| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w17886 |
| 来源ID | Working 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 |
| URL | https://www.nber.org/papers/w17886 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 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. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w17886.pdf（949KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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