Hyo-jung Kang, Suk-hwan Kim, Keun-woo Park, Hyoung-goo Kang
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Our study investigates the influence of the Korean National Pension Fund's equity ownership on voting premiums, revealing a statistically significant reduction. In particular, we establish the liquidity pathway as the primary factor among the three channels previously suggested in the literature. Analysis of the COVID-19 era and the VKospi index underscores this predominance. These findings enrich the literature on public pension funds and capital markets, providing policymakers in emerging economies with a deeper understanding of the dynamics involved in establishing pension investment institutions.
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