主题/ Topic：Retirement Related Decisions – Does prior market experience play a role?
时间 / Time：6月1号（周四）｜June 1 (Thursday)，3:30-5:00 PM
地点 / Venue：文泉楼南, 106实验室｜Lab 106, South Wenquan Building
联合主办 / Co-organized by：文澜学院 & 金融学院｜Wenlan Business School & School of Finance (ZUEL)
主讲/ Speaker
姚睿博士，美国密苏里大学个人理财系（Personal financial Planning Department）副教授，分别于2001、2003年获得美国俄亥俄大学家庭资源管理方向（Family Resource Management）硕士、博士学位。她的论文发表在相关领域知名的学术期刊上，如：Applied Economics Letters，Journal of Family and Economic Issues，Journal of Financial Counseling and Planning，International Journal of Bank Marketing等。姚教授既是学术期刊“Journal of Personal Finance” 和 “the Journal of Asian Families” 的编辑委员会成员，也是其他许多学术期刊、会议的审稿人。
Rui Yao, PhD, CFP®, is an associate professor in the Personal Financial Planning Department at the University of Missouri in Columbia. Dr. Yao received her doctoral degree from The Ohio State University. She received the best paper award from the CFP Board and AARP. Her research is published in leading journals in the field. Dr. Yao serves on the editorial board of the Journal of Personal Finance and the Journal of Asian Families and as a reviewer for a number of academic journals and conferences. She has been committed to working with the China Center for Financial Research in Tsinghua University of China and is a member of the research team on their first national survey of Chinese Consumer Finance and Investor Education.
研究领域/ Research Interests
金融风险容忍度,退休准备,储蓄行为和动机、债务管理、家庭消费模式
Financial risk tolerance, Retirement preparation, Saving behavior and motives, Debt management, and Household consumption patterns
摘要/ Abstract
Risk tolerance, elective retirement decisions and defined contribution deferrals are affected by market performance. Individuals who retire at a market peak have an increased risk of shortening the longevity of their retirement income. “Buy low and sell high” is an incredibly simple concept; unfortunately, retirement account deferral behavior deviates from this principle as individuals change their risk tolerance according to market news and events. Investors go through both a rational and an emotional decision-making processes. Sometimes, emotions take a dominating position. In today’s world, pre-retirees cannot afford to make investment mistakes which impede their ability to accumulate wealth and jeopardizes the achievement of important financial goals. Empirical results show that investors are more likely to allocate 100% of their defined contribution plan assets to stocks in an up market. Moreover, overconfidence and loss-aversion lead to a higher likelihood of moving to a cash position in a down market. Researchers, employers, financial educators and financial practitioners should help the current workforce better understand the behavioral challenges they face and make better decisions for retirement.
