【Brownbag】Pension Reform and Asset Allocation: Evidence from Annuity Cuts to Retired Civil Servants in Taiwan
2026/07/17
研討會日期 : 2026-07-17
時間 : 12:10
主講人 : Mr. Chin-Wei Yang (Washington University in St. Louis)
地點 : Conference Room B110
演講者簡介 : Mr. Chin-Wei Yang is currently a Ph.D. student at Washington University in St. Louis. His research interests lie in household finance, labor economics, and public economics, with a focus on the economic well-being of families over the life cycle.
演講摘要 : We examine the asset allocation effect of a retroactive pension cut in Taiwan that is specific to retired civil servants. We show that these retirees increased their stock holdings by 7-10% and reallocated toward stocks with higher past returns in the past. Further tests suggest behavior biases due to risk-seeking in the loss domain: first, these retirees did not choose stocks of higher alphas or systematic risk in the past and ended up taking higher realized idiosyncratic risk; second, increased stock holdings are more pronounced in families more sensitive to perceived loss; and third, they exhibited a heightened disposition effect.
