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Investment Process Of Voluntary Pension Funds – A Cluster Approach

Author

Listed:
  • Flavia Barna

    (West University of Timişoara)

  • Maria Luiza Moş

    (West University of Timişoara)

  • Victoria Şeulean

    (West University of Timişoara)

Abstract

In this paper, we intended to establish a grouping of the voluntary pension funds in Romania by risk levels using cluster analysis. The investment policy of the voluntary pension funds is influenced by a variety of factors: the taxpayers’ risk profile, the capital market conditions, and the number of competitors. The results show that the voluntary pension funds take into account when regularly selecting and optimizing the financial portfolio, the level of risk acceptable for the contributors, reflected in the existence of two clusters on the voluntary pension fund market in Romania.

Suggested Citation

  • Flavia Barna & Maria Luiza Moş & Victoria Şeulean, 2011. "Investment Process Of Voluntary Pension Funds – A Cluster Approach," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 5(5(558)(su), pages 121-128, July.
    • Handle: RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:121-128
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