Defined Contribution Pension Plans: Sticky or Discerning Money?

被引:89
作者
Sialm, Clemens [1 ,2 ]
Starks, Laura T. [1 ]
Zhang, Hanjiang [3 ]
机构
[1] Univ Texas Austin, Austin, TX 78712 USA
[2] NBER, Cambridge, MA 02138 USA
[3] Nanyang Technol Univ Singapore, Singapore, Singapore
关键词
MUTUAL FUND PERFORMANCE; PORTFOLIO CHOICE; FLOWS; STOCK; RISK; PARTICIPATION; DECISIONS; SELECTION; RETURNS; COSTS;
D O I
10.1111/jofi.12232
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
Participants in defined contribution (DC) retirement plans rarely adjust their portfolio allocations, suggesting that their investment choices and consequent money flows are sticky and not discerning. However, participants' inertia could be offset by DC plan sponsors, who adjust the plan's investment options. We examine these countervailing influences on flows into U.S. mutual funds. We find that flows into funds from DC assets are more volatile and exhibit more performance sensitivity than non-DC flows, primarily due to adjustments to the investment options by the plan sponsors. Thus, DC retirement money is less sticky and more discerning than non-DC money.
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页码:805 / 838
页数:34
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