%0 Journal Article 
%T Performance Persistence : the case of colombia ’ s Pension and severance Pay funds Persistencia en el desemPeño : el caso de los fondos de Pensiones y cesantías de colombia
%D 2011
%@ 1012-8255
%U http://hdl.handle.net/10906/79788
%X This   paper   studies   performance   persistence   for 
mandatory,  voluntary  and  severance  pay  funds  in 
Colombia.  We  test  for  persistence  in  terms  of  raw 
and style-adjusted returns for consecutive and mul
-
tiple  periods.  This  document  also  explores  whether 
an investor following strategies based on persistence 
can  attain  statistical  and  economically  significant 
excess  returns.  Our  results  indicate  the  presence  of 
performance  persistence  for  some  funds  in  the  very 
short  run.  However,  investors  pursuing  portfolio 
strategies  based  on  this  sort  of  predictability  would 
have been unable to obtain significant excess returns. 
More importantly, these findings support the notion 
of weak-form market efficiency.
%K Economía
%K Negocios y management
%K Economics
%K Business
%K Fondos de pensiones
%K Cesantías
%K Portafolios
%~ GOEDOC, SUB GOETTINGEN