Determinants of pension plan fees in Spain
Impacto
Scholar |
Otros documentos de la autoría: Martí Ballester, Carmen; Matallín Sáez, Juan Carlos; Fernandez-Izquierdo, Maria Angeles
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http://dx.doi.org/10.1080/00036840701222462 |
Metadatos
Título
Determinants of pension plan fees in SpainFecha de publicación
2009Editor
Taylor & FrancisISSN
0003-684Tipo de documento
info:eu-repo/semantics/articleVersión de la editorial
http://www.tandfonline.com/doi/abs/10.1080/00036840701222462#.U042v1fQuW8Versión
info:eu-repo/semantics/publishedVersionPalabras clave / Materias
Resumen
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 ... [+]
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. [-]
Publicado en
Applied Economics, 41, 17, p. 2153-2168Derechos de acceso
Copyright 2009 Taylor & Francis
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