NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Does Aggregated Returns Disclosure Increase Portfolio Risk-Taking?

John Beshears, James J. Choi, David Laibson, Brigitte C. Madrian

NBER Working Paper No. 16868
Issued in March 2011

---- Acknowledgements -----

This paper was formerly titled "Can psychological aggregation manipulations affect portfolio risk-taking? Evidence from a framed field experiment." This publication was made possible by generous grants from the FINRA Investor Education Foundation, the National Institute on Aging (grant P01-AG005842), and the Social Security Administration through grant #10-P-98363-1-05 to the National Bureau of Economic Research as part of the SSA Retirement Research Consortium. We are grateful for the research assistance of Eric Zwick, Ben Hebert, Nathan Hipsman, and Brendan Price. We have benefited from the comments of Shlomo Benartzi, Peter Bossaerts, Arie Kapteyn, Andy Lo, Jan Potters, Richard Thaler, and seminar audiences at Bentley College, NYU, UCLA, UT Dallas, Wharton, Yale, and the Annual Conference in Behavioral Economics. The findings and conclusions expressed are solely those of the authors and do not represent the views of SSA, any agency of the Federal Government, the NBER, or FINRA. The FINRA Investor Education Foundation, formerly known as the NASD Investor Education Foundation, supports innovative research and educational projects that give investors the tools and information they need to better understand the markets and the basic principles of saving and investing. For details about grant programs and other new initiatives of the Foundation, visit www.finrafoundation.org.

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