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DISCUSSION PAPER PI-0813

Does Regulation Hurt Pension Funds’ Performance? Evidence from Strongly Regulated Pension
Fund Industries

Martin T. Bohl , Judith Lischewski and Svitlana Voronkova

This paper presents an analysis of pension funds’ performance in Poland and Hungary
as representative Eastern Central European countries. In the theoretical literature
it is argued that investment limits and performance regulations may have a negative
influence on the performance of funds. In particular for Poland, our empirical findings
do not support this prediction. Consequently, strict regulations do not necessarily
harm the performance of the pension funds.
JEL Classification: