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)