Зелените инвестиции на частните пенсионни фондове
Green Investments of Private Pension Funds

Author(s): Milena Beneva
Contributor(s): Stoyan Kirov (Editor), Zheko Milev (Editor)
Subject(s): Economy, Financial Markets, Green Transformation
Published by: Е-литера Софт ЕООД
Keywords: green investments; private pension funds; portfolio optimization
Summary/Abstract: The book explores the potential for optimizing the portfolios of voluntary pension funds (VPFs) in Bulgaria by incorporating green assets. Optimal portfolio solutions are derived using the mean–variance (MV) and upper/lower partial moment (UPM/LPM) models across a wide range of parameter specifications, including diverse investment constraints, varying target risk and return levels, target allocations for green assets, and different investor risk attitudes. The empirical findings demonstrate that environmentally oriented portfolios are fully competitive with conventional ones and offer the potential to enhance the investment performance of private pension funds. Insofar as a sustainable and responsible investment policy incorporates a range of value-driven considerations beyond traditional risk and return metrics, it can better satisfy the needs of fund members and society as a whole.

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