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26 février 2014
- handle: 10670/1.i7atv9
- halshs: halshs-00959688
Mots-clés
Funded pension Risk regulation Regulatory quality G - Financial Economics/G.G2 - Financial Institutions and Services/G.G2.G23 - Non-bank Financial Institutions • Financial Instruments • Institutional Investors G - Financial Economics/G.G2 - Financial Institutions and Services/G.G2.G28 - Government Policy and RegulationSujets proches
Competence Financial intermediaries Lending institutionsCiter ce document
Ling Ni Boon et al., « Pension Regulation and Investment Performance: Rule-Based vs. Risk-Based », HAL-SHS : économie et finance, ID : 10670/1.i7atv9
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Résumé
We investigate the relationship between rule-based versus risk-based regulatory choices in different countries and the real investment performance of their pension funds. Pension systems in countries with more mature risk-based regulatory regimes tend to demonstrate superior investment performance. The benefit of implementing risk-based regulation is more pronounced in countries with low regulatory quality. The core of rule-based regulations, i.e., quantitative investment limits, has no significant impact on the Sharpe ratio of pension investment returns.