Review Reports

Round 1

Reviewer 1 Report

Please see attachment.

Comments for author File: Comments.pdf

Author Response

Please see the attachment.

Author Response File: Author Response.pdf

Reviewer 2 Report

 

This is a very interesting and well written paper that I think should be published. I particularly like some of the graph, such as figure 3 and 4, which I think that are particularly clear and engaging. I have a few suggestions:

 

1)       I think that the article would benefit for a bit more of a description of the Lithuanian labor economy/pension structure. It does not need to be a large section but many readers might not be very familiar with it and would add clarity to the paper. Any sector differences? What about self-employed people?

2)       It would be interesting to try to generalize the results to assess for applicability in other regional markets. There is no need to do calculations but a qualitative description describing the applicability of this approach to other Baltic countries would be very interesting.

3)       I think that it is also missing a paragraph describing the limitations of the analysis and future areas of research.

4)       If possible I think that it would be a good idea to increase the resolution of figure 2.

Author Response

Please see the attachment.

Author Response File: Author Response.pdf

Round 2

Reviewer 1 Report

Thank you for the excellent revision. Just one final question. You mention that the square of relative lower semi-tracking error equals 1-RUSTE². Can you indicate in the paper if this generally true or only assuming a symmetric distribution of excess returns?