smaller ones, round strategic asset allocations to the nearest multiple of 5%, similar to age heaping in demographic and …, resulting in limited asset diversification. Third, medium-sized and smaller pension funds favor regional investments and as such … not fully employ the opportunities of international diversification. Finally, we show that pension funds using less …

approaches. First, most pension funds round strategic asset allocations to the nearest multiple of 5%, similar to age heaping in …, resulting in limited asset diversification. Third, many pension funds favor regional investments and as such do not fully employ … the opportunities of international risk diversification. Our indicators are correlated with pension fund size, in line …

portfolio diversification—NPD) or engage in naïve buying diversification (NBD)—equally balancing values in same-day purchases of …

portfolio diversification—NPD) or engage in naïve buying diversification (NBD)—equally balancing values in same-day purchases of …

diversification, and holdings of an employer's stock. We find that each of these variables is correlated with sophistication, with …