As pension plans in the U.S. and other countries shift from defined benefit to defined contribution plans, employees are being asked to bear investment risk formerly borne by employers and/or governments. Using a simulation model, this paper examines the performance of alternative investment...

This paper examines individual asset-allocation behavior using data from a unique survey containing information on the composition of the respondents' total asset holdings both inside and outside of their retirement accounts. We find that individual asset allocations are consistent with the...

Spyder is a manufacturer of high-performance ski apparel, owned and managed by its founder David Jacobs and by CHB Capital Partners, a private equity firm to which Jacobs sold a minority interest in the company in 1997. Jacobs's two sons also work at the company. By 2004, CHB is seeking a...