| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28028 |
| 来源ID | Working 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 |
| URL | https://www.nber.org/papers/w28028 |
| 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/585701 |
| 推荐引用方式 GB/T 7714 | Jonathan A. Parker,Antoinette Schoar,Yang Sun. Retail Financial Innovation and Stock Market Dynamics: The Case of Target Date Funds. 2020. |
| 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 | ||
| w28028.pdf（585KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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