What Drives Investors' Portfolio Choices? Separating Risk Preferences from Frictions
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We study the role of risk preferences and frictions in portfolio choice using variation in 401(k) default options. Patterns of active choice in response to different default funds imply that, absent participation frictions, 94% of investors prefer holding stocks, with an equity share of retirement
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美国国家经济研究局创建时间：
2024-05-01
