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2012 | 5 | nr 8 | 106--128
Tytuł artykułu

The investment results of the Chilean pension funds

Treść / Zawartość
Warianty tytułu
Języki publikacji
EN
Abstrakty
The article presents an analysis of the Chilean pension funds (AFP) rates of return in the years 1981-2010. The analysis of the Chilean pension system is essential for a few various reasons. It is the oldest capital pension system in the world, the basis on which the Polish pension reform of 1999 was modelled. Furthermore, the 30 year old history presents the AFP investment results in the long run, within a few business cycles, which is typical of pension investments. The research was conducted through the calculation and comparison of real and nominal, average and cumulated rates of return on the AFP and an alternative form of money allocation, i.e. bank deposits. Additionally, the research applied the Sharpe alphas, the Jensen alphas and the Treynor ratio in order to disclose if the pension funds management was able to achieve an above average rate of return taking into account the investment risk. (abstrakt oryginalny)
EN
The article presents an analysis of the Chilean pension funds (AFP) rates of return in the years 1981-2010. The analysis of the Chilean pension system is essential for a few various reasons. It is the oldest capital pension system in the world, the basis on which the Polish pension reform of 1999 was modelled. Furthermore, the 30 year old history presents the AFP investment results in the long run, within a few business cycles, which is typical of pension investments. The research was conducted through the calculation and comparison of real and nominal, average and cumulated rates of return on the AFP and an alternative form of money allocation, i.e. bank deposits. Additionally, the research applied the Sharpe alphas, the Jensen alphas and the Treynor ratio in order to disclose if the pension funds management was able to achieve an above average rate of return taking into account the investment risk. (original abstract)
Rocznik
Tom
5
Numer
Strony
106--128
Opis fizyczny
Twórcy
  • Szkoła Główna Handlowa w Warszawie
Bibliografia
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Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171276735

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