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Les marchés des investisseurs institutionnels sont-ils efficients : cas des fonds de pension et des unit trusts britanniques

Author

Listed:
  • Kamel Laaradh

    (LEO - Laboratoire d'économie d'Orleans [2008-2011] - UO - Université d'Orléans - CNRS - Centre National de la Recherche Scientifique)

Abstract

The objective of this article is to test the efficiency of the UK institutional investors markets. For this, we propose to study the persistence of the Equity and bond funds performance. This work is based on a sample pension funds and unit trusts over the period March 1990 - February 2005.Generally, and for the two types of market, efficiency seems to be preserved. Indeed, in long term, the equity pension funds do not seem to have a stability of their performance whereas in medium term (5 years), these funds become more stable, especially at the end of the period. The mutual funds persistence tends to be more significant than that of the pension funds whatever the period of study. But, on average, this persistence east can obvious. In the long term, the performances of the bond pension funds are not stable even if they are it compared to those of the bond unit trusts. Nevertheless, in medium term, these two types of institutional investors seem to have persistence at the end of the period.

Suggested Citation

  • Kamel Laaradh, 2006. "Les marchés des investisseurs institutionnels sont-ils efficients : cas des fonds de pension et des unit trusts britanniques," Working Papers halshs-00009117, HAL.
    • Handle: RePEc:hal:wpaper:halshs-00009117
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00009117
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