Defined Contribution Pension Plans: Mutual Fund Asset Allocation Changes

8 Pages Posted: 2 Feb 2015

See all articles by Clemens Sialm

Clemens Sialm

University of Texas at Austin - McCombs School of Business; National Bureau of Economic Research (NBER); AQR Capital Management, LLC

Laura T. Starks

University of Texas at Austin - Department of Finance

Hanjiang Zhang

Washington State University - Carson College of Business

Date Written: January 11, 2015

Abstract

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.

Keywords: Portfolio Choice, Macroeconomic Conditions, Economic Uncertainty

JEL Classification: G11, G23, H55, E44

Suggested Citation

Sialm, Clemens and Starks, Laura T. and Zhang, Hanjiang, Defined Contribution Pension Plans: Mutual Fund Asset Allocation Changes (January 11, 2015). Available at SSRN: https://ssrn.com/abstract=2558757 or http://dx.doi.org/10.2139/ssrn.2558757

Clemens Sialm (Contact Author)

University of Texas at Austin - McCombs School of Business ( email )

Austin, TX 78712
United States

HOME PAGE: http://faculty.mccombs.utexas.edu/Clemens.Sialm/

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

AQR Capital Management, LLC ( email )

Greenwich, CT
United States

Laura T. Starks

University of Texas at Austin - Department of Finance ( email )

Red McCombs School of Business
Austin, TX 78712
United States
512-471-5899 (Phone)
512-471-5073 (Fax)

Hanjiang Zhang

Washington State University - Carson College of Business ( email )

Wilson Rd.
College of Business
Pullman, WA 99164
United States

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