One of the biggest criticisms leveled at defined contribution individual account (IA) components of social security systems is that they are too expensive. This paper investigates the cost-effectiveness of three options for constructing funded social security pillars: 1) IA's invested in the...

One of the biggest criticisms leveled at defined contribution individual account (IA) components of social security systems is that they are too expensive. This paper investigates the cost-effectiveness of three options for constructing funded social security pillars: 1) IA's invested in the...

This paper studies the apparent lack of value creation by Chilean equity mutual funds, emphasizing the role of their "investment styles" (obtained by combining multiple equity and fixed-income benchmarks, using Sharpe's (1992) technique) and their determinants. We also search for evidence...