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Investments of Company Stock in 401(k) Plans:
Impacts of Bankruptcy Risk and Holding Restrictions ∗
Melanie Cao Jason Wei
Schulich School of Business Joseph L. Rotman School of Management
York University University of Toronto
4700 Keele Street 105 St. George Street
Toronto, Ontario, Canada Toronto, Ontario, Canada
M3J 1P3 M5S 3E6
mcao@schulich.yorku.ca wei@rotman.utoronto.ca
First verion: May 2004
Current verion: December 2004
Abstract
The recent past has seen a wave of conversion from defined-benefit to defined-contribution
pension plans. Among the corporate defined-contribution plans, 401(k) plans are the most
popular. The majority of the plan sponsors either encourage or require employees to invest
in company stocks. The imposed stock holding brings about welfare losses due to the lack of
diversification and sub-optimal asset allocations. More importantly, as the lessons of Enron
have taught us, employees can even lose a significant portion of their retirement safety net when
the company goes bankrupt.
How does bankruptcy risk affect employees’ optimal asset allocation? How much is the
employee’s welfare loss from bearing the bankruptcy risk when required to invest in company
stock? How much is the combined welfare loss due to both holding restrictions and bankruptcy
risk? All of the ques
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