Employee stock ownership and diversification
A small to moderate size investment in company stock results in a relatively small increase in the riskiness of an employee’s portfolio, even if the company’s volatility is substantially greater than that of a diversified portfolio which we assume the employee would hold otherwise. Thus the employee...
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| Published in | Annals of operations research Vol. 176; no. 1; pp. 95 - 107 |
|---|---|
| Main Authors | , , |
| Format | Journal Article |
| Language | English |
| Published |
Boston
Springer US
01.04.2010
Springer |
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| Online Access | Get full text |
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| Abstract | A small to moderate size investment in company stock results in a relatively small increase in the riskiness of an employee’s portfolio, even if the company’s volatility is substantially greater than that of a diversified portfolio which we assume the employee would hold otherwise. Thus the employee suffers relatively little loss in “expected utility” from such an investment, whether or not the extra motivation due to this investment by the employee and his or her colleagues leads to an increase in productivity. However, increasing the investment beyond certain limits leads to substantial, and increasingly large, increments in the riskiness of the portfolio. This article presents the theory behind these assertions, and presents a plausible numerical example of the effects described. This example implies that the optimal investment in company stock in a diversified portfolio is
while a higher amount of ten or even fifteen percent would not be imprudent. |
|---|---|
| AbstractList | A small to moderate size investment in company stock results in a relatively small increase in the riskiness of an employee's portfolio, even if the company's volatility is substantially greater than that of a diversified portfolio which we assume the employee would hold otherwise. Thus the employee suffers relatively little loss in 'expected utility' from such an investment, whether or not the extra motivation due to this investment by the employee and his or her colleagues leads to an increase in productivity. However, increasing the investment beyond certain limits leads to substantial, and increasingly large, increments in the riskiness of the portfolio. This article presents the theory behind these assertions, and presents a plausible numerical example of the effects described. This example implies that the optimal investment in company stock in a diversified portfolio is $8\frac{2}{3}\%$ while a higher amount of ten or even fifteen percent would not be imprudent. A small to moderate size investment in company stock results in a relatively small increase in the riskiness of an employee's portfolio, even if the company's volatility is substantially greater than that of a diversified portfolio which we assume the employee would hold otherwise. Thus the employee suffers relatively little loss in "expected utility" from such an investment, whether or not the extra motivation due to this investment by the employee and his or her colleagues leads to an increase in productivity. However, increasing the investment beyond certain limits leads to substantial, and increasingly large, increments in the riskiness of the portfolio. This article presents the theory behind these assertions, and presents a plausible numerical example of the effects described. This example implies that the optimal investment in company stock in a diversified portfolio is 8 2/3% while a higher amount of ten or even fifteen percent would not be imprudent. A small to moderate size investment in company stock results in a relatively small increase in the riskiness of an employee’s portfolio, even if the company’s volatility is substantially greater than that of a diversified portfolio which we assume the employee would hold otherwise. Thus the employee suffers relatively little loss in “expected utility” from such an investment, whether or not the extra motivation due to this investment by the employee and his or her colleagues leads to an increase in productivity. However, increasing the investment beyond certain limits leads to substantial, and increasingly large, increments in the riskiness of the portfolio. This article presents the theory behind these assertions, and presents a plausible numerical example of the effects described. This example implies that the optimal investment in company stock in a diversified portfolio is while a higher amount of ten or even fifteen percent would not be imprudent. |
| Audience | Academic |
| Author | Blasi, Joseph R. Markowitz, Harry M. Kruse, Douglas L. |
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| Cites_doi | 10.2307/1924119 10.1086/258157 10.1002/j.1538-7305.1956.tb03809.x 10.3905/jpm.1994.409480 10.1111/j.1540-6261.1984.tb03859.x 10.3386/w14225 10.2307/1907413 10.1002/nav.3800030110 10.3386/w14229 10.2307/2330243 10.1287/opre.31.4.685 10.1287/mnsc.39.5.578 10.2307/2296205 |
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| Keywords | Company Stock Sharpe Ratio Portfolio Selection Capital Asset Price Model Home Equity |
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Dexter (544_CR4) 1980 544_CR10 544_CR11 544_CR12 544_CR13 544_CR14 H. Levy (544_CR16) 1979; 69 544_CR17 J. R. Blasi (544_CR1) 1991 W. F. Sharpe (544_CR27) 1964; 19 H. M. Markowitz (544_CR19) 1956; 3 544_CR7 544_CR6 L. J. Savage (544_CR26) 1954 544_CR5 544_CR3 A. D. Roy (544_CR25) 1952; 20 L. M. Pulley (544_CR23) 1981; 16 L. M. Pulley (544_CR24) 1983; 31 H. M. Markowitz (544_CR20) 1959 |
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| Title | Employee stock ownership and diversification |
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