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Determinant Factors Of The Investment Performance Of Voluntary Pension Funds In Romania

Author

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  • Victoria Åžeulean
  • Luiza MoÅŸ

Abstract

The goal of this paper is to give an overview of the voluntary private pension system. In the beginning it presents both the features and the legal framework that guide the functioning of these pension funds in our country and the basic descriptive data regarding the membership and the investments made by the funds. With the help of STATA, it carries on by analyzing the factors that determine the changes in the value of the fund unit and establishing the relationship that exists between the funds' total asset allocation and the value of the fund unit. Based on mathematical tools such as multivariate regressions it can be concluded that the investments made in deposits, government bonds and listed equity have the greatest impact on the performance of voluntary pension funds.

Suggested Citation

  • Victoria Åžeulean & Luiza MoÅŸ, 2010. "Determinant Factors Of The Investment Performance Of Voluntary Pension Funds In Romania," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 1(12), pages 1-47.
    • Handle: RePEc:alu:journl:v:1:y:2010:i:12:p:47
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    More about this item

    Keywords

    Voluntary private pension; investments; value of the fund unit;
    All these keywords.

    JEL classification:

    • J32 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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