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題名 401(k)計畫參與者投資公司股票之動機
The motivation of the company stock investment by 401(k) Plan participants
作者 柳耀東
Liou, Yao-Dong
貢獻者 陳鴻毅
Chen, Hong-Yi
柳耀東
Liou, Yao-Dong
關鍵詞 401(k)計畫
公司股票
股價報酬
營運表現
內部資訊
401(k) plan
Company stock
Stock return
Operating performance
Inside information
日期 2019
上傳時間 1-Jul-2019 10:44:46 (UTC+8)
摘要 過去研究皆利用公司股票佔401(k)計畫總投資比例作為401(k)計畫參與者投資公司股票之決定，然而該比例會受到股價報酬之影響並無法真實反映401(k)計畫參與者投資公司股票之行為。因此，本研究利用公司股票提撥佔總提撥之比例來探討401(k)計畫參與者投資公司股票之動機。實證結果顯示，公司股票提撥佔比與公司營運表現呈顯著負相關，代表公司員工於公司營運不佳時透過401(k)計畫買入公司股票。此外，本研究發現公司營運不佳之時期若公司員工增加提撥佔比，該公司未來股價報酬會較好。此結果顯示員工可能掌握有利公司股價之內部資訊，進而能在股價轉折點做出買進公司股票之決策。
Prior literature uses the proportion of the company stock holdings over total investments of a 401(k) plan to measure the investment decision of plan participant. However, this measure may be altered by the return of the company stock. This study, therefore, proposes a new measure, the proportion of company stock contribution to the total contribution of a 401(k) plan to investigate the motivation of 401(k) plan participants to invest in company stock. Empirical results show that the portion of the company stock contribution is negatively associated with the operating performance, indicating that company employees tend to invest the company stock more when the company experiences difficulty in its operation. In addition, this study finds that the increased portion of the company stock contribution during the poor operating period can predict a better return for the company stock. This implies that participants may make the investment decision based on inside information which has a positive effect on the stock price.
參考文獻 Agnew, J., Balduzzi, P., and Sunden, A., 2003. Portfolio choice and trading in a large 401(k) plan. American Economic Review 93(1), 193-205.
Benartzi, S., 2001. Excessive extrapolation and the allocation of 401(k) accounts to company stock. The Journal of Finance 56(5), 1747-1764.
Benartzi, S. and Thaler, R. H., 2001. Naive diversification strategies in defined contribution saving plans. The American Economic Review 91(1), 79-98.
Brown, J. R., Liang, N., and Weisbenner, S., 2007, Individual account investment options and portfolio choice: Behavioral lessons from 401(k) plans, Journal of Public Economics 91(10), 1992-2013.
Cohen, L., 2009. Loyalty-based portfolio choice. Review of Financial Studies 22(3), 1213-1245.
Huberman, G., 2001. Familiarity breeds investment. Review of Financial Studies 14(3), 659-680.
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.
Investment Company Institute, 2019, The Investment Company Fact Book, 59th edition James Duvall and Judy Steenstra, eds. (Washington, DC)
John Hancock Financial Services, 1999. The Sixth Defined Contribution Plan Survey.
Liang, N. and Weisbenner, S., 2002. Investor behavior and the purchase of company stock in 401(k) plans—The importance of plan design. NBER Working Paper, vol. 9131.
Madrian, B. and Shea, D., 2001. The power of suggestion: Inertia in 401(k) participants’ savings. The Quarterly Journal of Economics 116(4), 1149-1187.
Poterba, J., 2003. Employer stock and 401(k) plans. American Economic Review 93(2), 398-404.
描述 碩士
國立政治大學
財務管理學系
106357015
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0106357015
資料類型 thesis
dc.contributor.advisor 陳鴻毅zh_TW
dc.contributor.advisor Chen, Hong-Yien_US
dc.contributor.author (Authors) 柳耀東zh_TW
dc.contributor.author (Authors) Liou, Yao-Dongen_US
dc.creator (作者) 柳耀東zh_TW
dc.creator (作者) Liou, Yao-Dongen_US
dc.date (日期) 2019en_US
dc.date.accessioned 1-Jul-2019 10:44:46 (UTC+8)-
dc.date.available 1-Jul-2019 10:44:46 (UTC+8)-
dc.date.issued (上傳時間) 1-Jul-2019 10:44:46 (UTC+8)-
dc.identifier (Other Identifiers) G0106357015en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/124127-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理學系zh_TW
dc.description (描述) 106357015zh_TW
dc.description.abstract (摘要) 過去研究皆利用公司股票佔401(k)計畫總投資比例作為401(k)計畫參與者投資公司股票之決定，然而該比例會受到股價報酬之影響並無法真實反映401(k)計畫參與者投資公司股票之行為。因此，本研究利用公司股票提撥佔總提撥之比例來探討401(k)計畫參與者投資公司股票之動機。實證結果顯示，公司股票提撥佔比與公司營運表現呈顯著負相關，代表公司員工於公司營運不佳時透過401(k)計畫買入公司股票。此外，本研究發現公司營運不佳之時期若公司員工增加提撥佔比，該公司未來股價報酬會較好。此結果顯示員工可能掌握有利公司股價之內部資訊，進而能在股價轉折點做出買進公司股票之決策。zh_TW
dc.description.abstract (摘要) Prior literature uses the proportion of the company stock holdings over total investments of a 401(k) plan to measure the investment decision of plan participant. However, this measure may be altered by the return of the company stock. This study, therefore, proposes a new measure, the proportion of company stock contribution to the total contribution of a 401(k) plan to investigate the motivation of 401(k) plan participants to invest in company stock. Empirical results show that the portion of the company stock contribution is negatively associated with the operating performance, indicating that company employees tend to invest the company stock more when the company experiences difficulty in its operation. In addition, this study finds that the increased portion of the company stock contribution during the poor operating period can predict a better return for the company stock. This implies that participants may make the investment decision based on inside information which has a positive effect on the stock price.en_US
dc.description.tableofcontents Contents
摘要 I
Abstract II
Contents III
List of Tables IV
List of Figures V
1 Introduction 1
2 The U.S. Retirement System and 401(k) plan 4
2.1 The Structure of the U.S. Retirement System 4
2.2 401(k) Plan 5
3 Literature Review 7
4 Data and Research Methodology 11
4.1 Data 11
4.2 Dependent Variables 11
4.3 Independent Variables 12
4.4 Regression Model 13
5 Empirical Results 16
5.1 Overview of Company Stock Investment 16
5.2 The Percentage of Company Stock over Total Investment 16
5.3 The Portion of Company Stock Contribution 18
5.4 Can the Portion of Company Stock Contribution Predict the Trend of Company Stock Price? 20
6 Future Research and Conclusion 23
References 25		zh_TW
dc.format.extent 660198 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0106357015en_US
dc.subject (關鍵詞) 401(k)計畫zh_TW
dc.subject (關鍵詞) 公司股票zh_TW
dc.subject (關鍵詞) 股價報酬zh_TW
dc.subject (關鍵詞) 營運表現zh_TW
dc.subject (關鍵詞) 內部資訊zh_TW
dc.subject (關鍵詞) 401(k) planen_US
dc.subject (關鍵詞) Company stocken_US
dc.subject (關鍵詞) Stock returnen_US
dc.subject (關鍵詞) Operating performanceen_US
dc.subject (關鍵詞) Inside informationen_US
dc.title (題名) 401(k)計畫參與者投資公司股票之動機zh_TW
dc.title (題名) The motivation of the company stock investment by 401(k) Plan participantsen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Agnew, J., Balduzzi, P., and Sunden, A., 2003. Portfolio choice and trading in a large 401(k) plan. American Economic Review 93(1), 193-205.
Benartzi, S., 2001. Excessive extrapolation and the allocation of 401(k) accounts to company stock. The Journal of Finance 56(5), 1747-1764.
Benartzi, S. and Thaler, R. H., 2001. Naive diversification strategies in defined contribution saving plans. The American Economic Review 91(1), 79-98.
Brown, J. R., Liang, N., and Weisbenner, S., 2007, Individual account investment options and portfolio choice: Behavioral lessons from 401(k) plans, Journal of Public Economics 91(10), 1992-2013.
Cohen, L., 2009. Loyalty-based portfolio choice. Review of Financial Studies 22(3), 1213-1245.
Huberman, G., 2001. Familiarity breeds investment. Review of Financial Studies 14(3), 659-680.
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.
Investment Company Institute, 2019, The Investment Company Fact Book, 59th edition James Duvall and Judy Steenstra, eds. (Washington, DC)
John Hancock Financial Services, 1999. The Sixth Defined Contribution Plan Survey.
Liang, N. and Weisbenner, S., 2002. Investor behavior and the purchase of company stock in 401(k) plans—The importance of plan design. NBER Working Paper, vol. 9131.
Madrian, B. and Shea, D., 2001. The power of suggestion: Inertia in 401(k) participants’ savings. The Quarterly Journal of Economics 116(4), 1149-1187.
Poterba, J., 2003. Employer stock and 401(k) plans. American Economic Review 93(2), 398-404.		zh_TW
dc.identifier.doi (DOI) 10.6814/NCCU201900136en_US