Choi, James J.; Laibson, David I.; Madrian, Brigitte C.; … - 2003
July 28, 2003 4
investors. Momentum investors trade with a trend, adding to their holdings after high
returns; contrarian … plots the likelihood of ever having made a change to
contribution fractions or a trade as a function of tenure in the plan … trade.
6
These two groups
overlap significantly, so that their union comprises only 58.0 percent of the population.
By …