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来源类型Working Paper
规范类型报告
DOI10.3386/w28028
来源IDWorking Paper 28028
Retail Financial Innovation and Stock Market Dynamics: The Case of Target Date Funds
Jonathan A. Parker; Antoinette Schoar; Yang Sun
发表日期2020-11-02
出版年2020
语种英语
摘要Target Date Funds (TDFs) are designed to provide unsophisticated or inattentive investors with age-appropriate exposures to different asset classes like stocks and bonds. The rise of TDFs has moved a significant share of retirement investors into macro-contrarian strategies that sell stocks after relatively good stock market performance. This rebalancing drives contrarian flows across equity mutual funds held by TDFs, stabilizing their funding, and reduces stock returns for stocks disproportionately held by these funds when stock market returns are relatively high. Continued growth in TDFs and similar investment products may dampen stock market volatility and increase the transmission of shocks across asset classes.
主题Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Institutions
URLhttps://www.nber.org/papers/w28028
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/585701
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GB/T 7714
Jonathan A. Parker,Antoinette Schoar,Yang Sun. Retail Financial Innovation and Stock Market Dynamics: The Case of Target Date Funds. 2020.
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