NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Risk and Lack of Diversification under Employee Ownership and Shared Capitalism

Joseph R. Blasi, Douglas L. Kruse, Harry M. Markowitz

NBER Working Paper No. 14229
Issued in August 2008

---- Acknowledgements -----

The original version of this paper was prepared for the Russell Sage/NBER conference in New York City, October 2006. This paper is part of the National Bureau of Economic Research's Shared Capitalism Research Project, funded by the Russell Sage and Rockefeller Foundations from 2001-2007. Additional funding for the General Social Survey questions was provided by the Beyster Institute of the University of California at San Diego, the ESOP Association, the Employee Ownership Foundation, Hewitt Associates, the National Center for Employee Ownership, the Profit Sharing Council of America, and American Capital Strategies. The authors wish to thank Tom Smith with the General Social Survey at the National Opinion Research Center of the University of Chicago and Peter Marsden of Harvard University with the National Organizations Study for their assistance in arranging the shared capitalism segment of both surveys. The authors wish to thank Daniel Kahneman of Princeton University for several generous discussions and communications with us about our ideas. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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