Abstract

ZUNIGA-JARA, Sergio; CHEBAIR, Millicen  and  TAPIA, Paulina. Selection between Multi-Funds for Retirement: A New Methodology and a Case Study. Gest. polít. pública [online]. 2017, vol.26, n.1, pp.219-251. ISSN 1405-1079.

The effects of the financial crisis of 2008 made it evident the need for the Chilean regulatory authority implements regulations and incentives that reduce unexpected impacts on pensions of people. In this study we build a model that suggests an alternative specific savings for each person according to their individual characteristics or risk profile. The proposed model is based on the technique of discriminant analysis, and contribution lies in being the first study to apply this scientific technique in selecting savings or investment funds. The results show that the technique can be implemented in a simple and economical manner, and which is able to reasonably predict savers choosing an investment fund only four explanatory variables, without further loss in the ability of classification. The study provides a new practical and valuable tool for investment managers, savers, and also for the design of public management tools and monitoring by the regulatory authority.

Keywords : discriminant model; financial risk; multifund; Chilean pension system; survey; pension plans.

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