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1、THEJOURNALOFFINANCE•VOL.LXX,NO.2•APRIL2015DefinedContributionPensionPlans:StickyorDiscerningMoney?CLEMENSSIALM,LAURAT.STARKS,andHANJIANGZHANG∗ABSTRACTParticipantsindefinedcontribution(DC)retirementplansrarelyadjusttheirportfolioallocations,suggestingthattheirinvestmentcho
2、icesandconsequentmoneyflowsarestickyandnotdiscerning.However,participants’inertiacouldbeoffsetbyDCplansponsors,whoadjusttheplan’sinvestmentoptions.WeexaminethesecountervailinginfluencesonflowsintoU.S.mutualfunds.WefindthatflowsintofundsfromDCassetsaremorevolatileandexhibitmo
3、reperformancesensitivitythannon-DCflows,primarilyduetoadjustmentstotheinvestmentoptionsbytheplansponsors.Thus,DCretirementmoneyislessstickyandmorediscerningthannon-DCmoney.MUTUALFUNDHOLDINGSinemployer-sponsoreddefinedcontribution(DC)plansareanimportantandgrowingsegmentoft
4、oday’sfinancialmarkets.AssetsinDCplansincreasedfrom$1.7trillionin1995to$5.9trillionin2013.Further,attheendofthisperiod,DCplansconstituted23%oftotalU.S.mutualfundassetsand27%ofU.S.equityfundassets.1Suchholdingsareexpectedto∗ClemensSialmisattheUniversityofTexasatAustinandt
5、heNBER,LauraStarksisattheUniversityofTexasatAustin;andHanjiangZhangisattheNanyangTechnologicalUniversitySingapore.WethankSusanChristoffersen,ZhiDa,MagnusDahlquist,SteveDimmock,NancyEckl,MichaelHalling,CampbellHarvey(theEditor),JenniferHuang,DavidMusto,VeronikaPool,JimPo
6、terba,JonathanReuter,JohnSimon,MikhailSimutin,IrinaStefanescu,MarnoVerbeek,anAssociateEditor,tworeferees,conferenceparticipantsatthe2012SIFRConferenceonMutualFundsinStockholm,the2013AsianBureauofFinanceandEconomicResearchConferenceinSingapore,the2013ChinaInternationalCo
7、nferenceinFinanceinShanghai,the2013ConferenceonProfessionalAssetManagementattheRotterdamSchoolofManagement,the2014SocietyforFinancialStudiesCavalcadeatGeorgetownUniversity,the2014WesternFinanceAssociationinMonterey,andseminarparticipantsatGeorgiaStateUniversity,HankenSc
8、hoolofEconomics,theHelsinkiSchoolofEconomicsatAalto,NewYorkUniversity,StanfordUniversity,TilburgUniversity,the
