Performance Evaluation of Public Pension Funds: The
Reformed Pension System in Poland

Dariusz Stanko


The paper is an updated first performance evaluation study of the
Polish pension funds operating from 1999. The unconditional performance
evaluation models are used. It is shown that pension fund managers did
produce additional value due to active management. Therefore, unsatisfactory
overall results for the public pension system cannot be attributed to the
inefficiency of the investment process. The research presents some facts
on pension funds’ investment behaviour (successful diversification, returns
clustering around median manager, positive timing skills).

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