Laibson, David; Madrian, Brigitte C.; Metrick, Andrew; … - National Bureau of Economic Research (NBER) - 2004
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...