Determinants of pension plan fees in Spain
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Other documents of the author: Martí Ballester, Carmen; Matallín Sáez, Juan Carlos; Fernandez-Izquierdo, Maria Angeles
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comunitat-uji-handle2:10234/8648
comunitat-uji-handle3:10234/8649
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http://dx.doi.org/10.1080/00036840701222462 |
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Title
Determinants of pension plan fees in SpainDate
2009Publisher
Taylor & FrancisISSN
0003-684Type
info:eu-repo/semantics/articleVersion
info:eu-repo/semantics/publishedVersionSubject
Abstract
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. [-]
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Applied Economics, 41, 17, p. 2153-2168Rights
Copyright 2009 Taylor & Francis
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