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  3. American Economic Review
  4. May 2015
  5. Defined Contribution Pension Plans: Mutual Fund Asset Allocation Changes

Defined Contribution Pension Plans: Mutual Fund Asset Allocation Changes

  • Clemens Sialm
  • Laura Starks
  • Hanjiang Zhang
American Economic Review
vol. 105, no. 5, May 2015
(pp. 432-36)
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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.p20151006

Additional 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