| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w15317 |
| 来源ID | Working Paper 15317 |
| The Efficiency of Sponsor and Participant Portfolio Choices in 401(k) Plans | |
| Ning Tang; Olivia S. Mitchell; Gary R. Mottola; Stephen Utkus | |
| 发表日期 | 2009-09-04 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | Portfolio performance in 401(k) plans depends on both the investment menu made available by plan sponsors and participants portfolio decisions. We use a unique dataset of nearly 1 million participants in one thousand pension plans to identify key portfolio inefficiencies in 401(k) plans,attributing them either to the sponsor's menu design or to participants' own portfolio choices. We show that most sponsors offer efficient investment menus. However, many participants fail to construct efficient portfolios, leading to retirement wealth that could be one-fifth lower due to poor portfolio decisions. Because participants are the main source of inefficient DC portfolio choices, strategies targeting their portfolio choices, such as improved default investment strategies or advice programs, may help. Also, in sponsors' design of 401(k) menus, the number of options offered is less important than the range of funds provided. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Institutions ; Labor Economics ; Demography and Aging ; Labor Supply and Demand |
| URL | https://www.nber.org/papers/w15317 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/572992 |
| 推荐引用方式 GB/T 7714 | Ning Tang,Olivia S. Mitchell,Gary R. Mottola,et al. The Efficiency of Sponsor and Participant Portfolio Choices in 401(k) Plans. 2009. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w15317.pdf（186KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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