with this method net annual average (geometric) return of the system is calculated as 2.01% for the 2008-2014 period …. However, the results of this study show that when other “pension plan costs” are taken into account, net annual average return … decreases to 0.19%. The study also demonstrates that for generating 0.19% average net return, pension companies received 2 …

groups provide return that is proportional to risk is tested by using Capital Asset Pricing Model (CAPM) and the Fama … pricing models and is used to test whether fund groups provide abnormal return. Consequently, contrary to the expectations, a …