Dissertations / Theses on the topic 'Robo-advisor'

La crescita di strategie passive nell’asset management, i cambiamenti nelle preferenze dei clienti e l’innovazione tecnologica stanno favorendo la nascita di start-up che si occupano di robo-advisory. L’idea di base del seguente elaborato è quella di indagare se le strategie adottate dai Robo Advisor sono in grado di creare valore per gli investitori comuni e di individuare i possibili sviluppi futuri. Nella prima vengono individuati i principali operatori a livello globale e successivamente viene descritto in modo dettagliato come operano i Robo Advisor. Nella seconda parte invece, vengono analizzate le performance dei principali operatori rispetto al mercato.

L'IA devenant de plus en plus présente dans nos vies, nous sommes soucieux de comprendrele fonctionnement de ces structures opaques. Pour répondre à cette demande, le domaine de la recherche en explicabilité (XAI) s'est considérablement développé au cours des dernières années. Cependant, peu de travaux ont étudié le besoin en explicabilité des régulateurs ou des consommateurs à la lumière d'exigences légales en matière d'explications. Cette thèse s'attache à comprendre le rôle des explications pour permettre la conformité réglementaire des systèmes améliorés par l'IA dans des applications financières. La première partie passe en revue le défi de prendre en compte les biais cognitifs de l'homme dans les explications des systèmes d'IA. L'analyse fournit plusieurs pistes pour mieux aligner les solutions d'explicabilité sur les processus cognitifs des individus, notamment en concevant des explications plus interactives. Elle présente ensuite une taxonomie des différentes façons d'interagir avec les solutions d'explicabilité. La deuxième partie se concentre sur des contextes financiers précis. Une étude porte sur les systèmes de recommandation et de souscription en ligne de contrats d'assurance-vie. L'étude souligne que les explications présentées dans ce contexte n'améliorent pas de manière significative la compréhension de la recommandation par les utilisateurs non experts. Elles ne suscitent pas davantage la confiance des utilisateurs que si aucune explication n'était fournie. Une autre étude analyse les besoins des régulateurs en matière d'explication dans le cadre de la lutte contre le blanchiment d'argent et le financement du terrorisme. Elle constate que les autorités de contrôle ont besoin d'explications pour établir le caractère répréhensible des cas de défaillance échantillonnés, ou pour vérifier et contester la bonne compréhension de l'IA par les banques
As AI is becoming more widespread in our everyday lives, concerns have been raised about comprehending how these opaque structures operate. In response, the research field of explainability (XAI) has developed considerably in recent years. However, little work has studied regulators' need for explainability or considered effects of explanations on users in light of legal requirements for explanations. This thesis focuses on understanding the role of AI explanations to enable regulatory compliance of AI-enhanced systems in financial applications. The first part reviews the challenge of taking into account human cognitive biases in the explanations of AI systems. The analysis provides several directions to better align explainability solutions with people's cognitive processes, including designing more interactive explanations. It then presents a taxonomy of the different ways to interact with explainability solutions. The second part focuses on specific financial contexts. One study takes place in the domain of online recommender systems for life insurance contracts. The study highlights that feature based explanations do not significantly improve non expert users' understanding of the recommendation, nor lead to more appropriate reliance compared to having no explanation at all. Another study analyzes the needs of regulators for explainability in anti-money laundering and financing of terrorism. It finds that supervisors need explanations to establish the reprehensibility of sampled failure cases, or to verify and challenge banks' correct understanding of the AI

Mestrado em Finanças
Nos últimos anos, a indústria de gestão de riquezas enfrentou desafios significativos e tendências impactantes, tais como a diminuição da confiança dos clientes nos serviços financeiros tradicionais, novos encargos regulatórios e aumento da concorrência. Neste contexto, a ascensão de gestores de investimento automatizados, conhecidos como "roboadvisors" e a nova combinação de ciência e capital humano tem desafiado a indústria de gestão de capital a encontrar novas formas de criar valor para beneficiar o cliente. Sobre esse assunto, esse projeto contribui para uma análise de risco-retorno e analise das fronteiras eficientes do portfólio recomendado de cinco plataformas online nos Estados Unidos em março de 2017: Charles Schwab, SigFig, Wealthfront, ToleRisk e RiskAlyze. Nessa análise, são realizados "backtesting" para avaliar o desempenho, a volatilidade, o valor em risco e os índices de Sharpe. Esse projeto é baseado na Teoria da Variação Média e é baseado em preços históricos de fechamento semanal de fundos de investimento abertos negociados em bolsa. Os resultados indicam que a prática atual de utilizar questionários para determinar o perfil de risco do investidor é de confiabilidade limitada. Os resultados também mostram que o modelo "robo-advisory" aparentemente beneficia investidores conservadores. Assim, esta dissertação contribui para uma visão sobre os benefícios e limitações das plataformas de investimento online, fornecendo um parâmetro para uma melhor compreensão do seu potencial futuro.
In the last few years the wealth management industry has experienced significant challenges and impactful trends, such as a decrease in customers' trust of traditional financial services, new regulatory burdens and increase of competition. In this context, the rise of automated investment managers, well known as "robo-advisors" and the new combination of science and human capital has been challenging the wealth management industry to find new ways to create value benefiting the client. On this matter, this project contributes to a analysis of risk-return look and efficient frontiers of the recommended portfolio of five online platforms in United States in March 2017: Charles Schwab, SigFig, Wealthfront, ToleRisk and RiskAlyze. In this analysis, back-testing is conducted to assess performance, volatility, value at risk and sharpe ratios. This project is based on the Mean-Variance Theory and uses historical weekly closing prices of exchanged traded-funds. Results indicates that the current practice of using questionnaires to determine investor risk profiles is of limited reliability. It also benefits investing that the robo-advisor model is seemingly benefits investingting conservative investors the most. Thus, this dissertation contribute to a view on Robo-advisors benefits and limitations, providing a parameter for better understanding its future potential.
info:eu-repo/semantics/publishedVersion

Risk and tracking error budgeting was originally adopted by large institutional investors, including pension funds, plan sponsors, foundations, and endowments. More recently, risk and tracking error budgeting have gained popularity among financial advisors, multi-managers, fund of funds managers, high net worth individuals as well as retail investors. These techniques contribute to the portfolio optimisation process by limiting the extent to which a portfolio can deviate from its benchmark with regards to risk and tracking error. This is an ambitious paper that attempts to determine the optimal strategy to practically implement risk and tracking error budgeting as a portfolio optimisation technique in South Africa. This study attempts to bridge the gap between active, passive, and smart-beta investment management styles by introducing a low-cost portfolio construction technique, for core-satellite portfolio management, which contributes to the risk and tracking error budgeting process. Core-satellite portfolios are designed to expose the portfolio to a low-cost primary “core” consisting of passive and enhanced index funds, thus systematic risk “beta”, limiting the tracking error of the portfolio. The secondary “satellite” component is allocated to active and smart-beta managers to exploit expected excess return “alpha”. The primary aim of this research is to construct a rule-based product range of core-satellite portfolios called “replica portfolios”. The product range builds on the foundation of the Association for Savings & Investments South Africa (ASISA) framework. The study identifies three “target portfolios” from ASISA's framework, namely (1) High Risk: SA General Equity, (2) Medium Risk: SA Multi-Asset High Equity and (3) Low Risk: SA Multi-Asset Low Equity. Through this framework, active managers from each category are shortlisted using a Sharpe and Information Ratio filter. A secondary filtering technique, namely Returns Based Style Analysis (RBSA) is used to determine the style, R-squared and alpha-generating ability of active managers versus the passive asset classes and style indices they seek to replicate. Applying Euler's theorem for homogenous functions, we decompose the risk of the coresatellite portfolio into the risk contributed by each of its components. The primary mandate of the core-satellite portfolios in the product range is to allocate risk and tracking error efficiently across several investment management styles and asset classes in order to maximise returns while remaining within the specified risk parameters. iii The results highlighted that active managers, after fees, predominantly failed to outperform their benchmarks and passive building blocks, as identified through RBSA over the sample period (October 2009 – September 2019). However, only a small number of active managers generated superior risk-adjusted returns and were included in the core-satellite range of products. This study recommends to investors that they exploit the “hot-hands effect” by investing in specialised, benchmark agnostic active managers who consistently produce superior risk-adjusted returns. By blending active, passive and smart-beta strategies, investors are exposed to less total risk, less risk per holding and a lower tracking error. The three coresatellite portfolios developed in this study generated absolute and risk-adjusted returns that are more significant than their active and passive counterparts. Fee arbitrage was derived through the range of core-satellite products, resulting in tangible alpha over the sample period. The study encourages investors to use smart-beta strategies alongside active and passive funds since it improves Sharpe and Information ratios while enhancing the original portfolio's characteristics.

In times when traditional saving accounts are no longer attractive due to the current interest rates, robo-advisors appears to be an alternative investment utility. Robo-advisor has made investment advisory services available to the general public by offering automated system to allocate assets that is tailored to each individual’s investment needs and risk profile. The successful implementation of robo-advisors depends heavily on the extent of how much customers are fully motivated to use these services. The purpose of this study is to identify factors that affect Swedish consumers intention to use robo-advisors using UTAUT (unified theory of acceptance and use 2) with the extended factors perceived risk and trust. The results indicate that performance expectancy, facilitating conditions, hedonic motivation and perceived risk influence how Swedish consumers formulate their behavioral intention to use robo-advisors.
I samband med det låga ränteläget har traditionella sparkonton blivit mindre attraktiva och genererat en ökad efterfråga bland konsumenter på nya investeringsalternativ. Finansiell robotrådgivning har gjort investeringsrådgivning tillgängligt för allmänheten genom att erbjuda automatiserade system för portföljförvaltning. Framgångsrik etablering av finansiella robotrådgivningstjänster beror i vilken utsträckning potentiella kunder är motiverande att börja använda dessa system. Syftet med denna studie är att undersöka vilka faktorer som påverkar svenska konsumenters intention till användning av finansiella robotrådgivningstjänster. Studiens undersökningsmodell är baserad på the unified theory of acceptance and use 2 (UTAUT2), med adderade faktorer: uppfattad risk och tillit. Data samlades in via en surveyundersökning och tolkades med hjälp av Partial Least Square Structual Equation Modelling (PLS-SEM). Resultatet indikerar att förväntad prestation, underlättande förutsättningar, hedonisk motivation och uppfattad risk har betydande effekt för hur intention till användning formas.

Bakgrund: Banksektorn genomgår en digital utveckling och förändringen sker i en allt snabb takt. Nya marknadsförhållanden med regelverk, en förändrad konkurrenssituation och ett förändrat kundbeteende har ställt banksektorn inför nya utmaningar och möjligheter som bankerna behöver förhålla sig till för att upprätthålla och stärka förtroendet gentemot sina kunder. Syfte: Studiens huvudsyfte är att undersöka hur banker hanterar förtroenderelaterade frågor under den ökade digitaliseringen inom banksektorn. Vidare syftar studien till att skapa en djupare förståelse för robotiserade rådgivningsprocesser och dess påverkan på bankkundernas förtroende i samband med att den fysiska kontakten mellan bank och kund minskar. Metod: Studien är utav en kvalitativ karaktär med en abduktiv forskningsansats och baseras på intervjuer med fem respondenter med relevanta yrkesroller som berör digitalisering- och förtroendefrågor inom den svenska banksektorn. Slutsats: Studiens resultat påvisar att digitaliseringen medför nya möjligheter och utmaningar som bankerna kan dra nytta av förutsatt att dem hanterar den digitala utvecklingen på ett korrekt sätt. Resultatet tyder vidare på att bankerna behöver förhålla sig till dem förändrade marknadsförhållandena och ständigt bemöta kundernas förväntansbild.
Background: The banking industry is facing a digital transformation and the change is taking place at a rapid pace. New market conditions, a changing competitive situation and a changing customer behavior have put the banking industry in front of new challenges and opportunities that banks needs to manage to maintain and strengthen their customers trust towards themselves. Purpose: The main purpose of the study is to investigate how banks handles trust-related issues in the context of the increased digitalization in the banking industry. Furthermore, the study aims to create a deeper understanding of robo-advising and its impact on banking customers' trust while the physical contact between banks and customers decreases. Method: The study is of a qualitative character and follows an abductive research effort. The study is based on interviews with five respondents with relevant professional roles that concern digitalization and trust within the Swedish banking industry. Conclusion: The study's results show that digitalization brings new opportunities and challenges that banks can benefit from, given they handle the digital development properly. The result further indicates that banks need to manage the changing market conditions and constantly respond to customers' expectations.

碩士
國立高雄第一科技大學
金融系碩士班
105
Robo-advisor, an emerging service provided by the financial holdings and Internet companies, tries to act proactively and offer more instant financial consultancy. With in-depth advisory service, the public enjoys the fast and dedicated financial consultancy; therefore, this trend potentially becomes one of the key focuses for financial holdings and Internet companies to grab more market share in such an intense competitive financial world. Acknowledging that personal financial consultants might provide their portfolio suggestion based on their subjective judgment and ethical decision, in this thesis, financial researches and papers about robot financial advisors at home and abroad are collected and analyzed for the purpose of finding out how to combine the latest data science and machine learning - together with the traditional financial consultancy and construct the suitable and correspondent financial portfolio for the public. The rise of Robo-advisor becomes one of the key services for the financial holdings. Such brand-new business model will bring enormous effect in the financial industry; therefore, by analyzing its business models, development plan and guideline, this thesis is keen to find out the best collaboration between the traditional financial consultant and the Robo-advisor.

碩士
國立中正大學
資訊管理系研究所
106
Under the increasing influence of FinTech, traditional financial institutions are facing the new reforms. Due to the rapid development and applications of artificial intelligence, many traditional concepts have been subverted. Financial robo-advisor is one of the most popular applications in FinTech services. The technology of big data and artificial intelligence has changed the traditional financial operations, which relied heavily on financial specialist in the past. Since the customer acceptance is a key factor of success, this study aims to examine the factors that influence the customer acceptance of financial robo-advisor. The theoretical model was developed based on the mode of attitude. We used an Web survey to collect the data. The questionnaire contains 73 questions related to 12 factors, namely, involvement in financial, financial relevance, trust, compatibility, personal innovativeness, perceived value, perceived risk, playfulness, social presence, past experience, attitude and intention to use. Consequently, 287 valid responses were collected. The analytical results show that the key factors that affect the customer acceptance of financial robo-advisor are trust, compatibility, perceived value, playfulness and social presence. Finally, implications for academics and practitioners are also provided.

碩士
國立中山大學
財務管理學系研究所
106
Fintech has been thriving globally in recent years. Fintech has many aspects, which this study concentrates on Robo-Advisor. After Financial crisis of 2007-2008,financial regualations become much more strict and investors start to distrust traditional financial institutions.With low-barrier and low-cost characters,robo-advisor platforms gain in popularity which satisfy middle class investors’ investment planning demand. Compared with traditional financial advisor,robo-advisor has low-barrier,passive investing,rebalancing,portfolio customization and tax planning services that helpful to increase profitability.Through big data and algorithm technology,robo-advisor platform offer much more objective advices and mitigate conflict of interest between financial advisor and investor. This study selects four robo-advisor platforms from the United States, China and Taiwan as target cases.They are compared and analyzed in many aspects,including background, service flow, service features and profit model. In terms of portfolio source, Taiwan business is much different with it in other countries. In addition,this study conducts comparative assessments of passive investment development, regulatory regulations, and investor characteristics in the United States, China, and Taiwan in order to provide a glimpse of Taiwan’s robo-advisor development prospects,and hopefully contribute to development of robo-advisor in Taiwan.

Robo-advisors base their investment strategy on low-cost indexed funds. Vanguard Group announced the launch of its US Robo-advisor in the third quarter of 2020. Being one of the largest providers of indexed funds, Vanguard concentrates both the provision of automated advisory services and the management of the underlying investment vehicles. This study aims to determine if Vanguard’s model results in a relevant reduction of costs for investors and therefore in a competitive advantage against competitors. Our focus is on the European market, where Vanguard is currently expanding its investment services and the leading Robo-advisory providers struggle to expand. To test the hypothesis that a European Robo-advisor by Vanguard would have a determinant cost advantage, we simulate its costs by extrapolating the incremental costs of Vanguard services in the UK against the ones in the US. The results show that independent Robo-advisors cannot compete with Vanguard Digital Advisor on a cost basis.
Os Robo-advisors baseiam a sua estratégia de investimento em fundos índice de baixo custo. O Vanguard Group anunciou o lançamento do seu Robo-advisor norte-americano no terceiro trimestre de 2020. Sendo um dos maiores fornecedores de fundos índice, o grupo Vanguard concentra quer a prestação de serviços de consultoria automatizada quer a gestão dos veículos de investimento subjacentes. Este estudo visa determinar se o modelo da Vanguard resulta numa redução relevante de custos para os investidores e, portanto, numa vantagem competitiva em relação aos concorrentes. O nosso foco é o mercado europeu, onde a Vanguard está atualmente a expandir os seus serviços de investimento e os principais Robo-advisors lutam para aumentar a sua penetração no mercado. Para testar a hipótese de se um Robo-advisor europeu da Vanguard poderá ter uma vantagem de custos determinante, fazemos uma simulação dos seus custos extrapolando os custos incrementais dos serviços da Vanguard no Reino Unido face aos dos EUA. Os resultados mostram que os Robo-advisors independentes não podem competir com o Vanguard Digital Advisor numa base de custos.

碩士
國立中山大學
財務管理學系研究所
107
This study constructs a Robo-Advisor with the theme of asset allocation. First, to clearly understand the category of the fund, the classification model is used to classify each fund. There are US market, european market, japanese market, asian non-Japan. Markets, emerging markets, corporate bonds, high-yield bonds, emerging market bonds, and long-term US Treasury bonds in fund categories. Then proceed with the allocation of index. This study uses common indices for asset allocation. The result of index allocation is used as the basis of the construction of the follow-up fund portfolio and the benchmark for backtesting. Finally, perform the fund selection by two fund selection methods: the Dominant Strategy and the XGBoost Scoring Model. The former selects funds by historical performance; the latter is the inputs of the technical indicators and the macro indicators for XGBoost training. Each fund will be scored every training, and the funds with higher scores are selected as the components of the fund portfolio. The major empirical results are as follows: 1. The Dominant Strategy had higher return and risk in the historical performance. 2. Although the XGBoost Scoring Model has not stabilized over the Dominant Strategy in the historical performance, its risk has a lower volatility than the benchmark or the Dominant Strategy. Especially, the XGBoost Scoring Model had higher return and lower risk in the bear markets. The XGBoost scoring model proposed by this study is suitable for the construction of Robo-Advisor because of its lower risk. It could help investors build a profitable and riskless fund portfolio.

碩士
國立彰化師範大學
企業管理學系 國際企業經營管理(IMBA)
105
If you want to discuss what is the most representative subject-matter in financial industry and technology industry in2015, I think is "FinTech" without any doubt. What is the word “FinTech”? It is an abbreviation for Finance and Technology in English. In a word, it is a technology-based approach to finance-related services. As the technology improves constantly, Mobile advice is extensively spread and mobile phones have been replaced by computers. That is why we can frequently contact the world of the network. Perhaps you have questions, financial institutions have not applied the network system in order to facilitate the operation of financial transactions for the consumer? What is different in FinTech? I think "+ Internet" and "Internet +" different obviously. How to say that? Let’s set an example to understand where the differences are easier. "Taxi + Internet”, we call it the "Internet Calling System". We use the Internet as a "tool" to make it easy for our customers to book a car. "Internet + taxi business group + part-time driver" become an Uber that everyone knows. (The network makes part-time drivers and people need to take a taxi directly contact). The network creates a variety of business opportunities. Master and deputy status has changed. You feel it? Internet technology not only changes our lifestyle, but also brings shock for the financial industry. One day, when the competitor of the financial industry does not exist with the industry, what kind of the world will be? "The Silicon Valley is about to eat Wall Street's lunch." JP Morgan Chase CEO Jamie said that. Jamie Demon made such an argument; the Internet technology industry has already invaded the financial industry. I believe everyone work in the financial industry have to face the shock of FinTech, machine to replace the human, financial digitization. This study examines the impact and changes in FinTech (financial technology) on financial institutions. In addition, the wealth management business contributed huge revenue to financial institutions, also involves the application of FinTech, Robo Advisor. In recent years, big-data wealth management, intelligent wealth management, Robo Advisor (Robo Finance Specialist) is the major subject in the wealth management industry. Itis also my research, direction of discussion.

碩士
國立高雄應用科技大學
金融系金融資訊碩士班
106
With the trend of financial technology, the Robo-Advisor gradually replaces past human-based fund sales model. The Robo-Advisor provides self-service services for investors or financial management demanders from "risk preference exploration", "optimal fund portfolio proposal" and "dynamic fund investment adjustment" services. However, the current investment objects for the Robo-Advisor are still limited by the choice of active and passive funds. On the other hand, financial technology also provides a “social network investing” business model in which investor can observe the history and real trading performance of traders within the social platform, and use the manual or automatic transaction method to "follow the expert traders " and pay for the use of the strategies. This study combined two concepts and included investment strategies from social network as sources of investment options for the Robo-Advisor. The proposed model and system allowed strategic investment from risk propensity, filtering, static investment portfolio construction to dynamic investment portfolio adjustment and furthermore joint with fund investment to form a new Robo-Advisor business model to expand the application field, and allowed investors to further diversify the investment risk.

碩士
輔仁大學
科技管理學程碩士在職專班
106
As the world move toward FinTech Bank 4.0 and the advancement of information technology, many technology companies combine the technology with financial management in providing informative financial platform service. Therefore, the rise of the robot finance service platform becomes a direct competitor in financial management in the industry. Some of US financial technology companies combine with big data and professional investment knowledge has derived smart financial management techniques targeting customer from lower end of middle class which is rapidly emerged and developed in the States. The reason for raise of “Finance robot” is traditional finance companies utilize high-cost operation method in providing consulting service to limited number of customers. The smart finance management industry has noticed the needs of the long-tailed customers. Therefore, provides service with lower operational cost and enable broader customer contacts which directly act on the inefficient parts IV of the traditional business model. As a result, rapid development of “Finance robot” service is emerged. There are three distinct characteristics to financial robot. First, consumer can use the financial robot by himself, without the need for others to participate or only needs limited participation. Secondly, algorithm can be based on the information input by the investor and the result is calculated. Lastly, the financial robot's output is a certain financial proposal. Financial robots can be divided into two categories according to the types of services they provided. The first category is used as a traditional securities investment manager assistant tool to help the industry in providing precise services to discretionary and wealth management clients. It is called the “finance business use” tool; Classes are provided directly to investors for use primarily as“investors use type”tools. If the service function is provided, it can be divided into two types:“advisory type”and“asset management type”. With the algorithm's financial management services, the financial robots are fully automated and serve the same purpose as the current program trading of stocks in the world. By using the algorithm to search for features, and then learning through historical data, it has a good evolutionary ability, and uses the fear of investors to react with hope to evaluate the reasonable range of stocks. The timing of using the financial robot algorithm's trading timing is better, the bearish trend is obviously better than the broader market, the bullish trend is close to the market buying strategy, and the overall investment performance is better than the broader market. This is also the necessity of the existence of financial robots is the operating performance command. V Although wealth management robots can meet the long-tailed customers with low asset capabilities and reshape the customer experience of financial services, they should still pay attention to the possible replacement of part of the wealth management industry's wealth management commissioners in the development of financial robots, resulting in a large number of unemployment. When Japan’s Mitsubishi UFJ, Royal Bank of Scotland, Deutsche Bank, Credit Suisse and Citibank all announced the abolition of their employees and the closing of branches and outlets, it is expected that European and American banks will lay off 30% of their employees and reach 1.7 million in the next decade. Under the development of financial robots, government regulators and financial institutions must consider the impact on the wealth management industry. Wealth management business fee income accounts for a considerable proportion of bank revenues. Wealth management robots may have great misgivings about wealth management revenues at a low fee, which will at least bring ignorance to traditional asset management with great changes.

碩士
國立臺灣科技大學
財務金融研究所
107
The emergence of financial technology has brought disruptive innovation to financial institutions, and it has also changed people's behavior. For example,investors needed to conatact with financial sales to get financial service in the past time. But now, technology progresses really fast. Investors could get financial service by using telephones, computers. Even robo-advisors comes out,it uses the skill of artificial intelligence, investors could easily use smartphones to make a investment by themselves. Robo-Advisor is designed by using Algorithm, it provides appropriate investment portfolio suggestions and managements automatically. It has actually developed for more than ten years. Since the law is different in different countries, the development of each country has been quite different. In Taiwan, it has only begun to develop in the past two years. In this study, I will do the research to understand the pros and cons of robo-advisor among different countries.Also,do the case study to understand the development and application of robo-advisor in Taiwan. At the end, I will give my suggestion, expecting the development of robo-advisors in Taiwan would be successful.

碩士
輔仁大學
資訊管理學系碩士班
107
With the advent of the era of digital economy, the word Fintech has emerged in recent years, and Robo-Advisor is one of the six developing investment management links of fintech. In the past, investment was traditionally made through financial advisor or through long-term personal attention and research, while Robo-Advisor uses artificial intelligence and other technologies, which enables users to invest through the recommendation results of Robo-Advisor quickly and conveniently. In the growing process of Robo-Advisor, what are the key factors that can be accepted by users? Therefore, the main purpose of this study is to discuss and analyze which factors mainly affect users' attitude towards using Robo-Advisor, so as to influence whether they use it or not. This study took the model of technology acceptance and convenience as the theoretical basis, and conducted sampling through the network questionnaire survey. After deducting the invalid questionnaires, there were a total of 179 valid questionnaires. Convenience has a significant impact on perceived usefulness and perceived ease of use. Perceived ease of use has a significant impact on perceived usefulness. Perceived usefulness has no significant influence on the attitude toward using. perceived ease of use has a significant impact on the attitude toward using. attitude toward using has significant influence on intention. Among them, users pay most attention to the ease of use, ease of learning and can be used anywhere. If Robo-Advisor is useful but lacks the features of ease of use and ease of learning, users may not have great attitude towards Robo-Advisor.

碩士
國立政治大學
風險管理與保險學系
107
Under the trends of FinTech, the new form of business model "Robo-Advisor" has sprung up in the market in the past decade. Thanks to feature of automation, financial service providers are able to reduce their cost of management by applying Robo-Advisors. For investors, features like low cost, low requirement and transparency significantly attract retail investors to transfer their assets to Robo-Advisors. Although Robo-Advisors are booming in countries like United States, United Kingdom, it is still early stage in Taiwan. This paper hopes to explore how Robo-Advisors can be improved through better investment execution and regulation policies, so that the service of Robo-Advisors can be better applied in Taiwan. On the investment execution side, this paper hopes to discuss the investment methods used by Robo-Advisors to obtain the best performance in Taiwan's financial market, and whether the value-added services provided by Robo-Advisors are in line with the benefits of investors; On the side of regulation policy, this paper hope to explore a better suitable regulation environment to develop Robo-Advisors in Taiwan. The empirical results show that the financial investment performance of the Robo-Advisors applying the Fama-French three-factor model is better than that of the one using the CAPM model under the assumptions of this paper, and the Robo-Advisors featuring the automatic rebalancing and regular saving plan shows better value, which is very suitable in retirement planning. This paper also found that the development of Robo-Advisors in Taiwan is restricted by the current regulation rules. The regulations on capital requirement and discretionary entrustment should be the first priority of the government's reform, and the limited scale of the ETF market is also one of the greatest challenges for developing Robo-Advisor in Taiwan.

碩士
國立臺灣科技大學
財務金融研究所
107
Robo-Advisor originated in the United States, and its motivation is to reduce labor cost and expand the customer of financial planning business. With the development of Fintech in recent years, as a part of Fintech, Robo-Advisor are being known by more and more people. Some traditional financial institutions in Taiwan have also set foot in this field. The purpose of this study is to understand the motivation, development and application of Robo-Advisor, the opportunities and impacts brought by Robo-Advisor to traditional financial institutions, and the future trend of Robo-Advisor. In order to achieve the above objectives, this paper takes the case study analysis method as the main research method, and interviews the manager of the F bank as the case bank in May 2019.This paper analyzes the actual execution surface and the final asset allocation effect of the F Bank, and analyzes the problems encountered in the development and application of the Robo-Advisor represented by the F Bank while affirming the necessity of the development of the Robo-Advisor. In this way, the issue of how traditional financial institutions can make Robo-Advisor better in the future is discussed.

碩士
國立臺灣大學
工程科學及海洋工程學研究所
107
Previous researches found that Robo-advisor (RA) has become a new trend after financial crisis, due to the rising of financial technologies and the public confidence in financial institutions is insufficient. The main contribution of this paper is to design a mutual fund portfolio optimization strategy empowered by the ability of Capital Asset Pricing Model (CAPM) of interpreting market and macroeconomic factors, and to propose a new market forecasting model based on variational autoencoder [29] and long-short term memory [25], which uses macroeconomic factors to identify whether the market is bull or bear. We combine the techniques above to develop an Robo-advisor that can predict future market, optimize portfolio and automate investment. Experiments use 22 years’ data of S&P500 and mutual funds of U.S. to validate our strategy. In the condition of predicting bull and bear perfectly, the proposed strategies achieve an average annual rate of return of 18.26%. The accuracy of our market prediction method can reach 84.3% and the rate-of-return of our RA is 13.87%. Our model is more accurate and profitable than other algorithms.

碩士
國立臺灣大學
商學研究所
105
When Google’s artificial intelligence program AlphaGo made history by defeating Lee Sedol, one of the world’s best Go players, artificial intelligence has become a buzzword. Some experts have warned that artificial intelligence will spiral out of human control and become a threat, claiming that dangers are coming as we do not fully understand how artificial intelligence systems are making those decisions. However, this all comes from fundamental misunderstandings of the nature of artificial intelligence. In fact, AI is a combination of two different concepts, artificial intelligence and augmented intelligence, and the one that has been widely commercialized so far is augmented intelligence, a system that enhance human capabilities rather than replicate the full scope of human intelligence. Applying artificial intelligence to wealth management can save many financial advisors from dull and repetitive tasks and dramatically boost their productivity. Wealthfront is one of the leading robo-advisor companies, providing automated investment service for its users based on data analysis and Modern Portfolio Theory. This study uses Wealthfront as an example to find out an ideal robo-advisor business model by improving Wealthfront’s operation model and its investment algorithm and the comparison of traditional wealth management and robo-advisors. Finally, this study breaks down an ideal robo-advisor business model and uses Value Creation Cycle model to identify the value-added service created by each step. From technological innovation, potential alliances with traditional wealth management players, online and offline channels, vision of providing an accessible wealth management service, rapid growth of robo-advisor, and higher internet and smart devices penetration, we can build up a sustainable Value Creation Cycle of robo-advisor.

碩士
國立臺北科技大學
管理學院資訊與財金管理EMBA專班
107
In response to the Fintech trend, the Robo-Advisor service provides high-asset customers and small-asset investors with the best portfolio configuration for unlimited time/investment caps. Recently, it has been favored by financial institutions and investors and has rushed to invest in the development of this system platform. However, finding and importing selection indicators has become an important issue. Because of this, this study hopes to understand the trend of investor investment behavior through a questionnaire survey, as the basis for the design of future advanced version of the Robo-Advisor system. At the same time, it can also provide decision-making reference for financial service units in the design/implementation of various financial products. After many expert interviews and questionnaire surveys, the results show that the four major measures of the key success factors of the bank's introduction of wealth management robots are ranked by the “input cost factor” (0.584) according to the importance level. For the "opportunity impact factor" (0.230), the third is the "performance expectation factor" (0.138); the last is the "easy-to-use expected factor" (0.047). Based on the overall analysis results of the 13 key success factors, the top five rankings were “system construction cost” (0.289) as the most important factor, followed by “expanding market share” (0.191). The third is "the length of the development lead-in period" (0.135), the fourth is "the vendor's past similar experience" (0.090), and the fifth is "system compatibility" (0.049). According to the results of this study, bank decision makers can provide a reference for decision making in the future when introducing the financial robot system platform. At the same time, it can also be used as a developer of the Robo-Advisor system to obtain an important reference factor for market competitiveness in the future.

碩士
國立政治大學
經營管理碩士學程(EMBA)
106
As said by Brett King said, Banking is no longer a place you go to, but something you do. He means customer will change their behavior by adapting Fintech services. Financial industry might have the issue that customer no need to visit branch as most of financial service will be available through digital channels. However, according the business case for US and Europe, customers still requires financial consultant served by Financial Advisor in branch. Therefore, Fintech makes bank to migrate their branch services from operation to consultant service for customer requirements. Wealth management is highly competitive in Taiwan market due to overbanking and negative net interest income, banks need to provide attractive customer incentive for product promotion instead of comprehensive financial planning. In this paper, we will use the methodology of Five Forces Analysis for industry analysis for wealth management industry. Through the industry analysis, the opportunity and challenge will be addressed, besides the existing competitor, new entrants with Fintech initiatives pushes the market into next level of competitive than before. Robo Advisor is one of the key Fintech solutions and will have serious impact for wealth management as it might help to provide core service for financial planning by adapting the technology. The case for this paper is the first tier retail bank in Taiwan, has faced the same issues as industry. In following chapters of the paper, the strategy of the bank with adapting Robo Advisor will be covered. With the strategy, the new business model includes differentiated financial planning service, sales management and staff training will discuss further. The new business model is not only grasped new opportunity for business growth and also fulfilled customer requirements with customer experience enhancement. Fintech is not only new threat for bank, how to leverage the strength for Fintech for business model enhancement is primary issue during the digital era. Migrate the physical financial service to digital channel and provide financial consultant service to meet customer requirement are key strategy for wealth management in Taiwan.

碩士
中國文化大學
企業實務管理數位碩士在職專班
105
ABSTRACT Over the past decade the revolution in the financial environment, the gradual emergence of changes in financial service has substantial influence on consumer convenience and service quality content. Future financial technology will affect the six core functions of financial services, including payments, insurance, deposit & lending, capital raising, investment management, and market information (market provisioning). Among them, the core functions of "investment management" and "market information supply" emphasize key trends such as wealth management, artificial intelligence and big data. Robo-Advisor will be the culmination of this wave of financial technology, and the active introduction of financial robots will become a manifestation to the bank, prompting this study to actively explore the key success factors that consumers are willing to accept financial robots. To discover the characteristics of new tech banking services, this study applied analytical hierarchy process (AHP) and a 2 phase’s analysis. Also this paper has evaluated how this movement could possibly impact to current consumer practices and behavior when Robo-Advisor introduce to domestic market. During the phase one of research, 10 field specialists and senior banking managements have been interviewed to categorize the study into 4 areas and 13 evaluation standards. In phase two of research, this paper has selected 40 field experts to participate the evaluation. Through AHP this thesis has categorized the sequence and preferences ratio in financial technology (Fin tech) implementation. Within the feedback observed, the most favorable asset of Fin tech was the mechanism of automotive learning behavior. The degree of assistance in Artificial Intelligence to provide adequacy of knowledge expression has second favorable feature. The rapid, secured, and multifunctional investment banking service platform of information quality in newer investment banking will be as the third most favorable attribute for Fin tech services. While Fin tech of investment banking has been spread vigorously global wide, prior to this phenomenon swept into Taiwan’s market, how could financial sectors be ready for domestic consumer usage has a crucial challenge within.

A crise económica global atual, junto com a profunda evolução das novas tecnologias, está a produzir a necessidade de aumentar a eficiência da gestão de numerosas atividades da nossa vida. Desta forma, uma das principais preocupações na vida das pessoas, como demonstram numerosos estudos, é a sua gestão das finanças familiares. Se a isto lhe for adicionado a crescente desconfiança no sector bancário, produzida em parte pela duvidosa gestão dos seus responsáveis, entende-se que a gestão patrimonial virá a ser um dos campos com uma maior mudança nos próximos anos. Com este estudo pretende-se verificar se os meios tecnológicos ajudam na gestão das finanças pessoais, e otimizam o rendimento que até agora obtinham dos produtos financeiros, e, simultaneamente, oferecer uma ferramenta para o seguimento do rendimento de carteiras de investimento.
The current economic crisis, along with strong development of the new technologies, are increasing the needs of a better management in many activities of our lives. In consequence, one of the main concerns in people's life, as many studies show, is the management of the family finances. If we add to all these things, the increasing distrust in the traditional finance sector, in part created by the questionable management of its bosses, its reasonable think that wealth management will turn one the fields with more disruptive changes in the next years. With this study, it's intended to verify if software can help us in the personal finance management, optimize the performance of a conservative common portfolio and, at the same time, offer a tool to track that performance.

碩士
國立雲林科技大學
企業管理系
106
Financial technology has been booming in recent years, and Robo-Advisors play a very important role and are already the core of financial technology. In 2017, the "Securities Investment Consultancy Project provides key points for securities investment advisory services with automated tools" has been on the road. Robo-Advisors have regulations that can be followed. Although the regulations are open only in Europe, America and China, December 2017 The "Financial Technology Innovation and Experiment " completed the third reading, which made Taiwan the fifth country in the world with a Regulatory Sandbox system after the United Kingdom, Australia, Singapore and Hong Kong. This study explores the extent to which the Taiwanese people consulted Robo-Advisors on the criteria of perceptive risk, and clustered their awareness, selected the lowest-perceived ethnic group as the target market for Taiwan’s robotic investment consultants, and targeted them. The market analyzes the characteristics and uses the significant demographic characteristics of the target market as a marketing strategy recommendation for Taiwanese robotic investment consultants. This study finds that the target market for Taiwan’s Robo-Advisors are the low-perceived risk group. There are several characteristics of the following demographic characteristics, mainly male in gender, and mainly in the education level, mainly in the institute. The majority of them are 51 years of age or older. In the monthly income, the monthly income is less than 20,000 yuan and more than 80,000 yuan. In the occupation category, the financial industry, the medical industry, the technology industry, and students are the mainstays.

碩士
逢甲大學
經營管理碩士在職學位學程
107
Since the 2008 financial crisis, serious conflicts and opposition have emerged between financial institutions and customers, who have developed a distrust for bank-based financial advisors. With the advancement of information technology, the global financial sector is gradually striding toward the age of FinTech. The ever-evolving information technology has also given rise to innovative platforms called “robo-advisors” that are designed based on the integration between “financing” and “technology.” Such platforms offer a low-cost, professional, and more customer-oriented instrument for wealth management and investment, thus transforming the traditional methods of investment and transaction patterns radically. Hence, this study explored the impacts of robo-advisor development on bank-based financial advisors and examined whether robo-advisors would alter investors’ financing behaviors that were exclusively undertaken in banks in the past and supersede their transactional habit of consulting financial advisors before investing. Results were obtained by interviewing the VIP customers of bank financing services and financial advisors. It was found that robo-advisors are unable to replace bank-based financial advisors. Customers who would invest through robo-advisors are smaller investors whose investment amounts fall short of the threshold amount for bank-based wealth management. On the other hand, investors planning on investing larger amounts of money are still in the habit of consulting financial advisors at the counter. Although robo-advisors possess the advantages of low service fees and smart stock-picking strategies based on big data, they cannot substitute for the emotional bonds between financial advisors and the VIP customers as well as the multifaceted value of services delivered by financial advisors.

碩士
國立臺灣科技大學
資訊管理系
106
The development of financial technology has brought many destructive innovations, changing customers' expectations for financial services, and setting a higher user experience benchmark. Gamification can be used as a solution to the development trend mentioned above. However, most domestic financial product software is still oriented to transaction functions, and it is difficult to develop user habits and attract young customers. In practice, there is currently no ambiguous gamification design process and design elements for gamification of financial services, and academic research on gamification of financial services is still limited. Since 2017, domestic financial companies have actively launched robo advisor services. How to show the difference to provide customers with a more participatory user experience, to cultivate their loyalty are key points for financial institutions to pay attention to. Therefore, this research takes robo advisor software as an example to explore the gamification design elements of financial service software Based on the ISO 9241-210:2010 international standard, this research develops the corresponding gamification design activities with human-centered design process, and persona, user lifecycle, customer journey map, gamification mode canvas and user experience evaluation model to propose the gamification design solution of robo advisor software, and through the industry expert interviews and the millennium user interviews to understand their feedback. The results of this study suggest that the game design objectives of financial services software should be based on improving user participation and adhesion, and extend to other cross product marketing and brand awareness promotion. At the same time, the gamification design of financial services software should consider the essence of financial services, based on the user experience to add on the gamification design, and consider the ease of use, fun, visibility, reward, community and analyzability.

碩士
國立成功大學
高階管理碩士在職專班(EMBA)
106
The purpose of this study is to explore the relationships among perceived robo-advisor, investor characteristics, investor sentiment, and users’ intention to accept robo-advisor service. Questionnaire data were obtained from a convenience sampling of 151 SME owners in Tainan city. Descriptive statistics, reliability analysis, validity analysis, independent sample t test, one-way analysis of variance (ANOVA), and regression analysis were adopted to analyze questionnaire data. The main conclusions from the results of the study were as follows: (1) Perceived robo-advisor has a significant difference on the intention of users to accept robo-advisor serivce, (2) Age of SME owners has a significant difference on acceptance intention of robo-advisor, (3) Risk attributes have a significant positive effect on user’s intention to accept robo-advisor service, (4) Computer skills have a significant positive effect on user’s intention to accept robo-advisor service, (5) Investor sentiment has a significant positive effect on user’s intention to accept robo-advisor service.

碩士
國立臺灣科技大學
企業管理系
106
In recent years, as financial technology (FinTech) becomes ever more innovative, whether the financial services that are provided by human financial experts in tradition been replaced by robo advisors or not arises as a popular issue. A key question is would clients accept robo advisor’s recommended personal investment portfolio without reservation? Consequently, this thesis is motivated to study client’s attitudes and choices toward financial consultant and robo advisor. Per research questions, survey is deployed to investigate the attitude gap between human financial consultant and robo advisor. By applying the Theory of Planned Behavior, this study adopts factors regarding human financial consultant and robo advisor as antecedent variables, to study their influence on personal attitude, subjective norm and perceived behavioral control, and the consequence of behavior intension. The result shows that the attitudes affect financial behavior intension significantly, implying that the client’s attitudes toward human financial consultant and robo advisor are different. Furthermore, client’s attitudes are ineffective to human financial consultant however are effective to robo advisor; whereas those financial experience or idea (subject norm) with significant influence on clients do not appear to affect robo advisor; and lastly, the confidence of clients themselves (perceived behavioral control) appears to be significant to human financial consultant and insignificant to robo advisor.

碩士
國立臺灣大學
財務金融組
104
The reason why financial technology has drawn such a big attention recently is that it intentionally disintermediates traditional financial institutions from their profitable but inefficient business, and consequently jeopardizes their profit model. Examples of the disruptive innovation in retail banking sector, including 3rd party payment and peer to peer lending, have been successfully gained traction in multiple markets. It is widely expected that the next target for Fintech firms will be on investment/wealth management sector. Some of Fintech firms in the U.S., by combining data science and investment management knowledge, have rolled out “Robo Advisor”, which quickly penetrates into its target audience, the mid and lower band of the middle class. Traditional wealth managers run their business in an expensive manner and their clientele is relatively limited. Robo advisors, who mitigate unmet needs and a pain point among the long tail end of clientele, offers a service model which is able to be in touch with clients more broadly with a lower cost. Few reasons drove wealth managers in Taiwan from embracing innovation in the past. First, Taiwanese wealth managers were protected by complicated ordinances from new entrants. Second, the size of Taiwanese wealth management market is relative small. Besides, there is a misperception about innovation, which was solely focusing on product innovation, rather than the innovation of consumer segments and business model. However, Fintech now is pulling and tempting clients all over the world crossover the physical boundary, to lever its services and products. Wealth managers in Taiwan now are facing unprecedented competition, the new entrants could destruct current business model through internet eventually. The thesis is to compare the wealth management industry in the U.S. and Taiwan, differentiate the factors of their innovation drivers, identify the current phases of their innovation diffusion, and attempt to model the evolution of wealth management ecological system by performing Porter’s five-force analysis. At the end, the thesis concludes five findings and derives few implications to Taiwanese government and the players in the local wealth management industry when both of them face to the impact of the rise of robo advisor.

碩士
朝陽科技大學
保險金融管理系
107
In June 2017, the Financial Supervisory Commission(FSC) released the operating conditions of the Automated Investment and Financial Advisory Service (Robo-Advisor), which clearly set up the nine major operational policy for the development of Robo-Advisor. In addition, Robo-Advisor operator recommend the portfolio to the customers, FSC allowed if the portfolio doesn’t match the expected results or the profit and loss achieve the expected standard, the computer system can automatically perform the rebalancing transaction for the customer. Although Robo-Advisor provided the financial goods service is still not very common, facing the rise of Robo-Advisor. Traditionally, consumers can accept Robo-Advisor planning and design financial products or not. Thus triggering the motivation of this research, this study wants to understand the attitude and intention of consumers using Robo-Advisor to purchase financial products. In this study, the augmented technology acceptance model by Leo(2004) was used to construct the model with basic dimensions of perceived usefulness, perceived ease of use, compatibility, privacy, security and self-efficacy, in order to explore consumers attitude and intention through using Robo-Advisor purchasing financial products. Through questionnaires, we can understand the experience and preferences of consumers using fund services and financial goals provided by Robo-Advisor. This study adopted a questionnaire survey method and distributed it on the internet. The valid questionnaire was 270 copies. The study found that, first, the gender and average monthly income of consumers have significant differences in using Robo-Advisor. Second, for the fund servies, consumers who use Robo-Advisor and consumers who do not use Robo-Advisor, they prefer to purchase stock funds. For the financial goals, consumers who use Robo-Advisor prefer to choose personal targets, consumers who do not use Robo-Advisor prefer to choose retirement planning. Third, the study uses Leo (2004) augmented technology acceptance model to research the Robo-Advisor, all the hypotheses for the augmented technology acceptance model were proved.

碩士
國立臺灣科技大學
財務金融研究所
106
This thesis aims at the new FinTech industry which gains popularity in recent years. A lot of services which were traditionally provided by human clerks have gradually been turned into their automation mode, namely, the online system with intelligent machines provide the full services eliminating the needs from human beings. Many bank branches face the threats that the tellers and financial commissioners are to be replaced by machines. Our study focuses on one of the major FinTech areas, the Robo-Advisor, which provides financial advices to investors from the general public, as our core research topic. We analyze the current situation and future development in the domestic markets, make comparisons between products offered by FinTech start-ups and large financial institutions, and discuss how these current problems can be solved in the future. Our study explores the business overlaps between Robo-Advisors and traditional bank financial advisors, as well as the acceptance and views of financial consumers regarding the integration of new technology and wealth management. We investigate these issues with the in-depth interviews method. Based on Technology Acceptance Model and Innovation Diffusion Theory, a set of interview problems were designed and used in the interviews of six practitioners from financial technology companies or financial institutions. Due to the short development time of robot financing consultants and limited diffusion effects, we expect that it will still take some time for investors in the market to understand how the service is provided and to accept it. The main advantage of financial consultant in the future is the service itself. Therefore, in the overlapping part of the business, there is no need to worry about the business volume being eroded by the robot. However, the future development of Taiwan is limited by the environment in at least two aspects. Firstly, the financial technology industry are generally in lack of funds and start-ups struggle to attract sufficient money to develop their businesses. Secondly, the business model of large financial institutions still relies on traditional wealth management commissioners who have good customer relation and high efficiency. Both have hindered the development of the Robo-Advisor industry.

碩士
國立彰化師範大學
會計學系
107
For the past few years, FinTech has become the new mainstream in the financial industry. The wave of innovative financial technology services is coming and brings irreversible changes. The innovation brought about by FinTech not only has an important influence on the traditional banking business, but also has an impact on its business model. For all banking practitioners, FinTech is a threatening term that challenges the traditional financial industry. Under such a huge impact, the manpower of major banks in Europe and the United States has been greatly reduced. This phenomenon also appeared in domestic banks, and caused nearly 30,000 banking employees to face unprecedented transformation pressure. As FinTech becomes ever more innovative, whether the services and functions provided by human financial experts will be replaced by Robo-Advisors is a hot topic of discussion today. A key question is whether financial clients can fully accept Robo-Advisors, and fully trust the personal investment portfolio offered by Robo-Advisors? Financial consultants cannot help but worrying about being replaced by Robo-Advisors on wealth management which is a business used to be served by human beings. This study first uses document analysis to analyze the views of experts and scholars in different fields, and then has in-depth interviews with the head of investment trust and bank wealth management, hopefully, to benefit banking practitioners by upgrading their value. The study found that the core professional ability of the banking practitioners has a significant positive impact on their job performance. These are including personality traits, work and learning ability and attitude, professional knowledge and skills, interpersonal relationships and skills. As Bank4.0 of FinTech coming, this study provides important advice to banking practitioners on how to cope with and break through digital financial shocks of FinTech.

Robo-advisory is a new service in the financial market and is designed to support financial decisions. Previous researches show that attitudes toward robo-advisory are an important aspect of their acceptance, and therefore this study is designed to investigate how the attitudes to robo-advisory is affected by five chosen factors. Previous studies also show a lack of financial literacy in young women leading to poor investment decisions. The purpose of this thesis is therefore to study how the factors influence the attitudes toward robo-advisors from a perspective of a young women in order to see if robo-advisory could be used as a substitute for financial literacy. This qualitative research was conducted on ten young women age​ 20-30. The collected data has then been transcribed, and then analyzed based on a content analysis with categories created for the purpose of the survey. The result shows that without financial literacy or previous use of robo-advisory in their social circle, the perception of risk and trust for robo-advisory is unlikely to change. It also shows that previous bad experience of robot-based systems affect the attitude toward robo-advisory negatively. This research can be useful in the design of robo-advisory and how to shape the service to get this target group to start using it. Because attitudes have a major impact on the use of the service, the results of this survey are a good basis for companies to relate to.

碩士
淡江大學
財務金融學系碩士班
106
The purpose of this study is to select the stocks from the sample to establish the investment portfolio, test the performance, import the feasible method into the robot advisor, and provide the method reference for establishing the investment portfolio into robot advisor management in different samples in the future. In the empirical study, the data is cutting into training sample and test sample by using the moving window method. After selecting stocks through the Markoviz''s mean-variance model in the training samples ,the study calculating the risk values by VaR and the portfolio performance by ratio in the test samples.Import the above methods into the robot advisor, providing a reference for the investment model of the robot advisor management model. The empirical results show that: 1. Using the M-V model to find the optimal portfolio, the results show that under the sample data of this study, the optimal portfolio weights concentrate on a certain number of companies. 2. VaR method is used for risk control. The VaR penetration rate in the test sample is within the control range. 3. Introduce the investment portfolio selection method of this thesis into the robot advisor. After the simple investment selection interface and investor risk tolerance survey are completed, insert the M-V model, so that the financial management of the robot advisor is established based on statistics and performance data.

What do portfolios offered by robo advisors look like in practice? And how would these portfolios have performed over the past 17.5 years, considering the dot-com bubble as well as the 2008/2009 global financial crisis? Current robo advisory portfolios from mainly German fintechs are analysed and backtested, utilizing an ETF-replication approach in which current ETF fees are deducted from historical, total return indices to mimic the performance of these financial products over the analysed time period. The performance statistics and factor loadings are then analysed and compared. The obtained results show that asset allocations in general do not differ greatly for similar risk-attitudes. However, the influence of fees as well as stronger loadings on the factors of size and value can have a substantial impact on the overall portfolio performance after controlling for different risk levels. Concluding, the analysed robo advisors do not outperform a simple, self-managed ETF portfolio, but do add value in terms of possible factor exposure, the quantification of risk-attitudes as well as the full automation of the asset allocation and investment process. Overall, this is a practical work with a strong focus on the implemented backtest, hence consulting the attached Excel model is strongly advised.

Degree of Doctor of Philosophy in Management.
This work focus on a specific protective investment strategy developed in the foundations of options theory. Although individual investor's risk profile has evolved to accommodate remuneration on risks taken, still averse invertors tend to appreciate the rallies of risk markets when relatively protected from downward movements. One of the strategies addressing this conundrum was developed in the 1980s and evolved from inclusion of options. In fact portfolio insurance strategies are important financial solutions sold to institutional and individual investors, that protect against downside risk while maintaining some upside valuation potential. The way these strategies are engineered has been criticized, and some analysts point them as one of the causes for increasing market volatility in depressed markets. In spite of the negative opinion, and the difficulties to explain their solid market share, investors keep on buying portfolio insurance. As these strategies are reactive to risky assets price movements we review the impact of portfolio insurance strategies on stability of financial markets. In particular, we go from the crisis of October 1987 to some of the current resurgence od protective views on recent equity market rallies. The objective of this thesis is three-fold: have a transversal approach to portfolio insurance strategies using currrent tools and assess the fitting of these financial solutions to individual investors; contribute to the literature on portfolio insurance, specially, on the discussion on the values derived from protective strategies; finally, taking account new business platforms, discuss how new digital tools for investments may enhance capacibilities for profiling individual risks and set strategies that are proper per each investor. The work points to some features that may define the characteristics of individual investors' risk profile with the product definition for portfolio strategies. In particular we set the common approach for different utility functions and evaluate how these strategies respond to investors' risk and return requirements. We find no relevant results under Expected Utility Theory (EUT) to explain why individuals invest in portfolio insurance. In this thesis we support the use of behavioural finance to explain the popularity of portfolio insurance investments. In order to clarify their popularity, we compare investors' decision using two distinct frameworks: the EUT and behavioural approach based on the prospect and cumulative prospect theory. We rely on Monte Carlo simulation techniques to compare portfolio insurance investment strategies against uninsured basic benchmark strategies. Our comparative analysis us to conclude that cumulative prospect theory may be a viable framework to explain the popularity of (at least some) portfolio insurance investments. The results point the best choices to be the naive portfolio insurance strategies instead of the complex products. Ultimately we take a view on the digital marketplace for portfolio management in particularwhen using robo-advisors. There is a growing number of automatic platforms that define investors risk profile using a set of questions on psychological and behaviour features. Based on these characteristics, robo-advisors propose asset allocation into portfolios that tend to address investors aspirations within their risk profile. However, we found that even using some questions on downside risks - which tend to be responded by portfolio insurance strategies - there is a biased approach on the sample of robo-advisors in our study that may hide future mismatching from individual investors aspirations and deliverables from these platforms. A cross sectional analysis for the same risk type investor end up with different risk reward patterns from the sample of robo-advisors. There is, therefore, a potential long term mismatch between risks and risk tolerance levels that investors think they are bearing. This opens the space to review how the regulation is actually addressing mis-selling and effective risk profiling on individuals. In this case we point out the need for guidelines on policy issues regarding robo-advisor.
Este trabalho centra-se nas estratégias de proteção baseadas nos fundamentos da teoria das opções. Apesar da avaliação do perfil de risco dos investidores individuais ter vindo a evoluir no sentido de incorporar o conceito de remuneração pelo risco tomado, continuam a existir evidências que apontam para os investidores avessos ao risco apreciarem o movimento de valorização dos ativos em risco, desde que beneficiem de uma proteção relativamento a situações de perda. Uma das estratégias de investimento que permite responder a este desafio foi desenvolvida nos anos 80 a partir da evolução da teoria das opções. De facto, as estratégias de "portfólio insurance" são soluções relevantes, tanto para investidores institucionais como individuais, para a proteção de carteiras em situação de perdas nos mercados de ativos de risco mas que permitem, simultaneamente, beneficiar do potencial de valorização nos movimentos de subida de preços. A forma como estas estratégias têm sido desenvolvidas é alvo de críticas, tendo alguns analistas apontado estas estratégias como uma das causas de maior volatilidade nos mercados em situações de quedas nos preços. No entanto, os investidores continuam a alocar os seus recursos a soluções de "portfolio insurance" apesar destas avaliações negativas. Dado que estas estratégias são reativas quando ocorrem movimentos nos preços, neste trabalho efectuamos uma revisão dos impactos das estratégias de portfolio insurance na estabilidade dos mercados financeiros. Em particular, revimos a crise de Outubro de 1987 e damos nota sobre alguns dos movimentos mais recentes relativamente ao ressurgimento das estratégias de proteção face aos últimos movimentos de subida dos preços do mercado acionista. Sâo três os objetivos desta Tese: estabelecer uma abordagem transversal às estratégias " portfolio insurance" utilizando as técnicas disponíveis para avaliar a adequação destas soluções aos investidores individuais; contribuir para a literatura, em particular para a avaliação do valor obtido pelos investidores em "portfolio insurance"; finalmente, tendo em conta a evolução das novas plataformas digitais de gestão de ativos com base em "robo-advisors", discutir como se pode incrementar a capacidade de desenhar perfis de risco e níveis de tolerância adequados a cada investidor. No âmbito do trabalho avaliamos algumas das características que permitem, de alguma forma, avaliar a adequação das soluções de "portfolio insurance" ao perfil de risco dos investidores individuais. A metodologia que utilizamos baseia-se na abordage, da Teoria da Utilidade Esperada, com diversas funções e parâmetros, de forma a analisar a resposta em termos de utilidade face a diversos cenários de risco e retorno. Os resultados obtidos nesta abordagem não permitem uma explicação suficientemente robusta para justificar o investimento dos investidores indivuduais nestas soluções. Na tese é desenvolvida uma análise que suporta a abordagem das finanças comportamentais para a explicação da popularidade dos investimentos em estratégias de "portfolio insurance". Com efeito, baseamos a análise na comparação das decisões dos investidores em enquadramentos distintos , i.e. teoria da utilidade e finanças comportamentais baseadas em "prospect theory" e "cumulative prospect theory". A partir de simulações de Monte Carlo comparamos o valor atribuído pelos investidores num conjunto de estratégias "portfolio insurance" frequentemente disponibilizados no mercado com estratégias sem mecanismos de proteção. Os resultados desta análise comparativa permitem concluir que a "cumulative prospect theory" pode ser um enquadramento viável para explicar a popularidade de, pelo menos, algumas das estratégias de "portfolio insurance". Os resultados apontam para que de entre as estratégias de "portfolio insurance" as mais simples - do tipo naive - sejam preferidas, face a estratégias assentes em soluções mais complexas. Por último, tendo presente a evolução digital que tem vindo a ser introduzida na gestão de investimentos para particulares, com especial incidência nos designados "robo-advisors", abordamos a forma como estas plataformas determinam as estratégias de investimento. Existe um número cada vez maior de plataformas que define o perfil dos investidores através de um questionário com recolha de elementos psicológicos e comportamentais. Com base nas características recolhidas a partir dessas questões, as plataformas de "robo-advisors" propões uma alocação a diversas classes de ativos que pretendem endereçar as aspirações dos investidores individuais de acordo com o seu perfil de risco. No entanto, na nossa análise, verificamos que apesar da utilização de perguntas sobre situações de perda de valor nos ativos - cenários a que as estratégias de "portfolio insurance" pretendem dar resposta - regista-se uma aborgadem enviesada na amostra de plataformas "robo-advisors" que podem, no futuro, potenciar divergências entre as aspirações dos investidores e os resultados estimados a partir das alocações definidas pelas plataformas. Isto significa que podemos estar perante um "mismatch" no longo prazo entre os riscos e níveis de tolerância ao risco em que os investidores julgam que podem incorrer, face a questionários recolhidos no processo de definição da sus estratégia de investimentos. Este facto abre espaço para a discussão sobre a forma como a regulamentação pretende gerir, em termos de orientações, os procedimentos de "mis-selling" e efetiva definição dos perfis de risco de vir a ser relevantes para orientações sobre políticas quanto ao risco, retorno e comportamento dos investidores individuais.
N/A