Purpose

This paper aims to investigate private pension fund investor sentiment against fund performance and cost in an environment of frequent regulatory changes. The analyses are conducted in a low return, high-cost private pension fund market environment, which makes it easier to observe the relationship between investor sentiment to return and cost.

Design/methodology/approach

This paper conducts fixed effect, random effect and random effect within between effect panel data analyses of all Turkish private pension funds from 2011 to 2019. This paper conducts the analyses using aggregate data and subsets based on fund characteristics and pre-post regulation periods.

Findings

When regulations provide compensation and improve market efficiency in a pension fund market, investor focus shifted from performance to cost. Investors allocated assets with respect to return realization when adequately compensated for risk or had favorable cost contract clauses. Consequently, investors in pension funds with lower expected returns and no special fee reduction clauses tended to adopt the strategy of cost minimization.

Research limitations/implications

The overlap of regulatory change periods could complicate the ability to distinguish the impact of any one specific change. The findings therefore cannot be generalized to differently structured markets.

Practical implications

Regulatory changes could lead to a switch of investor objectives. When regulatory changes compensate investors and increase market efficiency, investors objective could switch from performance to cost.

Originality/value

This study investigates investor sentiment in a relatively young private pension fund market, in which the relevant regulatory body ambitiously implements frequent changes in regulation. The selected market is unique in the sense that it has negative real returns and high costs, which make investor focus to return and cost more readily apparent.

中文翻译：

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监管频繁变化下的私人养老基金资金流量，绩效和成本关系

目的

本文旨在研究在频繁监管变化的环境下私人养老基金投资者的情绪对基金绩效和成本的影响。这些分析是在低回报，高成本的私人养老基金市场环境中进行的，这使得更容易观察投资者情绪对回报与成本之间的关系。

设计/方法/方法

本文在2011年至2019年所有土耳其私人养老基金的效应面板数据分析之间进行固定效应，随机效应和随机效应。本文根据基金特征和事前监管期，使用汇总数据和子集进行分析。

发现

当法规提供补偿并提高养老基金市场的市场效率时，投资者的关注点便从绩效转移到成本。当充分补偿风险或具有有利的成本合同条款时，投资者根据收益实现分配资产。因此，预期收益较低且没有特殊费用减免条款的养老基金投资者倾向于采用成本最小化的策略。

研究局限/意义

法规变更期的重叠可能使区分任何一项特定变更的影响的能力变得复杂。因此，调查结果不能推广到结构不同的市场。

实际影响

监管方面的变化可能导致投资者目标的转变。当监管变化补偿投资者并提高市场效率时，投资者的目标可能会从业绩转变为成本。

创意/价值

这项研究调查了一个相对年轻的私人养老基金市场中的投资者情绪，在这个市场中，相关的监管机构雄心勃勃地实施了频繁的监管变化。选定的市场具有一定的独特性，因为它具有负的实际回报和高成本，这使投资者更加关注回报和成本。