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  • Acta Universitatis Lodziensis. Folia Oeconomica nr 259/2011
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Efektywność inwestycyjna OFE w świetle teorii portfela

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173-194.pdf (197.9Kb)
Date
2011
Author
Zimny, Artur
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Abstract
The purpose of this article is to demonstrate that the evaluation of investment activity run by Polish Open Pension Funds only through analyzing their rate of returns calculated according to formula specified in legal regulations, is insufficient, since it covers only some part of the history of their activity, which does not allow to assess their real profitability potential or risks associated with it. In addition, collected data were used to analyze the effectiveness of investments made by OPF in terms of portfolio theory. The evidence showed that investment results of OPF are very similar to each other, and that those investments are associated with significantly less risk than other investments on the stock market. The study showed also that the effectiveness of those investments is similar to the theoretical effectiveness of investments in market index (WIG) and that they are correctly priced in terms of Sharpe’s model. The conclusion is that the OPFs, as a part of Polish pension system, should be regarded as correctly fulfilling their task.
URI
http://hdl.handle.net/11089/769
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  • Acta Universitatis Lodziensis. Folia Oeconomica nr 259/2011 [12]

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