Defined Contribution Pension Plans: Mutual Fund Asset Allocation Changes

Defined Contribution Pension Plans: Mutual Fund Asset Allocation Changes

In this paper we compare changes in asset allocations between mutual funds held in defined contribution pension plans and funds held by other investors. We investigate how flows into equity and fixed income mutual funds depend on macroeconomic conditions. We find that defined contribution plans reac...

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Veröffentlicht in:The American economic review 2015-05, Vol.105 (5), p.432-436
Hauptverfasser: Sialm, Clemens, Starks, Laura, Zhang, Hanjiang
Format: Artikel
Sprache:eng
Schlagworte:
Asset allocation
Assets
Bond funds
Defined contribution plans
Economic conditions
Economic statistics
Economic theory
Economic uncertainty
Equity
Equity funds
Financial investments
Fixed income
Growth rate
Income funds
Investment plans
Investment trusts
Investors
Macroeconomics
Managers
Money market mutual funds
Money markets
Mutual funds
Pension plans
RETIREMENT SAVINGS AND HOUSEHOLD DECISIONS
Scandals
Shareholders
Stockholders
Studies
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Beschreibung
Zusammenfassung:In this paper we compare changes in asset allocations between mutual funds held in defined contribution pension plans and funds held by other investors. We investigate how flows into equity and fixed income mutual funds depend on macroeconomic conditions. We find that defined contribution plans react more sensitively to these conditions, suggesting effects on mutual fund managers and other investors.
ISSN:0002-8282
1944-7981
DOI:10.1257/aer.p20151006