The DOI matches its Crossref record.
All their eggs in one basket: Portfolio diversification of US households
Open accessAbstract
This paper uses data from the Survey of Consumer Finances to assess how well mean-variance efficiency describes the portfolio diversification of US households. It does not seem to work well. The median stockholder owns a single publicly traded stock, often in the company where he works. Looking at a sample of high income households who accounted for one third of all publicly traded stock, the median holding is only ten stocks. Indirect stock ownership through mutual funds, defined contribution pension plans, IRA's and trust funds is shown to have little power in explaining this poor diversification.
Overview
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Integrity signals
Registry
Cites
Statistics
Verification
Claims the paper makes
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Self-check
Percentages, sums and reported differences re-computed from the paper’s own numbers.
The self-check needs the paper’s full text.
Citations
Cited by
Equity Portfolio Diversification
Goetzmann, W. N., & Kumar, A. (2008) · Review of Finance · doi:10.1093/rof/rfn005 · Cited by 1,222
Down or Out: Assessing the Welfare Costs of Household Investment Mistakes
Calvet, L. E., Campbell, J. Y., & Sodini, P. (2007) · Journal of Political Economy · doi:10.1086/524204 · Cited by 992
Household Finance: An Emerging Field
Guiso, L., & Sodini, P. (2013) · Handbook of the Economics of Finance · doi:10.1016/b978-0-44-459406-8.00021-4 · Cited by 437
Fight or Flight? Portfolio Rebalancing by Individual Investors
Calvet, L., Campbell, J., & Sodini, P. (2008) · National Bureau of Economic Research · doi:10.3386/w14177 · Cited by 409
Is Unbiased Financial Advice to Retail Investors Sufficient? Answers from a Large Field Study
Bhattacharya, U., Hackethal, A., Kaesler, S., Loos, B., & Meyer, S. (2012) · Review of Financial Studies · doi:10.1093/rfs/hhr127 · Cited by 383
Metadata
- Authors
- Kelly, M.
- Venue
- Journal of Economic Behavior & Organization
- Publisher
- Elsevier BV
- Published
- 1995-06
- Volume
- 27
- Issue
- 1
- Pages
- 87-96
- ISSN
- 0167-2681 (ISSN-L)
- OpenAlex
- W2009254656
- Cited by
- 233
- References
- 0
- FWCI
- 2.30
- Type
- journal article
- Language
- en
- Open access
- hybrid
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
Are you an author, or do you see a problem with this page? Request a review
How to cite
Cite CoChat for the checks on this page, and the paper for its own findings.
- This page
- CoChat. (2026). Citation check: All their eggs in one basket: Portfolio diversification of US households. https://app.cochat.ai/papers/10.1016/0167-2681(95)00006-e
- The paper
- Kelly, M. (1995). All their eggs in one basket: Portfolio diversification of US households. Journal of Economic Behavior & Organization. https://doi.org/10.1016/0167-2681(95)00006-e
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
