Seminar series
Date
Thu, 13 May 2010
13:00
13:00
Location
DH 1st floor SR
Speaker
Jose Martinez
Organisation
SBS
Using a large panel data set of Swedish pension savers (75,000 investors, daily portfolios 2000-2008) we show that active investors outperform inactive investors and that there is a causal effect of fund switches on performance. The higher performance is earned not by market timing, but by dynamic fund picking (within the same asset class). While activity is positive for the individual investor, there are indications that it generates costs for other investors.