共同基金之顧客效果-從401(k)計畫之基金、退休股份、及目標期限基金等來看
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2011/08-2014/07
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第一年計劃探討當一基金發行退休股份或開放?401(k)退休計劃投資時，所產生之效益及成本，包含(1)比較退休基金與非特定可供退休規劃選擇之基金，其淨現金流量與報酬之關係就水準及曲度上，兩類型基金之差異，(2)就同一基金而言，非退休股份對退休股份所造成之外部性，(3)基金加入401(k)退休計劃前後，其基金淨現金流量成長率、淨現金流量波動性、與基金報酬率之變化。
The first topic is related to the decision-making for a fund to adopt retirement fund structure. I examine the following issues: (1) the comparison of the level and curvature of flow-to-performance relation of retirement funds with those of non-retirement funds, (2) the ’share-class externality’ on retirement fund imposed by non-retirement classes of the same fund, and (3) the difference in net inflow growth, cash flow volatility, and performance of newly-added funds in 401(k) plans before and after open to 401(k) plans.
The first topic is related to the decision-making for a fund to adopt retirement fund structure. I examine the following issues: (1) the comparison of the level and curvature of flow-to-performance relation of retirement funds with those of non-retirement funds, (2) the ’share-class externality’ on retirement fund imposed by non-retirement classes of the same fund, and (3) the difference in net inflow growth, cash flow volatility, and performance of newly-added funds in 401(k) plans before and after open to 401(k) plans.