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

Elias Dinenis and Andrew Scott

Oxford Economic Papers, 1993, vol. 45, issue 2, 292-310

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.

Date: 1993
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