The adequacy of investment choices offered by 401(k) plans

Journal of Public Economics

Volumn 90, Issue 6-7, 2006, Pages 1299-1314

  Elton, Edwin J ^a   Gruber, Martin J ^a   Blake, Christopher R ^b  

^a NEW YORK UNIVERSITY   (United States)

^b FORDHAM UNIVERSITY   (United States)

Author keywords

401k pension funds; Portfolio performance mutual funds; Spanning

Indexed keywords

EID: 33646269715     PISSN: 00472727     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jpubeco.2005.08.001     Document Type: Article

References (24)

1. Agnew, Julie, Balduzzi, Pierluigi, 2003. What do we do with our pension money? Recent evidence from 401(k) plans. Unpublished manuscript, Boston College.
2. Ameriks, John, Zeldes, Stephen P., 2004. How do household portfolio shares vary with age? Unpublished manuscript, Columbia University.
3. Angus, John, Brown, William, Smith, Janet Smith, Richard, 2005. What's in your 403(b)? Academic retirement plans and the cost of underdiversification. Unpublished manuscript. Claremont University.
4. Bekaert G., and Urias M.S. Diversification, integration, and emerging market closed-end funds. Journal of Finance 51 (1996) 835-870
5. Benartzi S., and Thaler R. Naïve diversification strategies in retirement saving plans. American Economic Review 91 1 (2001) 78-98
6. Blake C.R., Elton E.J., and Gruber M.J. The performance of bond mutual funds. Journal of Business 66 (1993) 371-403
7. Brown J., Liang N., and Weisbenner S. 401(k) matching contributions in company stock: costs and benefits for firms and workers. Journal of Public Economics 90 (2006) 1315-1346
8. Chen Z., and Knez P. Portfolio performance measures: theory and application. Review of Financial Studies 9 (1996) 511-556
9. Choi J., Laibson D., Madrian B., and Metrick A. Active Decisions: a Natural Experiment in Savings (2004), Harvard University mimeo
10. Choi, James, Laibson, David, Madrian, Brigitte, Metrick, Andrew, in press. Defined contribution pensions: plan rules participant choices and the path of least resistance. In McCaffrey and Slemrod. Behavioral Public Finance.
11. De Roon F., Nijman T.E., and Werker B.J.M. Testing for mean variance spanning with short sales constraints and transaction costs: the case of emerging markets. Journal of Finance 56 2 (2001) 721-742
12. Elton E.J., Gruber M.J., and Blake C.R. The persistence of risk-adjusted mutual fund performance. Journal of Business 69 2 (1996) 133-157
13. Elton E.J., Gruber M.J., and Blake C.R. Common factors in fund returns. European Financial Review 3 1 (1999) 1-23
14. Elton, Edwin J., Gruber, Martin J., Clifton Green, T., 2004. The impact of mutual fund family membership on investor risk. Unpublished manuscript, New York University.
15. Fama E., and French K. Size and book-to-market factors in earnings and returns. Journal of Finance 50 (1995) 131-156
16. Glen J., and Jorion P. Currency hedging for international portfolios. Journal of Finance 48 (1993) 1865-1886
17. Hansen L., Heaton J., and Luttmer E. Econometric evaluation of asset pricing models. Review of Financial Studies 8 (1995) 237-274
18. Huberman, Gur Wei Jiang, in press. Offering versus choice in 401(k) plans: equity exposure and number of funds. Journal of Finance.
19. Huberman G., and Kandel S. Mean-variance spanning. Journal of Finance 42 (1987) 873-888
20. Huberman G., and Sengmuller P. Performance and employer stock in 401(k) plans. Review of Finance 8 (2004) 403-443
21. Investment Company Institute, 2000. 401(k) plan participants, characteristics contributions, and accounts activity (Spring 2000).
22. Liang, Nellie, Weisbenner, Scott, 2002. Investor behavior and the purchase of company stock in 401(k) plan design. Unpublished manuscript, University of Illinois.
23. Madrian B., and Shea D.F. The power of suggestion: inertia in 401(k) participation and savings behavior. Quarterly Journal of Economics 116 (2001) 1149-1187
24. Poterba J. Employer stock and 401(k) plans. American Economic Review 93 (2003) 398-404