This paper ranks the pension funds management companies according to their change in total productivity for the period 1994-2007. We estimate the change in total productivity, breaking this down into technically efficient change and technological change by means of data envelopment analysis...

This paper analyses the account of the benefits sub-system as well as its impact on the portfolio of Social Security Trust Fund (“FEFSS”). Section 2 describes state social security and the account projections of the benefits sub-system. Section 3 analyses the actuarial and financial...

The enhanced role of occupational and personal pension plans in providing retirement income raises issues concerning efficiency and performance.1 This paper evaluates the performance of Portuguese pension fund management companies from 1994 to 2003, using a Cobb–Douglas stochastic cost...

The volatility implications of derivatives listing are not understood. Theoretical and empirical analyses on this issue have led to conflicting conclusions. This paper analyses the volatility effect of the initial exchange-listing of options and futures on the Portuguese capital market.

Purpose – The purpose of this paper is to investigate empirically the relationship between property-liability insurance premiums and economic and financial development in the case of Portugal, assuming a supply-leading causality pattern of development. In other words, the expansion of the...

This paper analyses the determinants of saving behaviour among Portuguese households using a structural equation model with latent variables. It is found that the main factors directly influencing households' saving behaviour are their attitude towards saving and their level of income. However,...