Evidence of active management of private voluntary pension funds in Colombia: a performance analysis using proxy ETFs

Fallon, Edgardo Cayón; Rojas, Tomás Ricardo Di Santo; Peña, Camilo Roncancio

doi:10.1016/s0123-5923(10)70110-8

Cited by 4 publications

(1 citation statement)

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“…Jackowicz and Kowalewski (2012) find that the median Polish pension fund provides an alpha of 1% per annum and incidentally also charges an expense ratio of 1%. Fallón et al (2010) compare 30 active private pension funds in Columbia to passive ETFs and conclude that the ETFs would have been a better choice for the Columbian investor. In the UK, Blake et al (1999) show that 96% of the variation in pension fund returns could be explained by the variation of "normal" return (based on long-term averages of portfolio weights).…”

Section: Literature Reviewmentioning

confidence: 99%

The case against active pension funds: Evidence from the Turkish Private Pension System

Gokcen

Yalcin

2015

Emerging Markets Review

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Using data on private Turkish pension funds we show that most active managers are not able to provide performance beyond what could be achieved by passive indexing. The average fund beats its benchmark by only 26 basis points, before fees. We also observe herding behavior among managers' asset allocation decisions which can potentially explain their lack of overperformance. Our results strongly support the need for low-cost index funds in emerging market countries that are reforming their pension schemes. We further recommend regulatory oversight on the "activeness" of funds and introduction of default plans with more balanced asset allocations.

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Section: Literature Reviewmentioning

confidence: 99%

The case against active pension funds: Evidence from the Turkish Private Pension System

Gokcen

Yalcin

2015

Emerging Markets Review

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Variables explicativas del comportamiento del inversor de multifondos. Un anÃ¡lisis desde la perspectiva de los inversores en el sistema de pensiones chileno

et al. 2015

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Este estudio tiene por objetivo determinar las variables que inciden en el comportamiento del inversor de multifondos en la toma de decisiones, analizando si este comportamiento estÃ¡ asociado a variables racionales o a los principios de las finanzas conductuales. Se trabajÃ³ con datos proporcionados por la Encuesta de ProtecciÃ³n Social para los aÃ±os 2006 y 2009 con el propÃ³sito de caracterizar a los inversores e identificar variables asociadas a su nivel de inversiÃ³n. Para el anÃ¡lisis de los datos se realizÃ³ un modelo economÃ©trico multilogit ordenado para determinar el nivel de influencia de cada variable. Los resulta-dos de esta investigaciÃ³n apuntan a que variables como sexo, edad y educaciÃ³n influyen en la toma de decisiones de los inversores.

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Investment by Pension Funds

Sutcliffe

2016

Finance and Occupational Pensions

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Evidence of active management of private voluntary pension funds in Colombia: a performance analysis using proxy ETFs

Cited by 4 publications

References 10 publications

The case against active pension funds: Evidence from the Turkish Private Pension System

The case against active pension funds: Evidence from the Turkish Private Pension System

Variables explicativas del comportamiento del inversor de multifondos. Un anÃ¡lisis desde la perspectiva de los inversores en el sistema de pensiones chileno

Investment by Pension Funds

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