The relationship between pension funds and the stock market: Does the aging population of Europe affect it? |
| |
| Institution: | 1. School of Management and CARD, Zhejiang University, China;2. Business School, Beijing Normal University, China;1. Department of Mathematics and Physics, Suzhou University of Science and Technology, Suzhou 215009, PR China;2. Department of Mathematics, Imperial College, London SW7 2AZ, UK;1. Koç University, Rumelifeneri Yolu, Sar?yer, 34450 Istanbul, Turkey;2. Ozyegin University, Alemdag, Cekmekoy, 34794 Istanbul, Turkey |
| |
| Abstract: | In recent decades, pension fund investment has increased rapidly because of population aging and growing doubts about the viability of western public pension systems. As a result, pension funds have become dominant in stock markets. This paper examines the influence of the pension fund assets invested in equities on stock market development and the market efficiency of 13 European countries, from 1999 to 2014. Our results vary by country, by pension model and among the one-model countries. Nevertheless, revealing a concern about saving for retirement. Finally, our efficiency analysis reveals that the influence of pension funds varies over time and across markets, due to arbitrage opportunities that provoke adaptive managerial strategies. |
| |
| Keywords: | |
| 本文献已被 ScienceDirect 等数据库收录！ |
|
