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Regulatory induced herding? Evidence from Polish pension funds

This paper documents herding among pension fund managers in Poland. It finds that penalties for underperformance imposed by the regulator cause fund managers to follow each other’s portfolio choices and pursue similar investment strategies. The paper calls for a reduction in the number of funds, or a review of the relative performance incentive system and current constraints on portfolio allocation.

Link http://www.ebrd.org/pubs/econo/wp0096.htm
Author Kominek, Z
Date Jun 2006
Institute EBRD
Tags pension, Poland, portfolio, allocation, investment

See also

  1. Seeking to reform the pension system in Poland: “safety in diversity”.
  2. Socio-demographic Forecast of Poland, 1997-2050, for Modelling Incomes and Social Security Retirement Pensions
  3. Relative Prices and Inflation in Poland 1989 - 1997
  4. Georgia on Its Way to the Market Oriented Economy
  5. Business environment and enterprise behaviour in East Germany compared to West Germany and central Europe

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