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

  • University of Pennsylvania

  • Center for Financial Markets and Policy, Georgetown University

SCHOLARLY PAPERS

31

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9,110

SSRN CITATIONS
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Top 3,633

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165

CROSSREF CITATIONS

199

Scholarly Papers (31)

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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 2,565 (6,017)
Citation 29

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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
Takeshi Yamaguchi, Olivia S. Mitchell, Gary R. Mottola and Stephen P. Utkus
University of Pennsylvania - The Wharton School, University of Pennsylvania - The Wharton School, Research Director FINRA Foundation and University of Pennsylvania
Downloads 699 (43,561)
Citation 12

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3.

Company Stock, Market Rationality, and Legal Reform

Number of pages: 49 Posted: 09 Aug 2004
Shlomo Benartzi, Richard H. Thaler, Stephen P. Utkus and Cass R. Sunstein
University of California at Los Angeles, University of Chicago - Booth School of Business, University of Pennsylvania and Harvard Law School
Downloads 621 (50,937)
Citation 73

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Bounded rationality, company stock, behavioral economics, employee compensation

4.

Five Facts About Beliefs and Portfolios

Downloads 547 ( 59,877)
Citation 15

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
Stefano Giglio, Matteo Maggiori, Johannes Stroebel and Stephen P. Utkus
Yale School of Management, Harvard University, New York University (NYU) - Leonard N. Stern School of Business and University of Pennsylvania
Downloads 423 (81,313)
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
Stefano Giglio, Matteo Maggiori, Johannes Stroebel and Stephen P. Utkus
Yale School of Management, Harvard University, New York University (NYU) - Leonard N. Stern School of Business and University of Pennsylvania
Downloads 106 (301,967)

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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
Stefano Giglio, Matteo Maggiori, Johannes Stroebel and Stephen P. Utkus
Yale School of Management, Harvard University, New York University (NYU) - Leonard N. Stern School of Business and University of Pennsylvania
Downloads 16 (659,515)
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
Matteo Maggiori, Johannes Stroebel, Stefano Giglio and Stephen P. Utkus
Harvard University, New York University (NYU) - Leonard N. Stern School of Business, Yale School of Management and University of Pennsylvania
Downloads 2 (776,944)
Citation 14
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5.

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 522 (63,478)
Citation 22

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6.

Financial Attention

Number of pages: 51 Posted: 13 Oct 2013 Last Revised: 30 Jul 2015
Nachum Sicherman, George Loewenstein, Duane J. Seppi and Stephen P. Utkus
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 499 (67,162)
Citation 38

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

7.

Inside the Mind of a Stock Market Crash

Downloads 474 ( 71,755)
Citation 2

Inside the Mind of a Stock Market Crash

NBER Working Paper No. w27272
Number of pages: 23 Posted: 02 Jun 2020
Stefano Giglio, Matteo Maggiori, Johannes Stroebel and Stephen P. Utkus
Yale School of Management, Harvard University, New York University (NYU) - Leonard N. Stern School of Business and University of Pennsylvania
Downloads 316 (113,932)

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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
Stefano Giglio, Matteo Maggiori, Johannes Stroebel and Stephen P. Utkus
Yale School of Management, Harvard University, New York University (NYU) - Leonard N. Stern School of Business and University of Pennsylvania
Downloads 157 (223,060)

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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
Stefano Giglio, Matteo Maggiori, Johannes Stroebel and Stephen P. Utkus
Yale School of Management, Harvard University, New York University (NYU) - Leonard N. Stern School of Business and University of Pennsylvania
Downloads 1 (791,008)
Citation 2
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behavioral finance, Expectations, Rare Disasters, sentiment, Surveys, Trading

8.

The Dynamics of Lifecycle Investing in 401(k) Plans

Number of pages: 38 Posted: 03 Oct 2007 Last Revised: 29 Nov 2011
Olivia S. Mitchell, Gary R. Mottola, Stephen P. Utkus and Takeshi Yamaguchi
University of Pennsylvania - The Wharton School, Research Director FINRA Foundation, University of Pennsylvania and University of Pennsylvania - The Wharton School
Downloads 411 (84,795)
Citation 10

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retirement 401(k) saving

9.

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 396 (88,814)
Citation 8

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

10.

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
Olivia S. Mitchell, Gary R. Mottola, Stephen P. Utkus and Takeshi Yamaguchi
University of Pennsylvania - The Wharton School, Research Director FINRA Foundation, University of Pennsylvania and University of Pennsylvania - The Wharton School
Downloads 395 (88,814)
Citation 85

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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 290 (125,089)
Citation 10

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12.

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 219 (165,627)
Citation 2

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Robo-advising; Financial Advice; Emotional Value of Advice

13.

Financial Attention

Number of pages: 50 Posted: 31 Jul 2012 Last Revised: 22 May 2015
Nachum Sicherman, George Loewenstein, Duane J. Seppi and Stephen P. Utkus
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 193 (186,188)
Citation 7

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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 150 (231,149)

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15.

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
Ning Tang, Olivia S. Mitchell, Gary R. Mottola and Stephen P. Utkus
University of Pennsylvania - The Wharton School, University of Pennsylvania - The Wharton School, Research Director FINRA Foundation and University of Pennsylvania
Downloads 118 (278,340)
Citation 7

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

16.

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 112 (288,790)
Citation 5

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

17.

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

Downloads 101 (310,064)

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
Olivia S. Mitchell, Gary R. Mottola, Stephen P. Utkus and Takeshi Yamaguchi
University of Pennsylvania - The Wharton School, Research Director FINRA Foundation, University of Pennsylvania and University of Pennsylvania - The Wharton School
Downloads 82 (356,564)
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 Apr 2021
Olivia S. Mitchell, Gary R. Mottola, Stephen P. Utkus and Takeshi Yamaguchi
University of Pennsylvania - The Wharton School, Research Director FINRA Foundation, University of Pennsylvania and University of Pennsylvania - The Wharton School
Downloads 19 (636,826)

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18.

Target-Date Funds in 401(K) Retirement Plans

Downloads 98 (316,110)
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 (507,424)

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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 34 (538,284)
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 24 (600,610)

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19.

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

Downloads 97 (318,253)

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 82 (356,564)

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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 (667,305)
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20.

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 96 (320,361)

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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
Ning Tang, Olivia S. Mitchell, Gary R. Mottola and Stephen P. Utkus
University of Pennsylvania - The Wharton School, University of Pennsylvania - The Wharton School, Research Director FINRA Foundation and University of Pennsylvania
Downloads 80 (358,365)

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22.

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

Downloads 77 (366,389)
Citation 3

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
Timothy (Jun) Lu, Olivia S. Mitchell, Stephen P. Utkus and Jean A. Young
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 (413,831)

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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
Timothy (Jun) Lu, Olivia S. Mitchell, Stephen P. Utkus and Jean A. Young
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 (675,191)
Citation 2

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23.

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 64 (405,001)
Citation 1

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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: 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 63 (408,378)
Citation 4

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25.

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 (411,696)

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26.

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 59 (421,827)

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401K, savings, portfolio allocation, race, ethnicity

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
Wei-Yin Hu, Olivia S. Mitchell, Cynthia A. Pagliaro and Stephen P. Utkus
Financial Engines, Inc., University of Pennsylvania - The Wharton School, Vanguard Group, Inc. and University of Pennsylvania
Downloads 58 (425,318)

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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 (552,199)
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 Oct 2009
Ning Tang, Olivia S. Mitchell, Gary R. Mottola and Stephen P. Utkus
University of Pennsylvania - Insurance & Risk Management Department, University of Pennsylvania - The Wharton School, Research Director FINRA Foundation and University of Pennsylvania
Downloads 15 (643,435)

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30.

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

Posted: 28 Aug 2013 Last Revised: 29 Aug 2013
Julie R. Agnew, Lisa R. Szykman, Stephen P. Utkus and Jean A. Young
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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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

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Other Papers (1)

Total Downloads: 0
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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

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Machine Learning, Robo-Advising