Publication:
Pension Funds and Capital Market Development : How Much Bang for the Buck?

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dc.contributor.authorRaddatz, Claudio
dc.contributor.authorSchmukler, Sergio L.
dc.date.accessioned2012-05-22T16:49:58Z
dc.date.available2012-05-22T16:49:58Z
dc.date.issued2008-12
dc.description.abstractThis 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.en
dc.identifierhttp://documents.worldbank.org/curated/en/2008/12/10063812/pension-funds-capital-market-development
dc.identifier.doi10.1596/1813-9450-4787
dc.identifier.urihttps://hdl.handle.net/10986/6308
dc.languageEnglish
dc.publisherWashington, DC: World Bank
dc.relation.ispartofseriesPolicy Research Working Paper; No. 4787
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectASSET CLASS
dc.subjectASSET CLASSES
dc.subjectASSET HOLDINGS
dc.subjectASSET MANAGEMENT
dc.subjectASSET MANAGERS
dc.subjectASSET PRICE
dc.subjectASSET PRICES
dc.subjectASYMMETRIC INFORMATION
dc.subjectBALANCE SHEETS
dc.subjectBANK DEPOSITS
dc.subjectBASIS POINTS
dc.subjectBOND
dc.subjectBOND FUND
dc.subjectBOND ISSUANCES
dc.subjectBOND MARKETS
dc.subjectCAPITAL MARKET
dc.subjectCAPITAL MARKET DEVELOPMENT
dc.subjectCAPITAL MARKETS
dc.subjectCAPITAL RAISING
dc.subjectCENTRAL BANK
dc.subjectCONTRACTUAL SAVINGS
dc.subjectCONTRACTUAL SAVINGS INSTITUTIONS
dc.subjectCONTRIBUTION
dc.subjectCONTRIBUTION SCHEMES
dc.subjectCORPORATE BOND
dc.subjectCORPORATE BONDS
dc.subjectCORPORATE DEBT
dc.subjectCORPORATE DEBT MARKETS
dc.subjectCORPORATE GOVERNANCE
dc.subjectCORPORATE STOCKS
dc.subjectCOST OF CAPITAL
dc.subjectDEFINED-CONTRIBUTION PENSION
dc.subjectDEPOSIT
dc.subjectDEVELOPING COUNTRIES
dc.subjectDISTRIBUTION OF TRADES
dc.subjectDIVIDEND
dc.subjectDIVIDENDS
dc.subjectDOMESTIC BANKS
dc.subjectDOMESTIC CAPITAL
dc.subjectDOMESTIC CAPITAL MARKET
dc.subjectDOMESTIC CAPITAL MARKETS
dc.subjectDOMESTIC CORPORATE BONDS
dc.subjectDOMESTIC DEBT
dc.subjectDOMESTIC EQUITIES
dc.subjectDOMESTIC EQUITY
dc.subjectDOMESTIC GOVERNMENT BONDS
dc.subjectDOMESTIC INTEREST RATES
dc.subjectDOMESTIC MARKET
dc.subjectEQUITY MARKET
dc.subjectEQUITY MARKET CAPITALIZATION
dc.subjectEQUITY MARKETS
dc.subjectEQUITY PRICES
dc.subjectEQUITY RETURNS
dc.subjectEXCHANGE RATE
dc.subjectFINANCIAL ASSETS
dc.subjectFINANCIAL CRISES
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL DEVELOPMENT
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL SECTOR DEVELOPMENT
dc.subjectFINANCIAL SUPPORT
dc.subjectFINANCIAL SYSTEM
dc.subjectFINANCIAL SYSTEMS
dc.subjectFISCAL BURDEN
dc.subjectFLOW OF FUNDS
dc.subjectFOREIGN ASSETS
dc.subjectFOREIGN EQUITIES
dc.subjectFOREIGN EQUITY
dc.subjectFOREIGN HOLDINGS
dc.subjectFOREIGN INSTRUMENTS
dc.subjectFOREIGN INVESTMENT
dc.subjectFOREIGN INVESTMENTS
dc.subjectFOREIGN MUTUAL FUNDS
dc.subjectFUND MANAGEMENT
dc.subjectFUND MANAGERS
dc.subjectFUND PERIOD
dc.subjectFUTURE PRICES
dc.subjectGLOBAL PENSION
dc.subjectGOVERNMENT BOND
dc.subjectGOVERNMENT BONDS
dc.subjectGOVERNMENT PAPER
dc.subjectGOVERNMENT SECURITIES
dc.subjectHOLDING
dc.subjectHOLDINGS
dc.subjectILLIQUID ASSETS
dc.subjectILLIQUID SECURITIES
dc.subjectILLIQUIDITY
dc.subjectINCOME
dc.subjectINCOME INSTRUMENT
dc.subjectINCOME INSTRUMENTS
dc.subjectINCOME SECURITIES
dc.subjectINSTITUTIONAL INVESTORS
dc.subjectINSTRUMENT
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL INVESTORS
dc.subjectINVESTING
dc.subjectINVESTMENT ALLOCATION
dc.subjectINVESTMENT BEHAVIOR
dc.subjectINVESTMENT DECISIONS
dc.subjectINVESTMENT FUNDS
dc.subjectINVESTMENT INSTRUMENTS
dc.subjectINVESTMENT OPPORTUNITIES
dc.subjectINVESTMENT PROJECTS
dc.subjectINVESTMENT REGIME
dc.subjectINVESTMENT REGULATION
dc.subjectINVESTMENT REGULATIONS
dc.subjectINVESTMENT RESTRICTIONS
dc.subjectINVESTMENT STRATEGIES
dc.subjectINVESTMENT STRATEGY
dc.subjectISSUANCE
dc.subjectLIABILITY
dc.subjectLIFE INSURANCE
dc.subjectLIFE INSURANCE COMPANIES
dc.subjectLIQUID ASSETS
dc.subjectLIQUIDATION
dc.subjectLOCAL CAPITAL MARKET
dc.subjectLOCAL CAPITAL MARKETS
dc.subjectLONG-TERM INVESTMENT
dc.subjectLONG-TERM INVESTMENTS
dc.subjectLONG-TERM INVESTORS
dc.subjectLONG-TERM LIABILITIES
dc.subjectMARKET LIQUIDITY
dc.subjectMARKET TRADING
dc.subjectMARKET TURNOVER
dc.subjectMARKET VOLATILITY
dc.subjectMATURITIES
dc.subjectMATURITY
dc.subjectMATURITY DATE
dc.subjectMATURITY STRUCTURE
dc.subjectMORTGAGE
dc.subjectMORTGAGE BONDS
dc.subjectMUTUAL FUND
dc.subjectMUTUAL FUNDS
dc.subjectOPEN-END FUNDS
dc.subjectOUTSIDE INVESTORS
dc.subjectPENSION
dc.subjectPENSION FUND
dc.subjectPENSION FUND ASSET
dc.subjectPENSION FUND ASSETS
dc.subjectPENSION FUND INVESTMENT
dc.subjectPENSION FUND INVESTMENTS
dc.subjectPENSION FUNDS
dc.subjectPENSION LAW
dc.subjectPENSION REFORM
dc.subjectPENSION REFORMS
dc.subjectPENSION SYSTEM
dc.subjectPENSION SYSTEM REFORM
dc.subjectPENSION SYSTEMS
dc.subjectPENSIONERS
dc.subjectPENSIONS
dc.subjectPORTFOLIO
dc.subjectPORTFOLIO ALLOCATIONS
dc.subjectPORTFOLIO DIVERSIFICATION
dc.subjectPORTFOLIO HOLDINGS
dc.subjectPORTFOLIO INVESTMENTS
dc.subjectPORTFOLIOS
dc.subjectPRICE CHANGES
dc.subjectPRICE FORMATION
dc.subjectPRICE VOLATILITY
dc.subjectPRIMARY MARKETS
dc.subjectPRIVATE PENSIONS
dc.subjectPRIVATE SAVINGS
dc.subjectPUBLIC OFFERINGS
dc.subjectPUBLIC PENSION
dc.subjectPUBLIC SAVINGS
dc.subjectPUBLIC SECTOR BONDS
dc.subjectRATE OF RETURN
dc.subjectREGULATORS
dc.subjectREGULATORY FRAMEWORK
dc.subjectREGULATORY REQUIREMENT
dc.subjectREGULATORY RESTRICTIONS
dc.subjectRESEARCH ASSISTANCE
dc.subjectRESERVE
dc.subjectRETAIL INVESTORS
dc.subjectRETIREMENT
dc.subjectRETIREMENT SAVINGS
dc.subjectRETURN
dc.subjectRETURNS
dc.subjectRISK PROFILE
dc.subjectRISK PROFILES
dc.subjectSECONDARY MARKET
dc.subjectSECONDARY MARKET LIQUIDITY
dc.subjectSECONDARY MARKETS
dc.subjectSECONDARY TRADING
dc.subjectSECONDARY TRADING MARKETS
dc.subjectSEPARATE ASSET
dc.subjectSEPARATE ASSET CLASSES
dc.subjectSHARE OF ASSETS
dc.subjectSHORT-TERM ASSET
dc.subjectSHORT-TERM ASSETS
dc.subjectSHORT-TERM INSTRUMENTS
dc.subjectSHORT-TERM LIABILITIES
dc.subjectSTANDARD ASSET
dc.subjectSTOCK MARKET
dc.subjectSTOCK MARKETS
dc.subjectTIME DEPOSITS
dc.subjectTRADES
dc.subjectTRADING
dc.subjectTRADING ACTIVITY
dc.subjectTRANSACTION
dc.subjectTRANSACTION COSTS
dc.subjectTRANSFER RISK
dc.subjectTRANSITION ECONOMIES
dc.subjectTREASURY
dc.subjectTREASURY BILLS
dc.subjectTURNOVER
dc.subjectTURNOVER RATIO
dc.subjectTYPES OF INSTRUMENT
dc.subjectVALUABLE
dc.subjectWORLD DEVELOPMENT INDICATORS
dc.titlePension Funds and Capital Market Development : How Much Bang for the Buck?en
dspace.entity.typePublication
okr.crossref.titlePension Funds And Capital Market Development
okr.date.doiregistration2025-04-10T12:22:16.588198Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2008/12/10063812/pension-funds-capital-market-development
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeSocial Protection and Labor
okr.globalpracticeFinance and Markets
okr.guid261111468137386124
okr.identifier.doi10.1596/1813-9450-4787
okr.identifier.externaldocumentum000158349_20081201093039
okr.identifier.internaldocumentum10063812
okr.identifier.reportWPS4787
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2008/12/01/000158349_20081201093039/Rendered/PDF/WPS4787.pdfen
okr.sectorFinance :: General finance sector
okr.themeFinancial and private sector development :: Small and medium enterprise support
okr.topicSocial Protections and Labor::Social Funds and Pensions
okr.topicMacroeconomics and Economic Growth::Investment and Investment Climate
okr.topicFinance and Financial Sector Development::Capital Markets and Capital Flows
okr.unitDevelopment Research Group (DECRG)
okr.volume1 of 1
relation.isAuthorOfPublicationad1ad457-a974-53de-815c-c7010e0fdd74
relation.isAuthorOfPublication.latestForDiscoveryad1ad457-a974-53de-815c-c7010e0fdd74
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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