Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments January 31, 2022 erstellt
Description:
We employ a novel dataset that allows us to study the risk-taking of institutional investors managing collective retirement savings plans on behalf of individuals. Unobservable factors (heterogeneous expectations, risk preferences of institutional investors) explain most of the variation in risk allocation and not observable factors (fund or time specific). Over time, our institutional investors reach for yield and increase risk-taking due to decreasing interest rates. We argue that the risk-taking of collective retirement savings plans is mainly shaped by the delegates and how they respond to the institutional setting instead of the risk preferences and the characteristics of their beneficiaries