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Purpose – The purpose of this paper is to explain the results of a June 18, 2009 Joint US Department of Labor‐Securities and Exchange Commission hearing regarding Target Funds as investment options for individual and company‐sponsored retirement plans. Design/methodology/approach – The...
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Debt-induced crises, including the subprime, are usually attributed exclusively to supply-side factors. We uncover an additional factor contributing to debt culture, namely social influences emanating from the perceived average income of peers. Using unique information from a representative...
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