Brasov. Series V : Economic Sciences , 2011,
Abstract: This paper aims to add contribution to the socially responsible investments (from now on called “SRI”) research by examining the significance of this type of investment in terms of ethical or financial prior behaviour. Using the sample of European market of socially responsible investments funds, we first explore the SRI market dimension compared to the global data on SRI. We also investigate whether the ethical recognition is more important rather than the financial performance. Applied to the European social responsible investment fund market, the paper investigates the difference between these two aspects of behaviour and underlies the importance of socially responsible investments in promoting a sustainable development.
Laura Raisa Milo?,Carmen Corduneanu
Studia Universitatis Vasile Goldis Arad, Seria Stiinte Economice , 2011,
Abstract: The paper analyses the most recent statistics regarding the process of ageing at the level ofEuropen Union member states and its consequence on the development of the activity ofthe pension funds. There is a growing literature which supports the pension reform as asolution for the latest demographic trends. Some recent analyses though, outlined thenegative influence of the financial crisis on the promised returns of private pension funds.The authors make a personal analysis, taking into consideration both point of views.
The lessons of the crisis on pension funds portfolio management  [PDF]
Theoretical and Applied Economics , 2012,
Abstract: Portfolio management in crisis conditions showed that major turbulence come from within the financial system. In such a context, a first answer to the investors (and pension funds make no exception) manifests itself through the growth of liquidity preferences. Recent studies have shown that monetary political shocks have a considerable effect over the dynamic and composition of the capital flows, with influences that reach the structure on categories of assets of the pension funds’ portfolio. For example, due to an interesting profile of the risk-profit ratio, listed private equity (LPE) funds are more and more attractive for the institutional investors, among which are the pension funds administrators. Last but not least, the existence of an insuring system of the participants’ contributions and/or benefits to the pension funds is extremely useful, considering that it is able to harmonize a large variety of interests.
Management of Portfolio Investment Held by Pension Funds
Gabriela Anghelache,Dan Armeanu
Theoretical and Applied Economics , 2008,
Abstract: As a result of the fact that pension funds are financial intermediaries, the value of their assets and liabilities is influenced by changing conditions in financial markets. The market image of a pension fund (and hence its perceived value) are closely tied to the “financial health” of the fund. Setting up and managing complex investment portfolios requires that pension administrators use scientific models of portfolio selection and optimization based on the risk-expected return relationship. Most investment portfolios are modified in time as result of changing stock prices and investment policy objectives. Having established investment policy guidelines, the administrators of pension funds have to determine the structure of their portfolios so that the latter meet legal requirements.
Milos Marius Cristian,Milos Laura Raisa
Annals of the University of Oradea : Economic Science , 2012,
Abstract: In this paper, the authors analyze the influence of the international financial crisis on the current architecture of the CEE pension systems and their further reforms. As a consequence of the financial crisis, the very fragile pension reform has been subject of debate in the new member states of European Union, given their deep recession and registered fiscal deficits. In many of the CEE countries, which have adopted/developed later the second pillar, the financial crisis has raised questions in what concerns the benefit of moving to a mixed pension system, in comparison with the former one, which relied exclusively on public pay-as-you-go schemes. The current literature analyses the situation in each of the CEE countries, but does not make an overall analysis of the situation of the CEE countries, member of the European Union. The authors show the short-term negative effects of the financial crisis on the pension reform in these countries, but also the longer run effects, on the continuing deteriorating finances of these pension systems, in the context of the aging of population and unsustainable pension schemes. Alongside reviewing and commenting the national authoritiesa€ responses to the financial crisis, we are proposing also some measures meant to enhance the further pension system reform and to improve the performance of the private pension funds. Pensions have a long-time horizon and it would be very wrong to produce a reversal of the past reforms since the main problems of adequacy and sustainability remain vivid (demographic challenge and population aging). It is also true though that, while shifting from an exclusively public pay-as-you-go system towards a mixed pension system, especially in times of financial crisis, authorities must pay increased attention to the management and supervision of the DC pension plans, to the risk management standards and regulations of the private pension funds, alongside other measures meant to enhance further pension system reform.
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