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What Determines Institutional Investment? An Examination of UK Pension Funds in the 1980s

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  • Dinenis, Elias
  • Scott, Andrew

Abstract

U.K. pension funds account for 38 percent of personal sector net financial wealth and are a major investor in U.K. domestic asset markets. This paper analyzes the investment behavior of the U.K. pension fund industry between 1980 and 1988. The authors provide a stable explanation for this behavior and find that pension funds satisfy the requirements of portfolio theory. Their estimates enable them to calculate the responsiveness of asset demands to change in rates of return and wealth, most of which are intuitively plausible. Copyright 1993 by Royal Economic Society.

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  • Dinenis, Elias & Scott, Andrew, 1993. "What Determines Institutional Investment? An Examination of UK Pension Funds in the 1980s," Oxford Economic Papers, Oxford University Press, vol. 45(2), pages 292-310, April.
    • Handle: RePEc:oup:oxecpp:v:45:y:1993:i:2:p:292-310
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    Cited by:

    1. Michael A.S. Joyce & Zhuoshi Liu & Ian Tonks, 2017. "Institutional Investors and the QE Portfolio Balance Channel," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 49(6), pages 1225-1246, September.
    2. Joyce, Michael & Liu, Zhuoshi & Tonks, Ian, 2014. "Institutional investor portfolio allocation, quantitative easing and the global financial crisis," Bank of England working papers 510, Bank of England.
    3. Bonizzi, Bruno, 2017. "Institutional investors’ allocation to emerging markets: A panel approach to asset demand," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 47(C), pages 47-64.
    4. Douglas, Graeme & Roberts-Sklar, Matt, 2018. "What drives UK defined benefit pension funds' investment behaviour?," Bank of England working papers 757, Bank of England.
    5. George, Donald A R, 2012. "A two-sector growth model with institutional saving and investment," SIRE Discussion Papers 2012-28, Scottish Institute for Research in Economics (SIRE).
    6. Blake, David, 2003. "Modelling the composition of personal sector wealth in the United Kingdom," LSE Research Online Documents on Economics 24866, London School of Economics and Political Science, LSE Library.
    7. Donald George, 2017. "A Pasinetti model of savings and growth," Edinburgh School of Economics Discussion Paper Series 278, Edinburgh School of Economics, University of Edinburgh.
    8. D. Peter Broer & W. Jos Jansen, 1998. "Dynamic Portfolio Adjustment and Capital Controls: A Euler Equation Approach," Southern Economic Journal, John Wiley & Sons, vol. 64(4), pages 902-921, April.

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