Destabilizing Financial Advice: Evidence from Pension Fund Reallocations
研究发现，一家金融顾问公司向智利养老金投资者推荐频繁的股票与债券基金转换，引发大规模协调资金流动，导致股市价格压力和波动性增加，养老基金被迫转向更流动的证券。
We document a novel channel through which coordinated trading exerts externalities on financial markets. We study the impact of a financial advisory firm that recommends frequent reallocations between equity and bond funds to Chilean pension investors. The recommendations generate large and coordinated fund flows that are exacerbated by the strategic complementarity arising from fund trading restrictions. The recommendations generate significant price pressure and increased volatility in the stock market. In response to these large trade flows, pension funds shift their allocations to more liquid securities. Our findings suggest that giving retirement savers unconstrained reallocation opportunities can destabilize financial markets. Received March 11, 2016; editorial decision July 8, 2017 by Editor Itay Goldstein.