The paper documents herding among pension fund managers in Poland. Herding occurs despite the lack of an economically significant link between fund performance and the flow of new capital or members. To explain this phenomenon, the paper outlines a model that attributes herding to performance...

This paper gives an overview of demographic trends and their impact on public finances in transition countries. It also describes the pension reforms that have been carried out and the impact of multi-pillar pension reforms on capital market developments. We show that the transition countries...