Switching between superannuation funds: Does performance and marketing matter?

Peng, Xiaowen; Alpert, Karen; Hsu, Grace Chia-Man

doi:10.1016/j.pacfin.2020.101431

Cited by 5 publications

(2 citation statements)

References 43 publications

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“…Third, the findings complement existing research on the broader financial beliefs of Australians, including research on investor psychology (Clark‐Murphy & Soutar, 2004, 2005), the behaviour of retail investors during COVID (Chiah et al., 2022), financial literacy (Beal & Delpachitra, 2003; Worthington, 2006; Preston & Wright, 2023) and perceptions regarding superannuation and pensions (Worthington, 2008; Peng et al., 2020; Best & Saba, 2021; Hammerle et al., 2021).…”

Section: Introductionsupporting

confidence: 61%

Retail Investor Trading Intentions: New Evidence from Australia*

2023

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Using a quarterly survey of 23,000 Australian retail equity investors, we study the relationship between beliefs about risk and returns and stock market intentions regarding holding, buying and selling. We provide evidence that investor intentions regarding buying or selling are primarily characterised by risk and return expectations, but sensitivity to their beliefs about risk and returns is greater for the intention to sell than to buy. In contrast, demographic factors such as gender, income and age play a key role in the decision to hold rather than trade. The results have significant ramifications for stock market participation and trading intensity in Australia.

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Section: Introductionsupporting

confidence: 61%

Retail Investor Trading Intentions: New Evidence from Australia*

2023

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“…8 Frino et al (2005) and Clark-Murphy et al (2009) find that superannuation fund flows are chasing past returns of superannuation funds. Peng et al (2020) find that outflows respond to past underperformance. Gharghori et al (2008) study the flip side of the relationship and show that outflows predict subsequent underperformance.…”

Section: Introductionmentioning

confidence: 93%

Liquidity shocks and pension fund performance: Evidence from early access

Brugler

Kim

Zhong

2022

Australian Journal of Management

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We study how expectations of fund flows causally affect fund performance by exploiting a quasi-natural experiment in the Australian pension system where an unexpected policy change temporarily allowed fund withdrawals from a prespecified date in the future. Using fractions of young members, middle-aged members, and government co-contributions for low-income earners as instrumental variables, we find an insignificant effect of expected fund outflows on performance. A potential explanation is that Australian superannuation funds preemptively engage in liquidity management in response to changes in expectations of future fund flows and this helps to limit direct and indirect costs in the rebalancing process. JEL Classification: G11, G12, G14, G23, G51

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