Defined contribution pension plans : mutual fund asset allocation changes
Date of Issue2015
College of Business (Nanyang Business School)
In this paper we compare changes in asset allocations between mutual funds held in defined contribution pension plans and funds held by other investors. We investigate how flows into equity and fixed income mutual funds depend on macroeconomic conditions. We find that defined contribution plans react more sensitively to these conditions, suggesting effects on mutual fund managers and other investors.
American economic review
© 2015 American Economic Association. This paper was published in American Economic Review and is made available as an electronic reprint (preprint) with permission of American Economic Association. The published version is available at: [http://dx.doi.org/10.1257/aer.p20151006]. One print or electronic copy may be made for personal use only. Systematic or multiple reproduction, distribution to multiple locations via electronic or other means, duplication of any material in this paper for a fee or for commercial purposes, or modification of the content of the paper is prohibited and is subject to penalties under law.