2007, English, Article, Working paper edition: Individual account investment options and portfolio choice [electronic resource] : behavioral lessons from 401(k) plans / Jeffrey R. Brown, Nellie Liang, Scott Weisbenner. Brown, Jeffrey R.

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Bookmark: https://trove.nla.gov.au/version/8905097
Published
  • Cambridge, MA : National Bureau of Economic Research, c2007.
Language
  • English

Edition details

Title
  • Individual account investment options and portfolio choice : behavioral lessons from 401(k) plans /​ Jeffrey R. Brown, Nellie Liang, Scott Weisbenner.
Author
  • Brown, Jeffrey R.
Other Authors
  • Liang, Nellie.
  • Weisbenner, Scott.
  • National Bureau of Economic Research
Published
  • Cambridge, MA : National Bureau of Economic Research, c2007.
Medium
  • [electronic resource]
Series
Summary
  • "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 that the vast majority of the new funds added to 401(k) plans are high-cost actively managed equity funds, as opposed to lower-cost equity index funds. Third, because the average share of assets invested in low-cost equity index funds declines with an increase in the number of options, average portfolio expenses increase and average portfolio performance is thus depressed. All of these findings are obtained from a panel data set, enabling us to control for heterogeneity in the investment preferences of workers across firms and across time"--National Bureau of Economic Research web site.
Notes
  • Title from PDF file as viewed on 7/​30/​2007.
  • Includes bibliographical references.
  • Also available in print.
Technical Details
  • System requirements: Adobe Acrobat Reader.
  • Mode of access: World Wide Web.
Language
  • English
Libraries Australia ID
Contributed by
Libraries Australia

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