Pension funds and capital market development:
"This paper studies the relation between institutional investors and capital market development by analyzing unique data on monthly asset-level portfolio allocations of Chilean pension funds between 1995 and 2005. The results depict pension funds as large and important institutional investors t...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C]
World Bank
[2008]
|
| Schriftenreihe: | Policy research working paper
4787 |
| Schlagworte: | |
| Online-Zugang: | BSB01 EUV01 HTW01 FHI01 IOS01 Volltext |
| Zusammenfassung: | "This paper studies the relation between institutional investors and capital market development by analyzing unique data on monthly asset-level portfolio allocations of Chilean pension funds between 1995 and 2005. The results depict pension funds as large and important institutional investors that tend to hold a large amount of bank deposits, government paper, and short-term assets; buy and hold assets in their portfolios without actively trading them; hold similar portfolios at the asset-class level; simultaneously buy and sell similar assets; and follow momentum strategies when trading. Although pension funds may have contributed to the development of certain primary markets, these patterns do not seem fully consistent with the initial expectations that pension funds would be a dynamic force driving the overall development of capital markets. The results do not appear to be explained by regulatory restrictions. Instead, asset illiquidity and manger incentives might be behind the patterns illustrated in this paper. "--World Bank web site |
| Beschreibung: | Includes bibliographical references Title from PDF file as viewed on 5/8/2009 |
| Beschreibung: | 1 Online-Ressource |
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| 100 | 1 | |a Raddatz, Claudio E. |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Pension funds and capital market development |c Claudio Raddatz, Sergio L. Schmukler |
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| 490 | 0 | |a Policy research working paper |v 4787 | |
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| 500 | |a Title from PDF file as viewed on 5/8/2009 | ||
| 520 | 3 | |a "This paper studies the relation between institutional investors and capital market development by analyzing unique data on monthly asset-level portfolio allocations of Chilean pension funds between 1995 and 2005. The results depict pension funds as large and important institutional investors that tend to hold a large amount of bank deposits, government paper, and short-term assets; buy and hold assets in their portfolios without actively trading them; hold similar portfolios at the asset-class level; simultaneously buy and sell similar assets; and follow momentum strategies when trading. Although pension funds may have contributed to the development of certain primary markets, these patterns do not seem fully consistent with the initial expectations that pension funds would be a dynamic force driving the overall development of capital markets. The results do not appear to be explained by regulatory restrictions. Instead, asset illiquidity and manger incentives might be behind the patterns illustrated in this paper. "--World Bank web site | |
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Datensatz im Suchindex
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| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
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| id | DE-604.BV049073834 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T22:27:45Z |
| indexdate | 2024-07-10T09:54:28Z |
| institution | BVB |
| language | English |
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| physical | 1 Online-Ressource |
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| publishDate | 2008 |
| publishDateSearch | 2008 |
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| publisher | World Bank |
| record_format | marc |
| series2 | Policy research working paper |
| spelling | Raddatz, Claudio E. Verfasser aut Pension funds and capital market development Claudio Raddatz, Sergio L. Schmukler [Washington, D.C] World Bank [2008] 1 Online-Ressource txt rdacontent c rdamedia cr rdacarrier Policy research working paper 4787 Includes bibliographical references Title from PDF file as viewed on 5/8/2009 "This paper studies the relation between institutional investors and capital market development by analyzing unique data on monthly asset-level portfolio allocations of Chilean pension funds between 1995 and 2005. The results depict pension funds as large and important institutional investors that tend to hold a large amount of bank deposits, government paper, and short-term assets; buy and hold assets in their portfolios without actively trading them; hold similar portfolios at the asset-class level; simultaneously buy and sell similar assets; and follow momentum strategies when trading. Although pension funds may have contributed to the development of certain primary markets, these patterns do not seem fully consistent with the initial expectations that pension funds would be a dynamic force driving the overall development of capital markets. The results do not appear to be explained by regulatory restrictions. Instead, asset illiquidity and manger incentives might be behind the patterns illustrated in this paper. "--World Bank web site Online-Ausg Also available in print Capital market Chile Pension trusts Chile Schmukler, Sergio L. Sonstige oth World Bank Sonstige oth Raddatz, Claudio E Pension funds and capital market development http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-4787 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Raddatz, Claudio E. Pension funds and capital market development Capital market Chile Pension trusts Chile |
| title | Pension funds and capital market development |
| title_auth | Pension funds and capital market development |
| title_exact_search | Pension funds and capital market development |
| title_exact_search_txtP | Pension funds and capital market development |
| title_full | Pension funds and capital market development Claudio Raddatz, Sergio L. Schmukler |
| title_fullStr | Pension funds and capital market development Claudio Raddatz, Sergio L. Schmukler |
| title_full_unstemmed | Pension funds and capital market development Claudio Raddatz, Sergio L. Schmukler |
| title_short | Pension funds and capital market development |
| title_sort | pension funds and capital market development |
| topic | Capital market Chile Pension trusts Chile |
| topic_facet | Capital market Chile Pension trusts Chile |
| url | http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-4787 |
| work_keys_str_mv | AT raddatzclaudioe pensionfundsandcapitalmarketdevelopment AT schmuklersergiol pensionfundsandcapitalmarketdevelopment AT worldbank pensionfundsandcapitalmarketdevelopment |