Offering versus choice in 401(k) plans: Equity exposure and number of funds

Journal of Finance

Volumn 61, Issue 2, 2006, Pages 763-801

  Huberman, Gur ^a   Jiang, Wei ^a  

^a The Sanford C Bernstein Co Center for Leadership and Ethics   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 33644899396     PISSN: 00221082     EISSN: 15406261     Source Type: Journal    
DOI: 10.1111/j.1540-6261.2006.00854.x     Document Type: Article

References (41)

1. Abrevaya, Jason, and Wei Jiang, 2005, A nonparametric approach to measuring and testing joint curvature, Journal of Business and Economic Statistics 23, 1-19.
2. Agnew, Julie, 2002, Inefficient choices in 401(k) plans: Evidence from individual level data, Working paper, College of William and Mary.
3. Agnew, Julie, Pierluigi Balduzzi, and Sundén Annika, 2003, Portfolio choice and trading in a large 401(k) plan, American Economic Review 93, 193-215.
4. Ameriks, John, and Stephen Zeldes, 2001, How do household portfolio shares vary with age? Working paper, Columbia University.
5. Bassett, Gilbert, Jr, and Roger Koenker, 1978, Regression quantiles, Econometrica 46, 33-50.
6. Benartzi, Shlomo, and Richard Thaler, 2001, Naïve diversification strategies in defined contribution saving plans, American Economic Review 91, 79-98.
7. Black, Fischer, 1972, Capital market equilibrium with restricted borrowing, Journal of Business 45, 444-455.
8. Camerer, Colin, Samuel Issacharoff, George Lowenstein, Ted O'Donoghue, and Matthew Rabin, 2003, Regulation for conservatives: Behavioral economics and the case for "asymmetric paternalism," University of Pennsylvania Law Review 151, 1211-1254.
9. Cass, David, and Joseph Stiglitz, 1970, The structure of investor preferences and asset returns, and separability in portfolio allocation, Journal of Economic Theory 2, 122-160.
10. Chernick, Michael, 1999, Bootstrap Methods (John Wiley and Sons, Inc., New York).
11. Choi, James, David Laibson, Brigitte Madrian, and Andrew Metrick, 2004a, For better or for worse: Default effects and 401(k) savings behavior, in David Wise, ed.: Perspectives in the Economics of Aging (University of Chicago Press, Chicago).
12. Choi, James, David Laibson, Brigitte Madrian, and Andrew Metrick, 2004b, Plan design and 401(k) savings outcomes, National Tax Journal 57, 275-298.
13. Chordia, Tarum, Richard Roll, and Avanidhar Subrahmanyam, 2002, Evidence on the speed of convergence to market efficiency, Working paper, UCLA.
14. Cogan, John, and Olivia Mitchell, 2003, Perspectives from the president's commission on social security reform, Journal of Economic Perspectives 17, 149-172.
15. Daniel, Kent, David Hirshleifer, and Siew Hong Teoh, 2002, Investor psychology in capital markets: Evidence and policy implications, Journal of Monetary Economics 49, 139-209.
16. Elton, Edwin, Martin Gruber, and Christopher Blake, 2003, The adequacy of investment choices offered by 401K Plans, Working paper, New York University.
17. Freedman, David, 2001, Ecological inference and the ecological fallacy, in N. J. Smelser and Paul B. Baltes, ed.: International Encyclopedia for the Social and Behavioral Sciences (Elsevier Amsterdam).
18. Gabaix, Xavier, and David Laibson, 2003, Industrial organization with bounded rational consumers, Working paper, MIT and Harvard University.
19. Glaeser, Edward, 2003, Psychology and the market, Discussion paper 2023, Harvard Institute of Economic Research.
20. Goodfriend, Marvin, 1992, Information-aggregation bias, American Economic Review 82, 508-519.
21. Hanushek, Eric, Steven Rivkin, and Taylor Lori, 1996, Aggregation and the estimated effects of school resources, Review of Economics and Statistics 78, 611-627.
22. Holden, Sarah, and Jack VanDerhei, 2001, 401(k) plan asset allocation, account balances, and loan activity in 2000, ICI Perspective 7, 1-27.
23. Huberman, Gur, 2001, Familiarity breeds investment, Review of Financial Studies 14, 161-178.
24. Huberman, Gur, Sheena Iyengar, and Wei Jiang, 2004, Defined contribution pension plans: Determinants of participation and contributions rates, Working paper, Columbia Business School.
25. Iyengar, Sheena, and Mark Lepper, 2000, When choice is demotivating: Can one desire too much of a good thing? Journal of Personality and Social Psychology 76, 995-1010.
26. Kahneman, Daniel, 2003, Maps of bounded rationality: Psychology for behavioral economics, American Economic Review 93, 1449-1475.
27. Kendall, M. G., 1962. Rank Correlation Methods (Griffin, London).
28. Khan, Shakeeb, and James Powell, 2001, Two-step estimation of semiparametric censored regression models, Journal of Econometrics 103, 73-110.
29. Langer, Thomas, and Craig Fox, 2003, Naïve diversification in allocation among risky prospects: Partition-dependence, unit-dependence, and procedure-dependence, Working paper, UCLA.
30. Liang, Nellie, and Scott Weisbenner, 2003, Investor behavior and the purchase of company stock in 401(k) plans - The importance of plan design, Working paper, Board of Governors of the Federal Reserve System and University of Illinois.
31. Lintner, John, 1965, Security Prices, risk, and maximal gains from diversification, Journal of Finance 20, 587-615.
32. Mossin, Jan, 1966, Equilibrium in a capital asset market, Econometrica 34, 261-176.
33. Powell, James L., 1984, Least absolute deviation estimation for the censored regression model, Journal of Econometrica 25, 303-325.
34. Profit Sharing/401(k) Council of America, 2001, 2002, The Profit Sharing/401(k) Survey.
35. Read, Daniel, and George Lowenstein, 1995, Diversification bias: Explaining the discrepancy between combined and separate choices, Journal of Experimental Psychology 1, 7-59.
36. Ross, Stephen, 1978, Mutual fund separation and financial theory - The separating distributions, Journal of Financial Economics 17, 254-286.
37. Serfling, Robert, 1980, Approximation Theorems of Mathematical Statistics (John Wiley and Sons, Inc., New York).
38. Sharpe, William, 1964, Capital asset prices: A theory of market equilibrium under conditions of risk, Journal of Finance 19, 425-442.
39. Simonson, Itamar, 1990, The effect of purchase quantity and timing on variety-seeking behavior, Journal of Marketing Research 27, 150-162.
40. Tversky, Amos, and Daniel Kahneman, 1986, Rational choice and the framing of decisions, Journal of Business 59, 251-278.
41. Wooldridge, Jeffrey, 2003, Cluster-sample methods in applied econometrics, American Economic Review 93, 133-138.