英文标题：
《Are target date funds dinosaurs? Failure to adapt can lead to extinction》
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作者：
Peter A. Forsyth, Yuying Li, Kenneth R. Vetzal
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最新提交年份：
2017
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英文摘要：
Investors in Target Date Funds are automatically switched from high risk to low risk assets as their retirements approach. Such funds have become very popular, but our analysis brings into question the rationale for them. Based on both a model with parameters fitted to historical returns and on bootstrap resampling, we find that adaptive investment strategies significantly outperform typical Target Date Fund strategies. This suggests that the vast majority of Target Date Funds are serving investors poorly.
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中文摘要：
随着退休时间的临近，目标日期基金的投资者会自动从高风险资产转换为低风险资产。这类基金已经非常受欢迎，但我们的分析对其原理提出了质疑。基于参数拟合历史收益率的模型和bootstrap重采样，我们发现适应性投资策略显著优于典型的目标日期基金策略。这表明，绝大多数目标日期基金为投资者提供的服务很差。
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分类信息：

一级分类：Quantitative Finance 数量金融学
二级分类：Portfolio Management 项目组合管理
分类描述：Security selection and optimization, capital allocation, investment strategies and performance measurement
证券选择与优化、资本配置、投资策略与绩效评价
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