Efficiency analysis in the spanish pension funds industry: A frontier approach

© 2010 by Taylor and Francis Group, LLC. As a starting point, we analyze the risk-return management of pension plans, checking to what extent the participation of the future pensioners have any in uence in the pension plan’s performance. A er this, we examine the risk-return management in each management rm, taking into account the legal status of the parent company (savings bank, private bank, mutual insurance company, or insurance company). E ort will be put to determine to what extent the presence of di erent objectives can exert any e ect on the pension plan’s performance.