Discussions on long-term financial choice

We interview Australian fund executives about how their organisations responded to MySuper, a regulatory framework for default retirement savings funds that providers were required to have in place by the beginning of 2014. We provide an account of the influences on MySuper product design. Our analysis generates insight into how fund providers balanced their perceptions of the needs of default fund members against business considerations. Differences in member bases and organisational circumstances across funds are found to lead to considerable variation in default fund design.

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“…Cheah et al . () use focus groups to explore retirement decisions of Australian superannuation fund members.…”

Section: Methods and Samplementioning

confidence: 99%

Design of MySuper default funds: influences and outcomes

Butt

Donald²,

Foster

et al. 2015

Accounting & Finance

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“…Other studies in this field concern individual behaviours and outcomes. Cheah et al (2015), for example, examine retirement financial decisions, and explore the extent to which participant responses are related to behavioural explanations of financial choice. Using focus groups the behavioural explanations of complexity, relevance of decisions, and uncertainty are found to be…”

Section: Behavioural Financementioning

confidence: 99%

Emerging trends in Asia-Pacific finance research: A review of recent influential publications and a research agenda

Linnenluecke

Chen

Xin

et al. 2016

Pacific-Basin Finance Journal

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This paper presents a systematic review of 73 influential publications among 667 journal articles published in the in the Asia-Pacific finance literature from 2011-2015. We map how the top 73 publications are related in terms of their citation relationships and identify eight different research fields, or lines of enquiry: (1) Corporate Finance, (2) Asset Pricing, (3) Conditional Asset Pricing, (4) Research on Anomalies, (5) Market Microstructure Research, (6) Factor Models, as well as two novel research streams, (7) Research Process and (8) Research on Frontiers in Finance. Focusing on the research frontiers in finance, our paper identifies emerging research trends and pathways for future research in the following areas: (1) Environmental Finance, (2) Modern Markets, (3) Behavioural Finance, (4) Qualitative Methods, and (5) Equity and Diversity. We highlight possible pathways for researchers to build on existing knowledge and pursue opportunities for innovative and exciting new research contributing to an expansion of the research frontiers.

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“…Based on an Australian sample, Cheah et al (2015) analyse focus group discussions regarding long-run (retirement) financial decisions. A key implication of these focus groups is that simpler…”

Section: Fund Disclosure and Fund Flowsmentioning

confidence: 99%

“…The Australian superannuation system seems to suffer from an inherent contradiction (Cheah et al, 2015). The system appears to assume that individuals are not prudently saving for their retirement; thus the government mandates savings for the entire population of working Australians through the compulsory SG scheme.…”

Section: Chapter 1 Introductionmentioning

confidence: 99%

“…Two disclosure measures are used: a subjective measure (content disclosure score) and an objective measure (readability index). Moreover, much of the literature on fund disclosure has relied on the research methodology of experiments to manipulate the content and format of the information disclosed (Foster, Ng & Wee 2015;Kozup, Howlett & Pagano 2008), and used qualitative methods to document key themes and provide insights for follow-on quantitative studies (Cheah et al 2015). In comparison, this thesis uses the actual disclosure documents and quantitative methods to provide direct evidence on superannuation disclosure practice.…”

Section: Introductionmentioning

confidence: 99%

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Information cost and member choice in the Australian superannuation industry

Peng¹

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This thesis examines the determinants of superannuation members' investment choices across fund families, with a focus on the effect of information costs. Existing literature on managed funds may not be easily generalised to the superannuation fund setting given the distinct attributes and behaviour of superannuation investors. In contrast to prior research, this thesis uses an actual decision-making measure, namely, member-nominated transfers, to examine investors who have 'made a choice' at the fund family level. While members' information costs are not directly observable or measurable, this thesis identifies two attributes that can reduce members' information search and processing costs, namely, superannuation fund families' visibility and transparency. Results indicate that, on average, industry superannuation fund families provide better PDS disclosure than their retail counterparts, in terms of both readability and the extent of disclosure.In addition, the causes and consequences of superannuation fund families' PDSs are studied inChapter 5 and Chapter 6. There is no significant relation between superannuation fund families'performance and the quality of PDS disclosure. Increased investment inflows encourage superannuation families to provide more information in an easier-to-understand manner in the PDS, especially the industry families. And better quality/content of PDS disclosure can attract inflows, especially for the retail families.

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Discussions on long-term financial choice

Cited by 30 publications

References 44 publications

Design of MySuper default funds: influences and outcomes

Design of MySuper default funds: influences and outcomes

Emerging trends in Asia-Pacific finance research: A review of recent influential publications and a research agenda

Information cost and member choice in the Australian superannuation industry

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