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La persistance de la performance des fonds de pension individuels britanniques:une étude empirique sur des fonds investis en actions et des fonds obligataires

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  • Fabrice Hervé

    (Université d'Orléans)

Abstract

(VF)Cet article propose d'étudier la stabilité des performances de certains fonds de retraite anglais. Nos résultats montrent que les fonds investis en actions sont caractérisés par une réversion de leurs performances alors que les fonds obligataires connaissent une certaine pérennité dans leurs performances. Cependant, les deux types de fonds voient les performances des fonds les meilleurs persister. Les performances passées des fonds les meilleurs fournissent donc une information sur leurs performances futures.(VA)This paper proposes to explore the consistency of performance of some UK defined contributions pension funds:the Personal Pension Scheme. Our results show evidence of performance reversion for domestic equity funds and performance persistence for fixed-income funds. Nonetheless, the best pension funds in both categories are characterized by consistency of their performance. Past performance of the best funds provides information about their future performance.

Suggested Citation

  • Fabrice Hervé, 2003. "La persistance de la performance des fonds de pension individuels britanniques:une étude empirique sur des fonds investis en actions et des fonds obligataires," Revue Finance Contrôle Stratégie, revues.org, vol. 6(3), pages 41-77, September.
    • Handle: RePEc:dij:revfcs:v:6:y:2003:i:q3:p:41-77
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    More about this item

    Keywords

    fonds de pension; performance; persistance; fonds de pension à cotisations définies; pension funds; performance; persistence; defined contribution pension funds.;
    All these keywords.

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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