Managerial Commitment and Heterogeneity in Target-Date Funds
| Autor: | Mike Qinghao Mao, Ching Hin Wong |
|---|---|
| Rok vydání: | 2020 |
| Předmět: |
Finance
Economics and Econometrics History Portfolio manager Polymers and Plastics Investment strategy business.industry Target date fund Investment (macroeconomics) Industrial and Manufacturing Engineering Managerial discretion Systematic risk Business and International Management Default - option business Externality |
| Zdroj: | SSRN Electronic Journal. |
| ISSN: | 1556-5068 |
| DOI: | 10.2139/ssrn.3712972 |
| Popis: | How a portfolio manager allocates own investment in a target date fund (TDF) series is informative about managerial commitment to the TDF investment principle. We find that TDFs whose managers choose to have zero ownership are associated with more idiosyncratic risk taking. In addition, TDFs with managers investing in remote funds and diversifying across TDFs exhibit high idiosyncratic risk taking. Overall, managerial commitment helps explain TDF heterogeneity; the impact of managerial discretion on fund investment strategies demonstrates externalities to 401(k) participants using TDFs as their default option. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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