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dc.creatorMartínez-Amaya, Óscar Gonzalo
dc.creatorMurcia, Andrés
dc.descriptionSe evalúa el desempeño financiero a largo plazo de los Fondos de Pensiones, teniendo en cuenta el análisis de rentabilidad y las medidas de riesgo, haciendo un cálculo de indicadores de desempeño y los portafolios e inversiones.
dc.description.abstractMandatory pension fund (MPF) affiliates in Colombia do not have a great deal of information to gauge the financial performance of pension fund managers (PFM). At present, each PFM publishes a monthly report on average profitability for the preceding 36 months (tri-annual yield). However, this measure is softened and limits a situation analysis of the yield on those funds. A variance approach that adds a portfolio-risk measurement to the available data would allow for a better assessment of MPF financial performance. If those who contribute to these funds have access to more robust measurements of financial performance, they can choose their MPF on the basis of more complete criteria, as opposed to only tri-annual measurements of profitability. The studies done in Colombia concentrate on evaluating the efficiency of pension funds and on showing the portfolio of these investors is being managed in a financially inefficient way (Jara, Gómez and Pardo, 2005). The primary reason for that inefficiency, according to Jara (2006b), lies with the definition of minimum profitability and the way commissions are structured. These works suggest that pension fund managers lack incentives to perform more efficiently, and propose the application of measures that include MPF portfolio risk. The Sharpe ratio and the information ratio are two examples.
dc.format.extent16 páginas : ilustraciones, gráficas, tablas
dc.publisherBanco de la República de Colombia
dc.relation.ispartofDocumentos de Trabajo
dc.relation.ispartofseriesTemas de Estabilidad Financiera
dc.relation.isversionofTemas de Estabilidad Financiera ; No. 22
dc.rights.accessRightsOpen Access
dc.subjectVolatilidad de los retornos
dc.titleDesempeño financiero de los fondos de pensiones obligatorias en Colombia
dc.title.alternativeFinancial performance of mandatory pension funds in Colombia
dc.typeWorking Paper
dc.subject.jelG23 - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
dc.subject.jelH55 - Social Security and Public Pensions
dc.subject.jelO16 - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
dc.subject.keywordVolatility of returns
dc.subject.lembFondos de pensiones -- Colombia -- 2003-2006
dc.subject.lembFondos de pensiones -- Inversiones -- Colombia -- 2003-2006
dc.subject.lembPortafolio de inversiones -- Colombia -- 2003-2006
dc.type.spaDocumentos de trabajo
dc.rights.spaAcceso abierto
dc.rights.ccAtribucion-NoComercial-CompartirIgual CC BY-NC-SA 4.0
dc.subject.jelspaG23 - Instituciones financieras (excepto bancos); Instrumentos financieros; Inversores institucionales
dc.subject.jelspaH55 - Seguridad social y pensiones públicas
dc.subject.jelspaO16 - Mercados financieros; Ahorro e inversión de capital; Gobierno y financiación de la empresa
dc.type.hasversionPublished Version
dc.source.bibliographicCitationJara, Diego (2006a) “Propuestas dirigidas a mejorar la eficiencia de los fondos de pensiones”, Borradores de Economía, núm. 423, Banco de la República, Colombia.
dc.source.bibliographicCitationGómez, Carolina; Pardo, Andrés (2005) “Análisis de eficiencia de los portafolios pensionales obligatorios en Colombia”, Ensayos sobre Política Económica. núm. 49, diciembre, Banco de la República.
dc.source.bibliographicCitationJensen, Michael (1968) “The Performance of Mutual Funds in the Period 1945-1964”, The Journal of Finance”, vol. 23, núm. 2, Papers and Proceedings of the Twenty-Sixth Annual Meeting of the American Finance Association, Washington, D. C., diciembre 28-30, 1967, pp. 389-416.
dc.rights.disclaimerLas opiniones contenidas en el presente documento son responsabilidad exclusiva de los autores y no comprometen al Banco de la República ni a su Junta Directiva.
dc.creator.firmaAndrés Murcia 

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