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来源类型Working Paper
规范类型报告
DOI10.3386/w17886
来源IDWorking Paper 17886
Heterogeneity in Target-Date Funds: Optimal Risk-Taking or Risk Matching?
Pierluigi Balduzzi; Jonathan Reuter
发表日期2012-03-01
出版年2012
语种英语
摘要Following the Pension Protection Act of 2006, there was a sharp increase in the use of TDFs as default investment options in defined contribution retirement plans. We document large differences in realized TDF returns and risk profiles, even for funds with the same target retirement date. Using fund-level data, we find evidence that this heterogeneity reflects optimal risk-taking by fund families with low market share, especially those entering the market after 2006. Using plan-level data, we find little evidence that 401(k) plan sponsors match the risk profile of the TDFs in their plans to the risks of their companies.
主题Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets ; Financial Institutions
URLhttps://www.nber.org/papers/w17886
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/575561
推荐引用方式
GB/T 7714
Pierluigi Balduzzi,Jonathan Reuter. Heterogeneity in Target-Date Funds: Optimal Risk-Taking or Risk Matching?. 2012.
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