Article1999

Investors' Asset Allocations versus Life-Cycle Funds

Diane K. Schooley · Debra Drecnik Worden

84 citations0/0 files storedFinancial Analysts Journal

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Financial Literacy, Pension, Retirement Analysis Financial Markets and Investment Strategies Decision-Making and Behavioral Economics

Abstract

Life-cycle funds, among the newest asset allocation fund offerings, are managed according to investors' time horizons and risk tolerances. Partly in response to the appearance of these funds, we examined the relationships among the risk in individual investors' portfolios, their financial-planning time horizons, and their risk tolerances. Generally, we found that portfolio risk increases as time horizon and willingness to take risk increase. This relationship held when we used multivariate analysis. Additional factors related to portfolio risk were found to be the investor's expectations of a future economic downturn, age, education, and marital status.

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References

1975LIFETIME PORTFOLIO SELECTION BY DYNAMIC STOCHASTIC PROGRAMMING 1973A Random Walk Down Wall Street 1969Lifetime Portfolio Selection By Dynamic Stochastic Programming 1992Labor supply flexibility and portfolio choice in a life cycle model 1997Personal Investing: Advice, Theory, and Evidence 1989A case at last for age-phased reduction in equity.

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