Bohl, Martin T.; Brzeszczynski, Janusz; Wilfling, Bernd - In: Journal of Financial Stability 5 (2009) 2, pp. 170-182
In this paper, we provide empirical evidence on the impact of institutional investors on stock market returns dynamics. The Polish pension system reform in 1999 and the associated increase in institutional ownership due to the investment activities of pension funds are used as a unique...