American Economic Review Vol. 105 No. 5 2015

Defined Contribution Pension Plans: Mutual Fund Asset Allocation Changes

Clemens Sialm¹; Laura T. Starks²; Hanjiang Zhang³

¹ McCombs School of Business, University of Texas at Austin, Austin, TX 78712, and NBER (e-mail: ) · ² McCombs School of Business, University of Texas at Austin, Austin, TX 78712 (e-mail: ) · ³ Nanyang Technological University, Nanyang Business School, Singapore (e-mail: )

Abstract

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.

DOI

10.1257/aer.p20151006

Volume

105

Issue

5

Pages

432-436

Language

en

Sources

openalex crossref

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