Stephen P. Utkus

University of Pennsylvania

3641 Locust Walk

Philadelphia, PA 19104-6365

United States

Center for Financial Markets and Policy, Georgetown University

Washington, DC 20057

United States

SCHOLARLY PAPERS

32

DOWNLOADS
Rank 5,609

SSRN RANKINGS

Top 5,609

in Total Papers Downloads

10,060

SSRN CITATIONS
Rank 3,352

SSRN RANKINGS

Top 3,352

in Total Papers Citations

200

CROSSREF CITATIONS

202

Scholarly Papers (32)

1.

Lessons from Behavioral Finance for Retirement Plan Design

PRC Working Paper No. 2003-6
Number of pages: 52 Posted: 24 Nov 2003
Olivia S. Mitchell and Stephen P. Utkus
University of Pennsylvania - The Wharton School and University of Pennsylvania
Downloads 2,612 (6,663)
Citation 30

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2.

Winners and Losers: 401(K) Trading and Portfolio Performance

Pension Research Council Working Paper No. 2006-26, Michigan Retirement Research Center Research Paper No. WP 2007-154
Number of pages: 32 Posted: 06 Nov 2006
University of Pennsylvania - The Wharton School, University of Pennsylvania - The Wharton School, Research Director FINRA Foundation and University of Pennsylvania
Downloads 706 (47,663)
Citation 11

Abstract:

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3.

Who Benefits from Robo-advising? Evidence from Machine Learning

Number of pages: 73 Posted: 03 Apr 2020 Last Revised: 01 Feb 2021
Alberto G. Rossi and Stephen P. Utkus
Georgetown University and University of Pennsylvania
Downloads 647 (53,493)
Citation 12

Abstract:

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FinTech, Portfolio Choice, Behavioral Finance, Individual Investors, Financial Literacy, Technology Adoption, Machine Learning

4.

Company Stock, Market Rationality, and Legal Reform

Number of pages: 49 Posted: 09 Aug 2004
University of California at Los Angeles, University of Chicago - Booth School of Business, University of Pennsylvania and Harvard Law School
Downloads 645 (53,696)
Citation 72

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Bounded rationality, company stock, behavioral economics, employee compensation

5.
Downloads 624 ( 56,074)
Citation 22

Five Facts About Beliefs and Portfolios

Yale ICF Working Paper No. 2019-05, Wharton Pension Research Council Working Paper No. 2019-07, NYU Stern School of Business
Number of pages: 76 Posted: 08 Mar 2019 Last Revised: 17 Sep 2020
Yale School of Management, Harvard University, New York University (NYU) - Leonard N. Stern School of Business and University of Pennsylvania
Downloads 487 (75,605)
Citation 5

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Surveys, Expectations, Sentiment, Behavioral Finance, Discount Rates, Rare Disasters

Five Facts About Beliefs and Portfolios

Number of pages: 78 Posted: 25 Jul 2019
Yale School of Management, Harvard University, New York University (NYU) - Leonard N. Stern School of Business and University of Pennsylvania
Downloads 112 (315,923)

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surveys, expectations, sentiment, behavioral finance, discount rates, rare disasters

Five Facts About Beliefs and Portfolios

NBER Working Paper No. w25744
Number of pages: 77 Posted: 15 Apr 2019 Last Revised: 05 Nov 2021
Yale School of Management, Harvard University, New York University (NYU) - Leonard N. Stern School of Business and University of Pennsylvania
Downloads 23 (657,302)
Citation 1

Abstract:

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Five Facts About Beliefs and Portfolios

Number of pages: 72 Posted: 09 Apr 2019 Last Revised: 02 Mar 2020
Harvard University, New York University (NYU) - Leonard N. Stern School of Business, Yale School of Management and University of Pennsylvania
Downloads 2 (836,386)
Citation 16
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6.
Downloads 599 ( 59,015)
Citation 2

Inside the Mind of a Stock Market Crash

NBER Working Paper No. w27272
Number of pages: 23 Posted: 02 Jun 2020 Last Revised: 07 Jan 2022
Yale School of Management, Harvard University, New York University (NYU) - Leonard N. Stern School of Business and University of Pennsylvania
Downloads 373 (103,537)

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Inside the Mind of a Stock Market Crash

Number of pages: 24 Posted: 05 Jun 2020
Yale School of Management, Harvard University, New York University (NYU) - Leonard N. Stern School of Business and University of Pennsylvania
Downloads 225 (176,078)

Abstract:

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surveys, expectations, sentiment, behavioural finance, trading, rare disasters

Inside the Mind of a Stock Market Crash

Number of pages: 25 Posted: 28 May 2020
Yale School of Management, Harvard University, New York University (NYU) - Leonard N. Stern School of Business and University of Pennsylvania
Downloads 1 (850,081)
Citation 2
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behavioral finance, Expectations, Rare Disasters, sentiment, Surveys, Trading

7.

Company Stock and Retirement Plan Diversification

Pension Research Council Working Paper No. 2002-4
Number of pages: 72 Posted: 26 Mar 2002
Olivia S. Mitchell and Stephen P. Utkus
University of Pennsylvania - The Wharton School and University of Pennsylvania
Downloads 537 (67,709)
Citation 22

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8.

Financial Attention

Number of pages: 51 Posted: 13 Oct 2013 Last Revised: 30 Jul 2015
Columbia University, Carnegie Mellon University - Department of Social and Decision Sciences, Carnegie Mellon University - David A. Tepper School of Business and University of Pennsylvania
Downloads 507 (72,689)
Citation 45

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Investor Attention, Portfolio Trading, Behavioral Economics/Finance, Ostrich Effect

9.

The Needs and Wants in Financial Advice: Human versus Robo-advising

Number of pages: 76 Posted: 08 Jan 2021
Alberto G. Rossi and Stephen P. Utkus
Georgetown University and University of Pennsylvania
Downloads 454 (83,170)
Citation 3

Abstract:

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Robo-advising; Financial Advice; Emotional Value of Advice

10.

The Dynamics of Lifecycle Investing in 401(k) Plans

Number of pages: 38 Posted: 03 Oct 2007 Last Revised: 29 Nov 2011
University of Pennsylvania - The Wharton School, Research Director FINRA Foundation, University of Pennsylvania and University of Pennsylvania - The Wharton School
Downloads 421 (90,741)
Citation 10

Abstract:

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retirement 401(k) saving

11.

The Inattentive Participant: Portfolio Trading Behavior in 401(K) Plans

Michigan Retirement Research Center Research Paper No. WP 2006-115
Number of pages: 40 Posted: 19 Feb 2008
University of Pennsylvania - The Wharton School, Research Director FINRA Foundation, University of Pennsylvania and University of Pennsylvania - The Wharton School
Downloads 419 (91,244)
Citation 85

Abstract:

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12.

Literacy, Trust and 401(K) Savings Behavior

Number of pages: 33 Posted: 11 Nov 2008
Julie R. Agnew, Lisa Szykman, Stephen P. Utkus and Jean A. Young
College of William and Mary - Mason School of Business, affiliation not provided to SSRN, University of Pennsylvania and The Vanguard Group, Inc. - Center for Retirement Research
Downloads 331 (119,122)
Citation 11

Abstract:

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13.

Financial Attention

Number of pages: 50 Posted: 31 Jul 2012 Last Revised: 22 May 2015
Columbia University, Carnegie Mellon University - Department of Social and Decision Sciences, Carnegie Mellon University - David A. Tepper School of Business and University of Pennsylvania
Downloads 199 (197,836)
Citation 7

Abstract:

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investors attention, ostrich effect, behavioral economics/finance

14.

Dimensions of 401(K) Plan Design

Pension Research Council WP2005-05
Number of pages: 29 Posted: 30 Jun 2006
Olivia S. Mitchell, Stephen P. Utkus and Tongxuan Yang
University of Pennsylvania - The Wharton School, University of Pennsylvania and University of Pennsylvania - Insurance & Risk Management Department
Downloads 152 (249,556)

Abstract:

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Target Date Funds and Portfolio Choice in 401(k) Plans

Wharton Pension Research Council Working Paper No. 2020-03
Number of pages: 35 Posted: 12 Feb 2020
Olivia S. Mitchell and Stephen P. Utkus
University of Pennsylvania - The Wharton School and University of Pennsylvania
Downloads 110 (319,971)

Abstract:

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automatic enrollment, pension, portfolio allocation, endorsement effect, default effect, retirement saving, 401(k)

Target Date Funds and Portfolio Choice in 401(K) Plans

NBER Working Paper No. w26684
Number of pages: 34 Posted: 22 Jan 2020 Last Revised: 29 Nov 2021
Olivia S. Mitchell and Stephen P. Utkus
University of Pennsylvania - The Wharton School and University of Pennsylvania
Downloads 18 (696,495)

Abstract:

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16.

The Efficiency of Sponsor and Participant Portfolio Choices in 401(k) Plans

Pension Research Council Working Paper No. WP2009-08
Number of pages: 38 Posted: 12 Aug 2009 Last Revised: 26 Nov 2011
University of Pennsylvania - The Wharton School, University of Pennsylvania - The Wharton School, Research Director FINRA Foundation and University of Pennsylvania
Downloads 123 (293,996)
Citation 9

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pension; retirement; portfolio performance; mutual funds; spanning; investment

17.

Financial Literacy and 401(K) Loans

Pension Research Council Working Paper No. 2010-28
Number of pages: 25 Posted: 12 Nov 2010
Stephen P. Utkus and Jean A. Young
University of Pennsylvania and The Vanguard Group, Inc. - Center for Retirement Research
Downloads 116 (306,536)
Citation 5

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Participants, Loans, Borrowing, Retirement, Plan, Wealth, Income, Saving, Balance

Default, Framing and Spillover Effects: The Case of Lifecycle Funds in 401(K) Plans

Pension Research Council WP, May 2009
Number of pages: 33 Posted: 24 Jun 2009
University of Pennsylvania - The Wharton School, Research Director FINRA Foundation, University of Pennsylvania and University of Pennsylvania - The Wharton School
Downloads 82 (387,553)
Citation 1

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Default, Framing and Spillover Effects: the Case of Lifecycle Funds in 401(K) Plans

NBER Working Paper No. w15108
Number of pages: 33 Posted: 30 Jun 2009 Last Revised: 14 Oct 2021
University of Pennsylvania - The Wharton School, Research Director FINRA Foundation, University of Pennsylvania and University of Pennsylvania - The Wharton School
Downloads 19 (688,517)

Abstract:

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19.

Target-Date Funds in 401(k) Plans

Pension Research Council WP 2012-02
Number of pages: 36 Posted: 07 Mar 2012
Olivia S. Mitchell and Stephen P. Utkus
University of Pennsylvania - The Wharton School and University of Pennsylvania
Downloads 100 (339,131)

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20.
Downloads 99 (341,412)
Citation 6

Target-Date Funds in 401(K) Retirement Plans

The Wharton School Research Paper No. 26
Number of pages: 36 Posted: 22 May 2012
Olivia S. Mitchell and Stephen P. Utkus
University of Pennsylvania - The Wharton School and University of Pennsylvania
Downloads 40 (550,033)

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Target-Date Funds in 401(K) Retirement Plans

Number of pages: 36 Posted: 21 Jun 2012 Last Revised: 05 Apr 2013
Olivia S. Mitchell and Stephen P. Utkus
University of Pennsylvania - The Wharton School and University of Pennsylvania
Downloads 35 (577,542)
Citation 3

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Target-Date Funds in 401(K) Retirement Plans

NBER Working Paper No. w17911
Number of pages: 36 Posted: 10 Mar 2012 Last Revised: 11 Dec 2021
Olivia S. Mitchell and Stephen P. Utkus
University of Pennsylvania - The Wharton School and University of Pennsylvania
Downloads 24 (649,819)

Abstract:

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21.

The Efficiency of Pension Menus and Individual Portfolio Choice in 401(K) Pensions

Michigan Retirement Research Center Research Paper No. 2009-203
Number of pages: 36 Posted: 24 Sep 2009
University of Pennsylvania - The Wharton School, University of Pennsylvania - The Wharton School, Research Director FINRA Foundation and University of Pennsylvania
Downloads 82 (383,782)
Citation 1

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Borrowing from the Future: 401(k) Plan Loans and Loan Defaults

Pension Research Council WP 2014-01
Number of pages: 35 Posted: 14 Nov 2014
emlyon business school, University of Pennsylvania - The Wharton School, University of Pennsylvania and The Vanguard Group, Inc. - Center for Retirement Research
Downloads 65 (441,959)

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Borrowing from the Future: 401(K) Plan Loans and Loan Defaults

NBER Working Paper No. w21102
Number of pages: 42 Posted: 20 Apr 2015 Last Revised: 28 Feb 2021
emlyon business school, University of Pennsylvania - The Wharton School, University of Pennsylvania and The Vanguard Group, Inc. - Center for Retirement Research
Downloads 15 (720,905)
Citation 2

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23.

Diversity and Defined Contribution Plans: The Role of Automatic Plan Features

Number of pages: 15 Posted: 17 Nov 2011
Stephen P. Utkus and Cynthia A. Pagliaro
University of Pennsylvania and Vanguard Group, Inc.
Downloads 77 (398,054)

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401K, savings, portfolio allocation, race, ethnicity

24.

Turning Workers into Savers? Incentives, Liquidity, and Choice in 401(K) Plan Design

NBER Working Paper No. w11726
Number of pages: 34 Posted: 24 Jan 2006 Last Revised: 16 Jan 2022
Olivia S. Mitchell, Stephen P. Utkus and Tongxuan Yang
University of Pennsylvania - The Wharton School, University of Pennsylvania and University of Pennsylvania - Insurance & Risk Management Department
Downloads 64 (439,592)
Citation 4

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25.

The Role of Company Stock in Defined Contribution Plans

NBER Working Paper No. w9250
Number of pages: 54 Posted: 04 Oct 2002 Last Revised: 11 Oct 2021
Olivia S. Mitchell and Stephen P. Utkus
University of Pennsylvania - The Wharton School and University of Pennsylvania
Downloads 64 (439,592)
Citation 1

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26.

Better Plans for the Better-Paid: Determinants and Effects of 401(K) Plan Design

Pension Research Council WP2005-5
Number of pages: 56 Posted: 13 Jul 2005
Stephen P. Utkus, Tongxuan Yang and Olivia S. Mitchell
University of Pennsylvania, University of Pennsylvania - Insurance & Risk Management Department and University of Pennsylvania - The Wharton School
Downloads 62 (446,633)

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27.

Evaluating Web-Based Savings Interventions: A Preliminary Assessment

Michigan Retirement Research Center Research Paper No. 2013-299
Number of pages: 27 Posted: 11 Jan 2014
Financial Engines, Inc., University of Pennsylvania - The Wharton School, Vanguard Group, Inc. and University of Pennsylvania
Downloads 59 (457,501)

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saving, retirement planning, 401(k) plans

28.

How Behavioral Finance Can Inform Retirement Plan Design

Journal of Applied Corporate Finance, Vol. 18, No. 1, pp. 82-94, Winter 2006
Number of pages: 15 Posted: 16 Nov 2006
Olivia S. Mitchell and Stephen P. Utkus
University of Pennsylvania - The Wharton School and University of Pennsylvania
Downloads 29 (597,982)
Citation 1
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29.

The Efficiency of Sponsor and Participant Portfolio Choices in 401(K) Plans

NBER Working Paper No. w15317
Number of pages: 38 Posted: 08 Sep 2009 Last Revised: 08 Nov 2021
University of Pennsylvania - Insurance & Risk Management Department, University of Pennsylvania - The Wharton School, Research Director FINRA Foundation and University of Pennsylvania
Downloads 17 (680,620)

Abstract:

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30.

Target Date Funds and Portfolio Choice in 401(k) Plans

Center for Financial Studies Working Paper No. 661, 2021
Number of pages: 44
Olivia S. Mitchell and Stephen P. Utkus
University of Pennsylvania - The Wharton School and University of Pennsylvania
Downloads 6

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D12, D14, D91, G41, G51, J32

31.

What People Know About Target-Date Funds: Survey and Focus Group Evidence

Posted: 28 Aug 2013 Last Revised: 29 Aug 2013
College of William and Mary - Mason School of Business, College of William and Mary - Mason School of Business, University of Pennsylvania and The Vanguard Group, Inc. - Center for Retirement Research

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32.

Do Financial Literacy and Mistrust Affect 401(K) Participation?

Posted: 08 Mar 2010
Julie R. Agnew, Stephen P. Utkus and Jean A. Young
College of William and Mary - Mason School of Business, University of Pennsylvania and The Vanguard Group, Inc. - Center for Retirement Research

Abstract:

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Other Papers (1)

Total Downloads: 4
1.

Who Benefits from Robo-Advising? Evidence from Machine Learning

Number of pages: 72 Posted: 01 Oct 2018 Last Revised: 04 Jan 2021
Alberto G. Rossi and Stephen P. Utkus
Georgetown University and University of Pennsylvania
Downloads 4

Abstract:

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Machine Learning, Robo-Advising