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How Individuals React to Defined Benefit Pension Risk
2013
Social Science Research Network
We develop a measure of (hybrid) defined benefit (DB) pension risk and show how this pension risk affects individual portfolio decisions. We find that people in riskier DB plans are, on average, not only less likely to hold equity but also hold a smaller share of their wealth in equity. This relation is stronger for people who are better informed about their pension plan risk, and for retirees. We also check whether pension risk is related to retirement decisions but find no evidence to support
doi:10.2139/ssrn.2347976
fatcat:h4uz34wl3zhhxe52bti22ezgr4