Who is Internationally Diversified? Evidence from 296 401(k)

We thank Dan Amiram, Jonathan Reuters, Frank Warnock, and seminar participants at the American Economic Association Annual Meeting, the Annual Conference in International Finance at Imperial College, the Federal Reserve Board, the University of Texas at Dallas, the 27th Australasian Finance and Banking Conference, the Norwegian Financial Research Conference, and the 2014 Retirement Research Consortium for their helpful comments. Nicolas Crouzet, Katrina Evtimova, Jia Guo, Yihua Lin and especially Andrea Kiguel provided excellent research assistance. This article reflects the findings and opinions of the researchers and not necessarily those of Financial Engines or the National Bureau of Economic Research. Financial support from the Sandell Grant from the Boston College Center for Retirement Research and the Social Security Administration is gratefully acknowledged.