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Pension funds – main institutional investor on the Romanian capital market?


  • Laura Raisa MILOS

    („Eftimie Murgu” University, Faculty of Economic and Administrative Sciences, Reşiţa, Romania)


    (West University of Timişoara, Faculty of Economics and Business Administration, Timişoara, Romania)


In this article, the authors emphasize the very important role that institutional investors, under the form of pension funds, hold for the development of capital markets existing in the economy and for supporting the financing process of institutional sectors in the financing deficit situation. This important role is due mainly to the fact that they hold liabilities payable on a long term that assumes that they can finance the economy on a long term. Moreover, the regulations of the private pension system in each country assumes the mandatory idea of directing part of the private saving held by pension funds to the local capital markets. This thing transforms pension funds into very important players on the capital market, supporting it continuously. The authors realize a short presentation of the main theoretical and empirical studies supporting this is made, as well as a personal analysis of the connection between pension funds and the Romanian capital market development.

Suggested Citation

  • Laura Raisa MILOS & Carmen CORDUNEANU, 2011. "Pension funds – main institutional investor on the Romanian capital market?," Timisoara Journal of Economics, West University of Timisoara, Romania, Faculty of Economics and Business Administration, vol. 4(2(14)), pages 105-110.
  • Handle: RePEc:wun:journl:tje:v04:y2011:i2(14):a04

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    References listed on IDEAS

    1. Hansen, Robert S & Torregrosa, Paul, 1992. " Underwriter Compensation and Corporate Monitoring," Journal of Finance, American Finance Association, vol. 47(4), pages 1537-1555, September.
    2. Catalan, Mario & Impavido, Gregorio & Musalem, Alberto R., 2000. "Contractual savings or stock market development - Which leads?," Policy Research Working Paper Series 2421, The World Bank.
    3. Aneta Hryckiewicz, 2009. "Pension reform, institutional investors’ growth and stock market development in the developing countries: does it function?," NBP Working Papers 67, Narodowy Bank Polski, Economic Research Department.
    4. Impavido, Gregorio & Musalem, Alberto R., 2000. "Contractual savings, stock, and asset markets," Policy Research Working Paper Series 2490, The World Bank.
    5. Hansen, Robert S & Pinkerton, John M, 1982. " Direct Equity Financing: A Resolution of a Paradox," Journal of Finance, American Finance Association, vol. 37(3), pages 651-665, June.
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    Cited by:

    1. Mihail Dumitru SACALA, 2012. "The Impact Of Global Aging On Asset Prices And Returns," Romanian Statistical Review, Romanian Statistical Review, vol. 60(3), pages 31-50, April.

    More about this item


    capital market; institutional investors; pension funds; reform; Romania;

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors


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