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Institutional Traders' Behavior in an Emerging Stock Market: Empirical Evidence on Polish Pension Fund Investors

Martin T. Bohl, Svitlana Voronkova
2003 Social Science Research Network  

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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 in
more » ... ike behavior and more often pursue feedback trading strategies than their counterparts in mature markets. This finding is primarily attributed to regulatory inefficiencies and high market concentration. We do not detect, however, that trading by the pension fund investors exerts significant influence on stock prices. JEL Classification: G20, G23
doi:10.2139/ssrn.426680 fatcat:xhpui7bxgjdbxkenva2ll72v2e
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Martin T. Bohl, Svitlana Voronkova. "Institutional Traders' Behavior in an Emerging Stock Market: Empirical Evidence on Polish Pension Fund Investors." Social Science Research Network (2003)