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Which individuals make active investment decisions in the new Swedish pension system?

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  • ENGSTR M, STEFAN
  • WESTERBERG, ANNA
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    Abstract

    This paper provides a detailed examination of individuals active participation in a new public and mandatory defined contribution pension system. The new pension system was launched in the fall of 2000 and entitles Sweden s workforce of 4.4 million individuals to invest part of their individual pension account in mutual funds. Our findings show that the system is associated with a reversed investment behavior compared with studies of 401(k) plans; that is, individuals tend to make their own investment decisions. Contrary to US studies, we also find that women and younger individuals are more likely than men and older individuals to make an active investment decision.

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    File URL: http://journals.cambridge.org/abstract_S1474747203001331
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    Bibliographic Info

    Article provided by Cambridge University Press in its journal Journal of Pension Economics and Finance.

    Volume (Year): 2 (2003)
    Issue (Month): 03 (November)
    Pages: 225-245

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    Handle: RePEc:cup:jpenef:v:2:y:2003:i:03:p:225-245_00

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    Cited by:
    1. Karlsson, Anders & Norden, Lars, 2007. "Home sweet home: Home bias and international diversification among individual investors," Journal of Banking & Finance, Elsevier, vol. 31(2), pages 317-333, February.
    2. Christelis, Dimitris & Jappelli, Tullio & Padula, Mario, 2008. "Cognitive abilities and portfolio choice," CFS Working Paper Series 2008/35, Center for Financial Studies (CFS).
    3. Hedesstrom, Ted Martin & Svedsater, Henrik & Garling, Tommy, 2007. "Determinants of the use of heuristic choice rules in the Swedish Premium Pension Scheme: An Internet-based survey," Journal of Economic Psychology, Elsevier, vol. 28(1), pages 113-126, January.
    4. Hagen, Johannes, 2013. "A History of the Swedish Pension System," Working Paper Series, Center for Fiscal Studies 2013:7, Uppsala University, Department of Economics.
    5. Engström, Stefan & Westerberg, Anna, 2004. "Information Costs and Mutual Fund Flows," Working Paper Series in Economics and Finance 555, Stockholm School of Economics.
    6. McQueen, Grant & Stenkrona, Anders, 2012. "The home-institution bias," Journal of Banking & Finance, Elsevier, vol. 36(6), pages 1627-1638.
    7. Tubetov, Dulat & Maart, Syster Christin & Musshoff, Oliver, 2012. "Experimental examination of land investment decisions with volatile returns A comparison between Kazakhstani and German farmers," 123rd Seminar, February 23-24, 2012, Dublin, Ireland 122454, European Association of Agricultural Economists.
    8. Tubetov, Dulat & Maart, Syster Christin & Musshoff, Oliver, 2012. "The comparison of investment behaviors of Kazakhstani and German farmers: An experimental approach," 86th Annual Conference, April 16-18, 2012, Warwick University, Coventry, UK 134770, Agricultural Economics Society.
    9. Säve-Söderbergh, Jenny, 2005. "Who is Willing to Let Ethics Guide His Economic Decision-Making? Evidence from Individual Investments in Ethical Funds," Working Paper Series 7/2005, Swedish Institute for Social Research.

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