In the fourth chapter the practical effect of pension fund investment is analized . in the past 25 years , chile has accumulated a huge amount of pension fund which was attributed to a high investment return . at the same time , the cost of pension fund management has droped down . as for the afp industry , conclusions can be made that the market concentration is holding on , investment “ herding effect ” is intensified , and salesmen take an negative role in market competition 第四章:实证分析养老基金投资的历史成效。历史上养老基金积累了规模巨大的资产,取得了高额的投资回报,投资管理成本呈逐步下降趋势。养老基金行业发展呈现出三个特点:一是市场垄断趋势逐步加强;二是投资策略上表现出“羊群效应” ;三是市场营销人员对竞争效率有明显的影响作用。
