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Institutional Traders' Behavior in an Emerging Stock Market: Empirical Evidence on Polish Pension Fund Investors
Social Science Research Network
In this paper, we contribute to the literature on institutional herding and positive feedback trading by analysing the behavior of pension fund investors on the Polish stock market. Their entrance on the Polish stock market due to the national pension system reform in 1999 provides a unique opportunity to receive deeper insight into the behavior of institutional investors in an emerging capital market. Our results show that Polish pension fund investors are to a greater extent involved indoi:10.2139/ssrn.426680 fatcat:xhpui7bxgjdbxkenva2ll72v2e