Defined Contribution Pension Plans: Mutual Fund Asset Allocation Changes
- (pp. 432-36)
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.Citation
Sialm, Clemens, Laura Starks, and Hanjiang Zhang. 2015. "Defined Contribution Pension Plans: Mutual Fund Asset Allocation Changes." American Economic Review, 105 (5): 432-36. DOI: 10.1257/aer.p20151006Additional Materials
JEL Classification
- E44 Financial Markets and the Macroeconomy
- G23 Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors
- J26 Retirement; Retirement Policies
- J32 Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions