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Key Findings Details

Winners and Losers: 401(k) Trading and Portfolio Performance
Takeshi Yamaguchi, Olivia S. Mitchell, Gary R. Mottola and Stephen P. Utkus
WP 2007-154

  • Risk-adjusted returns of traders are no different than those of non-traders
  • However, periodic rebalancing appears to be beneficial
  • tTose who hold only lifecycle funds (passive rebalancers) earn highest returns