The effect of a switch of management company on pension plan fees
| Autor: | Luis Muga, Rafael Santamaria, Isabel Abinzano |
|---|---|
| Přispěvatelé: | Universidad Pública de Navarra / Nafarroako Unibertsitate Publikoa. Inarbe - Institute for Advanced Research in Business and Economics, Universidad Pública de Navarra. Departamento de Gestión de Empresas, Nafarroako Unibertsitate Publikoa. Enpresen Kudeaketa Saila |
| Rok vydání: | 2021 |
| Předmět: | |
| Zdroj: | Academica-e. Repositorio Institucional de la Universidad Pública de Navarra instname |
| Popis: | The impact of a switch of management company on pension plan fees is analysed by comparing the effects on employer-sponsored versus individual defined-contribution private pension plans in Spain. This framework is ideal because the two types differ significantly both in plan governance structure and consequently in the degree of bargaining power held by the decision-maker. In addition, intense bank restructuring, which has greatly modified the Spanish pension plan map, provides an interesting analytical context for the identification of causal links, because it is a scenario that features shocks exogenous to the relationship under analysis. The results show that a switch of management company significantly reduces management fees for employer-sponsored plans when the management change is not due to the bank restructuring process, on the contrary a switch of management company increases fees for individual pension plans. Financial support from the Spanish Ministry of Economy and Competitiveness (ECO2016-77631-R), the Spanish Ministry of Science and Innovation (PID2019-104304GB-I00/AEI/10.13039.501100011033), and Fundación Caja Navarra FUNCAN-07445 are gratefully acknowledged. |
| Databáze: | OpenAIRE |
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