Increased risk-taking by lifecycle funds

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal Pub Date : 2025-05-14 DOI:10.1016/j.pacfin.2025.102816

Mike Qinghao Mao, Ching Hin Wong

引用次数: 0

Abstract

Lifecycle funds, also known as target-date funds, are designed to follow a glide path, gradually reducing investments in risky assets as investors approach retirement. However, we document that Australian lifecycle funds have, on average, increased growth asset allocation over the past decade, shifting the glide path upward. This trend deviates from the expected risk-reduction strategy by lifecycle funds and is particularly pronounced in retail funds with lower initial risk exposure. The shift can be attributed to lifecycle funds catering to investors' return-chasing and the market perception that some lifecycle funds are overly conservative.

查看原文本刊更多论文

生命周期基金承担的风险增加

生命周期基金，也被称为目标日期基金，旨在遵循下滑路径，随着投资者接近退休，逐渐减少对风险资产的投资。然而，我们记录了澳大利亚生命周期基金在过去十年中平均增加了增长型资产配置，改变了下滑路径。这种趋势偏离了生命周期基金预期的降低风险策略，在初始风险敞口较低的零售基金中尤为明显。这种转变可以归因于生命周期基金迎合了投资者追逐回报的需求，以及市场认为一些生命周期基金过于保守。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Pacific-Basin Finance Journal BUSINESS, FINANCE-

CiteScore

6.80

自引率

6.50%

发文量

157

期刊介绍： The Pacific-Basin Finance Journal is aimed at providing a specialized forum for the publication of academic research on capital markets of the Asia-Pacific countries. Primary emphasis will be placed on the highest quality empirical and theoretical research in the following areas: • Market Micro-structure; • Investment and Portfolio Management; • Theories of Market Equilibrium; • Valuation of Financial and Real Assets; • Behavior of Asset Prices in Financial Sectors; • Normative Theory of Financial Management; • Capital Markets of Development; • Market Mechanisms.