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Keep calm and do nothing - trading behavior of Swedish retirement investors during the COVID19 pandemic
Jönköping University, Jönköping International Business School, JIBS, Economics, Finance and Statistics. Network for Studies on Pensions, Aging and Retirement (Netspar), Tilburg, The Netherlands.ORCID iD: 0000-0003-3093-726X
Jönköping University, Jönköping International Business School, JIBS, Economics, Finance and Statistics.
Maastricht University, School of Business and Economics, Department of Finance, Maastricht, The Netherlands.
2021 (English)Report (Other academic)
Abstract [en]

How did investors in the Swedish Premium Pension System (PPS) react to the stock markets shock ignitedin 2020 by the COVID-19 pandemic? The share of investors that traded more than doubled, and tradesshifted capital from equity funds to low risk interest funds. In economic terms, however, trading activitystayed at very low levels—less than two percent of investors traded in March 2020 and there was no effecton pension withdrawals. Given the vast evidence on retail investors’ strongly increasing trading volume incrisis times, the reaction of PPS investors looks surprisingly smart, i.e., avoiding the many mistakes thatinvestors incur when they try to outsmart the market. Potentially, the often-criticized choice architecture ofthe PPS that induces strong inertia provided positive side effects in times of a severe market shock. 

Place, publisher, year, edition, pages
2021. , p. 13
Keywords [en]
Financial crisis, COVID-19 pandemic, Retirement investors, Trading behavior, Risk-taking behavior
National Category
Economics
Identifiers
URN: urn:nbn:se:hj:diva-51769OAI: oai:DiVA.org:hj-51769DiVA, id: diva2:1524652
Available from: 2021-02-01 Created: 2021-02-01 Last updated: 2021-02-02Bibliographically approved

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Hagen, JohannesMalisa, Amedeus

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