2024-03-29T07:03:12Zhttps://repositori.uji.es/oai/requestoai:repositori.uji.es:10234/904902023-09-19T13:35:40Zcom_10234_8648com_10234_9col_10234_8649
00925njm 22002777a 4500
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Martí Ballester, Carmen
author
Matallín Sáez, Juan Carlos
author
Fernandez-Izquierdo, Maria Angeles
author
2009
Pension plans and funds represent a substantial part of the welfare systems in both Europe and Spain. One of the most important factors in the choice of a plan or fund is the performance it obtains. In view of the influence that fees have on performance, the objective of this study is to analyse the variables that determine the management and custodial fees of individual pension plans. The Spanish market for pension plans and funds sets legal caps on these fees, and at the same time the majority of them are commercialized and managed by financial institutions, which can in turn generate a conflict of interests. In this article, we estimate models with censured variables and our findings show how the average investment per plan, the legal status and the size of the management company to which the plan belongs, and the style of the plan are all relevant determinants of the management fee. In turn, the custodial fee is determined by the legal status of the custodial company, the size, the return and the type of plan.
0003-684
http://hdl.handle.net/10234/90490
http://dx.doi.org/10.1080/00036840701222462
pensions
financial institutions
fees
Determinants of pension plan fees in Spain