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| Title: | 401(k)退休金計劃投資效率性與計劃特徵關係之研究
A Study of the relationship between the efficiency of 401(k) Plan and plan characteristics |
| Authors: | 林元駿
Lin, Yuan-Chun |
| Contributors: | 陳鴻毅
Chen, Hong Yi
林元駿
Lin, Yuan-Chun |
| Keywords: | 401(k)退休金計劃
計劃效率性
計劃特徵
401(k) plan
Intersection test
Plan efficiency
Plan characteristics |
| Date: | 2019 |
| Issue Date: | 2019-07-01 10:46:01 (UTC+8) |
| Abstract: | 本研究探討401(k)退休金計劃的投資效率性與計劃特徵之關係。401(k)計劃的投資效率取決於信託人所提供的投資清單以及計劃參與者在投資清單中如何去選擇投資組合。然而過去文獻中提到401(k)計劃中的雇主、信託公司和參與者存在行為偏誤，導致參與者做出不合理的投資決策而失去401(k)計劃的投資效率。實證結果顯示僅有0.3%的401(k)計劃具有顯著的投資效率性，我們還發現前一期員工計劃中持有公司股票的佔比與計劃的效率性有顯著正相關；然而計劃信託公司的選擇以及投資清單數目的多寡與計劃的效率性並無顯著的關聯。
This study tries to investigate whether the active investment strategy of 401(k) plans is more efficient than the passive investment strategy. Prior literature has documented some problems of behavioral bias in 401(k) plans. We argue that the existence of the behavioral bias will lead the irrational investment decision, and therefore a weak plan efficiency can be observed. We collect 2,688 401(k) plans and examine the relationship between the plan efficiency and plan characteristics. We empirically find that only 0.3% of plans can outperform market portfolios, indicating the active investment strategies of most 401(k) plans are not efficient. In addition, we find the plan efficiency is positively associated with the proportion of the company stock holding to total investments of a plan. However, the choice of trustees or the size of the investment menu has no significant effect on the plan efficiency. |
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Tang, N., Mitchell, O. S., Mottola, G. R., & Utkus, S. P. (2010). The efficiency of sponsor and participant portfolio choices in 401 (k) plans. Journal of Public Economics, 94(11-12), 1073-1085. |
| Description: | 碩士
國立政治大學
財務管理學系
106357031 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G1063570311 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU201900118 |
| Appears in Collections: | [財務管理學系] 學位論文
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