Dahlquist, Magnus
[Verfasser:in]
;
Martinez, Jose Vicente
[Sonstige Person, Familie und Körperschaft];
Söderlind, Paul
[Sonstige Person, Familie und Körperschaft]
Erschienen in:Swedish House of Finance Research Paper ; No. 14-08 (revised version)
Umfang:
1 Online-Ressource (44 p)
Sprache:
Englisch
DOI:
10.2139/ssrn.1952850
Identifikator:
Entstehung:
Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments May 31, 2016 erstellt
Beschreibung:
We examine the daily activity and performance of a large panel of individual investors in Sweden's Premium Pension System. We find that active investors earn significantly higher returns and risk-adjusted returns than inactive investors. A performance decomposition analysis reveals that most of the outperformance of active investors is the result of these investors successfully timing mutual funds and asset classes. While activity is beneficial for some investors, extreme flows out of mutual funds affect funds' net asset values negatively for all investors. Financial advisors, by contributing to coordinate investments and redemptions, exacerbate these negative effects