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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
Affiliation:
Department of Management, University of Torino, Torino, Italy (e-mail: paola.devincentiis@unito.it)(e-mail: eleonora.isaia@unito.it)
ELEONORA ISAIA
Affiliation:
Department of Management, University of Torino, Torino, Italy (e-mail: paola.devincentiis@unito.it)(e-mail: eleonora.isaia@unito.it)
PAOLA ZOCCHI
Affiliation:
Department of Economics and Business Studies, University of Piemonte Orientale, Novara, Italy (e-mail: paola.zocchi@unipmn.it)

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.

Type
Articles
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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