Tiene la rentabilidad histórica incidencia en los flujos de inversión de los planes de pensiones españoles

This work tests the influence of historical returns on the behaviour of investors in Spanish equity pension plans for the period 2001-2005. This is a really unexplored topic in the Spanish financial market, one of the most emerging pension fund industries in the European Union. We propose a cross-sectional study to relate past return to future investor and money flows, an approach seldom considered in international financial literature. We provide evidence that new investor flows and money flows into Spanish pension plans are variables sensitive to past return. To reach this conclusion we have applied a non-parametric methodology by using a contingency table approach. we can assert that this influence of past return on the new investment flows is found in the whole period analysed by using the exhaustive non-parametric contrast proposed by Cochran. We also improve the methodologi- cal approach by using 4x4 contingency tables and by using the analysis of the standardized residuals.