MARC Record from Library of Congress

LEADER: 02127cam a22003017a 4500
001 2005616028
003 DLC
005 20050119152904.0
007 cr |||||||||||
008 050119s2004 mau sb 000 0 eng
010 $a 2005616028
040 $aDLC$cDLC
050 00 $aHB1
245 00 $aEmployees' investment decisions about company stock$h[electronic resource] /$cJames J. Choi ... [et al.].
260 $aCambridge, MA :$bNational Bureau of Economic Research,$cc2004.
490 1 $aNBER working paper series ;$vworking paper 10228
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 1/19/2005.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"We study the relationship between past returns on a company's stock and the level of investment in that stock by the participants in that company's 401(k) plan. Using data on 94,191 plan participants, we analyze several different decision points: the initial fraction of savings allocated to company stock, the changes in this fraction, and the reallocations of portfolio holdings across different asset classes. Like Benartzi (2001), we find that high past returns on company stock induce participants to allocate more of their contributions to company stock. We also find, however, that high returns on company stock have the opposite effect on reallocations of portfolio holdings, with high returns leading to shifts away from company stock and into other forms of equity. Overall, for company stock decisions, participants in our sample appear to be momentum investors when making contribution decisions and contrarian investors when making trading decisions"--National Bureau of Economic Research web site.
650 0 $aEmployee ownership.
650 0 $a403(b) plans.
700 1 $aChoi, James J.
710 2 $aNational Bureau of Economic Research.
830 0 $aWorking paper series (National Bureau of Economic Research : Online) ;$vworking paper no. 10228.
856 40 $uhttp://papers.nber.org/papers/W10228