The Effect of Open Pension Fund Operations on Demand for Shares on the Warsaw Stock Exchange

The project, funded by the Warsaw Stock Exchange Project and coordinated by Jarosław Śmietaniak, was completed during the period of June 2000 to March 2001. The objective of the endeavor was to test the answers to questions concerning the scope and possibility of investments undertaken by the Open Pension Funds (OFE) on the Warsaw Stock Exchange:

• what level of assets will the OFE manage;
• what are the prognoses of trends on the stock market at the WSE and what in connection with this will be the tendencies of the OFEs regarding their investments in this market;
• what are the statutory limitations on investments by the OFEs and in what direction might these limitations change in the case of the transition of a Polish, closed pension system in to an open system.

The result of the project is the report prepared by the members of the research team: Piotr Bujak, Mariusz Jarmużek, Sebastian Kordel, Wioletta Nawrot and Jarosław Śmietaniak and published within the working paper series CASE Reports (No. 43). The introduction to the report was written by Marek Góra.