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Contribution Details
Type | Master's Thesis |
Scope | Discipline-based scholarship |
Title | Effect of the Negative Interest Rates Policy on Pension Funds: Evidence for Switzerland |
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Institution | University of Zurich |
Faculty | Faculty of Business, Economics and Informatics |
Number of Pages | 33 |
Date | 2021 |
Abstract Text | This thesis examines the effect of the negative interest rate policy on the asset allocation of Swiss pension funds. A complete inventory count builds the basis for the statistical analysis which led to the extensive study of 992 pension funds from 2014 to 2015. Using a differencein-differences analysis the study finds that Swiss pension funds reallocate their assets away from cash and bonds towards equities, real estate and infrastructure, without increasing the volatility. Although the results are statistically significant, the results have to be read with caution, as the underlying data does not follow a normal distribution and might therefore be distorting the results. |
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