Refunding Fees: What Does Equity Cost?

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DOI:

https://doi.org/10.11565/gesten.v1i3.16

Abstract

This study analyzes the impact of a pension system reform requiring the AFPs to refund the fees charged in periods when the funds they manage post negative returns. The results show that this measure would induce administrators to implement more conservative investment strategies, and that this would reduce the expected value of future pensions. The analysis shows that the longer the period used to calculate the benchmark return for the refund, the smaller the impact of the measure. Even considering a five-year period, however, Funds A and B would be affected.

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Author Biography

  • Fernando López, Alberto Hurtado University

    Profesor de Finanzas, Departamento de Gestion y Negocios

fernando

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Published

2016-09-09

Issue

Vol. 1 No. 3 (2016)

Section

Opinión de Actualidad

License

Copyright (c) 2016 GESTIÓN Y TENDENCIAS

Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.

How to Cite

Refunding Fees: What Does Equity Cost? (2016). GESTIÓN Y TENDENCIAS, 1(3), 4-7. https://doi.org/10.11565/gesten.v1i3.16

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