标题： 目标日期基金是恐龙吗？ 无法适应可能导致灭绝 显示英文标题

标题： Are target date funds dinosaurs? Failure to adapt can lead to extinction

摘要： 目标日期基金的投资者在退休临近时会自动从高风险资产转换到低风险资产。 这类基金已经非常受欢迎，但我们的分析对它们的合理性提出了质疑。 基于一个参数拟合历史收益的模型以及自助抽样法，我们发现自适应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未能很好地为投资者服务。 显示英文摘要

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.