Performance Evaluation of Public Pension Funds: The Reformed Pension System in Poland

The paper is an updated first performance evaluation study of the Polish pension funds operating from 1999. The unconditional performance evaluation models are used. It is shown that pension fund managers did produce additional value due to active management. Therefore, unsatisfactory overall results for the public pension system cannot be attributed to the inefficiency of the investment process. The research presents some facts on pension funds' investment behaviour (successful diversification, returns clustering around median manager, positive timing skills).