Efektywność inwestycji funduszy emerytalnych w Polsce – wybrane problemy
Pension funds performance in Poland – selected problems

Summary/Abstract: Performance analysis of pension funds in Poland is a very important theoretical and practical issue. There is no consensus on the market which methods of investment performance should be used. The statutory measure is believed to be inadequate. This study examines the performance of Polish pension funds using three approaches. The first is a comparison to an external benchmark. The second uses market timing models to assess managerial skills on account of using market trends and choosing securities. The third is based on a comparison between the hypothetical account balances that would be obtained in different pension plans given the same contributions.

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