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Institutional Investment in Bulgaria – Trends, Problems and Directions


  • Raina Tsaneva


The objective of the study is to evaluate the investment activity of the pension funds in Bulgaria. The subject of the study is the pension funds as institutional investors functioning on capital cover principle. On this basis the study examines in details: 1) the concept “interaction frame” between corporate governance and institutional investors; 2) normative order of the investment activity of the pension funds in Bulgaria, including legally regulated quantity limitation for them; 3) analysis of the dynamics of the investment portfolio of the pension funds in the country; 4) the status of the institutional investors (particularly the pension funds), in order to outline their potential for participation in the corporate ownership. The currency of the problems is added by the fact that the traditional understanding of the shareholding ownership evolves due mostly to the gradual change of the status of the investors (mostly the institutional investors).

Suggested Citation

  • Raina Tsaneva, 2011. "Institutional Investment in Bulgaria – Trends, Problems and Directions," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 66-89.
  • Handle: RePEc:bas:econst:y:2011:i:1:p:66-89

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    References listed on IDEAS

    1. Georgi Shopov, 2008. "The Bulgarian Pension System - design, pre-reform and post-reform financial status," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 2, pages 3-21.
    2. Bhide, Amar, 1993. "The hidden costs of stock market liquidity," Journal of Financial Economics, Elsevier, vol. 34(1), pages 31-51, August.
    3. Plamen Tchipev, 2003. "Ownership Structure and Corporate Control in Bulgaria," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 7, pages 132-146.
    4. Митко Димитров (ed.), 2007. "Студии За Ускорено Развитие На Българската Икономика," ERI-BAS Books, Bulgarian Academy of Sciences - Economic Research Institute, number 5:p:1-565, March.
    5. David, Parthiban & Kochhar, Rahul, 1996. "Barriers to effective corporate governance by institutional investors: Implications for theory and practice," European Management Journal, Elsevier, vol. 14(5), pages 457-466, October.
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    More about this item

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies


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