This study examines for the first time the true impact of domestic pension funds investing in equities on the stock market development from a comprehensive perspective. Specifically, we analyse the influence of three pension fund variables (the portions of domestic equity pension funds over...

In the present study, we confirm the asymmetry of the performance-flow relationship documented in the literature, but with the particularities of the sample of Spanish funds. Thus, we conclude that mid-performers show no significant influence on investor decisions. The panel data analysis also...