In Italia, nonostante le recenti riforme, lo sviluppo dei fondi pensione rimane insoddisfacente, limitando il risparmio previdenziale dei lavoratori e l’articolazione del mercato privato dei capitali. Questo studio esamina i motivi alla base di questo ritardo, analizza i possibili vantaggi che...

Despite the reforms of recent years, the development of pension funds in Italy remains unsatisfactory, limiting workers’ retirement saving and hampering the capital market.This study analyzes the reasons for the lag, examines the potential benefits of supplementarypension schemes for workers,...

Using a clustering procedure,we classify Italian funds ex-post on the basis of the composition of their portfolios and find that the optimal number of clusters is equal to 4. The four groups which result from the statistical classification closely match the 4-level aggregation of the 20 ex-ante...

Participation in supplementary pension funds allows workers to exploit tax benefits and payroll employees to take advantage of employer contributions. The simulations reported in the paper show that these two components can considerably increase workers' retirement wealth. Data show that returns...

We estimate the risk-adjusted performance of Italian equity funds, using both net and gross returns (i.e. net returns plus management fees), employing single factor and multi-factor benchmarks. With net returns the funds' performance is not significantly different from zero. With gross returns,...