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Institutional disparities and asset allocation homologation in Italian defined contribution pension funds. How do they affect the guarantee commitment?*

Published online by Cambridge University Press:  21 January 2016

PAOLA DE VINCENTIIS ,
ELEONORA ISAIA  and
PAOLA ZOCCHI
PAOLA DE VINCENTIIS
Affiliation:
Department of Management, University of Torino, Torino, Italy (e-mail: [email protected])(e-mail: [email protected])
ELEONORA ISAIA
Affiliation:
Department of Management, University of Torino, Torino, Italy (e-mail: [email protected])(e-mail: [email protected])
PAOLA ZOCCHI
Affiliation:
Department of Economics and Business Studies, University of Piemonte Orientale, Novara, Italy (e-mail: [email protected])
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Abstract

This paper analyzes the performance of the Italian defined contribution guaranteed pension funds during the period 2008–2012 through a panel analysis. This paper is organized around three main research questions. The first one is focused on the probability of a guarantee payment in a given year. The second one deals with the determinants of the gap between actual return and minimum guaranteed yield on a yearly basis. The third one focuses on the factors affecting the weight of administrative and management costs and their relationship with the fund dimension.

Keywords

G23Defined contribution pension fundminimum return guaranteeasset allocationmoney-weighted rate of return
Type
Articles
Information
Journal of Pension Economics & Finance , Volume 16 , Issue 2 , April 2017 , pp. 205 - 232
Copyright
Copyright © Cambridge University Press 2016 

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Footnotes

*

We would like to thank the editor and an anonymous referee for helpful comments and suggestions that added significant value to our paper.

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