Stefano Giglio, Matteo Maggiori, Johannes Stroebel, Stephen Utkus

NBER Working Paper No. 27272
Issued in May 2020

---- Acknowledgments ----

Stephen Utkus is employed at Vanguard in a research capacity. Giglio, Maggiori, and Stroebel are unpaid consultants at Vanguard in order to access the anonymized data. Vanguard provided anonymized portfolio and survey data as well as survey research services for this project. We thank Jose Scheinkman and Alp Simsek as well as seminar participants at Stanford for helpful comments. The authors would also like to thank Catherine Clinton, Sophia Bunyaraksh, and Jean Young at Vanguard for their assistance with the survey and with understanding the data. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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