SciELO - Scientific Electronic Library Online

 
vol.30 número56Karl Marx and Food Consumption Analysis: A Theoretical PerspectiveRating Agencies and Public Debt in the Valencian Community índice de autoresíndice de assuntospesquisa de artigos
Home Pagelista alfabética de periódicos  

Serviços Personalizados

Journal

Artigo

Indicadores

Links relacionados

  • Em processo de indexaçãoCitado por Google
  • Não possue artigos similaresSimilares em SciELO
  • Em processo de indexaçãoSimilares em Google

Compartilhar


Ensayos de Economía

versão impressa ISSN 0121-117Xversão On-line ISSN 2619-6573

Resumo

MARTI-BALLESTER, Carmen-Pilar. ¿Puede la gestión conjunta de planes de pensiones y fondos de inversión generar un conflicto de interés?. Ens. Econ. [online]. 2020, vol.30, n.56, pp.53-77. ISSN 0121-117X.  https://doi.org/10.15446/ede.v30n56.78134.

The purpose of this paper is to compare the performance of mutual funds -pension plans- whose managers simultaneously manage the assets belonging to pension plans -mutual funds- with that achieved by mutual funds -pension plans- whose managers only manage the assets belonging to mutual funds -pension plans-. To do this, we present a sample consisting of data corresponding to 115 Spanish equity pension plans and 336 Spanish equity mutual funds in relation to such aspects as risk-adjusted return, management and custodial fees, asset size, creation date, number of participants, name of the asset management companies for the period between February 2007 and June 2011. On this data, we propose a model using the bootstrap technique. The results obtained show no significant relationship between side-by-side management and financial performance in the mutual fund and pension plan industries. Therefore, we do not find evidence that pension plan investors are being exploited.

JEL: G23; G11; J32; M21.

Palavras-chave : pension plans; mutual funds; side-by-side; Jensen's Alpha; multi-index model; Spanish market.

        · resumo em Espanhol     · texto em Espanhol     · Espanhol ( pdf )