Bajaj, Mukesh; Mazumdar, Sumon C.; Nanda, Vikram; … - In: Research in finance, (pp. 203-227). 2009
It is widely believed that contrary to standard asset allocation theory, employees irrationally hold concentrated investments in company stock in their 401(k) plans thus bearing firm-specific risk that could otherwise have been diversified away (see e.g., Benartzi, 2001). However, in measuring...