The relationship between pension funds and the stock market: Does the aging population of Europe affect it?
Alda, M. (Universidad de Zaragoza)
Resumen: 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.
Idioma: Inglés
DOI: 10.1016/j.irfa.2016.12.008
Año: 2017
Publicado en: International review of financial analysis 49 (2017), 83-97
ISSN: 1057-5219
Factor impacto JCR: 1.566 (2017)
Categ. JCR: BUSINESS, FINANCE rank: 38 / 98 = 0.388 (2017) - Q2 - T2
Factor impacto SCIMAGO: 0.755 - Finance (Q2) - Economics and Econometrics (Q2)
Financiación: info:eu-repo/grantAgreement/ES/UZ/JIUZ-2015-SOC-01
Tipo y forma: Article (PostPrint)
Área (Departamento): Área Economía Finan. y Contab. (Dpto. Contabilidad y Finanzas)
You must give appropriate credit, provide a link to the license, and indicate if changes were made. You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use. You may not use the material for commercial purposes. If you remix, transform, or build upon the material, you may not distribute the modified material.
Exportado de SIDERAL (2019-07-09-12:47:29)
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Idioma: Inglés
DOI: 10.1016/j.irfa.2016.12.008
Año: 2017
Publicado en: International review of financial analysis 49 (2017), 83-97
ISSN: 1057-5219
Factor impacto JCR: 1.566 (2017)
Categ. JCR: BUSINESS, FINANCE rank: 38 / 98 = 0.388 (2017) - Q2 - T2
Factor impacto SCIMAGO: 0.755 - Finance (Q2) - Economics and Econometrics (Q2)
Financiación: info:eu-repo/grantAgreement/ES/UZ/JIUZ-2015-SOC-01
Tipo y forma: Article (PostPrint)
Área (Departamento): Área Economía Finan. y Contab. (Dpto. Contabilidad y Finanzas)
You must give appropriate credit, provide a link to the license, and indicate if changes were made. You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use. You may not use the material for commercial purposes. If you remix, transform, or build upon the material, you may not distribute the modified material. Exportado de SIDERAL (2019-07-09-12:47:29)
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Articles > Artículos por área > Economía Financiera y Contabilidad
Record created 2018-01-25, last modified 2019-07-09