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https://nccur.lib.nccu.edu.tw/handle/140.119/118533
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| Title: | 401(k)退休金計劃中公司持股與公司績效之研究
A Study of the Relationship between the Company Stock Holdings of 401(k) Plan and Firm Performance |
| Authors: | 高郁翔
Kao, Yu-Hsiang |
| Contributors: | 陳鴻毅
Chen, Hong-Yi
高郁翔
Kao, Yu-Hsiang |
| Keywords: | 401(k)退休金計畫
非預期營收
非預期盈餘
營運績效
股價報酬
401(k) plans
Revenue surprises
Earnings surprises
Operating performance
Stock return performance |
| Date: | 2018 |
| Issue Date: | 2018-07-10 15:34:02 (UTC+8) |
| Abstract: | 本研究主要探討401(k)退休金計畫的參與者是否利用其內部資訊對401(k)退休金計畫中的公司持股進行操作。本研究對401(k)退休金計畫中的公司持股變化是否能預測公司之非預期營收、非預期盈餘、營運績效以及股價報酬。實證結果顯示公司股票占退休金計劃總投資金額的比率具有預測未來四季的非預期營收與盈餘的能力。此外，在價值型公司以及小型公司中，退休金計畫中之公司持股與以資產為計算基礎的營運績效具有高度正相關。然而，退休金計畫中之公司持股與公司之未來股價報酬相關性較弱。
This paper tries to investigate whether 401(k) plan participants apply the insider information to alter the company stock holding in their 401(k) plans. Specifically, this study examines whether the company stock holding in 401(k) plans can predict revenue surprises, earnings surprises, operating performance, and stock returns of firms. Empirical results show that, the percentage of company stock over total investments in the 401(k) plan is positively associated with earnings surprises and revenue surprises in the following four quarters. In addition, the company stock holding can predict asset based operating performance among value firms and small firms. However, there is a weak evidence that the company stock holdings is related to better stock returns. |
| Reference: | Agnew, J. (2006). Do Behavioral Biases Vary across Individuals? Evidence from Individual Level 401(k) Data. Journal of Financial and Quantitative Analysis, 41 (4), 939-962.
Benartzi, S. (2001). Excessive Extrapolation and the Allocation of 401(k) Accounts to Company Stock. The Journal of Finance, 56 (5), 1747-1764.
Benartzi, Shlomo, and Richard H. Thaler. (2001). Naive Diversification Strategies in Defined Contribution Saving Plans. American Economic Review, 91 (1), 79-98.
Ghosh, A., Gu, Z., and Jain, P. C. (2005). Sustained Earnings and Revenue Growth, Earnings Quality, and Earnings Response Coefficients. Review of Accounting Studies, 10 (1), 33-57.
Huberman, G., and Jiang, W. (2006). Offering versus Choice in 401(k) Plans: Equity Exposure and Number of Funds. The Journal of Finance, 61 (2), 763-801.
John Hancock Financial Services. (1999). The Sixth Defined Contribution Plan Survey.
Jain, P. C., and Wu, J. S. (2000). Truth in Mutual Fund Advertising: Evidence on Future Performance and Fund Flows. The Journal of Finance, 55 (2), 937-958.
Kayhan, A., and Titman, S. (2007). Firms’ Histories and Their Capital Structures. Journal of Financial Economics, 83 (1), 1-32.
Jagadeesh, N., and Livnat, J. (2006). Revenue Surprises and Stock Returns. Journal of Accounting and Economics, 41 (1-2), 147-171.
Patel, J., Zeckhauser, R., and Hendricks, D. (1991). The Rationality Struggle: Illustrations from Financial Markets. The American Economic Review, 81 (2), 232-236. |
| Description: | 碩士
國立政治大學
財務管理學系
105357031 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0105357031 |
| Data Type: | thesis |
| DOI: | 10.6814/THE.NCCU.Finance.014.2018.F07 |
| Appears in Collections: | [財務管理學系] 學位論文
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