Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/146719
Authors: 
Martí Ballester, Carmen Pilar
Year of Publication: 
2014
Citation: 
[Journal:] Estudios de Economía [ISSN:] 0718-5286 [Volume:] 41 [Year:] 2014 [Issue:] 1 [Pages:] 125-148
Abstract: 
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.
Subjects: 
return
Jensen’s Alpha
investor behavior
pension plan flows
panel data models
JEL: 
C23
G23
Document Type: 
Article

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