Are Empowerment and Education Enough? Underdiversification in 401(k) Plans
以安然公司破产为例，研究401(k)退休储蓄计划中员工过度投资本公司股票导致的多元化不足问题，对养老金政策制定者和投资者有警示意义。
AT THE END of 2000, current and former employees of the energy trading company Enron Corporation held $2.1 billion in the firm's 401(k) retirement savings plan. Sixty-two percent of that money was invested in Enron stock, then trading at $83 a share. In October 2001 Enron's finances began to unravel as its accounting improprieties came to light. Enron stock plummeted over the next several weeks, and on December 2, 2001, the company declared bankruptcy, rendering its shares worthless. Thousands of Enron employees lost their jobs and a large fraction of their retirement wealth simultaneously.