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Pension Design and StructureNew Lessons from Behavioral Finance$
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Olivia S. Mitchell and Stephen P. Utkus

Print publication date: 2004

Print ISBN-13: 9780199273393

Published to Oxford Scholarship Online: January 2005

DOI: 10.1093/0199273391.001.0001

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Employee Investment Decisions about Company Stock

Employee Investment Decisions about Company Stock

(p.121) Chapter 7 Employee Investment Decisions about Company Stock
Pension Design and Structure

James J. Choi

David Laibson

Brigitte Madrian (Contributor Webpage)

Andrew Metrick

Oxford University Press

The decisions of nearly 100,000 individual 401(k) participants were studied to obtain a better understanding of the determinants of employee discretionary investment in company stock. High returns on company stock for the year prior to enrolment encouraged participations to make higher initial investments in company stock. The opposite is true for trading decisions. High past returns induced participants to shift their portfolios away from company stock towards other equities.

Keywords:   employee investment, company stock, decision making, trading, investment behaviour, trading behaviour

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