Theoretical and Applied Economics
No. 3 / 2019 (620), Autumn
Assessing the performance of Pillar II in Romania – time weighted versus money weighted rate of return
The Bucharest University of Economic Studies, Romania
Andreea Elena DRAGHIA
The Bucharest University of Economic Studies, Romania
Abstract. Adequate and complete reporting of the return rates for pension funds is of utmost importance for the success of the second pension pillar. This paper points to the limitations of the current way of reporting the returns by the Romanian pension funds administrators, given by the exclusive use of the time weighted rate of return and argues for the merits of jointly using an alternative indicator, namely the money weighted rate of return. Both return indicators are calculated in nominal and real terms over the 2008-2018 periods and also for various sub-samples, the results pointing to relevant differences.
Keywords: pension funds’ performance, money weighted rate of return, time weighted rate of return, Pillar II, Romania.
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Contents
- The main factors of economic growth in the European Union
Amalia CRISTESCU
Gabriela TÎLVĂR
- Currency risk management model
Constantin ANGHELACHE
Mădălina Gabriela ANGHEL
Dana Luiza GRIGORESCU
- Assessing the performance of Pillar II in Romania – time
weighted versus money weighted rate of return
Bogdan Andrei DUMITRESCU
Andreea Elena DRAGHIA
- Does democracy increase total tax revenues?
The case of selected OECD countries
Günay ÖZCAN
İbrahim ÖZMEN
- An evaluation of the turnover tax system in South Africa
Danie SCHUTTE
Danelle LABUSCHAGNE
Maria-Andrada GEORGESCU
Cornelia POP
- Sensitivity of bankruptcy prediction models
to the change in econometric methods
Bhanu Pratap SINGH
Alok Kumar MISHRA
- Risk management associated
with the interbank relationships
Cristian ANGHEL
- Challenging the status quo:
Steel producer case study on the enterprise value for M&A
Mădălina Viorica MANU
Ilie VASILE
- International Financial Markets
face to face with Artificial Intelligence and Digital Era
Narcisa Roxana MOȘTEANU
- A behavioral model of failure in business
Cristina Mariana ENE (VASILE)
Cosmin VIZINIUC
Alexandru TAŞNADI
- Relationship between mortality and financial crisis.
The case of Greece
Dimitrios DAPONTAS
- Profit management in the case of financial distress
and global volatile market behaviour:
Evidence from Borsa Istanbul Stock Exchange
Tuğba KAYHAN
Temur KAYHAN
Engin YARBAŞI
- Insurance consumption in the Maghreb countries
(Algeria, Morocco and Tunisia):
Financial and institutional determinants
Dalila BENZIANE
Qasim SHAH
- Non-linear finance-growth nexus for African countries:
A panel smooth transition regression approach
Mustapha JOBARTEH
Huseyin KAYA
