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Household Finance II
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Household Finance II

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Economics and Finance".

Deadline for manuscript submissions: closed (31 July 2022) | Viewed by 2016

Special Issue Editor

Prof. Dr. Mark Harris

E-Mail Website
Guest Editor
School of Accounting, Economics and Finance, Curtin University, Bentley, WA 6102, Australia
Interests: household finances; asset allocation; mis-classification in survey responses; applied econometrics
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

This Special Issue focuses on the broad topic of “Household Finance” and includes all areas related to such, including but not limited to novel research on: household portfolio allocation and debt decisions; insurance choices; pensions and superannuation; financial literacy; and home ownership and investment. 

Both theoretical and empirical studies are welcomed, as is the use of novel mathematical/statistical/econometric/machine-learning techniques to these broad topic areas. Policy-relevant research will be especially welcomed, especially in light of the COVID-19 pandemic. 

Prof. Dr. Mark Harris
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • portfolio allocation
  • financial literacy
  • household debt
  • household saving
  • pensions/superannuation
  • personal insurance
  • econometric methods
  • statistical methods

Published Papers (1 paper)

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Research

18 pages, 1339 KiB  
Article
Target Date Funds, Drawdown Risk, and Central Bank Intervention: Evidence during the COVID-19 Pandemic
by Arjun K. Iyer, Seth A. Hoelscher and Cédric L. Mbanga
J. Risk Financial Manag. 2022, 15(9), 408; https://0-doi-org.brum.beds.ac.uk/10.3390/jrfm15090408 - 13 Sep 2022
Cited by 2 | Viewed by 1665
Abstract
Target Date Funds (TDFs) have become the default investment choice in retirement accounts for most households. Later-dated TDFs (e.g., further away from the present day) allocate a more significant percentage of each dollar invested into equities relative to fixed income. As the TDF [...] Read more.
Target Date Funds (TDFs) have become the default investment choice in retirement accounts for most households. Later-dated TDFs (e.g., further away from the present day) allocate a more significant percentage of each dollar invested into equities relative to fixed income. As the TDF moves closer to the designated retirement date, the TDF embarks on its’ glide path. We study the impact of the COVID-19 Pandemic and Federal Reserve intervention on the max drawdowns experienced by TDFs during 2020. Later-dated funds experienced more significant drawdowns relative to near-dated funds. Moving out one target date fund increased the drawdown by approximately 1.90%. Approximately 80% of TDFs experienced their max drawdown on 23 March 2020. The max drawdowns of the TDFs are then studied in the following three sub-periods: (1) before the first Federal Reserve Intervention (2 March 2020), (2) after the first intervention and before the second intervention (16 March 2020), and (3) the period after the second intervention. TDFs experienced the greatest drawdowns after the first intervention by the Federal Reserve (approximately 19%) relative to the other two periods (approximately 7%). Fees associated with the TDFs tend not to influence the drawdowns except for the near-dated funds, where the low-fee funds performed better. Finally, near-dated funds recovered from their max drawdowns around September 2020, whereas later-dated funds did not fully recover until December 2020. Full article
(This article belongs to the Special Issue Household Finance II)
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