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Individual Account Investment Options and Portfolio Choice: Behavioral Lessons from 401(k) Plans
2004
Social Science Research Network
This paper examines how the menu of investment options made available to workers in defined contribution plans influences portfolio choice. Using unique panel data of 401(k) plans in the U.S., we present three principle findings. First, we show that the share of investment options in a particular asset class (i.e., company stock, equities, fixed income, and balanced funds) has a significant effect on aggregate participant portfolio allocations across these asset classes. Second, we document
doi:10.2139/ssrn.631886
fatcat:y44xsx2fwfcffhrfxhjrhhxsnu