Retail Financial Innovation and Stock Market Dynamics: The Case of Target Date Funds
研究了目标日期基金如何通过反向交易策略影响股市波动和资产类别间的冲击传导，对理解零售金融产品对市场稳定性的作用有参考价值。
ABSTRACT 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.