title: Effectiveness of investment activities of managers in the mandatory pension insurance system
metadata.name: dc.contributor.author
metadata.value: Boldyreva, Natalia B.
metadata.lang: -
metadata.name: dc.contributor.author
metadata.value: Reshetnikova, Liudmila G.
metadata.lang: -
metadata.name: dc.date.accessioned
metadata.value: 2021-03-03T20:12:14Z
metadata.lang: -
metadata.name: dc.date.available
metadata.value: 2021-03-03T20:12:14Z
metadata.lang: -
metadata.name: dc.date.issued
metadata.value: 2020-09
metadata.lang: -
metadata.name: dc.identifier.citation
metadata.value: Boldyreva N. B., Reshetnikova L. G. (2020) Effectiveness of investment activities of managers in the mandatory pension insurance system. St Petersburg University Journal of Economic Studies, vol. 36, iss. 3, pp. 483–513.
metadata.lang: en_GB
metadata.name: dc.identifier.other
metadata.value: https://doi.org/10.21638/spbu05.2020.306
metadata.lang: -
metadata.name: dc.identifier.uri
metadata.value: http://hdl.handle.net/11701/25131
metadata.lang: -
metadata.name: dc.description.abstract
metadata.value: This article examines reasons for the low efficiency of investment activity by pension asset
  managers, and pension investment rules are formulated. These rules are based on the Asset
  Allocation strategy, taking into account the long-term pension investments and the life-cycle
  investment strategy. All pension portfolios of Russiаn managers have weak diversification by
  asset classes, a high share of fixed income financial instruments, and a mismatch of the portfolio
  structure with the risk profile of the beneficiary. The pension industry has high costs. We
  evaluated the real efficiency of investment activity by pension asset managers according to
  the classical theory of investments, and compared it with the risk-return benchmarks of the
  Russian financial market. The real cumulative return by pension asset managers is negative for
  the period 2008–2018. At the same time, the Russian financial market provided opportunities
  for real growth of pension savings. Bank deposits allowed to defend capital from depreciation.
  Modeling of index pension portfolios (conservative, balanced, and aggressive) in the Russian
  financial market, according to pension investment rules, showed a positive impact on
  investment management efficiency of regular rebalancing of the portfolio containing stocks.
  The management of index pension portfolios by the proposed rules protect pension savings
  against inflation. Pension asset managers improve the investment policy efficiency following
  the pension investment rules.
metadata.lang: en_GB
metadata.name: dc.language.iso
metadata.value: ru
metadata.lang: en_GB
metadata.name: dc.publisher
metadata.value: St Petersburg State University
metadata.lang: en_GB
metadata.name: dc.relation.ispartofseries
metadata.value: Studia Slavica et Balcanica Petropolitana;Volume 36; Issue 3
metadata.lang: -
metadata.name: dc.subject
metadata.value: pension system
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: pension
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: funded pension
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: investment
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: financial market
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: pension funds
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: diversification
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: life cycle
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: investment portfolio
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: household finance
metadata.lang: en_GB
metadata.name: dc.title
metadata.value: Effectiveness of investment activities of managers in the mandatory pension insurance system
metadata.lang: en_GB
metadata.name: dc.type
metadata.value: Article
metadata.lang: en_GB
resources.filename: 483-513.pdf
resources.url: https://dspace.spbu.ru/bitstream/11701/25131/1/483-513.pdf
resources.format: Adobe PDF
resources.size: 795,87 kB