In this paper we use our comprehensive pension system model calibrated to the real demographic, employment and retirement data, measure transition costs of implementing mandatory private second-pillar into the pension landscape and consider fiscal sustainability of pension system. We report...

This paper examines the transition costs of a mandatory private, second pension pillar. We use a comprehensive model with real demographic, employment, and public retirement data; and combine it with private pension pillar features. The model shows that fiscal sustainability and improved accrual...

In this paper we provide new evidence on the incentives for initial public offerings (IPOs) in the emerging capital markets of Central and Eastern Europe (CEE) in the 2000s. First, we prove the existence of IPO cycles. Second, we show that the number of IPOs and their underpricing are positively...

Current demographic dynamics driven by low fertility and increasing longevity requires adjustments of the traditional frameworks of providing pensions. In this article we highlight three crucial issues policymakers should address by implementing those adjustments. First, fiscal limitations given...

Rapid population aging driven by low fertility and increasing longevity requires further adjustments of the traditional pension frameworks in Central and Eastern Europe (CEE). In this article we analyze the pension systems of the Czech Republic, Hungary, Poland, Slovakia, and Slovenia and show...

In this paper we provide first evidence that activities of placement agents are justified. Using two proprietary limited partner datasets that contain data on 902 private equity funds raised in the period 1990-2011, we find that general partners hire placement agents to provide funding of...

Psychological barriers are shown to be a feature in frontier market equity pricing. Using MSCI Frontier 100 index constituents; prices, upon breaching an upward or downward psychologically important price point, generally follow predictable patterns in the days after such a breach. It is...

Recent research about the financial behaviour of Slovenian firms has documented enterprise risk management as being one of its weakest areas. The goal of this article is to present insights into financial risk management, i.e. into the extent of the use of derivatives in the largest Slovenian...