The importance of domestic equity pension funds on stock market

IF 0.9 4区管理学 Q3 BUSINESS, FINANCE

Spanish Journal of Finance and Accounting-Revista Espanola De Financiacion Y Contabilidad Pub Date : 2017-04-03 DOI:10.1080/02102412.2016.1265709

Mercedes Alda García, Isabel Marco Sanjuán

引用次数: 5

Abstract

ABSTRACT This study examines for the first time the true impact of domestic pension funds investing in equities on the stock market development from a comprehensive perspective. Specifically, we analyse the influence of three pension fund variables (the portions of domestic equity pension funds over total pension funds assets and gross domestic product, and the pension fund return) on market size, liquidity, activity, growth, return and volatility in eight European stock markets, both in the short and long term. Our results show higher influence on the short term than in the long term. Pension funds impact positively on the short- and long-run market size, return and stability. Nonetheless, they only encourage short-term liquidity and activity, evidencing less frequent asset reallocation, consistent with the long-term nature of these instruments.

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国内股票型养老基金对股市的重要性

摘要本文首次从全面的角度考察了国内养老基金投资股票对股票市场发展的真实影响。具体而言，我们分析了三个养老基金变量(国内股票养老基金占养老基金总资产和国内生产总值的比例，以及养老基金回报)对八个欧洲股票市场短期和长期市场规模、流动性、活动性、增长、回报和波动性的影响。我们的研究结果表明，短期影响大于长期影响。养老基金对短期和长期市场规模、收益和稳定性均有积极影响。尽管如此，它们只会鼓励短期流动性和活动，表明资产重新配置的频率较低，这与这些工具的长期性相一致。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Spanish Journal of Finance and Accounting-Revista Espanola De Financiacion Y Contabilidad BUSINESS, FINANCE-

CiteScore

2.10

自引率

10.00%

发文量

期刊介绍： The Spanish Journal of Finance and Accounting ( SJFA) is a quarterly academic journal founded in 1972. It aims to publish high quality research papers in accounting and finance. The scope of SJFA covers theoretical and empirical analysis relating to financial markets and institutions, corporate finance, market microstructure, corporate governance, internal and management accounting and a wide spectrum of financial performance and financial reporting, including auditing and public accounting. The Journal welcomes both theoretical and empirical contributions, and in particular, theoretical papers that yield novel testable implications and empirical papers that are theoretically well motivated. The journal is not a suitable outlet for highly abstract mathematical papers or empirical papers with inadequate theoretical motivation. All manuscripts that meet these editorial guidelines are blind reviewed by external reviewers. SJFA sponsors a periodic conference in which selected papers under review are presented and discussed by additional reviewers in order to increase the quality of the papers published in the journal. If accepted for publication, these selected articles are published in the Journal with a special distinction. The Journal welcomes replies and discussions to both published and forthcoming articles. These contributions, if accepted by the editors, may eventually be published jointly with a reply or comment by the authors of the original paper.