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Analysis of the investments made on the Romanian capital market by the privately managed pension funds – Pillar II

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  • Alexandra DARMAZ-GUZUN

    (West University of Timisoara, Romania)

Abstract

The Pillar II appeared on the Romanian market in order to provide to the population an alternative source of income at the retirement time on one hand, but also to stimulate the increase of the capital market liquidity through investments made by the private fund managers on the other hand. Through the current study, I wanted to make an analysis of the investments made on the Romanian capital market of the privately managed pension funds (pillar II). The subject is very topical at present and the purpose of the paper is to identify whether these funds are major players on the capital markets and what investment instruments they use. In this regard, we made a linear regression in Excel, with several factors influencing the results, as well as a regression in Eviews, using data between May 2008 and December 2017. The most representative was a statistically significant correlation between the value of the investments and the value of total assets of privately managed pension funds.

Suggested Citation

  • Alexandra DARMAZ-GUZUN, 2018. "Analysis of the investments made on the Romanian capital market by the privately managed pension funds – Pillar II," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(3(616), A), pages 49-60, Autumn.
    • Handle: RePEc:agr:journl:v:3(616):y:2018:i:3(616):p:49-60
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    References listed on IDEAS

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    1. Pennacchi, George & Rastad, Mahdi, 2011. "Portfolio allocation for public pension funds," Journal of Pension Economics and Finance, Cambridge University Press, vol. 10(2), pages 221-245, April.
    2. Josh Lerner & Antoinette Schoar & Wan Wongsunwai, 2007. "Smart Institutions, Foolish Choices: The Limited Partner Performance Puzzle," Journal of Finance, American Finance Association, vol. 62(2), pages 731-764, April.
    3. Kasper Meisner Nielsen, 2008. "Institutional Investors and Private Equity," Review of Finance, European Finance Association, vol. 12(1), pages 185-219.
    4. Raffaele Della Croce & Juan Yermo, 2013. "Institutional Investors and Infrastructure Financing," OECD Working Papers on Finance, Insurance and Private Pensions 36, OECD Publishing.
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    Cited by:

    1. Adina Elena Dănuleţiu & Dan Constantin Dănuleţiu, 2018. "Analysis of the Romanian Private Pensions Evolution and Investments," Annals of the University of Petrosani, Economics, University of Petrosani, Romania, vol. 18(1), pages 57-66.

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