Image of It Pays to Set the Menu: Mutual Fund Investment Options in 401(k) Plans

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It Pays to Set the Menu: Mutual Fund Investment Options in 401(k) Plans

This paper investigates whether mutual fund families acting as service providers in 401(k) plans display favoritism toward their own affiliated funds. Using a hand-collected data set on the menu of investment options offered to plan participants, we show that fund deletions and additions are less sensitive to prior performance for affiliated than unaffiliated funds. We find no evidence that plan participants undo this affiliation bias through their investment choices. Finally, we find that the subsequent performance of poorly performing affiliated funds indicates that this favoritism is not information driven.

Ketersediaan

Call NumberLocationAvailable
The Journal of FinancePSB lt.dasar - Pascasarjana1
Penerbit .,
Edisi Vol. 71, Number 4, Aug. 2016
Subjek Mutual funds
Portfolio Choice
Retirement Savings
401(k) plans
investment options
plan fiduciaries
ISBN/ISSN 00221082
Klasifikasi NONE
Deskripsi Fisik p. 1779-1812
Info Detail Spesifik The Journal of Finance
Other Version/Related Tidak tersedia versi lain
Lampiran Berkas Tidak Ada Data