Status Quo Bias and the Number of Alternatives: An Empirical Illustration from the Mutual Fund Industry

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Bias in Favor of the Status Quo (2012, background): “As we have seen, effort conservation is one mechanism through which status quo maintenance persists (Anderson, 2003; Kempf & Ruenzi, 2006; Samuelson & Zeckhauser, 1988).”
Behavior Pattern of Individual Investors in Stock Market (2013, background): “In addition, when people subject to status quo bias, they tend to select suboptimal alternative simply because it was chosen previously (Kempf & Ruenzi, 2006, p. 204).”
The effects of behavioural factors in investment decision-making: a survey of institutional investors operating at the Nairobi Stock Exchange (2008, background): “Individuals who are subject to status quo bias tend to choose an alternative that they chose previously even if it is no longer the optimal choice (Kempf and Ruenzi, 2006).”
Are There Disadvantaged Clienteles in Mutual Funds? (2010, background): “The autocorrelation in retail flows can be explained by unobserved factors such as distribution channels of the fund family, advertising or simply status quo bias (see e.g. Patel et al. 1991, Goetzmann & Peles 1997, Kempf & Ruenzi 2006).”
Behavioral factors influencing individual investors´ decision-making and performance. : A survey at the Ho Chi Minh Stock Exchange (2011, background): “In addition, when people subject to status quo bias, they tend to select suboptimal alternative simply because it was chosen previously (Kempf and Ruenzi, 2006, p.204).”