Professor Yoshiko Nishimura
|Area and Subject Taught||Finance|
|Research Theme(s)||Financial behaviour of households|
|Academic Degrees||Master of Economics, Okayama University|
|Keywords for Research Field||Financial Education, Investor Behavior, Portfolio Selection of Household|
|Office Phone Number||81-75-705-1891|
I have been conducting studies on financial education since the early 2000s. Unfortunately, our papers are all written in Japanese; therefore, we would like to present a brief overview of our studies in English.
Our studies can be roughly categorized into three groups. The studies in the first group demonstrate the effects of financial education by having subjects participate in a simulation game of portfolio selection while continuously providing financial education. The studies in the second group determine what percentage of junior high school and high school students in Japan have access to a financial education program, what materials are taught in those programs, and what is missing. The studies in the third group examine the actions of sponsors and participants of defined-contribution pension plans. About 10 years have passed since defined-contribution pension plans were introduced in Japan. However, it has not been sufficiently explained: (1) what sponsored investment choices are offered by employers that sponsor defined-contribution pension plans, and (2) how pension participants select their portfolios. In the study entitled “Kakutei-kyoshutsu Nenkin no Kanyushazō wo Toraeru Kokoromi (An Attempt to Understand the Profile of Participants of Defined-Contribution Pension Plans in Japan),” published in 2010, we used data from a survey of defined-contribution pension plan participants to explore the characteristics of plan participants in Japan. When the participants were divided into four groups using quantification method III, a high ratio of investors—about 30%—was observed to have achieved almost no results because of poor planning and lack of interest, even though they had opportunities for education; the result is similar to what has been reported in the United States. In the future, it will be necessary for sponsors of defined-contribution pension plans to consider new measures for this indifferent group.
In the study entitled “Kakutei-kyoshutsu Nenkin Kanyusha no Shisan-sentaku to Seido-ikō no Eikyō (Portfolio Selection by Defined-Contribution Pension Plan Participants and the Effect of Institutional Transition),” published in 2011, we analyzed irrational investment behaviors among Japanese defined-contribution pension plan participants to determine whether it was a temporary issue caused by the transition from other pension systems to the defined-contribution pension system, or whether there was a universal conservative tendency among the participants. With the analysis results indicating no difference in participants’ behavior if they had a large amount of assets rolled over from another pension plan, we confirmed that irrational investment behaviors among defined-contribution pension plan participants were a universal issue.
Notable Publications and Works
- Yoshiko Nishiura, Sayuri Nishida and Keiko Murakami, “Kakutei-kyoshutsu Nenkin no Kanyushazō wo Toraeru Kokoromi (An Attempt to Understand the Profile of Participants of Defined-Contribution Pension Plans in Japan)”, Journal of Personal Finance and Economics, vol. 33, pp.49-57, 2011. (Japanese)
- Sayuri Nishida, Keiko Murakami and Yoshiko Nishimura, “Kakutei-kyoshutsu Nenkin Kanyusha no Shisan-sentaku to Seido-ikō no Eikyō (Portfolio Selection by Defined-Contribution Pension Plan Participants and the Effect of Institutional Transition)”, Journal of the Faculty of Political Science and Economics Tokai University, Vol.43, pp.89-103,2011. (Japanese)
- Sayuri Nishida, Yoshiko Nishimura and Keiko Murakami, “Kakei no Kinyū-shisan Sentaku-kōdo to Tōkeigaku no Chishiki (Portfolio-Selection Behavior and Statistical Knowledge in Households)”, Journal of the Faculty of Political Science and Economics Tokai University, Vol.41, pp.179-208, 2009. (Japanese)
- Yoshiko Nishimura and Keiko Murakami, “Gakkō ni okeru Kinyū-kyōiku no Tsuginaru Ippo (The Next Step for Financial Education in School)”, Kyoto Sangyo University Teaching Profession Research Bulletin, vol.3, pp.49-74, 2008. (Japanese)
- Yoshiko Nishimura, Sayuri Nishida and Keiko Murakami, “Kinyū-chishiki no Shūtoku to Pōtoforio no Saitekika (Acquiring Financial Literacy and Optimizing the Portfolio”, Okayama Economic Review, Vol.36,(4), pp.139-153,2005. (Japanese)