Portfolio Risk and Self‐Directed Retirement Saving Programmes
研究固定缴费退休计划中持有公司股票导致投资组合多元化不足的成本，分析退休资产多元化程度对预期效用的影响，发现成本高低取决于是否有其他资产保障退休消费底线。
Defined contribution retirement plans expose retirement savers to financial market risks. This paper explores the costs of retirement wealth risk. It begins by describing the holding of company stock in 401(k) plans in the US, an investment choice that yields a poorly diversified retirement portfolio. It then summarises the composition of household wealth at retirement and investigates how the degree of diversification in retirement assets affects expected utility. The cost of holding a poorly diversified retirement portfolio is very sensitive to whether or not the retirement saver has other assets that provide a floor for retirement consumption.