How does the Internet affect trading? Evidence from investor behavior in 401(k) plans

• 成果类型: Article
• 署名作者: Choi, JJ; Laibson, D; Metrick, A
• 署名单位: University of Pennsylvania; Harvard University; National Bureau of Economic Research
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/S0304-405X(02)00130-7
• 发表日期: 2002
• 页码: 397-421
• 关键词: 401(K); asset allocation; internet; World Wide Web; online trading; new economy; Retirement saving

摘要

We analyze the impact of a Web-based trading channel on trader behavior and performance in two large corporate 401(k) plans. After 18 months of Web access, trading frequency at sample firms doubles relative to a control group of firms without a Web channel. Web trades tend to be smaller than trades made through other channels and Web traders tend to have smaller portfolios than other traders, so the Web's impact on portfolio turnover is substantially smaller than its effect on trading frequency. There is no evidence than any of this new trading on the Web is successful. (C) 2002 Elsevier Science B.V. All rights reserved.