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Tags → allocation


Regulatory induced herding? Evidence from Polish pension funds
May 15, 2007 09:54

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.

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Tags: pension, Poland, portfolio, allocation, investment
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