TDF의 보수, 현금흐름 및 성과분석 = TDF Fee, Cash Flow and Performance Analysis

다국어 초록 (Multilingual Abstract)

The paper examined the characteristics of the Target Date Fund (TDF) market by exploring the fees, cash flows and performance of TDF. First, the weighted average total fee for TDF showed a positive correlation with the top three fund families. In particular, the top three fund families were more sensitive to sales fees than management fees. Second, TDF cash flows were found to have a positive correlation with lagged cash flows and fund assets. Fund cash flows are influenced by the tendency to maintain consumer behavior, and fund assets align with the characteristics of consumers selecting funds centered around large funds and reputable fund families. Third, TDF cash flows were positively correlated with operational performance, especially showing greater sensitivity to long-term performance. Fourth, TDF performance showed a negative correlation with the Herfindahl-Hirschman Index (HHI). This indicates that as the market becomes more monopolistic, it has a detrimental effect on performance, suggesting that the incentive to strengthen operational capabilities weakens as market competition decreases. In summary, the results suggest the existence of a market preemption effect in the TDF market. However, a monopolistic market structure can negatively impact performance, resulting in a decline in consumer welfare. Therefore, we suggest that the government needs to support policies to improve market structure, such as disclosure and strengthening the role of distribution channels.

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