Title page for 964308015


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Student Number 964308015
Author Pei-chun Kao(高佩君)
Author's Email Address No Public.
Statistics This thesis had been viewed 1391 times. Download 11 times.
Department Executive Master of Finance Management
Year 2008
Semester 2
Degree Master
Type of Document Master's Thesis
Language zh-TW.Big5 Chinese
Title Life-cycle fund:Perspective of Behavioral Finance
Date of Defense 2009-07-06
Page Count 53
Keyword
  • Behavioral Finance
  • Life Cycle Hypothesis
  • life-cycle fund
  • Abstract Due to the surging global stock market in the past few years, investors in Taiwan have been ignorant of the risk management. When the financial tsunami swept across the world, investors suffered tremendous financial losses; most of their life-long savings were serious shrinking. Consequently, the asset accumulation and asset allocation of personal life-cycle have become more important. The purpose of this study is explore the analysis of case study relating to the products of the US 401k project, focusing on life-cycle funds and the insurance companies' life cycle Hypothesis. In accordance with Behavioral Finance, we explain the investors' behaviors, including investment risks decision-making, psychological accounts, self-control, greed, fear, and psychological bias, etc.
    This paper will first describe operational methods of life-cycle funds, market conditions, and case-study analysis. In one case study shows that the risk to life is not considered, an example is that a fund company introduces the life-cyele target date fund. Another case study is to consider the risk to life, an example of an insurance company (hereinafter referred to as N insurance companies) to launch a variable life insurance policy based on the life-cycle Hypothesis. From the perspective of life-cycle Hypothesis and behavioral finance, we analyze and study the investment behavior of investors.
    The findings of the research shows that after goals are set, through life-cycle funds, investors' funds are planned toward the target with fixed date and fixed amount in accordance with time, asset allocation will automatically be adjusted. Investors thus do not have to worry about any investments. Such an arrangement can therefore exempt investors from the problems, such as greed, short-slightness, self-control and others, enabling investors to reach financial goals at various stages.
    Table of Content 目  錄
    中文摘要  …………………………………………………  i
    英文摘要  …………………………………………………  ii
    誌謝    …………………………………………………  iii
    目錄    …………………………………………………  iv
    表目錄   …………………………………………………  vi
    圖目錄   …………………………………………………  viii   
    一、    緒論……………………………………………  1
      1-1  研究動機與研究目的…………………………  2
    1-2  研究架構………………………………………  3
    二、    文獻回顧………………………………………  4
      2-1  生命週期理論簡介……………………………  4
    2-2  行為生命週期模型(BLC) ……………………  5
    2-3  行為財務學文獻回顧…………………………  7
    2-3-1 展望理論………………………………………  7
      2-3-2 展望理論的相關研究…………………………  9
    2-3-3 行為財務學其他理論………………………… 10
    2-4  固定比例投資保險策略……………………… 14
    三、    生命週期基金………………………………… 16
      3-1  生命週期基金簡介…………………………… 17
      3-1-1 生命週期基金的運作方式…………………… 18
      3-2  美國市場現況………………………………… 19
      3-3  台灣市場現況………………………………… 22
    四、    個案分析(一) 德盛安聯目標傘型基金……… 26
    4-1  商品內容與特色……………………………… 26
    4-2  目標基金各階段資產配置狀況……………… 27
    4-3  模擬試算……………………………………… 34
    4-4  小結…………………………………………… 35
    五、    個案分析(二) N公司登峰造極變額壽險…… 36 
    5-1  商品內容及特色……………………………… 36
    5-2  連結投資標的說明…………………………… 38
    5-2-1 投資標的操作模式…………………………… 39
    5-3  保單價值試算………………………………… 46
    5-4  小結…………………………………………… 48
    六、    結論與建議…………………………………… 50
    6-1  結論…………………………………………… 50
    6-2  建議…………………………………………… 50
    參考文獻  ………………………………………………… 51
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    Advisor
  • Pin-Huang Chou(周賓凰)
  • Files
  • 964308015.pdf
  • disapprove authorization
    Date of Submission 2009-07-19

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