Defined Contribution Pension Plans: Mutual Fund Asset Allocation Changes
比较固定缴款养老金计划持有的共同基金与其他投资者持有的基金在资产配置变化上的差异，发现养老金计划对宏观经济条件的反应更敏感，影响基金经理和其他投资者。
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.