Analysing the efficiency of Portuguese pension funds : a stochastic frontier model

Barros, Carlos Pestana, Caporale, Guglielmo Maria and Silvestre, António Luís (2007) Analysing the efficiency of Portuguese pension funds : a stochastic frontier model. Centre for International Capital Markets discussion papers, 2007 (08). pp. 1-29. ISSN 1749-3412

Abstract

This paper examines technical efficiency of Portuguese pension funds management companies, using a stochastic frontier model in order to obtain estimates of economies of scale and scope. The empirical findings reveal a significant effect of efficiency measures on pension funds efficiency. Their implications for managers and policy makers are discussed.

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