Investor Inattention: A Hidden Cost of Choice in Pension Plans?
利用瑞典保费养老金系统的数据，比较养老金投资者与零售共同基金投资者的行为，发现养老金投资者对基金过往业绩反应迟钝，导致更可能陷入表现不佳的基金，并讨论了改进养老金计划设计的可能方案。
Abstract We investigate inattention on the part of pension plan participants using a dataset covering savings in Sweden's Premium Pension System. These data permit direct comparison of the investment behaviours of pension and retail mutual fund investors. Unlike retail mutual fund investors, pension investors do not seem to react to past fund performance. This behaviour means that pension investors face a greater risk of being caught in poorly performing funds. Our evidence suggests that inertia and inattention to past performance may translate into poorer investment results for pension investors. We discuss a potential change in the design of defined contribution pension schemes that may mitigate costs for inattentive investors while maintaining flexibility for attentive investors.