| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8744 |
| DP8744 Individual Investor Activity and Performance | |
| Paul Söderlind; Magnus Dahlquist | |
| 发表日期 | 2012 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | We examine the activity and performance of a large panel of individual investors (approximately 70,000 investors and their daily returns over the 2000 to 2010 period) in Sweden's Premium Pension System. We document strong inertia in individuals' choices and changes of mutual funds. We find that active investors outperform passive investors, and that there is a causal effect of fund changes on performance. The outperformance is primarily the result of dynamic fund selection. Activity is beneficial for the individual investor, whereas extreme flows out of mutual funds (which we attribute to financial advisors) affect funds' net asset value negatively for all investors. |
| 主题 | Financial Economics |
| 关键词 | 401(k) Coordinated fund changes Financial advisors Fire sales |
| URL | https://cepr.org/publications/dp8744 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/537580 |
| 推荐引用方式 GB/T 7714 | Paul Söderlind,Magnus Dahlquist. DP8744 Individual Investor Activity and Performance. 2012. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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