000 02270cam a22003497 4500
001 w20137
003 NBER
005 20211020105929.0
006 m o d
007 cr cnu||||||||
008 210910s2014 mau fo 000 0 eng d
100 1 _aClark, Robert L.
_98134
245 1 0 _aFinancial Knowledge and 401(k) Investment Performance /
_cRobert L. Clark, Annamaria Lusardi, Olivia S. Mitchell.
260 _aCambridge, Mass.
_bNational Bureau of Economic Research
_c2014.
300 _a1 online resource:
_billustrations (black and white);
490 1 _aNBER working paper series
_vno. w20137
500 _aMay 2014.
520 3 _aUsing a unique new dataset linking administrative data on investment performance and financial knowledge, we examine whether investors who are more financially knowledgeable earn more on their retirement plan investments, compared to their less sophisticated counterparts. We find that risk-adjusted annual expected returns are 130 basis points higher for the most financially knowledgeable employees, and those scoring higher on our Financial Knowledge Index have slightly more volatile portfolios while they do no better diversifying their portfolios than their peers. Overall, financial knowledge does appear to help people invest more profitably; this may provide a rationale for efforts to enhance financial knowledge in the population at large.
530 _aHardcopy version available to institutional subscribers
538 _aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538 _aMode of access: World Wide Web.
588 0 _aPrint version record
690 7 _aD14 - Household Saving • Personal Finance
_2Journal of Economic Literature class.
690 7 _aD91 - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
_2Journal of Economic Literature class.
700 1 _aLusardi, Annamaria.
700 1 _aMitchell, Olivia S.
_916866
710 2 _aNational Bureau of Economic Research.
830 0 _aWorking Paper Series (National Bureau of Economic Research)
_vno. w20137.
856 4 0 _uhttps://www.nber.org/papers/w20137
856 _yAcceso en línea al DOI
_uhttp://dx.doi.org/10.3386/w20137
942 _2ddc
_cW-PAPER
999 _c327986
_d286548