Die strategische Rolle der Pensionsfonds

Abstract

In the USA and in Britain pension funds have enjoyed spectacular growth in recent decades and they are about to emerge as a major force in the European economies and the »emerging markets« of Asia and Latin America. In the eighties, pension funds often backed hostile takeovers and even provided liquidity for junk bonds. But in the last decade the short term investment strategies of pension funds changed and they developed attitudes of »active« owners, interested in the management strategies of »their« corporations. Especially in the emerging markets of Latin America they could have a stabilizing function in the future.