Performance Evaluation of Polish Pension Funds
نویسنده
چکیده
The paper is the 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 fund’s investment behaviour (successful diversification, returns clustering around median manager, positive timing skills).
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