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The rest of the paper is set out as follows. Section 2 provides an overview of the theoretical arguments that motivate nonlinear mean- reverting behavior in the futures basis. Section 3 discusses the class of nonlinear models employed for modeling the futures basis. Section 4 describes the data set. Section 5 reports the results of summary statistics and univariate unit root tests applied to basis data, cointegration tests applied to a regression involving the spot price and the futures price, lin- earity tests applied to the basis data, and the estimation results from employing nonlinear models to characterize the basis of the S&P 500 and the FTSE 100 indices | America s Commitment to Retirement Security Investor Attitudes and Actions January 2012 The Investment Company Institute ICI is the national association of U.S. investment companies. ICI seeks to encourage adherence to high ethical standards promote public understanding and otherwise advance the interests of funds their shareholders directors and advisers. Suggested citation Holden Sarah and Steven Bass. 2012. America s Commitment to Retirement Security Investor Attitudes and Actions. Washington DC Investment Company Institute January . Contents Executive Summary.1 Household Survey Results from November 2011 to December 2011.1 Views on Defined Contribution Plan Saving.2 Confidence in Retirement Accounts.2 Views on National Commitment to Retirement Savings Incentives.3 ICI Survey of Defined Contribution Plan Recordkeepers .3 Introduction.5 Views of Defined Contribution Plan Accounts.9 Views on Defined Contribution Plan Saving.10 Households Evaluation of Features of Defined Contribution Plan Saving.13 Views of Proposed Changes to Defined Contribution Plan Accounts.16 Households Confidence in Defined Contribution Plan Accounts.18 Households Views on National Commitment to Retirement Savings Incentives.20 Defined Contribution Plan Participant Activity in the First Three Quarters of 2011.21 Appendix I Characteristics of the GfK OmniTel Survey Sample and Additional Analysis .25 GfK OmniTel Survey.25 Characteristics of the Survey Sample.25 Views on Suggested Changes to Defined Contribution Plan Accounts.32 Confidence in Retirement Plan Accounts.32 National Commitment to Retirement Saving.32 Appendix II ICI s Survey Questions.43 Notes.47 References.50
