Tell me your portfolio and I will guess who you are: social incentives for more fitting pension funds

Improta, Alan Giovanni (2013) Tell me your portfolio and I will guess who you are: social incentives for more fitting pension funds. Tesi di Dottorato, LUISS Guido Carli, Department of Economics and Finance > PhD Program in Economics (english language), tutor: Giuseppe Ragusa, p. 58. [Doctoral Thesis]

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Abstract/Index

Taking as sample, data obtained directly by the pension fund of an Italian multinational containing more than 35 thousand members, it is assessed, through logistic regression models, how demographic characteristics might affect individual risk aversion. The test is useful to identify groups of workers that by nature are more risk averse and could be disadvantaged by the 2006 TFR (severance indemnity) Italian pension reform. For example women controlling for age, income, region and financial literacy prefer lower risky portfolio and they are more likely to switch toward safer sub-funds. This analysis could support the policymaker to calibrate a suitable appendix to the last TFR reform in order to cover gaps in opportunities among different kind of risk takers mitigating the so called “social security risk”. In the meantime, it is taken the occasion of such a rich dataset to exploit this sizeable shock in order to test forced (or semi-forced) participation, confirming higher risk aversion for forced participants.

References

Bibliografia: p. 57-58.

Item Type: Doctoral Thesis (PhD)
Research documents and activity classification: LUISS PhD Thesis
Divisions: Department of Economics and Finance > PhD Program in Economics (english language)
Thesis Advisor: Ragusa, Giuseppe
Additional Information: Dottorato di Ricerca in Economics (XXV ciclo), LUISS Guido Carli, Roma, 2013. Relatore: Prof. Giuseppe Ragusa.
Uncontrolled Keywords: Gender. Risk Aversion. Complementary Social Security. Forced Participation.
MIUR Scientific Area: Area 13 - Economics and Statistics > SECS-P/05 Econometrics
Deposited by: Chiara Annulli (admin)
Date Deposited: 11 Jul 2013 18:01
Last Modified: 22 Apr 2015 00:14
URI: http://eprints.luiss.it/id/eprint/1250

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