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Winners and Losers: 401(k) Trading and Portfolio Performance
by Takeshi Yamaguchi, Olivia S. Mitchell, Gary R. Mottola and Stephen P. Utkus
WP 2007-154
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- risk-adjusted returns of traders are no different than those of non-traders
- however, periodic rebalancing appears to be beneficial
- those who hold only lifecycle funds (passive rebalancers) earn highest returns
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