Barking up the wrong tree: Return-chasing in 401(k) plans
研究了401(k)计划中83%的投资者（持有39%资产）采用追逐回报策略，而17%的富裕且金融素养高的投资者则依据CAPM alpha投资，解释了基金流量在不同层面的反应差异，并指出追逐回报策略表现不佳。
This paper examines investors' retirement savings allocation using a hand-collected dataset on 401(k) plans. We find that 83% of investors in our sample hold only 39% of total assets and follow a return-chasing strategy. In contrast, the remaining 17% of wealthy investors with relatively higher financial literacy follow CAPM alpha. This difference between the two investor groups explains why fund flows respond to returns at the plan level but to CAPM alpha at the aggregated fund level. Return-chasing by unwealthy investors is not optimal, as it significantly underperforms a strategy that passively invests in the existing funds in their plans.