| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27438 |
| 来源ID | Working Paper 27438 |
| Portfolio Delegation and 401(k) Plan Participant Responses to COVID-19 | |
| David Blanchett; Michael S. Finke; Jonathan Reuter | |
| 发表日期 | 2020-06-29 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We analyze the behavior of 401(k) plan participants during the first quarter of 2020, when COVID-19 generated historic volatility, large negative returns, and significant unemployment. Only 2.1% of participants invested in TDFs made any changes to their portfolios, with even lower rates of change among those defaulted into robo-advised managed accounts, suggesting that delegation can decrease the likelihood of portfolio mistakes by less sophisticated participants. While 16.6% of non-delegated participants made portfolio changes, these changes were more likely among more sophisticated participants and appear not to have reduced participants’ quarterly returns. Consistent with liquidity constraints, however, withdrawals spike following job loss. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Institutions ; Behavioral Finance ; COVID-19 |
| URL | https://www.nber.org/papers/w27438 |
| 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/585111 |
| 推荐引用方式 GB/T 7714 | David Blanchett,Michael S. Finke,Jonathan Reuter. Portfolio Delegation and 401(k) Plan Participant Responses to COVID-19. 2020. |
| 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 | ||
| w27438.pdf（249KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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