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000064483 0247_ $$2doi$$a10.1016/j.irfa.2016.12.008
000064483 0248_ $$2sideral$$a97821
000064483 037__ $$aART-2017-97821
000064483 041__ $$aeng
000064483 100__ $$0(orcid)0000-0002-2525-9049$$aAlda, M.$$uUniversidad de Zaragoza
000064483 245__ $$aThe relationship between pension funds and the stock market: Does the aging population of Europe affect it?
000064483 260__ $$c2017
000064483 5060_ $$aAccess copy available to the general public$$fUnrestricted
000064483 5203_ $$aIn recent decades, pension fund investment has increased rapidly because of population aging and growing doubts about the viability of western public pension systems. As a result, pension funds have become dominant in stock markets. This paper examines the influence of the pension fund assets invested in equities on stock market development and the market efficiency of 13 European countries, from 1999 to 2014. Our results vary by country, by pension model and among the one-model countries. Nevertheless, revealing a concern about saving for retirement. Finally, our efficiency analysis reveals that the influence of pension funds varies over time and across markets, due to arbitrage opportunities that provoke adaptive managerial strategies.
000064483 536__ $$9info:eu-repo/grantAgreement/ES/UZ/JIUZ-2015-SOC-01
000064483 540__ $$9info:eu-repo/semantics/openAccess$$aby-nc-nd$$uhttp://creativecommons.org/licenses/by-nc-nd/3.0/es/
000064483 590__ $$a1.566$$b2017
000064483 591__ $$aBUSINESS, FINANCE$$b38 / 98 = 0.388$$c2017$$dQ2$$eT2
000064483 592__ $$a0.755$$b2017
000064483 593__ $$aFinance$$c2017$$dQ2
000064483 593__ $$aEconomics and Econometrics$$c2017$$dQ2
000064483 655_4 $$ainfo:eu-repo/semantics/article$$vinfo:eu-repo/semantics/acceptedVersion
000064483 7102_ $$14002$$2230$$aUniversidad de Zaragoza$$bDpto. Contabilidad y Finanzas$$cÁrea Economía Finan. y Contab.
000064483 773__ $$g49 (2017), 83-97$$pInt. rev. financ. anal.$$tInternational review of financial analysis$$x1057-5219
000064483 8564_ $$s544210$$uhttps://zaguan.unizar.es/record/64483/files/texto_completo.pdf$$yPostprint
000064483 8564_ $$s99965$$uhttps://zaguan.unizar.es/record/64483/files/texto_completo.jpg?subformat=icon$$xicon$$yPostprint
000064483 909CO $$ooai:zaguan.unizar.es:64483$$particulos$$pdriver
000064483 951__ $$a2019-07-09-12:47:29
000064483 980__ $$aARTICLE