Determinants of equity pension plan flows
The aim of this study is to analyze investor response to different measures of pension plan performance. To do this, we implement a fixed effects panel data methodology corrected by heteroskedasticity, serial correlation and cross-sectional dependence, as proposed by Vogelsang (2012). The results ob...
| Autor: | |
|---|---|
| Tipo de recurso: | artículo |
| Fecha de publicación: | 2014 |
| País: | España |
| Institución: | Universitat Autònoma de Barcelona |
| Repositorio: | Dipòsit Digital de Documents de la UAB |
| Idioma: | inglés |
| OAI Identifier: | oai:ddd.uab.cat:220547 |
| Acceso en línea: | https://ddd.uab.cat/record/220547 https://dx.doi.org/urn:doi:10.4067/S0718-52862014000100004 |
| Access Level: | acceso abierto |
| Palabra clave: | Return Jensen's Alpha Investor behavior Pension plan flows Panel data models Rentabilidad Alfa de Jensen Comportamiento del inversor Flujos monetarios de los planes de pensiones Datos de panel |
| Sumario: | The aim of this study is to analyze investor response to different measures of pension plan performance. To do this, we implement a fixed effects panel data methodology corrected by heteroskedasticity, serial correlation and cross-sectional dependence, as proposed by Vogelsang (2012). The results obtained show that investors make their decision to invest in a specific pension plan depending on past returns and the type of management company administering the plan. On analyzing the flow-performance relationship for each type of management company we find that both types of companies can differ in the information provided to investors and in their marketing strategies and services for attracting clients. |
|---|