Tesi etd-03172015-144318 |
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Tipo di tesi
Tesi di dottorato di ricerca
Autore
THOMAS, ASHOK
Indirizzo email
ashok.thomas@for.unipi.it
URN
etd-03172015-144318
Titolo
Three Essays on Investment Decisions, Pension Funds and Financial Markets
Settore scientifico disciplinare
SECS-P/01
Corso di studi
SCIENZE AZIENDALI, ECONOMICHE E MATEMATICO-STATISTICHE APPLICATE ALL'ECONOMIA
Relatori
tutor Prof. Spataro, Luca
Parole chiave
- Financial Literacy
- Financial Markets
- Job Mobility
- Pension Funds
- Stock Market Participation
Data inizio appello
27/03/2015
Consultabilità
Non consultabile
Data di rilascio
27/03/2085
Riassunto
The thesis is composed by three papers.
In the first chapter we provide an updated review of the empirical advances in this field of study, with particular focus on the effects that pension funds produce on labour markets, financial markets and economic growth.
In the second chapter we tackle the issue of whether pension funds can influence stock market volatility. By using panel data of 34 OECD countries from 2000 to 2010, and various empirical models, it is revealed that there is significant reduction in volatility of stock prices when the investment of pension funds in stocks increases.
The third chapter opens the second debate of what determines stock market participation of European individuals. Using different database and different econometric specifications, we were able to provide the precise accounts of the effects of such variables as financial literacy, human capital, and effectiveness of the education system and financial attractiveness of the markets on the probability to invest in the stock market, together with other socio-demographic individual characteristics.
In the first chapter we provide an updated review of the empirical advances in this field of study, with particular focus on the effects that pension funds produce on labour markets, financial markets and economic growth.
In the second chapter we tackle the issue of whether pension funds can influence stock market volatility. By using panel data of 34 OECD countries from 2000 to 2010, and various empirical models, it is revealed that there is significant reduction in volatility of stock prices when the investment of pension funds in stocks increases.
The third chapter opens the second debate of what determines stock market participation of European individuals. Using different database and different econometric specifications, we were able to provide the precise accounts of the effects of such variables as financial literacy, human capital, and effectiveness of the education system and financial attractiveness of the markets on the probability to invest in the stock market, together with other socio-demographic individual characteristics.
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