Publication:
The role of investor type in the fee structures of pension plans

Date

2016

Director

Publisher

Springer
Acceso abierto / Sarbide irekia
Artículo / Artikulua
Versión aceptada / Onetsi den bertsioa

Project identifier

MINECO//ECO2012-35946-C02-01/ES/recolecta
Métricas Alternativas

Abstract

We examine the role of the investor type in the fee structure of pension plans. Our examination uses a data set of employer-sponsored and individual private pension funds in Spain. We find different determinants of the fees between these two pension plans. We find evidence of market penetration strategies in individual plans but none in employer-sponsored plans. In these plans, the fees are negatively related to their financial groups’ market share, whereas in individual plans this relation is negative for management fees but positive for custodian fees. Further, except in the case of custodian fees in individual plans, we find that all fees diminish when the custodian and management firms belong to different financial groups.

Description

The final publication is available at Springer via http://dx.doi.org/10.1007/s10693-015-0230-1

Keywords

Pension plans, Individual plans, Employer plans, Fee caps, Censored data

Department

Gestión de Empresas / Enpresen Kudeaketa

Faculty/School

Degree

Doctorate program

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