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Ítem Performance persistence: The case of Colombia’s pension and severance pay funds(Departamento de Administración de la Facultad de Ciencias Económicas y Administrativas de la Universidad de Chile, 2011-01-01) Jaramillo, FernandoThis 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.Ítem Análisis de las rentabilidades de los multifondos de pensión(Universidad Icesi, 2018-01-01) Martínez Rodríguez , Jairo Andrés; Buenaventura Vera, Guillermo; Asesor TesisEl objetivo del presente trabajo es analizar los efectos financieros de la reforma pensional que dio lugar a la creación de los multifondos en el 2012. Sí bien, está reforma permitió flexibilizar la regulación de los fondos en Colombia donde las personas cotizantes tengan libre elección de escoger entre un fondo de alto riesgo, conservador o moderado con el fin de obtener el mejor bienestar de los individuos, teniendo como base la teoría de selección de carteras, dónde se evalúan las administradoras de pensiones y cesantías considerando una función de riesgo y rentabilidad esperada.Ítem 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(Consejo Latinoamericano de Escuelas de Administración, 2011-01-01) Berggrun Preciado, LuisThis 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.