Defined Contribution Pension Plans: Sticky or Discerning Money?
研究了美国固定缴费养老金计划中的资金流动，发现计划发起人调整投资选项使得养老金资金比非养老金资金更敏感于业绩，流动性更强。
ABSTRACT Participants in defined contribution (DC) retirement plans rarely adjust their portfolio allocations, suggesting that their investment choices and consequent money flows are sticky and not discerning. However, participants’ inertia could be offset by DC plan sponsors, who adjust the plan's investment options. We examine these countervailing influences on flows into U.S. mutual funds. We find that flows into funds from DC assets are more volatile and exhibit more performance sensitivity than non‐DC flows, primarily due to adjustments to the investment options by the plan sponsors. Thus, DC retirement money is less sticky and more discerning than non‐DC money.