000131141 001__ 131141 000131141 005__ 20240205173707.0 000131141 0248_ $$2sideral$$a80314 000131141 037__ $$aART-2012-80314 000131141 041__ $$aeng 000131141 100__ $$0(orcid)0000-0002-2525-9049$$aAlda, Mercedes$$uUniversidad de Zaragoza 000131141 245__ $$aThe role of fees in pension fund performance. Evidence from Spain 000131141 260__ $$c2012 000131141 5203_ $$aPension funds represent a substantial part of welfare systems, so efficient management is important for beneficiaries. However, performance may be seriously affected by fees. This fact led us to analyze the relation between fees and performance in Spanish equity and bond pension funds with a European investment focus. We apply a model that relates performance and fees, employing several performance measures (the alphas from the Fama and French model, the Carhart model, and two models with bond benchmarks) in order to observe if the relation changes depending on the type of pension fund analyzed. The analysis reveals a significantly negative relation for both types of pension funds, so we observe that worse-performance pension funds charge higher fees and better-performance pension funds charge lower fees. Finally, we confirm that after-fee performance is lower than before-fee performance. 000131141 540__ $$9info:eu-repo/semantics/openAccess$$aAll rights reserved$$uhttp://www.europeana.eu/rights/rr-f/ 000131141 590__ $$a0.34$$b2012 000131141 591__ $$aBUSINESS, FINANCE$$b71 / 88 = 0.807$$c2012$$dQ4$$eT3 000131141 655_4 $$ainfo:eu-repo/semantics/article$$vinfo:eu-repo/semantics/publishedVersion 000131141 700__ $$0(orcid)0000-0002-3816-9747$$aFerruz, Luis$$uUniversidad de Zaragoza 000131141 7102_ $$14002$$2230$$aUniversidad de Zaragoza$$bDpto. Contabilidad y Finanzas$$cÁrea Economía Finan. y Contab. 000131141 773__ $$g62, 6 (2012), 518-535$$pFinance úvÏer$$tFINANCE A UVER-CZECH JOURNAL OF ECONOMICS AND FINANCE$$x0015-1920 000131141 85641 $$uhttps://journal.fsv.cuni.cz/mag/article/show/id/1262$$zTexto completo de la revista 000131141 8564_ $$s563905$$uhttps://zaguan.unizar.es/record/131141/files/texto_completo.pdf$$yVersión publicada 000131141 8564_ $$s1792578$$uhttps://zaguan.unizar.es/record/131141/files/texto_completo.jpg?subformat=icon$$xicon$$yVersión publicada 000131141 909CO $$ooai:zaguan.unizar.es:131141$$particulos$$pdriver 000131141 951__ $$a2024-02-05-15:07:21 000131141 980__ $$aARTICLE