Pension funds – main institutional investor on the Romanian capital market?
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.
Volume (Year): 4 (2011)
Issue (Month): 2(14) ()
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References listed on IDEAS
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- 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.
- Impavido, Gregorio & Musalem, Alberto R., 2000. "Contractual savings, stock, and asset markets," Policy Research Working Paper Series 2490, The World Bank.
- Hansen, Robert S & Torregrosa, Paul, 1992. " Underwriter Compensation and Corporate Monitoring," Journal of Finance, American Finance Association, vol. 47(4), pages 1537-1555, September.
- 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.
- 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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