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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
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.
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- Copyright © Cambridge University Press 2016
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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