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

31

DOWNLOADS
Rank 5,618

SSRN RANKINGS

Top 5,618

in Total Papers Downloads

8,554

SSRN CITATIONS
Rank 4,119

SSRN RANKINGS

Top 4,119

in Total Papers Citations

117

CROSSREF CITATIONS

196

Scholarly Papers (31)

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 2,540 (5,809)
Citation 28

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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 697 (41,976)
Citation 13

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3.

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 616 (49,487)
Citation 73

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Bounded rationality, company stock, behavioral economics, employee compensation

4.

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 518 (61,669)
Citation 22

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5.

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 497 (64,913)
Citation 33

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

6.
Downloads 491 ( 65,844)
Citation 6

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 367 (92,394)
Citation 2

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

Five Facts About Beliefs and Portfolios

CESifo Working Paper No. 7666
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 106 (292,180)

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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
Yale School of Management, Harvard University, New York University (NYU) - Leonard N. Stern School of Business and University of Pennsylvania
Downloads 16 (640,636)
Citation 1

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Five Facts About Beliefs and Portfolios

CEPR Discussion Paper No. DP13657
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 (756,401)
Citation 4
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7.

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 408 (82,386)
Citation 10

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retirement 401(k) saving

8.

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 380 (89,398)
Citation 85

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9.
Downloads 374 ( 91,148)
Citation 1

Inside the Mind of a Stock Market Crash

NBER Working Paper No. w27272
Number of pages: 23 Posted: 02 Jun 2020
Yale School of Management, Harvard University, New York University (NYU) - Leonard N. Stern School of Business and University of Pennsylvania
Downloads 247 (141,923)

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Inside the Mind of a Stock Market Crash

CESifo Working Paper No. 8334
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 126 (257,400)

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

Inside the Mind of a Stock Market Crash

CEPR Discussion Paper No. DP14813
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 (770,733)
Citation 1
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behavioral finance, Expectations, Rare Disasters, sentiment, Surveys, Trading

10.

Who Benefits from Robo-advising? Evidence from Machine Learning

Number of pages: 72 Posted: 03 Apr 2020 Last Revised: 04 Jan 2021
Alberto G. Rossi and Stephen P. Utkus
Georgetown University and University of Pennsylvania
Downloads 301 (116,059)
Citation 4

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

11.

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 275 (127,646)
Citation 10

Abstract:

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12.

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 190 (182,472)
Citation 6

Abstract:

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investors attention, ostrich effect, behavioral economics/finance

13.

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 149 (224,676)

Abstract:

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14.

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 117 (270,890)
Citation 7

Abstract:

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

15.

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 111 (281,058)
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 80 (350,357)
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: 27 Jul 2009
University of Pennsylvania - The Wharton School, Research Director FINRA Foundation, University of Pennsylvania and University of Pennsylvania - The Wharton School
Downloads 18 (625,916)

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17.
Downloads 95 (312,064)
Citation 5

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 (491,694)

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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 32 (532,612)
Citation 2

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NBER Working Paper No. w17911
Number of pages: 36 Posted: 10 Mar 2012 Last Revised: 15 Jun 2020
Olivia S. Mitchell and Stephen P. Utkus
University of Pennsylvania - The Wharton School and University of Pennsylvania
Downloads 23 (589,781)

Abstract:

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18.

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 95 (312,064)

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 72 (372,578)

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
Olivia S. Mitchell and Stephen P. Utkus
University of Pennsylvania - The Wharton School and University of Pennsylvania
Downloads 15 (648,244)
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20.

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 80 (346,986)

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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
Peking University HSBC Business School, University of Pennsylvania - The Wharton School, University of Pennsylvania and The Vanguard Group, Inc. - Center for Retirement Research
Downloads 63 (400,764)

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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
Peking University HSBC Business School, University of Pennsylvania - The Wharton School, University of Pennsylvania and The Vanguard Group, Inc. - Center for Retirement Research
Downloads 14 (656,198)
Citation 1

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22.

The Role of Company Stock in Defined Contribution Plans

NBER Working Paper No. w9250
Number of pages: 54 Posted: 04 Oct 2002
Olivia S. Mitchell and Stephen P. Utkus
University of Pennsylvania - The Wharton School and University of Pennsylvania
Downloads 63 (395,489)
Citation 1

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23.

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: 18 Jul 2010
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 62 (398,694)
Citation 3

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24.

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 61 (401,929)

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25.

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 58 (412,021)

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401K, savings, portfolio allocation, race, ethnicity

26.

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 57 (415,413)

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saving, retirement planning, 401(k) plans

27.

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 (535,529)
Citation 1
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28.

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 Oct 2009
University of Pennsylvania - Insurance & Risk Management Department, University of Pennsylvania - The Wharton School, Research Director FINRA Foundation and University of Pennsylvania
Downloads 15 (624,918)

Abstract:

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29.

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 13 (639,322)

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Robo-advising; Financial Advice; Emotional Value of Advice

30.

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

Abstract:

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31.

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: 0
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 0

Abstract:

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Machine Learning, Robo-Advising