C-Quadrat Ampega Asset Management Armenia in cooperation with the Armenian Economic Association organized an online student conference on August 28, 2020 where students and recent graduates presented their research on the topics of pension economics and asset management. Two nominees, Mr. Arman Zhamharyan and Ms. Yana Hovsepyan, were awarded the C-Quadrat Ampega Student Award with a prize of EUR 500 each. Other shortlisted candidates from Central European University, Fachhochschule des BFI Wien and American University of Armenia have conducted research on asset pricing and stock price returns. Among the invited speakers were Sergio Nisticò, Professor of Economics as well as  Professor Tito Boeri.

Mr. Arman Zhamharyan, a recent graduate of Goethe University Frankfurt has commented his thesis on “Asset Allocation for Phased Withdrawal Plans” saying: “In my work I compare several pension plans to each other and to a benchmark annuity with respect to their returns, risk, and bequest potential. The main finding of the paper is that there is no dominant strategy, and the optimal plan depends on the time horizon, risk appetite, and perceived importance of leaving a bequest to the retiree. Furthermore, by selecting the right plan and asset allocation, it is possible to tailor pension plans to specific needs.”

Yana Hovsepyan, the next awardee, mentioned the satisfaction of working with real time data about Armenia: “Behavioral economics has always been of interest to me and connecting it to pension funds and understanding what drives people when making a decision was a good challenge. Results, even if a little surprising, could help better understand the people and make the process of adapting to new reforms much smoother.”

To read the full papers: 

Arman_Zhamharyan

Yana_Hovsepyan