DEFINED CONTRIBUTION PENSION PLANS AND MUTUAL FUND FLOWS

被引：0

作者：

Sialm, Clemens ^{[1
]}

Starks, Laura ^{[1
]}

Zhang, Hanjiang ^{[2
]}

机构：

[1] Univ Texas Austin, Dept Finance, McCombs Sch Business, Austin, TX 78712 USA

[2] Washington State Univ, Div Finance & Management Sci, Carson Coll Business, Pullman, WA 99164 USA

来源：

JOURNAL OF INVESTMENT MANAGEMENT | 2018年 / 16卷 / 03期

关键词：

DC pension plans; mutual funds; fund flows; flow-performance sensitivity; fund performance predictability;

D O I：

暂无

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Defined contribution (DC) pension plans constitute an important component of mutual fund assets. Flows into DC plans depend on the decisions of plan sponsors and plan participants: The sponsors select the investment menus made available to employees and the participants decide how to allocate their retirement savings across the investment options. We examine the flows to mutual funds within DC pension plans and contrast these flows with flows from other mutual fund clienteles. We find that flows into funds from DC plans exhibit more performance sensitivity than do flows from non-DC investors.

引用

页码：31 / 45

页数：15

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