Andreu, L.

pension pension plans market timing equity portfolio model spanish return world result skill euro zone equities panel sample performance world equities figure bond market timing multifactor extension table ability multifactor manager management treynor mazuy world pension plans look-ahead bias period stock investment histogram management skills selectivity euro zone benchmark evaluation look-ahead market timing selectivity skill pension schemes 5.99 extension asset 63.20 26.20 report analysing investor exposure erasmu paper equity market timing scheme study finance research 30.77 weight equally-weighted 36.10 multifactor version pension funds timing ability panel b reports 30.77 12.80 56.40 12.80 p-value pension plan equation 21.60 9.61 mazuy model 55.42 pension plan managers journal evidence 37.78