Loyalty-Based Portfolio Choice
Loyalty-Based Portfolio Choice
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DOI：
10.1093/rfs/hhn012
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发表时间：
2009-03-01
影响因子：
8.2
通讯作者：
Cohen, Lauren
中科院分区：
文献类型：
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作者：
Cohen, Lauren
我使用一个独特的退休缴费数据集来评估忠诚度对个人投资组合选择的影响。我利用了法定差异，在401(K)计划中，独立员工可以直接投资于他们的部门，而集团员工必须投资于整个公司，包括所有不相关的部门。与忠诚度一致的是，独立公司的员工在公司股票上的投资比集团员工多10个百分点(75%)。通过不同员工群体之间、公司内部和公司内部忠诚度的差异，也可以找到支持。员工忠诚度的成本是巨大的，相当于退休收入损失近20%。
I evaluate the effect of loyalty on individuals' portfolio choice using a unique dataset of retirement contributions. I exploit the statutory difference that, in 401(k) plans, stand-alone employees can invest directly in their division, while conglomerate employees must invest in the entire firm, including all unrelated divisions. Consistent with loyalty, employees of stand-alone firms invest 10 percentage points (75%) more in company stock than conglomerate employees. Support is also found using variation in loyalty between different groups of employees, across and within firms. The cost to employees of loyalty is large, amounting to nearly a 20% loss in retirement income.