Herd Behaviour in the Pension Fund Administrators in Chile: A Correlation and Cointegration Analysis

Abstract

This study analyses the performance of pension funds in Chile and the characteristics of the market of Pension Fund Administrators, incorporating the effect of the 2008 financial crisis, also known as the subprime crisis. The Chilean market shows asymmetric information for the people paying into pension funds, herding and extraordinary earnings to a degree… (More)

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