Mitchell, Olivia S.; Mottola, Gary R.; Utkus, Stephen P.; … - Institute for Social Research (ISR), University of Michigan - 2006
Most workers in defined contribution retirement plans are inattentive portfolio managers: only a few engage in any trading at all, and only a tiny minority trades actively. Using a rich new dataset on 1.2 million workers in over 1,500 plans, we find that most 401(k) plan participants are...