Defined Contribution Pension Plans: Mutual Fund Asset Allocation Changes

Clemens Sialm; Laura T. Starks; Hanjiang Zhang

doi:10.1257/aer.p20151006

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: )

American Economic Review 2015 open access

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 (5)
Pages: 432-436
Language: en
Export: BibTeX
Sources: openalex crossref