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Retail Financial Innovation and Stock Market Dynamics : The Case of Target Date Funds

Jonathan A. Parker - ; Antoniette Schoar - ; Yang Sun - ;

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 macrocontrarian 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.


Ketersediaan

Call NumberLocationAvailable
PSB lt.dasar - Pascasarjana (Koleksi Majalah)1
PenerbitUSA: The American Finance Association 2023
EdisiVolume 78, Issue 5, October 2023, Pages 2673-2723
SubjekBonds
Stock markets
Stocks
Target Date Funds
ISBN/ISSN1540-6261
KlasifikasiNONE
Deskripsi FisikFirst Published: 19 June 2023
Info Detail SpesifikThe Journal of Finance
Other Version/RelatedTidak tersedia versi lain
Lampiran Berkas
  • https://remote-lib.ui.ac.id:2075/10.1111/jofi.13258

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