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完整後設資料紀錄
DC 欄位 | 值 | 語言 |
---|---|---|
dc.contributor.advisor | 王儷玲 | |
dc.contributor.author | Miao-Hui Liu | en |
dc.contributor.author | 劉妙惠 | zh_TW |
dc.date.accessioned | 2021-06-15T03:57:17Z | - |
dc.date.available | 2010-06-28 | |
dc.date.copyright | 2010-06-28 | |
dc.date.issued | 2010 | |
dc.date.submitted | 2010-06-12 | |
dc.identifier.citation | 1. 王思妍(2008),「以生命循環週期為基礎之跨國資產配置比較」,國立中興大學財務金融學系碩士論文
2. 呂士函、陳佳榮(2010),「目標日期基金之概念與應用」,http://www.quantfinance.pixnet.net/blog/post/6667769 3. 李瑞珠(2005),「退休基金國內資產最適配置之研究──以勞工保險基金為例」,國立臺灣大學管理學院碩士論文 4. “A Primer On Qualified Default Investment Alternative Consulting”, www.401khelpcenter.com 5. Adams, N. E. (2009), “12 Questions to Ask About Target Date Funds”, Plan Adviser Magazine, October 6. Bodie,Z. (2003), “Thoughts on the Future: Life Cycle Investing in Theory and Practice”, Financial Analysts Journal Vol.59 7. Bodie,Z., & Treussard, J. (2007), “Making Investment Choices as Simple as Possible: An Analysis of Target Date Retirement Funds”, Boston University 8. Booth, P., Yakoubov, Y. (2000), “Investment Policy for Defined-Contribution Pension Scheme Members Close to Retirement: An Analysis of the ‘Lifestyle’ Concept”, North American Acturial Journal Vol.4, p.1-19 9. Branch, B., & Qiu, L. (2009), “Exploring the Pros and Cons of Target Date Funds”, Working Paper 10. Brinson, G. P., Singer, B. D., & Beebower, G. L. (1991), “Determinants of Portfolio Performance II: An Update”, Financial Analysts Journal Vol.47, p.40-48 11. Charlson, J., Falkof, D., Herbst, M., Lutton, L. P., & Rekenthaler, J. (2010), “Target-Date Series Research Paper: 2010 Industry Survey”, Morningstar 12. Copeland, C. (2009), “Use of Target-Date Funds in 401(k) Plans”, Employee Benefit Research Institute (ebri), Issue Brief No.327 13. Coppola, K. L., & Fineman, E. N. (2007), “The Paradox of Asset Allocation for Retirement Plan Participants: A Blessing or a Curse”, Compass Institute 14. Edessess, M. (2008), “The Trouble with Target Date Funds”, Google Knol 15. Fraser,S. (2008), “The case for age-based lifecycle investing”, Fidelity 16. Halonen, D. (2009), “Feds taking aim at target-date funds”, Pensions & Investments, June 1. 17. Gambon, L., Hogan, D., & Nikles, D. (2008), “Why do target-date funds perform differently”, Barclays Global Investors 18. Goldsticker, R. (2009), “Evaluating the Glidepath Design of Target Date Maturity Funds”, BNY Mellon Asset Management 19. Lauricella, T. (2009), “For Retirement, ‘One Size’ Isn’t Always a Good Fit”, Wall Street Journal 20. Liu, Q., Chang, R. P., DeJong, J. C. Jr., Robinson, J.H. (2009), “Glidepath Strategies for Retirement Funds: Boon or Boondoggle?”, Working Paper 21. Malkiel, B. (1996), “A Random Walk Down Wall Street”, New York: W. W. Norton & Co 22. Michaud (2009), “Problems with Target Date Funds”, New Frontier 23. Pang, G., & Warshawsky, M. (2008), “Default Investment Options in Defined Contribution Plans: A Qualntitative Comparison”, Waston Wyatt Worldwide, Working Paper 24. Pfau, W. D. (2009),“Lifecycle Fund and Wealth Accumulation for Retirement: Evidence for a More Conservative Asset Allocation as Retirement Approaches”, National Graduate Institute for Policy Studies (GRIPS), Discussion Paper: 09-15 25. Pfau, W. D. (2009),“An Optimizing Framework for the Glide Paths of Lifecycle Asset Allocation Funds”, National Graduate Institute for Policy Studies (GRIPS), Discussion Paper: 09-16 26. Schleef, H. J., & Eisinger, R. M. (2007), “Hitting or missing the retirement target: comparing contribution and asset allocation schemes of simulated portfolios”, Financial Services Review 16, p.229-243 27. Soto, M., Triest, R. K., Alex Golub-Sass, & Francesca Golub-Sass (2008), “An assessment of life-cycle funds”, Center for Retirement Research at Boston College, Working Paper 28. Spitzer, J. J. & Singh, S. (2008), “Shortfall risk of target-date funds during retirement”, Financial Services Review 17, p.143-153 29. Spitzer, J. J. & Singh, S. (2009), “Assessing the effectiveness of lifecycle (target-date) funds during the accumulation phase”, Working Paper 30. Surz, R. (2008), “A Brief Response to the Criticisms of Target Date Funds”, Advisor Perspectives 31. Viceira, L. M. (2007), “Life-cycle Funds”, Harvard Business School, Working Paper 32. Yuh, Y., Hanna, S., & Montalto, C. P. (1998), “Mean and Pessimistic Projections of Retirement Adequacy”, Financial Services Review 7, p.175-193 | |
dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/44883 | - |
dc.description.abstract | 隨著人類壽命延長、長壽風險增加,退休理財更顯重要。目標日期基金可作為一種退休理財策略,其基金規模快速成長,尤其廣被納為退休計畫中的預設投資標的,亦即當勞工沒有自行選擇標的時,提撥的錢就會自動投資在目標日期基金,這對於較不願花費太多心思在投資理財的人而言,是相當方便的投資工具。
在投資期間內,目標日期基金的資產配置會逐漸由股票等風險性資產轉移到債券等安全性資產,因其認為年輕人可承擔較多風險,而隨著年齡增長,風險承受度會下降,投資人僅須依照設定的目標日期(例如退休年份)來選擇基金。 相較於此,平衡型基金則是採固定的股債比例,投資人係依照風險容忍度來選擇。本研究以目標日期基金與平衡型基金作為退休理財策略,結果發現投資40年後,二者的最終價值沒有顯著差異,但平衡型基金的波動度較大。 又考量市場走勢,結果顯示無論進場時間好壞,對於最終價值皆無顯著影響。出場時間則有顯著的影響性,當接近退休時股市崩跌,目標日期基金能夠發揮保住價值的作用,但若接近退休時股市上漲,則錯失獲利機會。因此,對於風險趨避程度較高的投資人而言,因目標日期基金的波動度比平衡型基金小,且在退休前能夠保有一定的價值,應為合適之退休理財策略。 | zh_TW |
dc.description.abstract | Retirement planning has become more and more important as the longevity risk increases, and the size of target-date funds has increased very fast in recent years. Target-date funds can be used as a retirement investment strategy, especially in the defined contribution pension plan as default funds. That is, for those employees who do not want to spend time on investing or do not know how to choose fund, their contribution will be invested in target-date funds directly.
During the investment horizon, the asset allocation of target-date funds changes automatically; the stock ratio is decreasing and the bond ratio is increasing. Investors only have to decide the expected retirement time as the target date, and they can choose which target-date fund to invest in. In contrast, the stock/bond ratio is fixed in balanced fund; investors choose the funds depending on their risk tolerance. In this thesis, we find that the ending values are not significant different between target-date fund and balanced fund, but the volatility of balanced fund is higher. We also consider the market trend, and we find that the entry time will not affect the ending value, but the exit time has significant effect. If the stock market return slashes near retirement, target-date fund will protect investors from huge loss; however, if there is a bull market near retirement, the investors will miss the profit chance. Because target-date fund has similar performance but lower volatility compared to balanced fund and it can protect investors from huge loss at retirement, target-date fund may be a good alternative used in retirement planning for those who are risk-averse. | en |
dc.description.provenance | Made available in DSpace on 2021-06-15T03:57:17Z (GMT). No. of bitstreams: 1 ntu-99-R97723031-1.pdf: 528276 bytes, checksum: 8af484bfcfce4739aafcfd99d3821cd0 (MD5) Previous issue date: 2010 | en |
dc.description.tableofcontents | 第一章 緒論 ................................................................................. 1
第一節 研究背景 ................................................................. 1 第二節 研究目的 ................................................................. 4 第三節 研究架構 ................................................................. 5 第二章 文獻回顧 ......................................................................... 7 第一節 生命週期投資 ......................................................... 7 第二節 目標日期基金概述 ............................................. 9 第三節 目標日期基金之相關文獻 ..................................... 14 第三章 研究方法 ......................................................................... 17 第一節 基金設計 ................................................................. 18 第二節 模擬資產報酬率 ..................................................... 20 第三節 基金價值比較 ......................................................... 21 第四章 實證結果 ......................................................................... 25 第一節 不區分市場走勢 ..................................................... 25 第二節 進場時間的影響 ..................................................... 27 第三節 出場時間的影響 ..................................................... 28 第五章 結論與建議 ..................................................................... 32 第一節 結論 ......................................................................... 32 第二節 後續研究建議 ......................................................... 33 參考文獻 ......................................................................................... 34 | |
dc.language.iso | zh-TW | |
dc.title | 以目標日期基金作為退休理財策略之評估 | zh_TW |
dc.title | The Evaluation of Using Target-Date Funds as Retirement Financial Strategy | en |
dc.type | Thesis | |
dc.date.schoolyear | 98-2 | |
dc.description.degree | 碩士 | |
dc.contributor.coadvisor | 曾郁仁 | |
dc.contributor.oralexamcommittee | 彭金隆 | |
dc.subject.keyword | 目標日期基金,人生週期基金,平衡型基金,退休理財, | zh_TW |
dc.subject.keyword | Target-Date Fund,Balanced Fund,Lifecycle Fund,Lifestyle Fund,Retirement Planning, | en |
dc.relation.page | 36 | |
dc.rights.note | 有償授權 | |
dc.date.accepted | 2010-06-15 | |
dc.contributor.author-college | 管理學院 | zh_TW |
dc.contributor.author-dept | 財務金融學研究所 | zh_TW |
顯示於系所單位: | 財務金融學系 |
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