Using data on all employees at listed companies in Taiwan, we find that the bias toward employer stocks is generic to individual investor decision-making, but not limited to retirement plans. 71 percent of sample employees invest in employer stocks and the employer stocks make up on average 47...

We explore the link between momentum and retail investing via an identification strategy in China, where retail investors dominate. We argue that due to a roundlot restriction, small retail investors are less likely to hold and trade stocks with high nominal prices, and find supporting evidence....