کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
1017559 940306 2014 6 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Stock volatility and pension funds under an individual capitalization-based system
ترجمه فارسی عنوان
بی ثباتی سهام و صندوق های بازنشستگی تحت یک سیستم مبتنی بر سرمایه شخصی
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری کسب و کار و مدیریت بین المللی
چکیده انگلیسی

The existence of feedback effects between volatility and institutional investor holdings has been extensively studied for the United States. This article contributes to the literature by investigating this issue for Pension Fund Administrators (PFAs) in Chile. To this end, data on PFAs' holdings is gathered for 42 firms actively traded on the Santiago Stock Exchange during December 2002–July 2008. The main findings of this study are the following. First, an increase in PFAs' stock holdings translates into a mild effect on stock return volatility. Second, an increase in stock return volatility leads to a moderate decrease in PFAs' stock holdings, suggesting PFAs' preference for safer stocks. The key policy implication of these conclusions is that PFAs' stock trading does not have a destabilizing impact on the domestic stock market.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Business Research - Volume 67, Issue 4, April 2014, Pages 536–541
نویسندگان
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