The Efficiency of Sponsor and Participant Portfolio Choices in 401(k) Plans

Mitchell, Olivia S.; Mottola, Gary R.; Utkus, Stephen P.

doi:10.3386/w15317

2009

DOI: 10.3386/w15317

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The Efficiency of Sponsor and Participant Portfolio Choices in 401(k) Plans

Olivia S. Mitchell¹,

Gary R. Mottola²,

Stephen P. Utkus³

Abstract: NBER working papers are circulated for discussion and comment purposes. They have not been peerreviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.

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Individual investor portfolio performance in retirement savings accounts

Gan

Heaney

Gerrans

2014

Australian Journal of Management

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We analyse the investment performance of a large sample of individuals investing in discretionary superannuation products offered by a large Australian financial institution. We do not find gender differences as has previously been reported but we do find evidence of a negative relationship between investor age and performance. Those residing in wealthier postcodes perform better. In terms of investment characteristics, wholesale investors perform better whereas those who are the most active perform worse.JEL Codes: G23, G11, E21

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Individual investor portfolio performance in retirement savings accounts

Gan

Heaney

Gerrans

2014

Australian Journal of Management

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What’s on the Menu? Included Versus Excluded Investment Funds for Singapore’s Central Provident Fund Investors

Mitchell

Koh

2010

SSRN Journal

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As one of the oldest and largest national mandatory defined contribution pension systems, Singapore's Central Provident Fund (CPF) permits employees to invest their retirement accumulations in a variety of investment instruments rather than leaving them in a governmentmanaged investment fund. Many plan participants avail themselves of this opportunity, selecting from a menu of more than two hundred "included" funds that satisfy specific admission criteria set by the CPF Board. Nevertheless, many other funds are excluded from the list of eligible retirement system investments. This paper shows that the "included/non-included" screening criteria have been effective, in that included fund managers earned higher average returns, demonstrated better stock-picking, and displayed better market-timing skills, than their excluded fund counterparts. In addition, the included funds exhibited stronger persistence in performance, though they offered marginally lower diversification benefits to plan participants.

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The Efficiency of Sponsor and Participant Portfolio Choices in 401(k) Plans

Abstract: NBER working papers are circulated for discussion and comment purposes. They have not been peerreviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.

Cited by 2 publications

References 8 publications

Individual investor portfolio performance in retirement savings accounts

Individual investor portfolio performance in retirement savings accounts

What’s on the Menu? Included Versus Excluded Investment Funds for Singapore’s Central Provident Fund Investors

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