Accinelli, Elvio; Piria, Alfredo; Tempone, Raúl - In: Estudios Económicos 14 (1999) 1, pp. 129-153
The restrictions imposed by the regulatory authorities on the composition of retirement-fund portfolios are aimed at avoiding opportunistic behavior on the part of retirement-fund managers. However, these restrictions reduce the welfare of the shareholders of such funds. In this paper, the...