{"id":1083,"date":"2018-04-09T15:07:51","date_gmt":"2018-04-09T13:07:51","guid":{"rendered":"https:\/\/www.uni.lu\/fdef-fr\/events\/lsf-lunch-seminar-tactical-target-date-funds\/"},"modified":"2018-04-09T15:07:51","modified_gmt":"2018-04-09T13:07:51","slug":"lsf-lunch-seminar-tactical-target-date-funds","status":"publish","type":"events","link":"https:\/\/www.uni.lu\/fdef-fr\/events\/lsf-lunch-seminar-tactical-target-date-funds\/","title":{"rendered":"LSF Lunch Seminar : Tactical Target Date Funds"},"content":{"rendered":"<section class=\"wp-block-unilux-blocks-free-section section\"><div class=\"container xl:max-w-screen-xl\"><p><strong>Abstract<\/strong><\/p><p>\u00a0<\/p><p>We show that saving for retirement in target date funds (TDFs) modi.ed to take advantage of predictability in excess returns driven by the variance risk premium generates economically large welfare gains. We call these funds tactical target date funds (TTDFs).<\/p><p>To be easily implementable and communicated to investors, the portfolio rule followed by TTDFs is designed to be extremely simplified relative to the optimal policy rules. Despite this significant mis-specification, the significant welfare gains persist. Crucially, these gains remain economically important even after we introduce turnover restrictions that limit the annual turnover of TTDFs to be comparable to that of the average mutual fund, and after we take into account for potential increases in transaction costs. Finally we show that this predictability does not appear to be correlated with household risk.<\/p><p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p><\/div><\/section>","protected":false},"excerpt":{"rendered":"","protected":false},"author":0,"featured_media":1084,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"closed","template":"","format":"standard","meta":{"featured_image_focal_point":[],"show_featured_caption":false,"ulux_newsletter_groups":"","uluxPostTitle":"","uluxPrePostTitle":"","_trash_the_other_posts":false,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"event_start_date":"2018-04-19 12:30:00","event_end_date":"2018-04-19 13:45:00","event_speaker_name":"Francisco Gomes - London Business School","event_speaker_link":"","event_is_online":false,"event_location":"Luxembourg School of Finance\r\nJFK Building \r\n29,Avenue J.F Kennedy\r\nL-1855 Luxembourg\r\nGround Floor, Nancy Metz Room","event_street":"","event_location_link":"","event_zip_code":"","event_city":"","event_country":"LU"},"events-topic":[301],"events-type":[],"organisation":[115],"authorship":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.3 (Yoast SEO v22.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>LSF Lunch Seminar : Tactical Target Date Funds - FDEF I Uni.lu<\/title>\n<meta name=\"description\" content=\"Abstract\u00a0We show that saving for retirement in target date funds (TDFs) modi.ed to take advantage of predictability in excess returns driven by the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.uni.lu\/fdef-fr\/events\/lsf-lunch-seminar-tactical-target-date-funds\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LSF Lunch Seminar : Tactical Target Date Funds\" \/>\n<meta property=\"og:description\" content=\"Abstract\u00a0We show that saving for retirement in target date funds (TDFs) modi.ed to take advantage of predictability in excess returns driven by the\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.uni.lu\/fdef-fr\/events\/lsf-lunch-seminar-tactical-target-date-funds\/\" \/>\n<meta property=\"og:site_name\" content=\"FDEF FR\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/uni.FDEF.lu\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/18\/2026\/03\/03111953\/FDEF_SM-Profile_1600x1600px-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"2560\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Dur\u00e9e de lecture estim\u00e9e\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.uni.lu\/fdef-fr\/events\/lsf-lunch-seminar-tactical-target-date-funds\/\",\"url\":\"https:\/\/www.uni.lu\/fdef-fr\/events\/lsf-lunch-seminar-tactical-target-date-funds\/\",\"name\":\"LSF Lunch Seminar : Tactical Target Date Funds - 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