Regulating private pension funds’ structure, performance and investments: cross-country evidence

A number of countries have introduced individual, privately managed defined-contribution accounts, where the value of the pension benefit will depend on accumulated contributions and investment returns. These schemes expose workers’ future pension benefits to a number of different risks. To try to mitigate these risks, reforming governments have often strictly regulated the pension fund management industry’s structure, performance, and asset allocation. Structural regulations often force workers to choose only one manager and one fund. So, workers are unable to diversify investments across funds, exposing them to aberrant behaviour by fund managers, and preventing portfolio adjustments according to the individual’s age, household characteristics, career profile and attitude to risk. Strict asset-allocation rules and relative performance criteria mean that pension funds often invest and perform almost identically, removing any substantive choice for workers over the allocation of their pension fund’s assets and the portfolio’s risk and returns. Concentration in the pension fund management industry is found to be higher in the new pension systems of Latin America and Eastern Europe than in most OECD countries. Concentration might be because the new pension markets are smaller than in countries with more established funded pension systems, but it could also be because of restrictions on industry structure. In Latin America, asset allocation and performance is nearly identical across pension funds. So-called ‘herding’ behaviour is almost a defining characteristics of these pension regimes. Again, this reflects, at least in part, asset allocation restrictions and strict performance regulation. There is also evidence that pension funds have often under-performed simple portfolios composed of market indices of stocks and bonds. All the rules imposed in the new systems of Latin American and Eastern Europe seem to be more stringent than in the OECD, with one exception: portfolio limits. Some OECD countries have a tighter investment regime than countries such as Argentina, Chile, Colombia, Peru and Poland. But OECD countries tend to have fewer barriers to entry and impose fewer constraints on performance than Latin American and Eastern European countries

Regulating private pension funds’ structure, performance and investments: cross-country evidence

A number of countries have introduced individual, privately managed defined-contribution accounts, where the value of the pension benefit will depend on accumulated contributions and investment returns. These schemes expose workers’ future pension benefits to a number of different risks. To try to mitigate these risks, reforming governments have often strictly regulated the pension fund management industry’s structure, performance, and asset allocation. Structural regulations often force workers to choose only one manager and one fund. So, workers are unable to diversify investments across funds, exposing them to aberrant behaviour by fund managers, and preventing portfolio adjustments according to the individual’s age, household characteristics, career profile and attitude to risk. Strict asset-allocation rules and relative performance criteria mean that pension funds often invest and perform almost identically, removing any substantive choice for workers over the allocation of their pension fund’s assets and the portfolio’s risk and returns. Concentration in the pension fund management industry is found to be higher in the new pension systems of Latin America and Eastern Europe than in most OECD countries. Concentration might be because the new pension markets are smaller than in countries with more established funded pension systems, but it could also be because of restrictions on industry structure. In Latin America, asset allocation and performance is nearly identical across pension funds. So-called ‘herding’ behaviour is almost a defining characteristics of these pension regimes. Again, this reflects, at least in part, asset allocation restrictions and strict performance regulation. There is also evidence that pension funds have often under-performed simple portfolios composed of market indices of stocks and bonds. All the rules imposed in the new systems of Latin American and Eastern Europe seem to be more stringent than in the OECD, with one exception: portfolio limits. Some OECD countries have a tighter investment regime than countries such as Argentina, Chile, Colombia, Peru and Poland. But OECD countries tend to have fewer barriers to entry and impose fewer constraints on performance than Latin American and Eastern European countries.pensions; portfolios; investments

Regulating private pension funds'structure, performance, and investments : cross-country evidence

Because defined-contribution systems expose pensions to a number of risks, reforming governments have often strictly regulated the pension fund industry's structure, performance, and investments. This paper compares the rules in the new systems of Latin America and Eastern Europe with richer OECD countries. The authors argue that the benefits of competing pension funds and individual choice can only be achieved if regulations are loosened in the medium term.Pensions&Retirement Systems,Non Bank Financial Institutions,Insurance&Risk Mitigation,Banks&Banking Reform,Environmental Economics&Policies

Evaluating quantitative determination of levoglucosan and hydroxyacetaldehyde in bio-oils by gas and liquid chromatography

This communication evaluates the suitability of gas and liquid chromatography for the quantification of levoglucosan and hydroxyacetaldehyde in bio-oils. It was found that both techniques can principally determine levoglucosan quantitatively in cellulose/biomass derived bio-oils. However, it is also shown that oligo-anhydrosugars present in the bio-oils undergo depolymerisation to levoglucosan during gas chromatography, resulting in an overestimation of the concentration of levoglucosan. Hydroxyacetaldehyde can only be determined quantitatively by liquid chromatography. Presented experimental evidence shows that the high temperature (200–320 °C) of injection in gas chromatography is a key factor causing oligo-anhydrosugars and hydroxyacetaldehyde to react during analysis, which may lead to flawed results

Regulating private pension funds’ structure, performance and investments: cross-country evidence

A number of countries have introduced individual, privately managed defined-contribution accounts, where the value of the pension benefit will depend on accumulated contributions and investment returns. These schemes expose workers’ future pension benefits to a number of different risks. To try to mitigate these risks, reforming governments have often strictly regulated the pension fund management industry’s structure, performance, and asset allocation. Structural regulations often force workers to choose only one manager and one fund. So, workers are unable to diversify investments across funds, exposing them to aberrant behaviour by fund managers, and preventing portfolio adjustments according to the individual’s age, household characteristics, career profile and attitude to risk. Strict asset-allocation rules and relative performance criteria mean that pension funds often invest and perform almost identically, removing any substantive choice for workers over the allocation of their pension fund’s assets and the portfolio’s risk and returns. Concentration in the pension fund management industry is found to be higher in the new pension systems of Latin America and Eastern Europe than in most OECD countries. Concentration might be because the new pension markets are smaller than in countries with more established funded pension systems, but it could also be because of restrictions on industry structure. In Latin America, asset allocation and performance is nearly identical across pension funds. So-called ‘herding’ behaviour is almost a defining characteristics of these pension regimes. Again, this reflects, at least in part, asset allocation restrictions and strict performance regulation. There is also evidence that pension funds have often under-performed simple portfolios composed of market indices of stocks and bonds. All the rules imposed in the new systems of Latin American and Eastern Europe seem to be more stringent than in the OECD, with one exception: portfolio limits. Some OECD countries have a tighter investment regime than countries such as Argentina, Chile, Colombia, Peru and Poland. But OECD countries tend to have fewer barriers to entry and impose fewer constraints on performance than Latin American and Eastern European countries

Neuropsychological maturity in pre-school children

The purpose of the research was to improve neuropsychological maturity in preschool children; to achieve this; a program of strategies that reinforced the levels of neuropsychological maturity was carried out. The research had a quantitative approach, hypothetical-deductive method and quasi-experimental design; a pre-test and post-test of the Cumanin questionnaire, a valid and reliable instrument, was applied to a sample of 450 students of the initial level. The research found differences between the levels of neuropsychological maturity in pre-school children before and after the application of the program. In this sense, it should be pointed out that before the application of the program, 13.1% were at the beginning level, 72.2% were in process and 14.7% were at the achieved level; after the application of the program, 6.2% of the children were at the beginning level, 72.2% were in process and 21.6% were at the achieved level, which means that the children were at the beginning level, 72.2% were in process and 21.6% were at the achieved level. Therefore, it was concluded that the program generates a positive effect on psychomotor skills in preschool children, since highly significant differences were evidenced (z=-16.065; p<0.000)

The role of affect-driven impulsivity in gambling cognitions: a convenience-sample study with a Spanish version of the Gambling-Related Cognitions Scale

Background and aims: abnormal cognitions are among the most salient domain-specific features of gambling disorder. The aims of this study were: (a) to examine and validate a Spanish version of the Gambling-Related Cognitions Scale (GRCS; Raylu & Oei, 2004) and (b) to examine associations between cognitive distortion levels, impulsivity, and gambling behavior. Methods: this study first recruited a convenience sample of 500 adults who had gambled during the previous year. Participants were assessed using the Spanish version of GRCS (GRCS-S) questionnaire, the UPPS-P impulsivity questionnaire, measures of gambling behavior, and potentially relevant confounders. Robust confirmatory factor analysis methods on half the sample were used to select the best models from a hypothesis-driven set. The best solutions were validated on the other half, and the resulting factors were later correlated with impulsivity dimensions (in the whole n = 500 factor analysis sample) and clinically relevant gambling indices (in a separate convenience sample of 137 disordered and non-disordered gamblers; validity sample). Results: this study supports the original five-factor model, suggests an alternative four-factor solution, and confirms the psychometric soundness of the GRCS-S. Importantly, cognitive distortions consistently correlated with affect-or motivation-driven aspects of impulsivity (urgency and sensation seeking), but not with cognitive impulsivity (lack of premeditation and lack of perseverance). Discussion and conclusions: our findings suggest that the GRCS-S is a valid and reliable instrument to identify gambling cognitions in Spanish samples. Our results expand upon previous research signaling specific associations between gambling-related distortions and affect-driven impulsivity in line with models of motivated reasoning

In support of the ICCAT ecosystem report card: advances in monitoring the impacts on and the state of the “foodweb and trophic relationships” ecosystem component.

In support of the development of the ICCAT Ecosystem Report Card, this paper addresses the “foodweb/trophic relationships” ecosystem component. Specifically, it contributes towards developing the following elements: (1) we describe what this component means in the context of ICCAT species and fisheries and the importance of monitoring it; (2) we describe the role of ecological indicators and ecosystem models in monitoring this ecosystem component; (3) we present a list of candidate ecological indicators that could be estimated to monitor this component; (4) we discuss the main challenges in monitoring this ecosystem component and indicator development; and finally (5), we draft a work plan to guide our future work. We invite the ICCAT community and others to contribute towards the development of ecological indicators and ecosystem models to monitor this ecosystem component. If interested, contact the corresponding authors to find out how you can contribute to this initiative.Versión del editor

In support of the IOTC ecosystem report card: Advances in monitoring the impacts on and the state of the “foodweb and trophic relationships” ecosystem component

In support of the development of the ICCAT Ecosystem Report Card, this paper addresses the “foodweb/trophic relationships” ecosystem component. Specifically, it contributes towards developing the following elements: (1) we describe what this component means in the context of ICCAT species and fisheries and the importance of monitoring it; (2) we describe the role of ecological indicators and ecosystem models in monitoring this ecosystem component; (3) we present a list of candidate ecological indicators that could be estimated to monitor this component; (4) we discuss the main challenges in monitoring this ecosystem component and indicator development; and finally (5), we draft a work plan to guide our future work. We invite the ICCAT community and others to contribute towards the development of ecological indicators and ecosystem models to monitor this ecosystem component. If interested, contact the corresponding authors to find out how you can contribute to this initiative