[{"id": "fsr-3129", "words": "14752", "extension": ".pdf", "flesch": "77", "author": "Kanuri, Srinidhi; McLeod, Robert W.", "title": "Performance of alternative mutual funds: The average investor\u2019s hedge fund", "date": "2014", "keywords": "alpha; amfs; bear; bond; expense; factor; funds; market; model; performance; returns; review; t \ufffd; \ufffd rf; \ufffd \ufffd", "summary": "Following Ferson and Schadt (1996), the conditional market timing and selectivity of these funds is given by: Conditional Treynor and Mazuy Ri,t \ufffd Rf,t \ufffd \ufffds \ufffd \ufffd1 (Rm,t \ufffd Rf,t) \ufffd\ufffd1{zt-1*(Rm,t \ufffd Rf,t) } \ufffd \ufffd2 (Rm,t \ufffd Rf,t)2 \ufffd ei,t (10) Conditional Henriksson and Merton Ri,t \ufffd Rf,t \ufffd \ufffds \ufffd \ufffd1 (Rm,t \ufffd Rf,t) \ufffd\ufffd1{zt-1*(Rm,t \ufffd Rf,t) } The modified model is as follows: Ri,t \u2013 Rf,t \ufffd \ufffd1 \ufffd \ufffd2 (Dt) \ufffd \ufffd1 (Rm,t \ufffd Rf,t) \ufffd \ufffd2 (Dt) (Rm,t \ufffd Rf,t)", "mime": "application/pdf"}, {"id": "fsr-3131", "words": "13128", "extension": ".pdf", "flesch": "58", "author": "DiLellio, James A.; Hesse, Rick; Stanley, Darrol J.", "title": "Portfolio performance with inverse and leveraged ETFs", "date": "2014", "keywords": "allocation; bond; fund; index; inverse; ratio; returns; sharpe; statistics; stock; table; wealth; year", "summary": "Results were obtained from 100,000 trials, annual rebalancing, and an annual fee as shown in the last column of Tables 8 and 9 for the simulated inverse or leveraged stock fund. Results were obtained from 100,000 trials, annual rebalancing, and an annual fee as shown in the last column of Tables 8 and 9 for the simulated inverse or leveraged stock fund.", "mime": "application/pdf"}, {"id": "fsr-3132", "words": "11642", "extension": ".pdf", "flesch": "60", "author": "Chang, Rosita P.; Hunter, David; Liu, Qianqiu; Saar, Helen", "title": "Saving for retirement while having more nights with peaceful sleep: Comparison of lifecycle and lifestyle strategies from expected utility perspective", "date": "2014", "keywords": "aversion; equity; glide; investor; lifecycle; risk; risk aversion; strategies; strategy; utility; \ufffd \ufffd", "summary": "If our risk-neutral investor is still risk neutral towards risk when she starts saving for retirement and her risk aversion reaches the level of 4 when she retires, she reaches higher expected utility with most of lifecycle portfolio strategies. So far we have examined so-called smooth glide path strategies in comparison to constant equity strategies.", "mime": "application/pdf"}, {"id": "fsr-3133", "words": "7072", "extension": ".pdf", "flesch": "60", "author": "Beer, Francisca M.; Estes, James P.; Deshayes, Charlotte", "title": "The performance of the faith and ethical investment products: A comparison before and after the 2008 meltdown", "date": "2014", "keywords": "faith; financial; funds; index; investing; investment; journal; performance; returns; review; risk; ssd; \ufffd \ufffd", "summary": "Jensen alpha Alpha \ufffd \ufffd \ufffd ri \ufffd \ufffdrf \ufffd \ufffdi\ufffdrm \ufffd rf\ufffd\ufffd (4) Lyn and Zychowicz (2010) studied the impact of faith-based screens on investment performance from 153F.M. Beer, J.P. Estes, C. Deshayes / Financial Services Review 23 (2014) 151\u2013167 May 2001 to February 2008 in the United States.", "mime": "application/pdf"}, {"id": "fsr-3134", "words": "8999", "extension": ".pdf", "flesch": "67", "author": "Heck, Jean L.; Danielson, Morris G.", "title": "The perpetual growth model and the cost of computational efficiency: Rounding errors or wild distortions?", "date": "2014", "keywords": "g \ufffd; growth; model; p \ufffd; r \ufffd; t \ufffd; value; \ufffd \ufffd", "summary": "This yields Eq. (5), which quantifies the portion of an asset\u2019s value created by cash flows to be received after year t. PV\ufffdt \ufffd 1 to \ufffd\ufffd/PV\ufffd0 to \ufffd\ufffd \ufffd \ufffd1 \ufffd g 1 \ufffd r\ufffd t (5) Table 1 uses Eq. %Overstatement \ufffdp \ufffd 0; finite growth\ufffd \ufffd 1 1 \ufffd \ufffd1 \ufffd g 1 \ufffd r\ufffd t\ufffd b 1 \ufffd b\ufffd\ufffdRN r \ufffd 1\ufffd \ufffd 1 (12) 198 M.G. Danielson, J.L. Heck / Financial Services Review 23 (2014) 189\u2013206 Table 3 reports potential valuation errors using Eq.", "mime": "application/pdf"}, {"id": "fsr-3146", "words": "5589", "extension": ".pdf", "flesch": "63", "author": "Guillemette, Michael; Nanigian, David", "title": "What determines risk tolerance?", "date": "2014", "keywords": "aversion; consumption; formation; habit; journal; loss; returns; risk; sentiment; tolerance", "summary": "\ufffdMkt \ufffd Rf \ufffd0.88 if \ufffdMkt \ufffd Rf \ufffd \ufffd 0, else w\ufffd\ufffd\ufffd1\ufffd\ufffdMkt \ufffd Rf \ufffd\ufffd0.88 (2) Shumway (1997) develops an asset pricing model based on loss averse investors. INVCt \ufffd \ufffd\ufffd\ufffdCt\ufffd1\ufffd \ufffd \ufffd0.9 \ufffd Ct\ufffd2\ufffd \ufffd \ufffd0.92 \ufffd Ct\ufffd3\ufffd \ufffd . . .", "mime": "application/pdf"}, {"id": "fsr-3148", "words": "8171", "extension": ".pdf", "flesch": "60", "author": "Deng, Geng; Dulaney, Tim; Husson, Tim; McCann, Craig", "title": "Structured certificates of deposit: Introduction and valuation", "date": "2014", "keywords": "average; cds; deng; fdic; investors; market; minimum; products; return; sample; structured; value; \ufffd \ufffd", "summary": "Total 303 $1,796.4 93.80%a 93.37% aIndicates that the mean ratio of structured CD values to traditional CD values is statistically different from 1 at the 95% confidence level. Citibank 2 $ 24.3 95.67% 60% Wells Fargo Bank 1 $ 1.0 93.86% 98% Total 14 $ 122.1 96.35%a 64% aIndicates that the mean ratio of structured CD values to traditional CD values is statistically different from 1 at the 95% confidence level.", "mime": "application/pdf"}, {"id": "fsr-3158", "words": "1443", "extension": ".pdf", "flesch": "27", "author": "Martin, Terrance", "title": "About AFS and FSR", "date": "2023", "keywords": "academy; financial; journal; martin; services; state; university; winston", "summary": "Financial Services Review The Journal of Individual Financial Management Vol. 30, No. 4, 2022 EDITOR Terrance K. Martin, Winston-Salem State University ASSOCIATE EDITORS Benefits and Retirement Planning Vickie Bajtelsmit Colorado State University Stephen M. Horan CFA Institute Walter Woerheide The American College Estate Planning Anne Wenger San Diego State University Giovanni Fernandez Stetson University Investments Robert Brooks University of Alabama John Clinebell University of Northern Colorado James DiLellio Pepperdine University Dale Domian York University Jim Gilkeson University of Central Florida William Jennings United States Air Force Academy David Nanigian CSU Fullerton Insurance Larry Cox University of Mississippi Financial Planning Swarn Chatterjee University of Georgia Sherman Hanna Ohio State University Patti Fisher Virginia Tech University Wade D. Pfau The American College John Salter Texas Tech University Financial Institutions Stanley D. Smith University of Central Florida Investor Psychology and Counseling John Nofsinger Washington State University Meir Statman Santa Clara University FINANCIAL LITERACY Finser_30_4_Merged_Updated_3 OFFICERS President Inga Timmerman ACADEMY OF FINANCIAL SERVICES Halil Kiymaz, 2010-11 Rollins College of Business David Lange, 2009-10 California State University, Northridge President-Elect Executive Vice President-Program Terrance K. Martin Winston-Salem State University Vice President-Communications Colleen Tokar Asaad Baldwin Wallace University Vice President-Finance Thomas P. Langdon Roger Williams University Vice President-International Relations Philip Gibson Winthrop University Vice President-Mktg & Public Relations Shawn Brayman PlanPlus Global Immediate Past President Janine Sam Shepherd University EDITOR, FINANCIAL SERVICES REVIEW Terrance K. Martin Winston-Salem State University DIRECTORS Charles Chaffin CFP Board of Standards Lu Fan University of Missouri Barry Mulholland University of Akron Tom Potts Baylor University Laura Ricaldi Utah Valley University PAST PRESIDENTS Janine Sam, 2019-20 Shepherd University Swarn Chatterjee, 2018-19 University of Georgia Robert Moreschi, 2016-18 Virginia Military Institute Thomas Coe, 2015-16 Quinnipiac University William Chittenden, 2014-15 Texas State University Lance Palmer, 2013-14 University of Georgia Frank Laatsch, 2012-13 University of Southern Mississippi Brian Boscaljon, 2011-12 Penn State University-Erie Auburn University, Montgomery Vickie Hampton, 2008-09 Texas Tech University Frank Laatsch 2007-08 University of Southern Mississippi Daniel Walz, 2006-07 Trinity University Anne Gleason, 2005-06 College of Charleston Stuart Michelson, 2004-05 Stetson University Grady Perdue, 2003-04 University of Houston-Clear Lake Vickie Bajtelsmit, 2002-03 Colorado State University Karen Eilers Lahey, 2001-02 University of Akron Tom Eyssell, 2000-01 University of Missouri-St. Louis Jill Lynn Vihtelic, 1999-00 Saint Mary\u2019s College Terry Zivney, 1998-99 Ball State University Don Holdren, 1997-98 Marshall University Robert McLeod, 1996-97 University of Alabama Walt Woerheide, 1995-96 The American College Dixie Mills, 1994-95 Illinois State University Ted Veit, 1993-94 Rollins College Mona Gardner, 1992-93 Illinois Wesleyan University Jean L. Heck, 1991-92 Villanova University Frank K. Reilly, 1990-91 University of Notre Dame Lawrence J. Gitman, 1989-90 San Diego State University Travis S. Pritchett, 1988-89 University of South Carolina Tom Potts, 1987-88 Baylor University Robert F. Bohn, 1986-87 Golden Gate University Tom Warschauer, 1985-86 San Diego State University published in collaboration with the Financial Planning Association Financial Services Review is the journal of the Academy of Financial Services, published in collaboration with the Financial Planning Association.", "mime": "application/pdf"}, {"id": "fsr-3159", "words": "365", "extension": ".pdf", "flesch": "29", "author": "Martin, Terrance", "title": "From the Editor", "date": "2023", "keywords": "financial; retirement", "summary": "Tsung-Ming Yeh\u2019s study titled \u201cFinancial Teaching by parents and financial education at School or workplace: Evidence from Japan\u201d delineates the differential roles of financial socialization and formal financial education. Using data from the 2018 National Financial Capability Study, their research identifies a generational disparity in financial behavior influenced by technology.", "mime": "application/pdf"}, {"id": "fsr-3160", "words": "10933", "extension": ".pdf", "flesch": "59", "author": "DiLellio, James A.; Simon, Andreas", "title": "Seeking tax alpha in retirement income", "date": "2023", "keywords": "account; fig; income; retiree; retirement; rule; services; spouse; strategy; table; tax; taxes; withdrawal; years", "summary": "Because there may also be retiree income tax due to their social security and pension benefits received, Ttax\ufffddeferred;t is found after accounting for this other income. This model does include many aspects of the tax systems throughout the world, such as deductions, income tax, and capital gains taxes stack on top of one another.", "mime": "application/pdf"}, {"id": "fsr-3161", "words": "9015", "extension": ".pdf", "flesch": "56", "author": "Starr, Brian T.", "title": "The effects of health, family, and altruism on retirement savings", "date": "2023", "keywords": "children; family; health; income; parents; plan; retirement; retirement savings; review; save; savings; variables", "summary": "B. T. Starr / Financial Services Review 30 (2022) 251\u2013271 255 The second way that we will observe retirement plan savings is cardinal in nature. To the extent that it is statistically significant, most altruistic giving is complementary to retirement plan savings.", "mime": "application/pdf"}, {"id": "fsr-3162", "words": "13239", "extension": ".pdf", "flesch": "62", "author": "Yeh, Tsung-Ming", "title": "Financial teaching by parents and financial education at school or workplace: Evidence from Japan", "date": "2023", "keywords": "behaviors; e 0; education; financial; literacy; parents; results; school; services; teaching; term", "summary": "Financial teaching by parents and financial education at school or workplace: Evidence from Japan Tsung-Ming Yeha,* aFaculty of Economics, Kyushu University, 744 Motooka Nishi-ku, Fukuoka 819-0395, JEL classifications: G51; G53; P36; P46 Keywords: Financial literacy; Financial education; Financial behavior 1.", "mime": "application/pdf"}, {"id": "fsr-3163", "words": "8327", "extension": ".pdf", "flesch": "53", "author": "Copeland, C. W.; Young, John H.; Hudson, Crystal R.", "title": "Exploring differences in African-Americans\u2019 financial well-being based on financial security factors", "date": "2023", "keywords": "african; americans; financial; group; level; low; savings; wealth; white", "summary": "Multinomial logistic results The purpose of the second stage of the analysis was to isolate better the link between the financial well-being levels and financial security factors (e.g., full-time employment, home- ownership, financial knowledge levels, savings rate, and investor status). Financial knowledge levels were not significant for White Americans and African Americans.", "mime": "application/pdf"}, {"id": "fsr-3164", "words": "13768", "extension": ".pdf", "flesch": "56", "author": "Mussa, Abeba; Rogers, Meeghan; Zhang, Xu", "title": "Financial capability across generations and technology", "date": "2023", "keywords": "behavior; ce 0; financial; gen; individuals; mobile; savvy; tech; technology; term; use; variable", "summary": "Moreover, our study demonstrates the gen- erational disparity of being technology savvy related to financial behavior. Technology acceptance also has different implications on financial behavior across various age groups.", "mime": "application/pdf"}, {"id": "fsr-3174", "words": "11946", "extension": ".pdf", "flesch": "51", "author": "Oehler, Andreas; Horn, Matthias", "title": "Households\u2019 Decision on Capital Market Participation: What Are the Drivers? A Multi-Factor Contribution to the Participation Puzzle", "date": "2023", "keywords": "analysis; attitude; aversion; capital; et al; financial; households; journal; life; literacy; market; model; oehler; participation; risk; risk aversion; variables", "summary": "Other studies use the terms such as financial risk aversion (Kaustia et al., 2023) or intrinsic attitude toward risk (Schoemaker, 1993). Hence, risk attitude can be measured by the self-selected level of financial risk.", "mime": "application/pdf"}, {"id": "fsr-3177", "words": "7730", "extension": ".pdf", "flesch": "48", "author": "Brayman, Shawn; Potts, Nicki; Brayman, Kira; Komissarov, Yegor", "title": "Profile to Portfolio: Where is the Missing Link?", "date": "2023", "keywords": "bands; class; equity; financial; investor; mapping; methodology; portfolios; return; risk; var", "summary": "Other ways to map investor risk to portfolio risk include (a) shortfall analysis, (b) expected utility (i.e., how much value the investor expects the investment will provide, which is different from the statistically logical choice), and (c) relative risk aversion (Hanna & Chen, 1998). A mapping approach based on the standard deviations of portfolio/products based on five- year historical data, which is more in line with stated requirements by some regulators (MIFiD- II in Europe in particular) when measuring product risk.", "mime": "application/pdf"}, {"id": "fsr-3178", "words": "9356", "extension": ".pdf", "flesch": "53", "author": "Campbell, William; Exley, James; Doyle, Patrick", "title": "The Big Five Personality Traits (OCEAN) and Financial Planning: A Narrative Review and Recommendations for Advisors", "date": "2023", "keywords": "et al; extraversion; financial; journal; model; neuroticism; openness; personality; personality traits; psychology; research; risk; traits", "summary": "Personality psychology defines and measures individual differences in personality traits, dynamics, and narratives, and relates these individual differences to important applied and theoretical outcomes. Given our backgrounds, we have written this review from the perspective of personality psychology, but the movement toward understanding clients through the lens of personality traits is widespread across disciplines.", "mime": "application/pdf"}, {"id": "fsr-3181", "words": "11703", "extension": ".pdf", "flesch": "51", "author": "Wang, Ning; Deng, Yiling; Wu, Ruohan", "title": "A Dynamic Analysis of the Impact of Household Portfolio Allocation Decisions on the Demand for Life Insurance", "date": "2024", "keywords": "assets; decisions; demand; financial; households; insurance coverage; insurance ownership; life insurance; portfolio; results; risk; term life; variables", "summary": "The allocation of household financial portfolios is essential in explaining the purchase of life insurance (Lin & Grace, 2007; Shi et al., 2015). Household financial decisions should be assessed and analyzed within the broader context of the entire portfolio, rather than focusing on individual assets, securities, or accounts (Rabbani et al., 2017; Gomes et al., 2021).", "mime": "application/pdf"}, {"id": "fsr-3182", "words": "2492", "extension": ".pdf", "flesch": "35", "author": "Michelson, Stuart", "title": "Masthead V 23 No 1", "date": "2023", "keywords": "academy; financial; journal; michelson; planning; president; review; services; state; stuart; university", "summary": "Financial Services Review The Journal of Individual Financial Management Vol. 23, No. 1, 2014 EDITOR Stuart Michelson, Stetson University ASSOCIATE EDITORS Benefits and Retirement Planning Vickie Bajtelsmit Colorado State University Stephen M. Horan CFA Institute Walter Woerheide The American College Estate Planning Ning Tang San Diego State University Investments Robert Brooks University of Alabama Dale Domian York University Jim Gilkeson University of Central Florida Jason Greene Georgia State University William Jennings United States Air Force Academy Larry Prather Southeastern Oklahoma State University Insurance Larry Cox University of Mississippi David Lange Auburn University Financial Institutions Stanley D. Smith University of Central Florida Investor Psychology and Counseling John Nofsinger Washington State University Meir Statman Santa Clara University Real Estate James Larsen Wright State University Karen Eilers Lahey The University of Akron International Bill Blair MacQuarie University S. J. Chang Illinois State University Lawrence Rose Massey University Sharon Taylor University of Western Sydney Education Jean Louis Heck Saint Joseph\u2019s University Financial Planning Profession Tom Warschauer San Diego State University Co-Published by the Academy of Financial Services and the Financial Planning Association The editor of Financial Services Review wishes to thank the Stetson University, School of Business, for its continuing financial and intellectual support of the journal. FINSER_23_1 ACADEMY OF FINANCIAL SERVICES OFFICERS President Lance Palmer University of Georgia President-Elect William Chittenden Texas State University Executive Vice President-Program Thomas Coe Quinnipiac University Vice President-Communications Christine McClatchey University of Northern Colorado Vice President-Finance Diane Docking Northern Illinois University Thomas Langdon Roger Williams University Vice President-International Relations Claire Matthews Massey University Vice President-Professional Organizations Tom Warschauer San Diego State University Vice President-Mktg & Public Relations A. William Gustafson Texas Tech University Vice President-Membership Larry Prather Southeastern Oklahoma State University VP Local Arrangements 2014 Duncan Williams William Patterson University VP Local Arrangements 2015 Benjamin Cummings Saint Joseph\u2019s University Immediate Past President Frank Laatsch Univ. of Southern Mississippi EDITOR, FINANCIAL SERVICES REVIEW Stuart Michelson Stetson University DIRECTORS Robert Moreschi Virginia Military Institute Dale Domian York University Charles Chaffin CFP Board of Standards Rich Fortin New Mexico State University Grady Perdue University of Houston Clear Lake Jacob Sybrowsky Utah Valley University PAST PRESIDENTS Frank Laatsch, 2012-13 Univ. of Southern Mississippi Brian Boscaljon, 2011-12 Penn State University-Erie Halil Kiymaz, 2010-11 Rollins College of Business David Lange, 2009-10 Auburn University, Montgomery Vickie Hampton, 2008-09 Texas Tech University Frank Laatsch 2007-08 University of Southern Mississippi Daniel Walz, 2006-07 Trinity University Anne Gleason, 2005-06 College of Charleston Stuart Michelson, 2004-05 Stetson University Grady Perdue, 2003-04 University of Houston-Clear Lake Vickie Bajtelsmit, 2002-03 Colorado State University Karen Eilers Lahey, 2001-02 University of Akron Tom Eyssell, 2000-01 University of Missouri-St. Louis Jill Lynn Vihtelic, 1999-00 Saint Mary\u2019s College Terry Zivney, 1998-99 Ball State University Don Holdren, 1997-98 Marshall University Robert McLeod, 1996-97 University of Alabama Walt Woerheide, 1995-96 The American College Dixie Mills, 1994 -95 Illinois State University Ted Veit, 1993-94 Rollins College Mona Gardner, 1992-93 Illinois Wesleyan University Jean L. Heck, 1991-92 Villanova University Frank K. Reilly, 1990-91 University of Notre Dame Lawrence J. Gitman, 1989-90 San Diego State University Travis S. Pritchett, 1988-89 University of South Carolina Tom Potts, 1987-88 Baylor University Robert F. Bohn, 1986-87 Golden Gate University Tom Warschauer, 1985-86 San Diego State University published in collaboration with the Financial Planning Association Financial Services Review is the journal of the Academy of Financial Services.", "mime": "application/pdf"}, {"id": "fsr-3183", "words": "10325", "extension": ".pdf", "flesch": "54", "author": "Winchester, Danielle D.; Huston, Sandra J.", "title": "Does a relationship with a financial service professional overcome a client\u2019s sense of not being in control of achieving their goals?", "date": "2014", "keywords": "advice; behavior; beliefs; control; controllability; e 0; efficacy; expert; goal; goal progress; personality; progress; self; services", "summary": "This study, using the Theory of Planned Behavior, examines the affects of individual control beliefs on financial goal progress. Additive moderation The TPB is used to address the differences in financial goal progress between individuals with varying level of perceived behavioral control.", "mime": "application/pdf"}, {"id": "fsr-3184", "words": "8546", "extension": ".pdf", "flesch": "44", "author": "Hudson, Crystal R.; Palmer, Lance", "title": "Low-income employees: the relationship between information from formal advisors and financial behaviors", "date": "2014", "keywords": "advisors; behaviors; cash; education; financial; flow; income employees; information; relationship; savings; services; study", "summary": "Low- income employees have not participated in the stock market in a significant way, but given improved financial behaviors and skills this segment has the potential to become active, influential investors (Roojl, Lusardi, and Alessie, 2011). FINSER_23_1 Low-income employees: the relationship between information from formal advisors and financial behaviors Crystal R. Hudson, Ph.D.a,*, Lance Palmer, Ph.D., CPA, CFPb aDepartment of Finance, Clark Atlanta University, 223 James P. Brawley Drive, Atlanta, GA 30314, USA bDepartment of Financial Planning, Housing and Consumer Economics, University of Georgia, 205 Dawson Hall, Athens, GA 30602-2622, USA Abstract This study investigates the financial literacy of low-income employees, by examining their financial behaviors.", "mime": "application/pdf"}, {"id": "fsr-3185", "words": "8842", "extension": ".pdf", "flesch": "61", "author": "Johnson, Mark A.; Naka, Atsuyuki", "title": "Downside risk: what the consumer sentiment index reveals", "date": "2014", "keywords": "age; changes; consumer; csi; downside; horizon; market; returns; risk; sentiment; stock", "summary": "To test asymmetric responses with respect to consumer sentiment, the consumer sentiment index compiled by the University of Michigan is divided into positive changes and negative changes, where negative consumer sentiment indicates pessimistic feelings about future economic prospects, or aggravation of losing wealth and positive sentiment indicates the opposite. FINSER_23_1 Downside risk: what the consumer sentiment index reveals Mark A. Johnsona,*, Atsuyuki Nakab aDepartment of Finance, The Sellinger School of Business and Management, Loyola University Maryland, 4501 North Charles Street, Baltimore, MD 21210, USA bDepartment of Economics and Finance, College of Business Administration, University of New Orleans, 2000 Lakeshore Drive, New Orleans, LA 70148, USA Abstract This article examines the ability of consumer sentiment for different age groups to forecast short-term as well as long-term equity returns.", "mime": "application/pdf"}, {"id": "fsr-3186", "words": "5589", "extension": ".pdf", "flesch": "57", "author": "Gibson, Philip; Finke, Michael", "title": "Investor preference for skewness and the incubation of mutual funds", "date": "2014", "keywords": "flow; funds; incubation; investors; net; ratio; returns; skewness", "summary": "Consequently, mutual fund investors who purchase higher expense mutual funds end up losing as a portion of their returns goes to the mutual fund company to cover their expenses. Similar to consumers who purchase a lottery ticket with the hope of experiencing a windfall, mutual fund investors will purchase incubated mutual funds that signal the ability to generate above average returns.", "mime": "application/pdf"}, {"id": "fsr-3187", "words": "7298", "extension": ".pdf", "flesch": "62", "author": "Kaushik, Abhay; Saubert, Lynn K.; Saubert, R. Wayne", "title": "Performance and persistence of performance of healthcare mutual funds", "date": "2014", "keywords": "financial; funds; healthcare; market; performance; persistence; ratio; returns; sector; year", "summary": "The existing research is limited on its findings on sector funds performance and most of these findings are mixed at best or inconclusive at worst. Nan and Yan (2011) analyze fund performance from another perspective.", "mime": "application/pdf"}, {"id": "fsr-3188", "words": "2316", "extension": ".pdf", "flesch": "38", "author": "Michelson, Stuart", "title": "Masthead V.23 No.2", "date": "2023", "keywords": "academy; financial; journal; michelson; planning; president; review; services; state; stuart; university", "summary": "Financial Services Review The Journal of Individual Financial Management Vol. 23, No. 2, 2014 EDITOR Stuart Michelson, Stetson University ASSOCIATE EDITORS Benefits and Retirement Planning Vickie Bajtelsmit Colorado State University Stephen M. Horan CFA Institute Walter Woerheide The American College Estate Planning Ning Tang San Diego State University Investments Robert Brooks University of Alabama Dale Domian York University Jim Gilkeson University of Central Florida Jason Greene Georgia State University William Jennings United States Air Force Academy Larry Prather Southeastern Oklahoma State University Insurance Larry Cox University of Mississippi David Lange Auburn University Financial Institutions Stanley D. Smith University of Central Florida Investor Psychology and Counseling John Nofsinger Washington State University Meir Statman Santa Clara University Real Estate International Bill Blair MacQuarie University S. J. Chang Illinois State University Lawrence Rose Massey University Sharon Taylor University of Western Sydney Education Jean Louis Heck Saint Joseph\u2019s University Financial Planning Profession Tom Warschauer San Diego State University Co-Published by the Academy of Financial Services and the Financial Planning Association The editor of Financial Services Review wishes to thank the Stetson University, School of Business, for its continuing financial and intellectual support of the journal. FINSER_23_2 ACADEMY OF FINANCIAL SERVICES OFFICERS President Lance Palmer University of Georgia President-Elect William Chittenden Texas State University Executive Vice President-Program Thomas Coe Quinnipiac University Vice President-Communications Christine McClatchey University of Northern Colorado Vice President-Finance Diane Docking Northern Illinois University Thomas Langdon Roger Williams University Vice President-International Relations Claire Matthews Massey University Vice President-Professional Organizations Tom Warschauer San Diego State University Vice President-Mktg & Public Relations A. William Gustafson Texas Tech University Vice President-Membership Larry Prather Southeastern Oklahoma State University VP Local Arrangements 2014 Duncan Williams William Patterson University VP Local Arrangements 2015 Benjamin Cummings Saint Joseph\u2019s University Immediate Past President Frank Laatsch Univ. of Southern Mississippi EDITOR, FINANCIAL SERVICES REVIEW Stuart Michelson Stetson University DIRECTORS Robert Moreschi Virginia Military Institute Dale Domian York University Charles Chaffin CFP Board of Standards Rich Fortin New Mexico State University Grady Perdue University of Houston Clear Lake Jacob Sybrowsky Utah Valley University PAST PRESIDENTS Frank Laatsch, 2012-13 Univ. of Southern Mississippi Brian Boscaljon, 2011-12 Penn State University-Erie Halil Kiymaz, 2010-11 Rollins College of Business David Lange, 2009-10 Auburn University, Montgomery Vickie Hampton, 2008-09 Texas Tech University Frank Laatsch 2007-08 University of Southern Mississippi Daniel Walz, 2006-07 Trinity University Anne Gleason, 2005-06 College of Charleston Stuart Michelson, 2004-05 Stetson University Grady Perdue, 2003-04 University of Houston-Clear Lake Vickie Bajtelsmit, 2002-03 Colorado State University Karen Eilers Lahey, 2001-02 University of Akron Tom Eyssell, 2000-01 University of Missouri-St. Louis Jill Lynn Vihtelic, 1999-00 Saint Mary\u2019s College Terry Zivney, 1998-99 Ball State University Don Holdren, 1997-98 Marshall University Robert McLeod, 1996-97 University of Alabama Walt Woerheide, 1995-96 The American College Dixie Mills, 1994 -95 Illinois State University Ted Veit, 1993-94 Rollins College Mona Gardner, 1992-93 Illinois Wesleyan University Jean L. Heck, 1991-92 Villanova University Frank K. Reilly, 1990-91 University of Notre Dame Lawrence J. Gitman, 1989-90 San Diego State University Travis S. Pritchett, 1988-89 University of South Carolina Tom Potts, 1987-88 Baylor University Robert F. Bohn, 1986-87 Golden Gate University Tom Warschauer, 1985-86 San Diego State University published in collaboration with the Financial Planning Association Financial Services Review is the journal of the Academy of Financial Services, published in collaboration with the Financial Planning Association.", "mime": "application/pdf"}, {"id": "fsr-3189", "words": "1454", "extension": ".pdf", "flesch": "27", "author": "Martin, Terrance", "title": "Vol 31 No 1 Masthead", "date": "2023", "keywords": "academy; financial; journal; martin; planning; services; state; university; winston", "summary": "ACADEMY OF FINANCIAL SERVICES OFFICERS President Tom Potts Baylor University President-Elect Executive Vice President-Program Terrance K. Martin Winston-Salem State University Vice President-Communications Colleen Tokar Asaad Baldwin Wallace University Vice President-Finance Thomas P. Langdon Roger Williams University Vice President-International Relations Michelle Cull Western Sydney University Vice President-Mktg & Public Relations Shawn Brayman Financial Planning Research Consultant Immediate Past President Inga Timmerman University of North Florida EDITOR, FINANCIAL SERVICES REVIEW Terrance K. Martin Winston-Salem State University DIRECTORS Jason Andreson University of Kansas Jasmine Fang Massey University Norah Feng Massey University John Garble University of Georgia Wookjae Heo Purdue University Phillip Gibson Winthrop University Barry Mulholland University of Akron Utah Valley University PAST PRESIDENTS Janine Sam, 2019-20 Shepherd University Swarn Chatterjee, 2018-19 University of Georgia Robert Moreschi, 2016-18 Virginia Military Institute Thomas Coe, 2015-16 Quinnipiac University William Chittenden, 2014-15 Texas State University Lance Palmer, 2013-14 University of Georgia Frank Laatsch, 2012-13 University of Southern Mississippi Brian Boscaljon, 2011-12 Penn State University-Erie Halil Kiymaz, 2010-11 Rollins College of Business David Lange, 2009-10 Auburn University, Montgomery Vickie Hampton, 2008-09 Texas Tech University Frank Laatsch 2007-08 University of Southern Mississippi Daniel Walz, 2006-07 Trinity University Anne Gleason, 2005-06 College of Charleston Stuart Michelson, 2004-05 Stetson University Grady Perdue, 2003-04 University of Houston-Clear Lake Vickie Bajtelsmit, 2002-03 Colorado State University Karen Eilers Lahey, 2001-02 University of Akron Tom Eyssell, 2000-01 University of Missouri-St. Louis Jill Lynn Vihtelic, 1999-00 Saint Mary\u2019s College Terry Zivney, 1998-99 Ball State University Don Holdren, 1997-98 Marshall University Robert McLeod, 1996-97 University of Alabama Walt Woerheide, 1995-96 The American College Dixie Mills, 1994-95 Illinois State University Ted Veit, 1993-94 Rollins College Mona Gardner, 1992-93 Illinois Wesleyan University Jean L. Heck, 1991-92 Villanova University Frank K. Reilly, 1990-91 University of Notre Dame Lawrence J. Gitman, 1989-90 San Diego State University Travis S. Pritchett, 1988-89 University of South Carolina Tom Potts, 1987-88 Baylor University Robert F. Bohn, 1986-87 Golden Gate University Tom Warschauer, 1985-86 San Diego State University published in collaboration with the Financial Planning Association Financial Services Review is the journal of the Academy of Financial Services, published in collaboration with the Financial Planning Association. Financial Services Review The Journal of Individual Financial Management Vol. 31, No. 1, 2023 EDITOR Terrance K. Martin, Winston-Salem State University ASSOCIATE EDITORS Benefits and Retirement Planning Vickie Bajtelsmit Colorado State University", "mime": "application/pdf"}, {"id": "fsr-3190", "words": "727", "extension": ".pdf", "flesch": "39", "author": "Martin, Terrance", "title": "Vol 31 No 1 Letter from the Editor", "date": "2023", "keywords": "literacy; research; services", "summary": "The study focuses on individuals with low or moderate levels of financial literacy. This research provides valuable insights for policymakers and financial practitioners aiming to enhance financial literacy and behaviors within military and civilian communities.", "mime": "application/pdf"}, {"id": "fsr-3191", "words": "10397", "extension": ".pdf", "flesch": "55", "author": "Mitchell, Olivia S.; Reilly, Catherine; Turner, John A.", "title": "The pros and cons of remaining in a 401(k) plan after retirement", "date": "2023", "keywords": "401(k; advice; assets; cost; employer; fees; funds; investment; ira; iras; mitchell; options; participants; plans; retirement; services", "summary": "Another potential retention cost relates to firms\u2019 requirement to continue communicating with retirees as plan participants. For instance, policymakers have recommended adding annuity products to retirement plans (IRS Notice 2014-66; Iwry & Turner, 2009) and asset managers are beginning to embed annuity products into target date funds, the most used default investments in 401(k) plans (BlackRock, 2021; State Street Global Advisors, 2021).", "mime": "application/pdf"}, {"id": "fsr-3192", "words": "5701", "extension": ".pdf", "flesch": "51", "author": "Liu, Yi; James III, Russell N.", "title": "Gratitude, finance, and financial gratitude reminders in charitable giving: A repeated experiment over time", "date": "2023", "keywords": "day; giving; gratitude; group; intentions; money; reminders; things", "summary": "Gratitude, finance, and financial gratitude reminders in charitable giving: A repeated experiment over time Yi Liua, Russell N. James IIIb,* aDepartment of Finance, St. John Fisher College, 3690 East Avenue, Rochester, NY 14618, USA bSchool of Financial Planning, Texas Tech University, Lubbock, TX 79409\u20131210, USA Abstract An initial reminder of three good things (TGT) increases charitable giving intentions, while reminders of three good financial things (TGFT) or three financial things (TFT) reduce them. This study fills the gap in the literature and uses a randomized control-group pretest\u2013posttest ex- perimental longitudinal survey to determine if positive psychology interventions, including gratitude and financial/money reminders, effectively influence charitable giving intentions.", "mime": "application/pdf"}, {"id": "fsr-3193", "words": "9899", "extension": ".pdf", "flesch": "55", "author": "Wilmarth, Melissa J.; Kim, Kyoung Tae; Henager, Robin", "title": "Exploring financial behaviors of military households: Do financial knowledge and financial education matter?", "date": "2023", "keywords": "behaviors; education; financial; households; knowledge; mean; military; retirement; services; term; term behaviors", "summary": "Research questions Given the previous studies on financial behavior, knowledge, and education discussed above, this study extends the existing literature by examining the associations between finan- cial knowledge and education with financial behaviors of military households by addressing the following research questions. Exploring financial behaviors of military households: Do financial knowledge and financial education matter?", "mime": "application/pdf"}, {"id": "fsr-3195", "words": "7742", "extension": ".pdf", "flesch": "55", "author": "West, Tracey; de Zwaan, Laura; Johnson, Di", "title": "Do women have lower levels of financial literacy, or are they opting out? A look at the non-response gender bias in financial literacy measurement", "date": "2023", "keywords": "financial; gender; journal; knowledge; literacy; questions; research; review; risk; services; west; women", "summary": "This study investigates the reasons for women selecting the non-response option in financial literacy questions, including numerical self-efficacy, risk aversion, and confidence. Accordingly, we offer insight as to why women may score lower on financial literacy question sets, particularly if the ques- tion set is multiple-choice and provides an \u201cunsure\u201d option.", "mime": "application/pdf"}, {"id": "fsr-3196", "words": "12935", "extension": ".pdf", "flesch": "63", "author": "Mulholland, Barry S.; Finke, Michael S.", "title": "Cognitive ability impact on life insurance lapsation", "date": "2023", "keywords": "ability; financial; insurance; lapse; life; policy; ti o", "summary": "73\u201396 91 Overall, our results suggest numeracy as a measure cognitive ability is a significant pre- dictor of life insurance policy lapse decisions. Life insurance policies are designed to build cash value early in the life of the policy that pays for the increasing cost of providing a death benefit as the insured ages.", "mime": "application/pdf"}, {"id": "fsr-3197", "words": "399", "extension": ".pdf", "flesch": "66", "author": "; Martin, Terrance", "title": "Vol 31 No 1 CE Quiz", "date": "2023", "keywords": "401(k; plans", "summary": "4. Are workers with low financial literacy generally better off in IRAs or 401(k) plans? a. b. d. There are no gender differences in financial literacy performance.", "mime": "application/pdf"}, {"id": "fsr-3198", "words": "2230", "extension": ".pdf", "flesch": "36", "author": "Michelson, Stuart", "title": "Vol 23 No 3 Masthead", "date": "2023", "keywords": "academy; financial; journal; michelson; planning; president; review; services; state; university; vice president", "summary": "Financial Services Review The Journal of Individual Financial Management Vol. 23, No. 3, 2014 EDITOR Stuart Michelson, Stetson University ASSOCIATE EDITORS Benefits and Retirement Planning Vickie Bajtelsmit Colorado State University Stephen M. Horan CFA Institute Walter Woerheide The American College Estate Planning Ning Tang San Diego State University Investments Robert Brooks University of Alabama Dale Domian York University Jim Gilkeson University of Central Florida Jason Greene Georgia State University William Jennings United States Air Force Academy Larry Prather Southeastern Oklahoma State University Insurance Larry Cox University of Mississippi David Lange Auburn University Financial Institutions Stanley D. Smith University of Central Florida Investor Psychology and Counseling John Nofsinger Washington State University Meir Statman Santa Clara University Real Estate International Bill Blair MacQuarie University S. J. Chang Illinois State University Lawrence Rose Massey University Sharon Taylor University of Western Sydney Education Jean Louis Heck Saint Joseph\u2019s University Financial Planning Profession Tom Warschauer San Diego State University Co-Published by the Academy of Financial Services and the Financial Planning Association The editor of Financial Services Review wishes to thank the Stetson University, School of Business, for its continuing financial and intellectual support of the journal. ACADEMY OF FINANCIAL SERVICES OFFICERS President Lance Palmer University of Georgia President-Elect William Chittenden Texas State University Executive Vice President-Program Thomas Coe Quinnipiac University Vice President-Communications Christine McClatchey University of Northern Colorado Vice President-Finance Diane Docking Northern Illinois University Thomas Langdon Roger Williams University Vice President-International Relations Claire Matthews Massey University Vice President-Professional Organizations Tom Warschauer San Diego State University Vice President-Mktg & Public Relations A. William Gustafson Texas Tech University Vice President-Membership Larry Prather Southeastern Oklahoma State University VP Local Arrangements 2014 Duncan Williams William Patterson University VP Local Arrangements 2015 Benjamin Cummings Saint Joseph\u2019s University Immediate Past President Frank Laatsch Univ. of Southern Mississippi EDITOR, FINANCIAL SERVICES REVIEW Stuart Michelson Stetson University DIRECTORS Robert Moreschi Virginia Military Institute Dale Domian York University Charles Chaffin CFP Board of Standards Rich Fortin New Mexico State University Grady Perdue University of Houston Clear Lake Jacob Sybrowsky Utah Valley University PAST PRESIDENTS Frank Laatsch, 2012-13 Univ. of Southern Mississippi Brian Boscaljon, 2011-12 Penn State University-Erie Halil Kiymaz, 2010-11 Rollins College of Business David Lange, 2009-10 Auburn University, Montgomery Vickie Hampton, 2008-09 Texas Tech University Frank Laatsch 2007-08 University of Southern Mississippi Daniel Walz, 2006-07 Trinity University Anne Gleason, 2005-06 College of Charleston Stuart Michelson, 2004-05 Stetson University Grady Perdue, 2003-04 University of Houston-Clear Lake Vickie Bajtelsmit, 2002-03 Colorado State University Karen Eilers Lahey, 2001-02 University of Akron Tom Eyssell, 2000-01 University of Missouri-St. Louis Jill Lynn Vihtelic, 1999-00 Saint Mary\u2019s College Terry Zivney, 1998-99 Ball State University Don Holdren, 1997-98 Marshall University Robert McLeod, 1996-97 University of Alabama Walt Woerheide, 1995-96 The American College Dixie Mills, 1994 -95 Illinois State University Ted Veit, 1993-94 Rollins College Mona Gardner, 1992-93 Illinois Wesleyan University Jean L. Heck, 1991-92 Villanova University Frank K. Reilly, 1990-91 University of Notre Dame Lawrence J. Gitman, 1989-90 San Diego State University Travis S. Pritchett, 1988-89 University of South Carolina Tom Potts, 1987-88 Baylor University Robert F. Bohn, 1986-87 Golden Gate University Tom Warschauer, 1985-86 San Diego State University published in collaboration with the Financial Planning Association Financial Services Review is the journal of the Academy of Financial Services, published in collaboration with the Financial Planning Association.", "mime": "application/pdf"}, {"id": "fsr-3199", "words": "17081", "extension": ".pdf", "flesch": "65", "author": "De\u2019Armond, De\u2019Arno; Pulliam, Darlene; Patterson, Robin", "title": "Using the new portability election of deceased spouses: A pedagogical example", "date": "2014", "keywords": "assets; average; consumer; estate; etf; etfs; funds; period; return; review; sample; sector; sector funds; select; services; spouse; spy; tax; yes", "summary": "Sector funds appear on the investment menu for many plan participants. Using sector funds with the longest history, the Fidelity Select Portfolios and the Select Sector SPDR Funds, this article tries to answer these questions for individual investors and/or their financial planners.", "mime": "application/pdf"}, {"id": "fsr-3200", "words": "6161", "extension": ".pdf", "flesch": "52", "author": "Simms, Kathryn", "title": "Investor profiles: Meaningful differences in women\u2019s use of investment advice?", "date": "2014", "keywords": "advice; investment; knowledge; odds; participants; profile; seeking; services; women", "summary": "About 75% of participants in Profile 1 rank their self-perceived level of risk-taking as being 5 or lower, whereas self-perceived Table 1 Investor characteristics for female participants (N 13,117) in the 2012 National Financial Capability Study Measure Mean (M) and SD or % n or N Use of financial advice about investing/savings Yes 27.2% 3,565 For Profile 1, earning more than $15,000 per year is associated with 49% to 84% greater odds of seeking financial advice up to the point that participants earn under $75,000 (Panel C).", "mime": "application/pdf"}, {"id": "fsr-3201", "words": "1380", "extension": ".pdf", "flesch": "32", "author": "Michelson, Stuart", "title": "Vol 23 No 4 Masthead", "date": "2023", "keywords": "academy; financial; journal; planning; president; services; state; university", "summary": "Financial Services Review The Journal of Individual Financial Management Vol. 23, No. 4, 2014 EDITOR Stuart Michelson, Stetson University ASSOCIATE EDITORS Benefits and Retirement Planning Vickie Bajtelsmit Colorado State University Stephen M. Horan CFA Institute Walter Woerheide The American College Estate Planning Ning Tang San Diego State University Investments Robert Brooks University of Alabama Dale Domian York University Jim Gilkeson University of Central Florida Jason Greene Georgia State University William Jennings United States Air Force Academy Larry Prather Southeastern Oklahoma State University Insurance Larry Cox University of Mississippi David Lange Auburn University Financial Institutions Stanley D. Smith University of Central Florida Investor Psychology and Counseling John Nofsinger Washington State University Meir Statman Santa Clara University Real Estate International Bill Blair MacQuarie University S. J. Chang Illinois State University Lawrence Rose Massey University Sharon Taylor University of Western Sydney Education Jean Louis Heck Saint Joseph\u2019s University Financial Planning Profession Tom Warschauer San Diego State University Co-Published by the Academy of Financial Services and the Financial Planning Association The editor of Financial Services Review wishes to thank the Stetson University, School of Business, for its continuing financial and intellectual support of the journal. ACADEMY OF FINANCIAL SERVICES OFFICERS President William Chittenden Texas State University President-Elect Thomas Coe Quinnipiac University Executive Vice President-Program Robert Moreschi Virginia Military Institute Vice President-Communications Martin Seay Kansas State University Vice President-Finance Thomas Langdon Roger Williams University Vice President-International Relations Claire Matthews Massey University Vice President-Professional Organizations Tom Warschauer San Diego State University Vice President-Mktg & Public Relations A. William Gustafson Texas Tech University Vice President-Membership Larry Prather Southeastern Oklahoma State University VP Local Arrangements 2016 Swarn Chatterjee University of Georgia VP Local Arrangements 2015 Benjamin Cummings Saint Joseph\u2019s University Immediate Past President Lance Palmer University of Georgia EDITOR, FINANCIAL SERVICES REVIEW Stuart Michelson Stetson University DIRECTORS Sherman Hanna Ohio State University Halil Kiymaz Rollins College Frank Laatsch Univ. of Southern Mississippi David Nanigian The American College Tom Potts Baylor University Charles Chaffin CFP Board of Standards Rich Fortin New Mexico State University Grady Perdue University of Houston Clear Lake PAST PRESIDENTS Lance Palmer, 2013-14 University of Georgia Frank Laatsch, 2012-13 Univ. of Southern Mississippi Brian Boscaljon, 2011-12 Penn State University-Erie Halil Kiymaz, 2010-11 Rollins College of Business David Lange, 2009-10 Auburn University, Montgomery Vickie Hampton, 2008-09 Texas Tech University Frank Laatsch 2007-08 University of Southern Mississippi Daniel Walz, 2006-07 Trinity University Anne Gleason, 2005-06 College of Charleston Stuart Michelson, 2004-05 Stetson University Grady Perdue, 2003-04 University of Houston-Clear Lake Vickie Bajtelsmit, 2002-03 Colorado State University Karen Eilers Lahey, 2001-02 University of Akron Tom Eyssell, 2000-01 University of Missouri-St. Louis Jill Lynn Vihtelic, 1999-00 Saint Mary\u2019s College Terry Zivney, 1998-99 Ball State University Don Holdren, 1997-98 Marshall University Robert McLeod, 1996-97 University of Alabama Walt Woerheide, 1995-96 The American College Dixie Mills, 1994 -95 Illinois State University Ted Veit, 1993-94 Rollins College Mona Gardner, 1992-93 Illinois Wesleyan University Jean L. Heck, 1991-92 Villanova University Frank K. Reilly, 1990-91 University of Notre Dame Lawrence J. Gitman, 1989-90 San Diego State University Travis S. Pritchett, 1988-89 University of South Carolina Tom Potts, 1987-88 Baylor University Robert F. Bohn, 1986-87 Golden Gate University Tom Warschauer, 1985-86 San Diego State University published in collaboration with the Financial Planning Association Financial Services Review is the journal of the Academy of Financial Services, published in collaboration with the Financial Planning Association.", "mime": "application/pdf"}, {"id": "fsr-3202", "words": "1136", "extension": ".pdf", "flesch": "40", "author": "Michelson, Stuart", "title": "Vol 23 No 4 From the Editor", "date": "2023", "keywords": "authors; financial; funds; john; services; state; university; value", "summary": "Larry Prather SE Oklahoma State University Chris Browning Texas Tech University Larry Rose California State Cli Robb Kansas State University Ma hew Spiegel Yale University Coleen Clark Ryerson University Michael Finke Texas Tech University Dale Domian York University Michael Naylor Alex Wang University of Connec cut Jose Linares-Zegarra University of Granada Andrei Shynkevich Kent State University Karen Benson University of Queensland Andrew Ching University of Toronto Karen Varcoe University of California Andy Terry University of Arkansas at Li le Rock Kevin Bracker Pi sburg State University Annamaria Lusardi Dartmouth College Khaled Elkhal University of Southern Indiana Bernhard Zwergel University of Augsburg", "mime": "application/pdf"}, {"id": "fsr-3203", "words": "7986", "extension": ".pdf", "flesch": "55", "author": "Scott, Janine K.; Gilliam, John", "title": "Boomers\u2019 life insurance adequacy pre & post the 2008 financial crisis", "date": "2014", "keywords": "adequacy; boomers; financial; households; income; insurance; insurance adequacy; life; life insurance; risk", "summary": "Jel classification: G22 Keywords: Life insurance; Baby boomers; Financial planner; Human capital 1. In the event that baby boomers do not have sufficient amounts of life insurance, they may sustain financial hardships that have significant economic consequences.", "mime": "application/pdf"}, {"id": "fsr-3204", "words": "9720", "extension": ".pdf", "flesch": "46", "author": "Balasubramnian, Bhanu; Brisker, Eric R.; Gradisher, Suzanne", "title": "Financial adviser background checks", "date": "2014", "keywords": "adviser; adviser background; adviser users; background; check; financial; making; trust", "summary": "We then estimate a multinomial logit regression model using the same sample of respon- dents who used at least one type of financial adviser to determine what demographic characteristics impact the probability of a financial adviser user checking the background of financial advisers. In Table 2 we present the number of financial adviser users (#) and percentages that checked financial adviser backgrounds (% BG Check), considered more than one adviser (% \ufffd1 Adviser), and that did both (Do Both) in each demographic characteristic.", "mime": "application/pdf"}, {"id": "fsr-3205", "words": "5697", "extension": ".pdf", "flesch": "50", "author": "Varum, Celeste; Kolyban, Alla", "title": "Wealth and credit compliance: does economic literacy matter?", "date": "2014", "keywords": "debt; economic; group; income; knowledge; levels; literacy; services", "summary": "This article provides empirical evidence on the importance of financial literacy, for both individuals\u2019 over-indebtedness and household wealth, exploring the case of Portugal, a country about which there is scant empirical evidence on these matters. JEL classification: B26; D8; D14; D3; H63 Keywords: Economic literacy; Financial literacy; Over-indebtedness; Wealth 1.", "mime": "application/pdf"}, {"id": "fsr-3206", "words": "9687", "extension": ".pdf", "flesch": "60", "author": "Pettengill, Glenn; Chang, George; Hueng, C. James", "title": "Choosing between value and growth in mutual fund investing", "date": "2014", "keywords": "factor; firm; funds; growth; growth funds; portfolios; returns; risk; value; value funds", "summary": "Our conclusion is, in large part, driven by the lower realized risk of value fund portfolios. The well- established value premium demonstrates that, on average, value securities outperform growth secu- rities, suggesting that an investor may be wise to choose value funds.", "mime": "application/pdf"}, {"id": "fsr-3212", "words": "7427", "extension": ".pdf", "flesch": "53", "author": "Anderson, Jason; Stuart Heckman; Jeffrey Furlong", "title": "Altruistic Bequests: Giving Motive and Receipt Expectation Using the 2019 Survey of Consumer Finances", "date": "2024", "keywords": "assets; bequest; children; expectation; financial; gift; income; inheritance; measures; motive; odds; status; study", "summary": "To explore charitable bequests, Boskin (1976) created two separate models: the economic estate (i.e., the gross estate less debts and expenses) and the adjusted disposable estate (i.e., economic estate less the taxes paid where there is no charitable bequest). In contrast to previous studies, the magnitude of charitable bequests was not significantly correlated with inheritance tax rates.", "mime": "application/pdf"}, {"id": "fsr-3213", "words": "10921", "extension": ".pdf", "flesch": "58", "author": "Letkiewicz, Jodi; Robinson, Chris; Domian, Dale", "title": "Behavioral and wealth considerations for seeking professional financial planning help", "date": "2016", "keywords": "efficacy; financial; help; hypothesis; planner; planning; review; seeking; self; services; stress; use; variables; \ufffd \ufffd", "summary": "Financial stress can arise from personal, family, or financial situations (Joo, 1998) and the impact of financial stress can be far-reaching. (Household Saving; Personal Finance); G20 (Financial Institutions and Services: General); P46 (Consumer Economics) Keywords: Financial planning; Help-seeking; Financial stress; Self-efficacy 1.", "mime": "application/pdf"}, {"id": "fsr-3217", "words": "15162", "extension": ".pdf", "flesch": "46", "author": "Balasubramnian, Bhanu; Brisker, Eric", "title": "Financial adviser users and financial literacy", "date": "2016", "keywords": "advisers; debt; education; insurance; literacy; loan; mortgage; savings; types; use; \ufffd \ufffd", "summary": "Retired 59.2 4.4 40.8 17.4 31.7 23.6 Self-employed - Retired t test 0.63 6.37*** -3.24*** 6.97*** 7.02*** 4.15*** Region Northeast 53.6 8.5 34.0 22.1 32.0 21.2 Midwest 53.6 7.7 31.6 21.5 33.8 19.8 South 50.4 9.2 29.5 19.9 31.0 18.7 West 57.1 9.4 32.8 25.5 35.2 20.7 Northeast - West t test \ufffd3.33*** -1.50 1.24 \ufffd3.79*** \ufffd3.28*** 0.62 The table shows the Percent of individuals surveyed that used financial advisers. Financial adviser users and financial literacy Bhanu Balasubramniana, Eric R. Briskera,* aCollege of Business Administration, The University of Akron, Akron, OH 44325, USA Abstract Using the 2012 National Financial Capability Study we determine what demographic character- istics are associated with individuals that use financial advisers and whether financial advisers have any impact on the financial literacy of their clients.", "mime": "application/pdf"}, {"id": "fsr-3218", "words": "11911", "extension": ".pdf", "flesch": "60", "author": "Ryack, Kenneth; Sheikh, Aamer", "title": "The relationship between time perspective and financial risk tolerance in young adults", "date": "2016", "keywords": "frt; frt score; future; gender; income; perspective; risk; scale; score \ufffd; step; stkgame; time; tolerance; variable", "summary": "The brighter side of financial risk: Financial risk tolerance and wealth. The relationship between time perspective and financial risk tolerance in young adults Kenneth N. Ryack, Ph.D., CPA, CFP\ufffda,*, Aamer Sheikh, Ph.D., CPA, CBM, CCS, DABFA, CFC\ufffd, CGMA\ufffda aDepartment of Accounting, School of Business, Quinnipiac University, Hamden, CT 06518, USA Abstract This study examines the relationship between time perspective (TP) and financial risk tolerance (FRT) in young adults.", "mime": "application/pdf"}, {"id": "fsr-3220", "words": "7783", "extension": ".pdf", "flesch": "65", "author": "Kanuri, Srinidhi", "title": "Hedged ETFs: Do they add value?", "date": "2016", "keywords": "categories; etfs; funds; hedge; index; market; performance; portfolio; ratio; returns; review; risk", "summary": "Average monthly Median returns Standard deviation Cumulative returns (January 2008 through December p value of average returns Hedged ETFs \ufffd0.12% \ufffd0.22% 3.51% \ufffd13.94% 0.008*** IVV (S&P 500) 0.70% 1.41% 4.85% 62.91% 0.011** AGG (total bond) 0.38% 0.32% 1.00% 37.43% 0.002*** VEU (Total World Ex U.S.) 0.17% 0.50% 6.35% \ufffd2.87% 0.014** IYR (real estate) 0.87% 2.02% 7.93% 57.78% 0.017** DBC (commodities) \ufffd0.42% \ufffd0.30% 6.20% \ufffd40.56% 0.013** 65% IVV/35% AGG 0.59% 1.17% 3.19% 57.12% 0.007*** 45% IVV/10% VEU/5% IYR/5% DBC/35% AGG 0.49% 0.94% 3.35% 43.78% 0.007*** * Significant at 10%; ** significant at 5%; *** significant at 1%. 0.023 0.032 0.011 1.064 IYR (real estate) 0.107 0.148 0.057 1.373 DBC (commodities) \ufffd0.072 \ufffd0.092 \ufffd0.033 0.826 65% IVV/35% AGG 0.177 0.253 0.071 1.580 45% IVV/10% VEU/5% IYR/5%", "mime": "application/pdf"}, {"id": "fsr-3221", "words": "8039", "extension": ".pdf", "flesch": "46", "author": "Shank, Todd; Shockey, Benjamin", "title": "Investment strategies when selecting sustainable firms", "date": "2016", "keywords": "djsi; financial; firms; leader; market; performance; portfolio; supersector; sustainability", "summary": "Measures of performance1 Jensen\u2019s Alpha: \ufffdp \ufffd rp \ufffd \ufffdrf \ufffd \ufffdp\ufffdrm \ufffd rf\ufffd\ufffd (1) M-Square: M2 \ufffd (Sp \ufffd SM) \ufffd \ufffdM (2) Treynor\u2019s Measure: Tp \ufffd rp \ufffd rf \ufffdp (3) Sharpe\u2019s Measure: Sp \ufffd rp \ufffd rf \ufffdp (4) Fig. While there are many established metrics for financial performance, including the market price of a firm\u2019s stock or financial ratio analyses of historical performance, the metrics for non-financial corporate financial performance are still in the early stages of development.", "mime": "application/pdf"}, {"id": "fsr-3222", "words": "9233", "extension": ".pdf", "flesch": "55", "author": "Muller, Leslie; Turner, John A.", "title": "Strategic complexity in investment management fee disclosures", "date": "2016", "keywords": "companies; complexity; disclosures; fee; fee disclosures; fees; financial; information; level; sample; services; use; words", "summary": "229L.A. Muller, J.A. Turner / Financial Services Review 25 (2016) 215\u2013234 Our article develops a hypothesis concerning strategic complexity in fee disclosures, develops a measure of complexity in fee disclosures, collects a small sample of fee disclo- sures, notes the simple correlation between complexity in fee disclosure according to our measure and level of fees, and collects a substantial sample to validate our measure of complexity of fee disclosures. Strategic complexity in investment management fee disclosures Leslie A. Muller, Ph.D.a,*, John A. Turner, Ph.D.b aAssistant Professor of Economics, Grand Valley State University, 50 Front Street SW, Grand Rapids, MI 49504, USA bPension Policy Center, 3713 Chesapeake St. NW, Washington, DC 20016, USA Abstract This article develops a measure of complexity of fee disclosures, based on previous work assessing the grade level of language, and validates that measure through a survey where students are asked to independently rate the complexity of fee disclosures.", "mime": "application/pdf"}, {"id": "fsr-3223", "words": "15637", "extension": ".pdf", "flesch": "62", "author": "Singh, Sandeep", "title": "The evidence on target-date mutual funds", "date": "2016", "keywords": "allocation; asset; benchmark; capital; cycle; date; design; equity; financial; funds; glide; human; indexes; investment; investor; journal; life; paths; performance; plan; portfolio; retirement; returns; review; risk; services; singh; target; tdfs; time", "summary": "Dynamic lifecycle strategies for target date retirement funds, Journal of Portfolio Management, 37, 83\u201396. An optimizing framework for the glide paths of life cycle asset allocation funds.", "mime": "application/pdf"}, {"id": "fsr-3226", "words": "8814", "extension": ".pdf", "flesch": "51", "author": "Seay, Martin; Kim, Kyoung Tae; Heckman, Stuart", "title": "Exploring the demand for retirement planning advice: : The role of financial literacy", "date": "2016", "keywords": "advice; behavior; confidence; knowledge; literacy; planner; planning; retirement; seeking; services; use", "summary": "A growing body of literature indicates that financial planners provide significant benefits, both economic and psychological, in helping individuals prepare for retirement. They find lower levels of trust among Black and Hispanic households and that trust is positively associated with seeking retirement advice from financial planner.", "mime": "application/pdf"}, {"id": "fsr-3227", "words": "11449", "extension": ".pdf", "flesch": "53", "author": "Harrington, Christine; Smith, Walter", "title": "College student interest in personal finance education", "date": "2016", "keywords": "ability; college; credit; demand; education; finance; income; interest; literacy; math; students; topics", "summary": "The regression function is: dj \ufffd b0 \ufffd b1 incomej \ufffd b2 patiencej \ufffd b3 costj \ufffd b4 stockj \ufffd b5 returnj \ufffd b6 netj \ufffd b7 genj \ufffd ej (1) We first examine student demand for learning about all personal finance topics (collectively) while in college as the response on a 7-point scale (1 \ufffd strongly disagree, 7 \ufffd strongly agree). The regression function is: dj \ufffd b0 \ufffd b1 incomej \ufffd b2 returnj \ufffd b3 netj \ufffd b4 genj \ufffd b5 mathj \ufffd ej (2) Because the dependent variables are categorical in Eqs.", "mime": "application/pdf"}, {"id": "fsr-3229", "words": "23704", "extension": ".pdf", "flesch": "71", "author": "Hull, Robert; Hull, John", "title": "Procedure to determine the optimal Roth IRA versus deductible IRA allocation", "date": "2016", "keywords": "contribution; financial; gain; hull; income; ira; line; match; maximum; panel; roth ira; rvd; tax; tax rate; tc \ufffd; values; withdrawal; \ufffd \ufffd", "summary": "Using (12) with $46,396.83 for DP1, we have: marginal gain \ufffd \ufffdT1DP1 \ufffd (0.30 \ufffd 0)$46,396.83 \ufffd $13,919.049 (line 58). Compute the marginal gain (using marginal tax rates) \ufffd \ufffdT1DP1 \ufffd \ufffdT2(DP2\ufffdDP1) \ufffd \ufffd \ufffd \ufffdT8(DP8\ufffdDP7) replacing DPs and dropping components as prescribed by the five-step procedure.", "mime": "application/pdf"}, {"id": "fsr-3230", "words": "15360", "extension": ".pdf", "flesch": "54", "author": "Chr\u00e9tien, St\u00e9phane; Kammoun, Manel", "title": "Performance Evaluation Disagreement: Determinants and Impact on Fund Flows", "date": "2024", "keywords": "characteristics; chr\u00e9tien; disagreement; disck; expenses; financial; flows; fund; fund characteristics; index; investor; journal; management; model; performance; portfolios; relation; returns; size; variables", "summary": "Nanda et al. (2000) show a dividend clientele effect since liquidity demands differ across fund investors. Behavioral biases and mutual fund investors.", "mime": "application/pdf"}, {"id": "fsr-3232", "words": "6712", "extension": ".pdf", "flesch": "57", "author": "Fisher, Patti; Hayhoe, Celia; Lown, Jean", "title": "Gender differences in saving behaviors among low- to moderate-income households", "date": "2015", "keywords": "behaviors; data; differences; gender; households; income; nc1172; risk; sample; saving; scf; women", "summary": "Jel classification: D12; J16 Keywords: Savings behavior; Gender; Low to moderate income 1. Although not a direct outcome from the present study with a focus on low to moderate incomes, the question arises whether educators need to analyze their messages and examples to determine if they may be too middle-income oriented and easily dismissed by learners who feel that they do not have the capacity to save.", "mime": "application/pdf"}, {"id": "fsr-3236", "words": "7594", "extension": ".pdf", "flesch": "48", "author": "Tokar Asaad, Colleen", "title": "Financial literacy and financial behavior: Assessing knowledge and confidence", "date": "2015", "keywords": "average; behaviors; confidence; day; individuals; knowledge; literacy; low; review; risk; services; table", "summary": "By examining two com- ponents of financial literacy, financial knowledge, and financial confidence (or perceived knowledge), this article demonstrates that both components are critically important to sound decision-making. This article demonstrates that both knowledge and confidence influence financial behaviors, and surpris- ingly, the effect of financial confidence on behaviors is just as important as the effect of financial knowledge.", "mime": "application/pdf"}, {"id": "fsr-3237", "words": "8108", "extension": ".pdf", "flesch": "44", "author": "Tang, Ning; Peter, Paula", "title": "Financial knowledge acquisition among the young: The role of financial education, financial experience, and parents\u2019 financial experience", "date": "2015", "keywords": "college; education; experience; financial; knowledge; parents; respondents; school; services; young", "summary": "Both individual and parents\u2019 financial experience help narrow the gap in financial knowledge caused by lack of financial education. However, no study to our knowledge has tested for the concurrent roles of financial education, financial experience and parents\u2019 financial experience in reducing the gap in financial knowledge.", "mime": "application/pdf"}, {"id": "fsr-3238", "words": "7993", "extension": ".pdf", "flesch": "49", "author": "Kima, Kyoung Tae; Hanna, Sherman", "title": "Do U.S. households perceive their retirement preparedness realistically?", "date": "2015", "keywords": "ability; adequacy; age; hanna; households; income; objective; plan; retirement; retirement adequacy; review; risk", "summary": "The SCF variable of the respondent\u2019s perception of the adequacy of retirement income is used as a subjective measure of having an adequate retirement. One possible explanation would be that households might not have good numeracy related to retirement income, and may just assume that simply having these plans will achieve adequacy.", "mime": "application/pdf"}, {"id": "fsr-3239", "words": "11410", "extension": ".pdf", "flesch": "63", "author": "North, David; Stevens, Jerry", "title": "Investment performance of AAII stock screens over diverse markets", "date": "2015", "keywords": "aaii; costs; factor; financial; investment; investors; journal; market; performance; portfolios; price; returns; review; risk; screens; services; stocks; transaction", "summary": "Fama and French (1996) confirm the joint effects of market risk, size, price-to-earnings, market-to-book, and leverage on portfolio returns. The Sharpe index in Eq. (1) measures portfolio efficiency in the sense that a higher Sharpe index reflects a better tradeoff between portfolio returns and total portfolio risk.", "mime": "application/pdf"}, {"id": "fsr-3240", "words": "6759", "extension": ".pdf", "flesch": "61", "author": "Kuzniak, Stephen; Rabbani, Abed; Heo, Wookjae; Ruiz-Menjivar, Jorge; Grable, John", "title": "The Grable and Lytton risk-tolerance scale: A 15-year retrospective", "date": "2015", "keywords": "grable; investment; reliability; review; risk; scale; services; tolerance; validity; \ufffd \ufffd", "summary": "Jel classification: D. Microeconomics: D81 Criteria for Decision-Making under Risk & Uncertainty Keywords: Risk; Risk tolerance; Risk scale; Risk scoring; Risk assessment 1. When the Grable and Lytton (G&L) risk scale was first published, there were few publically available measures of financial risk tolerance.", "mime": "application/pdf"}, {"id": "fsr-3242", "words": "9095", "extension": ".pdf", "flesch": "57", "author": "Krieger, Kevin; Pace, R. Daniel; Clarke, Nicholas; Girdner, Clay", "title": "Anchoring, affect, and efficiency of sports gaming markets around playoff positioning", "date": "2015", "keywords": "clinching; closing; games; line; nba; nfl; opening; panel; playoff; results; season; teams", "summary": "In some cases, closing lines correct to the point that betting against clinched playoff teams no longer produces a viable betting position. Even in the many cases lacking statistical significance, historical results are generally very supportive of the opportunity to successfully wager against clinched playoff teams for profit.", "mime": "application/pdf"}, {"id": "fsr-3243", "words": "10623", "extension": ".pdf", "flesch": "64", "author": "Suarez, E. Dante; Suarez, Antonio; Walz, Daniel", "title": "The perfect withdrawal amount:: A methodology for creating retirement account distribution strategies", "date": "2015", "keywords": "balance; distribution; fig; financial; pwa; retirement; review; services; strategy; withdrawal; year; \ufffd \ufffd", "summary": "(3):9 342 E.D. Suarez et al. / Financial Services Review 24 (2015) 331\u2013357 w\ufffd \ufffd \ufffdRn (KS \ufffd w*) \ufffd KE\ufffd \ufffd \ufffdi\ufffd2 n \ufffdj\ufffdi n (1 \ufffd rj) (8) where w\u2019 is the new (modified) PWA for the subsequent years, w* is the withdrawal amount being considered for this year, and we leave the expression in the denominator in its explicit form to note that the summation now starts at period 2. For the example above, one would use the same set of (Rn,Sn) pairs to evaluate KE \ufffd RnKS \ufffd 62,000/Sn, and then tabulate the resulting figures.8 We used this feature to estimate surplus risk in this same scenario using $43,000 as withdrawal amount (which is approximately the cutoff point for the first decile of the PWA distribution).", "mime": "application/pdf"}, {"id": "fsr-3244", "words": "14751", "extension": ".pdf", "flesch": "58", "author": "Haensly, Paul; Pai, K. Prakash", "title": "A new strategy to guarantee retirement income using TIPS and longevity insurance: A second look", "date": "2015", "keywords": "annuity; annuity payout; d \ufffd; inflation; payout; payout rate; rate; retirement; risk; tips ladder; u \ufffd; year; yield; \ufffd c; \ufffd m; \ufffd \ufffd", "summary": "We calculate the realized utility for a given simulated investor as U\ufffdC\ufffd\ufffd\ufffd, B\ufffd\ufffd\ufffd; \ufffd, D\ufffd \ufffd \ufffd1 \ufffd D\ufffd \ufffd t\ufffd1 T\ufffd\ufffd\ufffd 1 tU\ufffdCt\ufffd\ufffd\ufffd; \ufffd, \ufffdC\ufffd D T\ufffd\ufffd\ufffdU\ufffdB\ufffd\ufffd\ufffd; \ufffd, \ufffdB\ufffd, (6) 364 P.J. Haensly, K.P. Pai / Financial Services Review 24 (2015) 359\u2013386 where D is the strength of the bequest motive, 0 \ufffd D \ufffd 1; \ufffd is the one-month time discount factor for utility; T(\ufffd) is time of death in months after retirement for simulated life \ufffd; Ct(\ufffd) is the consumption in month t after retirement, expressed in dollars at retirement (and C(\ufffd) is a vector of these values); and B(\ufffd) is the bequest at time T(\ufffd) in retirement year dollars. That is, the utility function for consumption in period t is U\ufffdC; \ufffd, \ufffd\ufffd \ufffd \ufffd exp\ufffd\ufffd1 \ufffd \ufffd\ufffdln\ufffd C \ufffdC \ufffd\ufffd \ufffd 1 1 \ufffd \ufffd , C \ufffd \ufffdC exp\ufffd \ufffd1 \ufffd \ufffd\ufffdln\ufffd\ufffdC \ufffdC \ufffd\ufffd \ufffd 1 1 \ufffd \ufffd , C \ufffdC (C1) when risk aversion \ufffd \ufffd 1, and 384 P.J. Haensly, K.P. Pai / Financial Services Review 24 (2015) 359\u2013386 U\ufffdC; \ufffd, \ufffd\ufffd \ufffd \ufffd ln\ufffd C \ufffdC \ufffd , C \ufffd \ufffdC ln\ufffd\ufffdC \ufffdC \ufffd , C \ufffd \ufffdC (C2) when \ufffd \ufffd 1.", "mime": "application/pdf"}, {"id": "fsr-3245", "words": "12116", "extension": ".pdf", "flesch": "55", "author": "Ryack, Kenneth", "title": "The time perspective of financial advisors and its effect on their decision-making", "date": "2015", "keywords": "advisors; case; decision; future; option; planners; planning; preference; present; professional; ryack; scale; services; time; ztpi", "summary": "Impact of TP on financial planning decisions An important question is whether TP biases affect professional financial planners\u2019 judg- ment and decision-making, and ultimately, their recommendations to clients. The impact of TP on financial planning decisions The third hypothesis investigates whether or not TP impacts the financial planning recommendations made by the financial advisors.", "mime": "application/pdf"}, {"id": "fsr-3246", "words": "9283", "extension": ".pdf", "flesch": "54", "author": "Terry, Andy; Elder, Erick", "title": "A further examination of equity indexed annuities", "date": "2015", "keywords": "annuities; cap; eia; eias; equity; period; portfolio; returns; time; value; year", "summary": "For example, most annual cap rates are currently in the 3\u20134% range. As indicated in Table 4, for 14 and 15-year holding periods, EB portfolio returns were never less than 0.", "mime": "application/pdf"}, {"id": "fsr-3248", "words": "1187", "extension": ".pdf", "flesch": "37", "author": "Michelson, Stuart", "title": "Vol 24 No 4 Masthead", "date": "2023", "keywords": "academy; financial; president; services; state; university", "summary": "ACADEMY OF FINANCIAL SERVICES OFFICERS President William Chittenden Texas State University President-Elect Thomas Coe Quinnipiac University Executive Vice President-Program Robert Moreschi Virginia Military Institute Vice President-Communications Martin Seay Kansas State University Vice President-Finance Thomas Langdon Roger Williams University Vice President-International Relations Claire Matthews Massey University Vice President-Professional Organizations Tom Warschauer San Diego State University Vice President-Mktg & Public Relations A. William Gustafson Texas Tech University Vice President-Membership Larry Prather Southeastern Oklahoma State University VP Local Arrangements 2016 Swarn Chatterjee University of Georgia VP Local Arrangements 2015 Benjamin Cummings Saint Joseph\u2019s University Immediate Past President Lance Palmer University of Georgia EDITOR, FINANCIAL SERVICES REVIEW Stuart Michelson Stetson University DIRECTORS Sherman Hanna Ohio State University Halil Kiymaz Rollins College Frank Laatsch Univ. of Southern Mississippi David Nanigian The American College Tom Potts Baylor University Charles Chaffin CFP Board of Standards Rich Fortin New Mexico State University Grady Perdue University of Houston Clear Lake PAST PRESIDENTS Lance Palmer, 2013-14 University of Georgia Frank Laatsch, 2012-13 Univ. of Southern Mississippi Brian Boscaljon, 2011-12 Penn State University-Erie Halil Kiymaz, 2010-11 Rollins College of Business David Lange, 2009-10 Auburn University, Montgomery Vickie Hampton, 2008-09 Texas Tech University Frank Laatsch 2007-08 University of Southern Mississippi Daniel Walz, 2006-07 Trinity University Anne Gleason, 2005-06 College of Charleston Stuart Michelson, 2004-05 Stetson University Grady Perdue, 2003-04 University of Houston-Clear Lake Vickie Bajtelsmit, 2002-03 Colorado State University Karen Eilers Lahey, 2001-02 University of Akron Tom Eyssell, 2000-01 University of Missouri-St. Louis Jill Lynn Vihtelic, 1999-00 Saint Mary\u2019s College Terry Zivney, 1998-99 Ball State University Don Holdren, 1997-98 Marshall University Robert McLeod, 1996-97 University of Alabama Walt Woerheide, 1995-96 The American College Dixie Mills, 1994 -95 Illinois State University Ted Veit, 1993-94 Rollins College Mona Gardner, 1992-93 Illinois Wesleyan University Jean L. Heck, 1991-92 Villanova University Frank K. Reilly, 1990-91 University of Notre Dame Lawrence J. Gitman, 1989-90 San Diego State University Travis S. Pritchett, 1988-89 University of South Carolina Tom Potts, 1987-88 Baylor University Robert F. Bohn, 1986-87 Golden Gate University Tom Warschauer, 1985-86 San Diego State University published in collaboration with the Financial Planning Association Financial Services Review is the journal of the Academy of Financial Services, published in collaboration with the Financial Planning Association. Membership dues of $75 to the Academy include a one-year subscription to the journal.", "mime": "application/pdf"}, {"id": "fsr-3249", "words": "987", "extension": ".pdf", "flesch": "44", "author": "Michelson, Stuart", "title": "Vol 24 No 4 From Editor", "date": "2023", "keywords": "financial; review; services; university", "summary": "I remain committed to the goal of making Financial Services Review the best academic journal in individual financial management and personal financial planning. From the Editor This issue contains Issue 4 of Volume 24 of Financial Services Review (FSR).", "mime": "application/pdf"}, {"id": "fsr-3250", "words": "1057", "extension": ".pdf", "flesch": "60", "author": "Michelson, Stuart", "title": "Vol 24 No 4 Close", "date": "2023", "keywords": "author; page; submission", "summary": "Page proofs will be sent to the corresponding author. Submission fees can be paid online or mailed to the Editor when a manuscript is submitted electronically.", "mime": "application/pdf"}, {"id": "fsr-3251", "words": "1380", "extension": ".pdf", "flesch": "32", "author": "Michelson, Stuart", "title": "Vol 24 No 1 Masthead", "date": "2015", "keywords": "academy; financial; journal; planning; president; services; state; university", "summary": "Financial Services Review The Journal of Individual Financial Management Vol. 24, No. 1, 2014 EDITOR Stuart Michelson, Stetson University ASSOCIATE EDITORS Benefits and Retirement Planning Vickie Bajtelsmit Colorado State University Stephen M. Horan CFA Institute Walter Woerheide The American College Estate Planning Ning Tang San Diego State University Investments Robert Brooks University of Alabama Dale Domian York University Jim Gilkeson University of Central Florida Jason Greene Georgia State University William Jennings United States Air Force Academy Larry Prather Southeastern Oklahoma State University Insurance Larry Cox University of Mississippi David Lange Auburn University Financial Institutions Stanley D. Smith University of Central Florida Investor Psychology and Counseling John Nofsinger Washington State University Meir Statman Santa Clara University Real Estate International Bill Blair MacQuarie University S. J. Chang Illinois State University Lawrence Rose Massey University Sharon Taylor University of Western Sydney Education Jean Louis Heck Saint Joseph\u2019s University Financial Planning Profession Tom Warschauer San Diego State University Co-Published by the Academy of Financial Services and the Financial Planning Association The editor of Financial Services Review wishes to thank the Stetson University, School of Business, for its continuing financial and intellectual support of the journal. ACADEMY OF FINANCIAL SERVICES OFFICERS President William Chittenden Texas State University President-Elect Thomas Coe Quinnipiac University Executive Vice President-Program Robert Moreschi Virginia Military Institute Vice President-Communications Martin Seay Kansas State University Vice President-Finance Thomas Langdon Roger Williams University Vice President-International Relations Claire Matthews Massey University Vice President-Professional Organizations Tom Warschauer San Diego State University Vice President-Mktg & Public Relations A. William Gustafson Texas Tech University Vice President-Membership Larry Prather Southeastern Oklahoma State University VP Local Arrangements 2016 Swarn Chatterjee University of Georgia VP Local Arrangements 2015 Benjamin Cummings Saint Joseph\u2019s University Immediate Past President Lance Palmer University of Georgia EDITOR, FINANCIAL SERVICES REVIEW Stuart Michelson Stetson University DIRECTORS Sherman Hanna Ohio State University Halil Kiymaz Rollins College Frank Laatsch Univ. of Southern Mississippi David Nanigian The American College Tom Potts Baylor University Charles Chaffin CFP Board of Standards Rich Fortin New Mexico State University Grady Perdue University of Houston Clear Lake PAST PRESIDENTS Lance Palmer, 2013-14 University of Georgia Frank Laatsch, 2012-13 Univ. of Southern Mississippi Brian Boscaljon, 2011-12 Penn State University-Erie Halil Kiymaz, 2010-11 Rollins College of Business David Lange, 2009-10 Auburn University, Montgomery Vickie Hampton, 2008-09 Texas Tech University Frank Laatsch 2007-08 University of Southern Mississippi Daniel Walz, 2006-07 Trinity University Anne Gleason, 2005-06 College of Charleston Stuart Michelson, 2004-05 Stetson University Grady Perdue, 2003-04 University of Houston-Clear Lake Vickie Bajtelsmit, 2002-03 Colorado State University Karen Eilers Lahey, 2001-02 University of Akron Tom Eyssell, 2000-01 University of Missouri-St. Louis Jill Lynn Vihtelic, 1999-00 Saint Mary\u2019s College Terry Zivney, 1998-99 Ball State University Don Holdren, 1997-98 Marshall University Robert McLeod, 1996-97 University of Alabama Walt Woerheide, 1995-96 The American College Dixie Mills, 1994 -95 Illinois State University Ted Veit, 1993-94 Rollins College Mona Gardner, 1992-93 Illinois Wesleyan University Jean L. Heck, 1991-92 Villanova University Frank K. Reilly, 1990-91 University of Notre Dame Lawrence J. Gitman, 1989-90 San Diego State University Travis S. Pritchett, 1988-89 University of South Carolina Tom Potts, 1987-88 Baylor University Robert F. Bohn, 1986-87 Golden Gate University Tom Warschauer, 1985-86 San Diego State University published in collaboration with the Financial Planning Association Financial Services Review is the journal of the Academy of Financial Services, published in collaboration with the Financial Planning Association.", "mime": "application/pdf"}, {"id": "fsr-3252", "words": "868", "extension": ".pdf", "flesch": "41", "author": "Michelson, Stuart", "title": "Vol 24 No 1 From the Editor", "date": "2015", "keywords": "financial; services; university", "summary": "They find that the likelihood of Financial Services Review 24 (2015) v\u2013vi 1057-0810/15/$ \u2013 see front matter \u00a9 2015 Academy of Financial Services. I remain committed to the goal of making Financial Services Review the best academic journal in individual financial management and personal financial planning.", "mime": "application/pdf"}, {"id": "fsr-3253", "words": "1377", "extension": ".pdf", "flesch": "56", "author": "Michelson, Stuart", "title": "Vol 24 No 1 Closing", "date": "2015", "keywords": "financial; journal; papers; submission", "summary": "Submission fees can be paid online or mailed to the Editor when a manuscript is submitted electronically. If none of the authors is a member of AFS, please complete an online membership application form, which can be downloaded at http://academyfinancial.org, and pay online or mail the application, along with a check for annual dues and submission fee ($125 total; $75 for a one-year membership and $50 submission fee) to the Editor.", "mime": "application/pdf"}, {"id": "fsr-3254", "words": "1380", "extension": ".pdf", "flesch": "32", "author": "Michelson, Stuart", "title": "Vol 24 No 2 Masthead", "date": "2015", "keywords": "academy; financial; journal; planning; president; services; state; university", "summary": "Financial Services Review The Journal of Individual Financial Management Vol. 24, No. 2, 2015 EDITOR Stuart Michelson, Stetson University ASSOCIATE EDITORS Benefits and Retirement Planning Vickie Bajtelsmit Colorado State University Stephen M. Horan CFA Institute Walter Woerheide The American College Estate Planning Ning Tang San Diego State University Investments Robert Brooks University of Alabama Dale Domian York University Jim Gilkeson University of Central Florida Jason Greene Georgia State University William Jennings United States Air Force Academy Larry Prather Southeastern Oklahoma State University Insurance Larry Cox University of Mississippi David Lange Auburn University Financial Institutions Stanley D. Smith University of Central Florida Investor Psychology and Counseling John Nofsinger Washington State University Meir Statman Santa Clara University Real Estate International Bill Blair MacQuarie University S. J. Chang Illinois State University Lawrence Rose Massey University Sharon Taylor University of Western Sydney Education Jean Louis Heck Saint Joseph\u2019s University Financial Planning Profession Tom Warschauer San Diego State University Co-Published by the Academy of Financial Services and the Financial Planning Association The editor of Financial Services Review wishes to thank the Stetson University, School of Business, for its continuing financial and intellectual support of the journal. ACADEMY OF FINANCIAL SERVICES OFFICERS President William Chittenden Texas State University President-Elect Thomas Coe Quinnipiac University Executive Vice President-Program Robert Moreschi Virginia Military Institute Vice President-Communications Martin Seay Kansas State University Vice President-Finance Thomas Langdon Roger Williams University Vice President-International Relations Claire Matthews Massey University Vice President-Professional Organizations Tom Warschauer San Diego State University Vice President-Mktg & Public Relations A. William Gustafson Texas Tech University Vice President-Membership Larry Prather Southeastern Oklahoma State University VP Local Arrangements 2016 Swarn Chatterjee University of Georgia VP Local Arrangements 2015 Benjamin Cummings Saint Joseph\u2019s University Immediate Past President Lance Palmer University of Georgia EDITOR, FINANCIAL SERVICES REVIEW Stuart Michelson Stetson University DIRECTORS Sherman Hanna Ohio State University Halil Kiymaz Rollins College Frank Laatsch Univ. of Southern Mississippi David Nanigian The American College Tom Potts Baylor University Charles Chaffin CFP Board of Standards Rich Fortin New Mexico State University Grady Perdue University of Houston Clear Lake PAST PRESIDENTS Lance Palmer, 2013-14 University of Georgia Frank Laatsch, 2012-13 Univ. of Southern Mississippi Brian Boscaljon, 2011-12 Penn State University-Erie Halil Kiymaz, 2010-11 Rollins College of Business David Lange, 2009-10 Auburn University, Montgomery Vickie Hampton, 2008-09 Texas Tech University Frank Laatsch 2007-08 University of Southern Mississippi Daniel Walz, 2006-07 Trinity University Anne Gleason, 2005-06 College of Charleston Stuart Michelson, 2004-05 Stetson University Grady Perdue, 2003-04 University of Houston-Clear Lake Vickie Bajtelsmit, 2002-03 Colorado State University Karen Eilers Lahey, 2001-02 University of Akron Tom Eyssell, 2000-01 University of Missouri-St. Louis Jill Lynn Vihtelic, 1999-00 Saint Mary\u2019s College Terry Zivney, 1998-99 Ball State University Don Holdren, 1997-98 Marshall University Robert McLeod, 1996-97 University of Alabama Walt Woerheide, 1995-96 The American College Dixie Mills, 1994 -95 Illinois State University Ted Veit, 1993-94 Rollins College Mona Gardner, 1992-93 Illinois Wesleyan University Jean L. Heck, 1991-92 Villanova University Frank K. Reilly, 1990-91 University of Notre Dame Lawrence J. Gitman, 1989-90 San Diego State University Travis S. Pritchett, 1988-89 University of South Carolina Tom Potts, 1987-88 Baylor University Robert F. Bohn, 1986-87 Golden Gate University Tom Warschauer, 1985-86 San Diego State University published in collaboration with the Financial Planning Association Financial Services Review is the journal of the Academy of Financial Services, published in collaboration with the Financial Planning Association.", "mime": "application/pdf"}, {"id": "fsr-3255", "words": "874", "extension": ".pdf", "flesch": "41", "author": "Michelson, Stuart", "title": "Vol 24 No 2 From the Editor", "date": "2015", "keywords": "financial; knowledge; services", "summary": "Financial Services Review 24 (2015) v\u2013vi 1057-0810/15/$ \u2013 see front matter \u00a9 2015 Academy of Financial Services. I remain committed to the goal of making Financial Services Review the best academic journal in individual financial management and personal financial planning.", "mime": "application/pdf"}, {"id": "fsr-3256", "words": "1057", "extension": ".pdf", "flesch": "60", "author": "Michelson, Stuart", "title": "Vol 24 No 2 Closing", "date": "2015", "keywords": "author; page; submission", "summary": "Page proofs will be sent to the corresponding author. Submission fees can be paid online or mailed to the Editor when a manuscript is submitted electronically.", "mime": "application/pdf"}, {"id": "fsr-3258", "words": "14312", "extension": ".pdf", "flesch": "56", "author": "Dobni, Dawn; Racine, Marie", "title": "Investors\u2019 images of the stock market: : Antecedents and consequences", "date": "2016", "keywords": "1\u201328; dimensions; dobni; financial; image; information; investing; investor; journal; m.d; market image; money; racine; research; review; risk; services; stock market; trust; variables; wealth; \ufffd \ufffd", "summary": "5A7 Abstract This research studies antecedents and consequences of stock market image, defined as the sum of impressions about the stock market. The data also show that stock market image affects investing motives, risk reduction efforts, emotional responses, and degree of satisfaction associated with investing.", "mime": "application/pdf"}, {"id": "fsr-3259", "words": "10606", "extension": ".pdf", "flesch": "56", "author": "Park, Youngkyun", "title": "The effects of fund commonality in mutual fund families on fund operating expenses and return correlations: : Evidence from U.S. equity mutual funds", "date": "2016", "keywords": "expense; family; fund; holdings; management; multi; portfolio; ratio; return; stock", "summary": "Because long-term returns are significantly affected by fund expenses (e.g., Carhart, 1997; Gil-Bazo and Ruiz-Verdu, 2009; Haslem, Baker, and Smith, 2008), it is natural that fund investors focus on a fund\u2019s expense ratio. Fund expenses paid out of fund assets consist of three broad components: management fees, other expenses including administrative fees, and 12b-1 fees (Collins, 2003; Khorana & Servaes, 2007; Latzko, 1999).", "mime": "application/pdf"}, {"id": "fsr-3260", "words": "11320", "extension": ".pdf", "flesch": "60", "author": "Tang, Ning", "title": "The overlooked momentum traders in 401(k) plans", "date": "2016", "keywords": "401(k; buyers; fund; momentum; month; period; portfolio; returns; sellers; traders; trading; \ufffd \ufffd", "summary": "These traders do not follow a deliberate strategy of selectively investing in momentum funds. Ri,t \ufffd Rf,t \ufffd \ufffdi 3 \ufffd \ufffdi,Rm 3 \ufffdRm,t \ufffd Rf,t\ufffd \ufffd \ufffdi,SMB 3 SMBt \ufffd \ufffdi,HML 3 HMLt \ufffd \ufffdi,t (5) \ufffdp,t \ufffd \ufffd\ufffd\ufffdi \ufffd \ufffdi,t\ufffd* \ufffdi,t\ufffd\ufffdi,t (6) where Ri,t indicates the rate of return of fund i in month t; \ufffdp,t is the excess return of individual portfolio in month t; \ufffdi and \ufffdi,t, which are used to calculate \ufffdp,t, are from Eqs.", "mime": "application/pdf"}, {"id": "fsr-3262", "words": "9123", "extension": ".pdf", "flesch": "56", "author": "Cline, Brandon N.; Brooks, Robert", "title": "Spread options and risk management: Lognormal versus normal distribution approach", "date": "2015", "keywords": "correlation \ufffd; error factor; factor; financial; model; option; parameters; risk; significance; significance factor; spread; t \ufffd; \ufffd error; \ufffd \ufffd", "summary": "Normal spread option pricing model (NSOPM) If we assume that the spread follows ABM with geometric drift, then dS \ufffd \ufffdSSdt \ufffdSdzS , (14) where \ufffd\ufffd \ufffd \ufffdS \ufffd \ufffd denotes the mean growth rate of the spread, \ufffdS \ufffd \ufffd denotes the SD of the spread (same units of measure as S), and \ufffd\ufffd \ufffd dzS \ufffd \ufffd denotes the standard Wiener process associated with the spread. If we assume indexes follow GBM with geometric drift, then dIj \ufffd \ufffd\ufffd\u0302j \ufffd \ufffdj\ufffdIjdt \ufffd \ufffd\u0302jIjdzj; j \ufffd 1,2, (3) where \ufffd\ufffd \ufffd \ufffd\u0302j \ufffd \ufffd denotes the mean growth rate of index j, \ufffd\ufffd \ufffd \ufffdj \ufffd denotes the carry costs related to index j, \ufffdj \ufffd \ufffd denotes the SD of index j, and \ufffd\ufffd \ufffd dzj \ufffd \ufffd denotes the standard Wiener process associated with index j. The value of spread option today can be expressed generically as, SO0 \ufffd PV\ufffdE0\ufffdSOT\ufffd , (4) where the expectation is taken under the equivalent martingale measure (standard finance assumptions are made; see Appendix A).", "mime": "application/pdf"}, {"id": "fsr-3263", "words": "5707", "extension": ".pdf", "flesch": "58", "author": "Guillemette, Michael; Hussein, M. Monica; Phillips, G. Michael; Martin, Terrance", "title": "Minority household size and the life insurance purchase decision", "date": "2015", "keywords": "cash; face; family; household; household size; insurance; life; life insurance; size; value", "summary": "Keywords: Life insurance; Household size; Term life insurance; Cash value life insurance; Race, minority 1. The interaction variable coefficient is multiplied by 1 to indicate a Black household (\ufffd15.9366) \ufffd (\ufffd127.156)*(1) \ufffd \ufffd143.092.", "mime": "application/pdf"}, {"id": "fsr-3264", "words": "15632", "extension": ".pdf", "flesch": "61", "author": "Miu, Peter; Cheung, C. Sherman", "title": "Home ownership decision in personal finance: some empirical evidence", "date": "2015", "keywords": "home; ownership; portfolio; risk; \ufffd \ufffd", "summary": "By including home ownership into the general portfolio analysis of financial assets, we demonstrate clearly the interaction effect between financial assets and home ownership. Jel classification: G10; G11 Keywords: Home ownership; Portfolio diversification 1.", "mime": "application/pdf"}, {"id": "fsr-3265", "words": "10366", "extension": ".pdf", "flesch": "46", "author": "Park, Youngkyun; Chung, Yunhyung", "title": "Do financial networks matter in retirement investment decisions? : Evidence from Generation Yers", "date": "2015", "keywords": "allocation; decisions; default; individual; information; intensity; investment; knowledge; literacy; network; network intensity; respondents; retirement; stock", "summary": "Do financial networks matter in retirement investment decisions? Evidence from Generation Yers Yunhyung Chunga, Youngkyun Parka,* aCollege of Business and Economics, University of Idaho, 875 Perimeter Drive MS 3161, Moscow, ID 83844-3161, USA Abstract Using experimental survey data collected from a sample of Generation Yers, we examine the joint influence of financial literacy and financial networks on individual retirement investment decisions.", "mime": "application/pdf"}, {"id": "fsr-3266", "words": "6468", "extension": ".pdf", "flesch": "67", "author": "Clowers, R. Parker; Jones, Travis", "title": "Is a VIX ETP an investment in the VIX?", "date": "2016", "keywords": "etps; futures; index; s&p; term; vix; vix index", "summary": "All rights reserved. may include: the spot \u201cVIX index,\u201d VIX-based Exchange Traded Products (\u201cETPs\u201d or \u201cfunds\u201d), VIX futures or options, and the S&P 500 VIX Short-Term Futures Index (\u201cS&P ST Index\u201d), among others. JEL classifications: G11; G12 Keywords: VIX index; ETFs; ETPs 1.", "mime": "application/pdf"}, {"id": "fsr-3267", "words": "9471", "extension": ".pdf", "flesch": "66", "author": "Musumeci, Jim", "title": "A marginal cash flow analysis of mortgagors\u2019 choices", "date": "2016", "keywords": "apr; borrower; cash; financial; mortgage; rate; risk; tax; year; year mortgage", "summary": "However, the question remains whether the strategy becomes more profitable or less profitable when mortgage rates increase. A comparison of NPV and IRR earned from a 30-year for 15-year swap for various levels of mortgage rates 15 year rate \ufffd 2.75%, 30-year rate \ufffd 3.5% House sold in No taxes Tax rate \ufffd 33% NPV IRR (APR) NPV IRR (APR) 1 year $3,662.60 53.57% $2,465.93 51.79% 2 years $7,155.87 26.57% $4,839.26 25.75% 5 years $16,659.71 11.64% $11,412.36 11.30% 10 years $29,470.17 6.86% $20,593.15 6.66% 30 years $49,974.76 4.48% $36,556.52 4.35% 15 year rate \ufffd 3.75%, 30-year rate \ufffd 4.5% 1 year $3,648.16 56.39% $2,460.54 54.44% 2 years $7,103.96 28.42% $4,820.29 27.51% 5 years $16,382.30 12.96% $11,311.50 12.56% 10 years $28,571.62 8.01% $20,261.98 7.76% 30 years $47,039.79 5.56% $35,427.62 5.38% 15 year rate \ufffd 4.75%, 30-year rate \ufffd 5.5% 1 year $3,633.12 59.67% $2,454.71 57.51% 2 years $7,049.87 30.47% $4,799.58 29.45% 5 years $16,096.28 14.34% $11,201.28 13.88% 10 years $27,664.15 9.18% $19,903.38 8.89% 30 years $44,226.88 6.65% $34,239.17 6.42% 15 year rate \ufffd 5.75%, 30-year rate \ufffd 6.5% 1 year $3,617.55 63.45% $2,448.47 61.02% 2 years $6,993.91 32.74% $4,777.30 31.59% 5 years $15,803.66 15.81% $11,082.90 15.27% 10 years $26,755.14 10.40% $19,522.02 10.04% 30 years $41,550.23 7.75% $33,009.72 7.47% Note.", "mime": "application/pdf"}, {"id": "fsr-3268", "words": "1380", "extension": ".pdf", "flesch": "31", "author": "Michelson, Stuart", "title": "Vol 25 No 1 Masthead", "date": "2023", "keywords": "academy; financial; journal; planning; president; services; state; university", "summary": "Financial Services Review The Journal of Individual Financial Management Vol. 25, No. 1, 2016 EDITOR Stuart Michelson, Stetson University ASSOCIATE EDITORS Benefits and Retirement Planning Vickie Bajtelsmit Colorado State University Stephen M. Horan CFA Institute Walter Woerheide The American College Estate Planning Ning Tang San Diego State University Investments Robert Brooks University of Alabama Dale Domian York University Jim Gilkeson University of Central Florida Jason Greene Georgia State University William Jennings United States Air Force Academy Larry Prather Southeastern Oklahoma State University Insurance Larry Cox University of Mississippi David Lange Auburn University Financial Institutions Stanley D. Smith University of Central Florida Investor Psychology and Counseling John Nofsinger Washington State University Meir Statman Santa Clara University Real Estate International Bill Blair MacQuarie University S. J. Chang Illinois State University Lawrence Rose Massey University Sharon Taylor University of Western Sydney Education Jean Louis Heck Saint Joseph\u2019s University Financial Planning Profession Tom Warschauer San Diego State University Co-Published by the Academy of Financial Services and the Financial Planning Association The editor of Financial Services Review wishes to thank the Stetson University, School of Business, for its continuing financial and intellectual support of the journal. ACADEMY OF FINANCIAL SERVICES OFFICERS President William Chittenden Texas State University President-Elect Thomas Coe Quinnipiac University Executive Vice President-Program Robert Moreschi Virginia Military Institute Vice President-Communications Martin Seay Kansas State University Vice President-Finance Thomas Langdon Roger Williams University Vice President-International Relations Claire Matthews Massey University Vice President-Professional Organizations Tom Warschauer San Diego State University Vice President-Mktg & Public Relations A. William Gustafson Texas Tech University Vice President-Membership Larry Prather Southeastern Oklahoma State University VP Local Arrangements 2016 Swarn Chatterjee University of Georgia VP Local Arrangements 2015 Benjamin Cummings Saint Joseph\u2019s University Immediate Past President Lance Palmer University of Georgia EDITOR, FINANCIAL SERVICES REVIEW Stuart Michelson Stetson University DIRECTORS Sherman Hanna Ohio State University Halil Kiymaz Rollins College Frank Laatsch Univ. of Southern Mississippi David Nanigian The American College Tom Potts Baylor University Charles Chaffin CFP Board of Standards Rich Fortin New Mexico State University Grady Perdue University of Houston Clear Lake PAST PRESIDENTS Lance Palmer, 2013-14 University of Georgia Frank Laatsch, 2012-13 Univ. of Southern Mississippi Brian Boscaljon, 2011-12 Penn State University-Erie Halil Kiymaz, 2010-11 Rollins College of Business David Lange, 2009-10 Auburn University, Montgomery Vickie Hampton, 2008-09 Texas Tech University Frank Laatsch 2007-08 University of Southern Mississippi Daniel Walz, 2006-07 Trinity University Anne Gleason, 2005-06 College of Charleston Stuart Michelson, 2004-05 Stetson University Grady Perdue, 2003-04 University of Houston-Clear Lake Vickie Bajtelsmit, 2002-03 Colorado State University Karen Eilers Lahey, 2001-02 University of Akron Tom Eyssell, 2000-01 University of Missouri-St. Louis Jill Lynn Vihtelic, 1999-00 Saint Mary\u2019s College Terry Zivney, 1998-99 Ball State University Don Holdren, 1997-98 Marshall University Robert McLeod, 1996-97 University of Alabama Walt Woerheide, 1995-96 The American College Dixie Mills, 1994-95 Illinois State University Ted Veit, 1993-94 Rollins College Mona Gardner, 1992-93 Illinois Wesleyan University Jean L. Heck, 1991-92 Villanova University Frank K. Reilly, 1990-91 University of Notre Dame Lawrence J. Gitman, 1989-90 San Diego State University Travis S. Pritchett, 1988-89 University of South Carolina Tom Potts, 1987-88 Baylor University Robert F. Bohn, 1986-87 Golden Gate University Tom Warschauer, 1985-86 San Diego State University published in collaboration with the Financial Planning Association Financial Services Review is the journal of the Academy of Financial Services, published in collaboration with the Financial Planning Association.", "mime": "application/pdf"}, {"id": "fsr-3269", "words": "1647", "extension": ".pdf", "flesch": "58", "author": "Michelson, Stuart", "title": "Vol 25 No 1 From the Editor", "date": "2023", "keywords": "financial; fund; jean; review; services; stock", "summary": "Kindest regards, Stuart Michelson Jean Louis Heck - (February 6, 1944 - February 5, 2016) U.S. Veteran Jean Louis Heck, 71, of Wayne, PA, husband of Nancy J. (nee Nagele) Best regards, Stuart Michelson Editor Financial Services Review vi Editorial / Financial Services Review 25 (2016) v\u2013vi In Memory of Jean Louis Heck - (February 6, 1944 - February 5, 2016)", "mime": "application/pdf"}, {"id": "fsr-3271", "words": "1057", "extension": ".pdf", "flesch": "60", "author": "Michelson, Stuart", "title": "Vol 25 No 1 Closing", "date": "2023", "keywords": "author; page; submission", "summary": "Page proofs will be sent to the corresponding author. Submission fees can be paid online or mailed to the Editor when a manuscript is submitted electronically.", "mime": "application/pdf"}, {"id": "fsr-3276", "words": "1365", "extension": ".pdf", "flesch": "30", "author": "Michelson, Stuart", "title": "Vol 24 No 2 Masthead", "date": "2023", "keywords": "academy; financial; journal; planning; president; services; state; university", "summary": "ACADEMY OF FINANCIAL SERVICES OFFICERS President Thomas Coe Quinnipiac University President-Elect Robert Moreschi Virginia Military Institute Executive Vice President-Program Duncan Williams Western Carolina University Vice President-Communications Martin Seay Kansas State University Vice President-Finance Thomas Langdon Roger Williams University Vice President-International Relations Claire Matthews Massey University Vice President-Professional Organizations Frank Laatsch University of Southern Mississippi Vice President-Mktg & Public Relations Chris Browning Texas Tech University Vice President-Membership Sherman Hanna Ohio State University VP Local Arrangements 2016 Swarn Chatterjee University of Georgia Immediate Past President William Chittenden Texas State University EDITOR, FINANCIAL SERVICES REVIEW Stuart Michelson Stetson University DIRECTORS Charles Chaffin CFP Board of Standards Inga Chira California State University, Northridge Victoria Javine University of Alabama Halil Kiymaz Rollins College Frances Lawrence Louisiana State University David Nanigian California State University, Fullerton Tom Potts Baylor University Janine Scott Massey University PAST PRESIDENTS William Chittenden, 2014-15 Texas State University Lance Palmer, 2013-14 University of Georgia Frank Laatsch, 2012-13 University of Southern Mississippi Brian Boscaljon, 2011-12 Penn State University-Erie Halil Kiymaz, 2010-11 Rollins College of Business David Lange, 2009-10 Auburn University, Montgomery Vickie Hampton, 2008-09 Texas Tech University Frank Laatsch 2007-08 University of Southern Mississippi Daniel Walz, 2006-07 Trinity University Anne Gleason, 2005-06 College of Charleston Stuart Michelson, 2004-05 Stetson University Grady Perdue, 2003-04 University of Houston-Clear Lake Vickie Bajtelsmit, 2002-03 Colorado State University Karen Eilers Lahey, 2001-02 University of Akron Tom Eyssell, 2000-01 University of Missouri-St. Louis Jill Lynn Vihtelic, 1999-00 Saint Mary\u2019s College Terry Zivney, 1998-99 Ball State University Don Holdren, 1997-98 Marshall University Robert McLeod, 1996-97 University of Alabama Walt Woerheide, 1995-96 The American College Dixie Mills, 1994-95 Illinois State University Ted Veit, 1993-94 Rollins College Mona Gardner, 1992-93 Illinois Wesleyan University Jean L. Heck, 1991-92 Villanova University Frank K. Reilly, 1990-91 University of Notre Dame Lawrence J. Gitman, 1989-90 San Diego State University Travis S. Pritchett, 1988-89 University of South Carolina Tom Potts, 1987-88 Baylor University Robert F. Bohn, 1986-87 Golden Gate University Tom Warschauer, 1985-86 San Diego State University published in collaboration with the Financial Planning Association Financial Services Review is the journal of the Academy of Financial Services, published in collaboration with the Financial Planning Association. Financial Services Review The Journal of Individual Financial Management Vol. 25, No. 2, 2016 EDITOR Stuart Michelson, Stetson University ASSOCIATE EDITORS Benefits and Retirement Planning Vickie Bajtelsmit Colorado State University Stephen M. Horan CFA Institute Walter Woerheide The American College Estate Planning Ning Tang San Diego State University Investments Robert Brooks University of Alabama Dale Domian York University Jim Gilkeson University of Central Florida Jason Greene Georgia State University William Jennings United States Air Force Academy Larry Prather Southeastern Oklahoma State University Insurance Larry Cox University of Mississippi David Lange Auburn University Financial Institutions Stanley D. Smith University of Central Florida Investor Psychology and Counseling John Nofsinger Washington State University Meir Statman Santa Clara University Real Estate International Bill Blair MacQuarie University S. J. Chang Illinois State University Lawrence Rose Massey University Sharon Taylor University of Western Sydney Education Financial Planning Profession Tom Warschauer San Diego State University Co-Published by the Academy of Financial Services and the Financial Planning Association The editor of Financial Services Review wishes to thank the Stetson University, School of Business, for its continuing financial and intellectual support of the journal.", "mime": "application/pdf"}, {"id": "fsr-3277", "words": "889", "extension": ".pdf", "flesch": "43", "author": "Michelson, Stuart", "title": "Vol 24 No 2 From the Editor", "date": "2023", "keywords": "etfs; financial; planning", "summary": "The authors use the 2012 National Financial Capability Study to determine what demographic characteristics are associated with individuals that use financial advisers and whether financial advisers have any impact on the financial literacy of their clients. They find a significant increase in the use of financial advisers over the past decade.", "mime": "application/pdf"}, {"id": "fsr-3278", "words": "1057", "extension": ".pdf", "flesch": "60", "author": "Michelson, Stuart", "title": "Vol 24 No 2 Closing", "date": "2023", "keywords": "author; page; submission", "summary": "Page proofs will be sent to the corresponding author. Submission fees can be paid online or mailed to the Editor when a manuscript is submitted electronically.", "mime": "application/pdf"}, {"id": "fsr-3279", "words": "6889", "extension": ".pdf", "flesch": "58", "author": "Hanna, Sherman; Kim, Kyoung Tae", "title": "Household ratio guidelines for the amount of investments", "date": "2016", "keywords": "age; assets; financial; investments; net; ratio; retirement; worth", "summary": "Investment ratios can potentially provide a quick assessment of whether a household is on track to an adequate retirement. Many of the previous empirical studies on investment ratios focus on meeting simple thresholds, and therefore, have not provided much insight into what levels might be best for households.", "mime": "application/pdf"}, {"id": "fsr-3280", "words": "10199", "extension": ".pdf", "flesch": "56", "author": "Hurst, Matt; Mendoza, Monica", "title": "The behavior heuristics responsible for formation and liquidation of tax holding accounts", "date": "2016", "keywords": "average; capital; capital gains; gains; liability; march; rate; tax; volume; year; \ufffd \ufffd", "summary": "Hypothesis 2a: March returns will be negatively related to capital gains tax rates. Additionally, we propose that the Tax Liquidation Hypothesis is more likely when capital gains tax rates are higher and when there are unanticipated capital gains and dividend income.", "mime": "application/pdf"}, {"id": "fsr-3281", "words": "14183", "extension": ".pdf", "flesch": "60", "author": "Kish, Richard", "title": "Catastrophe (CAT) bonds:: risk offsets with diversification and high returns", "date": "2016", "keywords": "bond; cat; cat bond; catastrophe; fee; fund; index; insurance; load; losses; market; n.a; performance; returns; risk; services; table; year; \ufffd \ufffd", "summary": "37 % \ufffd 1. 14 % 0. 14 % \ufffd 2. 21 % \ufffd 1. 16 % \ufffd 0. 89 % \ufffd 3. 07 % 20 13 3. 20 % 0. 62 % 1. 49 % 2. 15 % 0. 74 % \ufffd 1. 92 % 1. 90 % 0. 45 % 0. 75 % 1. 90 % 1. 18 % 0. 62 % 20 12 4. 14 % 3. 63 % 0. 59 % 0. 98 % \ufffd 2. 71 % 2. 43 % 1. 25 % 1. 75 % 2. 48 % 0. 91 % 0. 22 % 2. 90 % 20 11 2. 68 % 1. 29 % 0. 57 % 1. 54 % 0. 05 % \ufffd 1. 29 % 0. 49 % \ufffd 6. 54 % \ufffd 6. 38 % 7. 98 % \ufffd 3. 89 % 2. 59 % 20 10 2. 65 % 0. 58 % 4. 85 % 3. 23 % \ufffd 4. 45 % 0. 92 % 2. 87 % \ufffd 1. 00 % 3. 14 % 3. 58 % \ufffd 0. 29 % 3. 40 % M ea n 0. 47 % St an da rd de vi at io n 2. 83 % M ax im um 10 .0 3% M in im um \ufffd 6. 54 % So ur ce : B lo om be rg , B an k of A m er ic a- M er re ll L yn ch U S H ig h Y ie ld B B , B , an d C C C D eb t In di ce s w ith m at ur iti es of on e to fiv e ye ar s. 319R.J. Kish / Financial Services Review 25 (2016) Anecdotal evidence shows that the entry of CAT bonds made the reinsurance market more efficient and allowed investors an opportunity to participate in what has been a very profitable investment opportunity.", "mime": "application/pdf"}, {"id": "fsr-3282", "words": "1370", "extension": ".pdf", "flesch": "30", "author": "Michelson, Stuart", "title": "Vol 25 No 3 Masthead", "date": "2023", "keywords": "academy; financial; journal; planning; president; services; state; university", "summary": "ACADEMY OF FINANCIAL SERVICES OFFICERS President Thomas Coe Quinnipiac University President-Elect Robert Moreschi Virginia Military Institute Executive Vice President-Program Duncan Williams Western Carolina University Vice President-Communications Martin Seay Kansas State University Vice President-Finance Thomas Langdon Roger Williams University Vice President-International Relations Claire Matthews Massey University Vice President-Professional Organizations Frank Laatsch University of Southern Mississippi Vice President-Mktg & Public Relations Chris Browning Texas Tech University Vice President-Membership Sherman Hanna Ohio State University VP Local Arrangements 2016 Swarn Chatterjee University of Georgia Immediate Past President William Chittenden Texas State University EDITOR, FINANCIAL SERVICES REVIEW Stuart Michelson Stetson University DIRECTORS Charles Chaffin CFP Board of Standards Inga Chira California State University, Northridge Victoria Javine University of Alabama Halil Kiymaz Rollins College Frances Lawrence Louisiana State University David Nanigian California State University, Fullerton Tom Potts Baylor University Janine Scott Massey University PAST PRESIDENTS William Chittenden, 2014-15 Texas State University Lance Palmer, 2013-14 University of Georgia Frank Laatsch, 2012-13 University of Southern Mississippi Brian Boscaljon, 2011-12 Penn State University-Erie Halil Kiymaz, 2010-11 Rollins College of Business David Lange, 2009-10 Auburn University, Montgomery Vickie Hampton, 2008-09 Texas Tech University Frank Laatsch 2007-08 University of Southern Mississippi Daniel Walz, 2006-07 Trinity University Anne Gleason, 2005-06 College of Charleston Stuart Michelson, 2004-05 Stetson University Grady Perdue, 2003-04 University of Houston-Clear Lake Vickie Bajtelsmit, 2002-03 Colorado State University Karen Eilers Lahey, 2001-02 University of Akron Tom Eyssell, 2000-01 University of Missouri-St. Louis Jill Lynn Vihtelic, 1999-00 Saint Mary\u2019s College Terry Zivney, 1998-99 Ball State University Don Holdren, 1997-98 Marshall University Robert McLeod, 1996-97 University of Alabama Walt Woerheide, 1995-96 The American College Dixie Mills, 1994-95 Illinois State University Ted Veit, 1993-94 Rollins College Mona Gardner, 1992-93 Illinois Wesleyan University Jean L. Heck, 1991-92 Villanova University Frank K. Reilly, 1990-91 University of Notre Dame Lawrence J. Gitman, 1989-90 San Diego State University Travis S. Pritchett, 1988-89 University of South Carolina Tom Potts, 1987-88 Baylor University Robert F. Bohn, 1986-87 Golden Gate University Tom Warschauer, 1985-86 San Diego State University published in collaboration with the Financial Planning Association Financial Services Review is the journal of the Academy of Financial Services, published in collaboration with the Financial Planning Association. Financial Services Review The Journal of Individual Financial Management Vol. 25, No. 3, 2016 EDITOR Stuart Michelson, Stetson University ASSOCIATE EDITORS Benefits and Retirement Planning Vickie Bajtelsmit Colorado State University Stephen M. Horan CFA Institute Walter Woerheide The American College Estate Planning Ning Tang San Diego State University Investments Robert Brooks University of Alabama Dale Domian York University Jim Gilkeson University of Central Florida Jason Greene Georgia State University William Jennings United States Air Force Academy Larry Prather Southeastern Oklahoma State University Insurance Larry Cox University of Mississippi David Lange Auburn University Financial Institutions Stanley D. Smith University of Central Florida Investor Psychology and Counseling John Nofsinger Washington State University Meir Statman Santa Clara University Real Estate International Bill Blair MacQuarie University S. J. Chang Illinois State University Lawrence Rose Massey University Sharon Taylor University of Western Sydney Education Jerry Stevens University of Richmond Financial Planning Profession Tom Warschauer San Diego State University Co-Published by the Academy of Financial Services and the Financial Planning Association The editor of Financial Services Review wishes to thank the Stetson University, School of Business, for its continuing financial and intellectual support of the journal.", "mime": "application/pdf"}, {"id": "fsr-3283", "words": "859", "extension": ".pdf", "flesch": "42", "author": "Michelson, Stuart", "title": "Vol 25 No 3 From the Editor", "date": "2023", "keywords": "financial; services; tax", "summary": "I remain committed to the goal of making Financial Services Review the best academic journal in individual financial management and personal financial planning. From the Editor This issue contains Issue 3 of Volume 25 of Financial Services Review (FSR).", "mime": "application/pdf"}, {"id": "fsr-3285", "words": "1057", "extension": ".pdf", "flesch": "60", "author": "Michelson, Stuart", "title": "Vol 25 No 3 Closing", "date": "2023", "keywords": "author; page; submission", "summary": "Page proofs will be sent to the corresponding author. Submission fees can be paid online or mailed to the Editor when a manuscript is submitted electronically.", "mime": "application/pdf"}, {"id": "fsr-3287", "words": "4848", "extension": ".pdf", "flesch": "57", "author": "Ott, Robert; Zimmer, Timothy", "title": "Determining the return-maximizing portfolio leverage and its limitations", "date": "2016", "keywords": "investment; leverage; portfolio; return; ri \ufffd; risk; \ufffd rb; \ufffd \ufffd", "summary": "R\ufffdT\ufffdn \ufffd RB \ufffd 1\u20442 \ufffd\ufffd\ufffd2\ufffd\ufffdn2\ufffd\ufffd\ufffdT-1)/(N-1))].13 (12) The maximum return equals the borrowing cost plus one-half the variance of the leveraged returns. Using the assumptions RI \ufffd 8%, RB \ufffd 2%, and \ufffd \ufffd 18%, the leveraged return of Eq.", "mime": "application/pdf"}, {"id": "fsr-3288", "words": "9939", "extension": ".pdf", "flesch": "53", "author": "Heckman, Stuart; Seay, Martin; Kim, Kyoung Tae; Letkiewicz, Jodi", "title": "Household use of financial planners: Measurement considerations for researchers", "date": "2016", "keywords": "financial; heckman; investment; journal; measures; planner; planner use; planning; professional; questions; retirement; review; services; survey; use; validity", "summary": "When measuring financial planner use, an important consideration for researchers is that perceptions regarding the financial planning process (i.e., what is financial plan- ning?) and financial planners (i.e., who is a financial planner?) may vary widely among both professionals and households. The rationale for including lawyer and accountant with financial planner is that these professionals \u201coften work as a team to assist financial planners in helping clients make saving and investment decisions\u201d (p. 6).", "mime": "application/pdf"}, {"id": "fsr-3289", "words": "1375", "extension": ".pdf", "flesch": "30", "author": "Michelson, Stuart", "title": "Vol 25 No 4 Masthead", "date": "2023", "keywords": "academy; financial; journal; planning; president; services; state; university", "summary": "ACADEMY OF FINANCIAL SERVICES OFFICERS President Robert Moreschi Virginia Military Institute President-Elect Duncan Williams Western Carolina University Executive Vice President-Program Swarn Chatterjee University of Georgia Vice President-Communications David Nanigian California State University, Fullerton Vice President-Finance Thomas Langdon Roger Williams University Vice President-International Relations Claire Matthews Massey University Vice President-Professional Organizations Frank Laatsch University of Southern Mississippi Vice President-Mktg & Public Relations Chris Browning Texas Tech University Vice President-Membership Sherman Hanna Ohio State University VP Local Arrangements 2016 Swarn Chatterjee University of Georgia Immediate Past President William Chittenden Texas State University EDITOR, FINANCIAL SERVICES REVIEW Stuart Michelson Stetson University DIRECTORS Charles Chaffin CFP Board of Standards Inga Chira California State University, Northridge Victoria Javine University of Alabama Halil Kiymaz Rollins College Frances Lawrence Louisiana State University Tom Potts Baylor University Janine Scott Massey University Martin Seay Kansas State University PAST PRESIDENTS Thomas Coe Quinnipiac University William Chittenden, 2014-15 Texas State University Lance Palmer, 2013-14 University of Georgia Frank Laatsch, 2012-13 University of Southern Mississippi Brian Boscaljon, 2011-12 Penn State University-Erie Halil Kiymaz, 2010-11 Rollins College of Business David Lange, 2009-10 Auburn University, Montgomery Vickie Hampton, 2008-09 Texas Tech University Frank Laatsch 2007-08 University of Southern Mississippi Daniel Walz, 2006-07 Trinity University Anne Gleason, 2005-06 College of Charleston Stuart Michelson, 2004-05 Stetson University Grady Perdue, 2003-04 University of Houston-Clear Lake Vickie Bajtelsmit, 2002-03 Colorado State University Karen Eilers Lahey, 2001-02 University of Akron Tom Eyssell, 2000-01 University of Missouri-St. Louis Jill Lynn Vihtelic, 1999-00 Saint Mary\u2019s College Terry Zivney, 1998-99 Ball State University Don Holdren, 1997-98 Marshall University Robert McLeod, 1996-97 University of Alabama Walt Woerheide, 1995-96 The American College Dixie Mills, 1994-95 Illinois State University Ted Veit, 1993-94 Rollins College Mona Gardner, 1992-93 Illinois Wesleyan University Jean L. Heck, 1991-92 Villanova University Frank K. Reilly, 1990-91 University of Notre Dame Lawrence J. Gitman, 1989-90 San Diego State University Travis S. Pritchett, 1988-89 University of South Carolina Tom Potts, 1987-88 Baylor University Robert F. Bohn, 1986-87 Golden Gate University Tom Warschauer, 1985-86 San Diego State University published in collaboration with the Financial Planning Association Financial Services Review is the journal of the Academy of Financial Services, published in collaboration with the Financial Planning Association. Financial Services Review The Journal of Individual Financial Management Vol. 25, No. 4, 2016 EDITOR Stuart Michelson, Stetson University ASSOCIATE EDITORS Benefits and Retirement Planning Vickie Bajtelsmit Colorado State University Stephen M. Horan CFA Institute Walter Woerheide The American College Estate Planning Ning Tang San Diego State University Investments Robert Brooks University of Alabama Dale Domian York University Jim Gilkeson University of Central Florida Jason Greene Georgia State University William Jennings United States Air Force Academy Larry Prather Southeastern Oklahoma State University Insurance Larry Cox University of Mississippi David Lange Auburn University Financial Institutions Stanley D. Smith University of Central Florida Investor Psychology and Counseling John Nofsinger Washington State University Meir Statman Santa Clara University Real Estate International Bill Blair MacQuarie University S. J. Chang Illinois State University Lawrence Rose Massey University Sharon Taylor University of Western Sydney Education Jerry Stevens University of Richmond Financial Planning Profession Tom Warschauer San Diego State University Co-Published by the Academy of Financial Services and the Financial Planning Association The editor of Financial Services Review wishes to thank the Stetson University, School of Business, for its continuing financial and intellectual support of the journal.", "mime": "application/pdf"}, {"id": "fsr-3290", "words": "1046", "extension": ".pdf", "flesch": "32", "author": "Michelson, Stuart", "title": "Vol 25 No 4 From the Editor", "date": "2023", "keywords": "financial; journal; planning; review; services; university", "summary": "The lead article \u201cExploring the Demand for Retirement Planning Advice: The Role of Financial Literacy\u201d is coauthored by Martin C. Seay at Kansas State University, Kyoung Tae Kim at University of Alabama, and Stuart J. Heckman at Kansas State University. The final article, \u201cHousehold Use of Financial Planners: Measurement Considerations for Researchers\u201d is coauthored by Stuart J. Heckman at Kansas State University, Martin C. Seay at Kansas State University, Kyoung Tae Kim at University of Alabama, and Jodi C. Letkiewicz at York University.", "mime": "application/pdf"}, {"id": "fsr-3292", "words": "1057", "extension": ".pdf", "flesch": "60", "author": "Michelson, Stuart", "title": "Vol 25 No 4 Closing", "date": "2023", "keywords": "author; page; submission", "summary": "Page proofs will be sent to the corresponding author. Submission fees can be paid online or mailed to the Editor when a manuscript is submitted electronically.", "mime": "application/pdf"}, {"id": "fsr-3293", "words": "8898", "extension": ".pdf", "flesch": "57", "author": "Lawson, Derek; Heckman, Stuart", "title": "Individual estimates of life expectancy and consumption patterns", "date": "2017", "keywords": "age; assets; consumption; expectancy; financial; life; life expectancy; retirement; years", "summary": "Because of the dynamic relationship between current age, retirement age, and life expectancy and consumption choice, the current study analyzes the influence of life expectancy on consumption by dividing the respondents\u2019 remaining life expectancy into two periods\u2014remaining work life expectancy and retirement life expectancy. Contrary to expectations, RLE is negatively associated, indicating that a one-year increase in RLE is associated with a 1% decrease in financial assets (B \ufffd \ufffd0.01, SE \ufffd 0.00, p \ufffd 0.01).", "mime": "application/pdf"}, {"id": "fsr-3294", "words": "8341", "extension": ".pdf", "flesch": "56", "author": "Hudson, Crystal; Heo, Wookjae; Park, Heejung; Palmer, Lance", "title": "Employees\u2019 financial behaviors following the 2007\u20132009 financial crisis", "date": "2017", "keywords": "behavior; cash; crisis; employees; financial; flow; income; income employees; management; savings; services; \ufffd \ufffd", "summary": "Jel classification: D14 Keywords: Financial behaviors; Low-income employees; Financial crisis 1. The financial crisis from 2007 to 2009 provides an opportunity to examine whether financial behaviors changed among all employees, and specifically among low-income employees, as a result of external influences.", "mime": "application/pdf"}, {"id": "fsr-3295", "words": "8938", "extension": ".pdf", "flesch": "56", "author": "Baird, Philip", "title": "Value line quarterly EPS forecast error: Analyst credibility or management appeasement?", "date": "2017", "keywords": "analysts; bias; earnings; error; forecast; news; sell; stocks; value; \ufffd \ufffd", "summary": "In sum, the observed distribution of earnings forecast error is the outcome of a complex interplay of incentives faced by managers of public companies and the analysts who cover them. Their results, along with Abarbanell and Lehavy (2003b) and Cohen and Lys (2003), can explain the preponderance of small positive versus small negative forecast errors (the \u201cmiddle\u201d asymmetry) and the preponderance of large negative versus large positive forecast errors (the \u201ctail\u201d asymmetry) that are typically observed in earnings forecast error distributions.2 Abarbanell and Lehavy (2003a) find that firms rated Buy (Sell) are more (less) likely to meet or beat analysts\u2019 forecasts.", "mime": "application/pdf"}, {"id": "fsr-3296", "words": "18496", "extension": ".pdf", "flesch": "56", "author": "Yazdanparast, Atefeh; Alhenawib, Yasser", "title": "Personality and borrowing behavior: An examination of the role of need for material resources and need for arousal traits on household\u2019s borrowing decisions", "date": "2017", "keywords": "arousal; attitude; behavior; borrowing; credit; household; individuals; intention; journal; loans; material; need; personality; research; resources; review; score; services; traits; \ufffd \ufffd", "summary": "JEL classification: D03; D14 Keywords: Personality; Household finance; Financial decision; Borrowing attitude; Borrowing intention 1. Personality and finance: The effects of personality on financial attitudes and behavior.", "mime": "application/pdf"}, {"id": "fsr-3297", "words": "12317", "extension": ".pdf", "flesch": "69", "author": "Scott Docking, Diane; Fortin, Rich; Michelson, Stuart", "title": "The impact of age differences and race on the social security early retirement decision for married couples: An extension with gender role reversals", "date": "2017", "keywords": "age; ir r; m al; r \ufffd; \ufffd irr; \ufffd \ufffd", "summary": "The two terms on the right-hand side of the equation, %Benefit_3 \ufffd \ufffd 1 m \ufffd 1 1\ufffd IRR 12 \ufffd m and %Benefit_4 \ufffd \ufffd 1 n \ufffd 1 1\ufffd IRR 12 \ufffd n , represent the present value of initiating receipt of benefits at retirement age 2; the two second terms on the right-hand side, \ufffd 1 1 \ufffd IRR 12 \ufffd N3\ufffdN1 and \ufffd 1 1\ufffd IRR 12 \ufffd N4\ufffdN2 discount the present value of benefits at retirement age 2 back to retirement age 1 so that the IRR can be computed at the same point in time. Spouse earner, spouse age \ufffd spouse age, spouse and spouse retire at same time Now, assume Angela was born in 1952 and is four years younger than Michael.", "mime": "application/pdf"}, {"id": "fsr-3298", "words": "1377", "extension": ".pdf", "flesch": "30", "author": "Michelson, Stuart", "title": "Vol 26 No 1 Masthead", "date": "2023", "keywords": "academy; financial; journal; planning; president; services; state; university", "summary": "ACADEMY OF FINANCIAL SERVICES OFFICERS President Robert Moreschi Virginia Military Institute President-Elect Duncan Williams Western Carolina University Executive Vice President-Program Swarn Chatterjee University of Georgia Vice President-Communications David Nanigian California State University, Fullerton Vice President-Finance Thomas Langdon Roger Williams University Vice President-International Relations Claire Matthews Massey University Vice President-Professional Organizations Frank Laatsch University of Southern Mississippi Vice President-Mktg & Public Relations Chris Browning Texas Tech University Vice President-Membership Sherman Hanna Ohio State University VP Local Arrangements 2016 Swarn Chatterjee University of Georgia Immediate Past President William Chittenden Texas State University EDITOR, FINANCIAL SERVICES REVIEW Stuart Michelson Stetson University DIRECTORS Charles Chaffin CFP Board of Standards Inga Chira California State University, Northridge Victoria Javine University of Alabama Halil Kiymaz Rollins College Frances Lawrence Louisiana State University Tom Potts Baylor University Janine Scott Massey University Martin Seay Kansas State University PAST PRESIDENTS Thomas Coe, 2015-2016 Quinnipiac University William Chittenden, 2014-15 Texas State University Lance Palmer, 2013-14 University of Georgia Frank Laatsch, 2012-13 University of Southern Mississippi Brian Boscaljon, 2011-12 Penn State University-Erie Halil Kiymaz, 2010-11 Rollins College of Business David Lange, 2009-10 Auburn University, Montgomery Vickie Hampton, 2008-09 Texas Tech University Frank Laatsch 2007-08 University of Southern Mississippi Daniel Walz, 2006-07 Trinity University Anne Gleason, 2005-06 College of Charleston Stuart Michelson, 2004-05 Stetson University Grady Perdue, 2003-04 University of Houston-Clear Lake Vickie Bajtelsmit, 2002-03 Colorado State University Karen Eilers Lahey, 2001-02 University of Akron Tom Eyssell, 2000-01 University of Missouri-St. Louis Jill Lynn Vihtelic, 1999-00 Saint Mary\u2019s College Terry Zivney, 1998-99 Ball State University Don Holdren, 1997-98 Marshall University Robert McLeod, 1996-97 University of Alabama Walt Woerheide, 1995-96 The American College Dixie Mills, 1994-95 Illinois State University Ted Veit, 1993-94 Rollins College Mona Gardner, 1992-93 Illinois Wesleyan University Jean L. Heck, 1991-92 Villanova University Frank K. Reilly, 1990-91 University of Notre Dame Lawrence J. Gitman, 1989-90 San Diego State University Travis S. Pritchett, 1988-89 University of South Carolina Tom Potts, 1987-88 Baylor University Robert F. Bohn, 1986-87 Golden Gate University Tom Warschauer, 1985-86 San Diego State University published in collaboration with the Financial Planning Association Financial Services Review is the journal of the Academy of Financial Services, published in collaboration with the Financial Planning Association. Financial Services Review The Journal of Individual Financial Management Vol. 26, No. 1, 2017 EDITOR Stuart Michelson, Stetson University ASSOCIATE EDITORS Benefits and Retirement Planning Vickie Bajtelsmit Colorado State University Stephen M. Horan CFA Institute Walter Woerheide The American College Estate Planning Ning Tang San Diego State University Investments Robert Brooks University of Alabama Dale Domian York University Jim Gilkeson University of Central Florida Jason Greene Georgia State University William Jennings United States Air Force Academy Larry Prather Southeastern Oklahoma State University Insurance Larry Cox University of Mississippi David Lange Auburn University Financial Institutions Stanley D. Smith University of Central Florida Investor Psychology and Counseling John Nofsinger Washington State University Meir Statman Santa Clara University Real Estate International Bill Blair MacQuarie University S. J. Chang Illinois State University Lawrence Rose Massey University Sharon Taylor University of Western Sydney Education Jerry Stevens University of Richmond Financial Planning Profession Tom Warschauer San Diego State University Co-Published by the Academy of Financial Services and the Financial Planning Association The editor of Financial Services Review wishes to thank the Stetson University, School of Business, for its continuing financial and intellectual support of the journal.", "mime": "application/pdf"}, {"id": "fsr-3299", "words": "1033", "extension": ".pdf", "flesch": "39", "author": "Michelson, Stuart", "title": "Vol 26 No 1 From the Editor", "date": "2023", "keywords": "behavior; employees; financial; university", "summary": "I remain committed to the goal of making Financial Services Review the best academic journal in individual financial management and personal financial planning. For Sell-rated stocks, forecast bias is optimistic, Financial Services Review 26 (2017) v\u2013vi 1057-0810/17/$ \u2013 see front matter \u00a9 2017 Academy of Financial Services.", "mime": "application/pdf"}, {"id": "fsr-3301", "words": "1057", "extension": ".pdf", "flesch": "60", "author": "Michelson, Stuart", "title": "Vol 26 No 1 Closing", "date": "2023", "keywords": "author; page; submission", "summary": "Page proofs will be sent to the corresponding author. Submission fees can be paid online or mailed to the Editor when a manuscript is submitted electronically.", "mime": "application/pdf"}, {"id": "fsr-3302", "words": "983", "extension": ".pdf", "flesch": "42", "author": "Michelson, Stuart", "title": "Vol 26 No 2 From the Editor", "date": "2023", "keywords": "bond; financial; review; services", "summary": "I remain committed to the goal of making Financial Services Review the best academic journal in individual financial management and personal financial planning. The author finds that the Generation Y cohort is more knowledgeable in budgeting and risk management segments of financial literacy, but they lack knowledge in retirement planning.", "mime": "application/pdf"}, {"id": "fsr-3303", "words": "1375", "extension": ".pdf", "flesch": "30", "author": "Michelson, Stuart", "title": "Vol 26 No 2 Masthead", "date": "2023", "keywords": "academy; financial; journal; planning; president; services; state; university", "summary": "ACADEMY OF FINANCIAL SERVICES OFFICERS President Robert Moreschi Virginia Military Institute President-Elect Duncan Williams Western Carolina University Executive Vice President-Program Swarn Chatterjee University of Georgia Vice President-Communications David Nanigian California State University, Fullerton Vice President-Finance Thomas Langdon Roger Williams University Vice President-International Relations Claire Matthews Massey University Vice President-Professional Organizations Frank Laatsch University of Southern Mississippi Vice President-Mktg & Public Relations Chris Browning Texas Tech University Vice President-Membership Sherman Hanna Ohio State University VP Local Arrangements 2016 Swarn Chatterjee University of Georgia Immediate Past President William Chittenden Texas State University EDITOR, FINANCIAL SERVICES REVIEW Stuart Michelson Stetson University DIRECTORS Charles Chaffin CFP Board of Standards Inga Chira California State University, Northridge Victoria Javine University of Alabama Halil Kiymaz Rollins College Frances Lawrence Louisiana State University Tom Potts Baylor University Janine Scott Massey University Martin Seay Kansas State University PAST PRESIDENTS Thomas Coe, 2015-2016 Quinnipiac University William Chittenden, 2014-15 Texas State University Lance Palmer, 2013-14 University of Georgia Frank Laatsch, 2012-13 University of Southern Mississippi Brian Boscaljon, 2011-12 Penn State University-Erie Halil Kiymaz, 2010-11 Rollins College of Business David Lange, 2009-10 Auburn University, Montgomery Vickie Hampton, 2008-09 Texas Tech University Frank Laatsch 2007-08 University of Southern Mississippi Daniel Walz, 2006-07 Trinity University Anne Gleason, 2005-06 College of Charleston Stuart Michelson, 2004-05 Stetson University Grady Perdue, 2003-04 University of Houston-Clear Lake Vickie Bajtelsmit, 2002-03 Colorado State University Karen Eilers Lahey, 2001-02 University of Akron Tom Eyssell, 2000-01 University of Missouri-St. Louis Jill Lynn Vihtelic, 1999-00 Saint Mary\u2019s College Terry Zivney, 1998-99 Ball State University Don Holdren, 1997-98 Marshall University Robert McLeod, 1996-97 University of Alabama Walt Woerheide, 1995-96 The American College Dixie Mills, 1994-95 Illinois State University Ted Veit, 1993-94 Rollins College Mona Gardner, 1992-93 Illinois Wesleyan University Jean L. Heck, 1991-92 Villanova University Frank K. Reilly, 1990-91 University of Notre Dame Lawrence J. Gitman, 1989-90 San Diego State University Travis S. Pritchett, 1988-89 University of South Carolina Tom Potts, 1987-88 Baylor University Robert F. Bohn, 1986-87 Golden Gate University Tom Warschauer, 1985-86 San Diego State University published in collaboration with the Financial Planning Association Financial Services Review is the journal of the Academy of Financial Services, published in collaboration with the Financial Planning Association. Financial Services Review The Journal of Individual Financial Management Vol. 26, No. 2, 2017 EDITOR Stuart Michelson, Stetson University ASSOCIATE EDITORS Benefits and Retirement Planning Vickie Bajtelsmit Colorado State University Stephen M. Horan CFA Institute Walter Woerheide The American College Estate Planning Ning Tang San Diego State University Investments Robert Brooks University of Alabama Dale Domian York University Jim Gilkeson University of Central Florida Jason Greene Georgia State University William Jennings United States Air Force Academy David Nanigian CSU Fullerton Insurance Larry Cox University of Mississippi David Lange Auburn University Financial Institutions Stanley D. Smith University of Central Florida Investor Psychology and Counseling John Nofsinger Washington State University Meir Statman Santa Clara University Real Estate International Bill Blair MacQuarie University S. J. Chang Illinois State University Lawrence Rose Massey University Sharon Taylor University of Western Sydney Education Jerry Stevens University of Richmond Financial Planning Profession Tom Warschauer San Diego State University Co-Published by the Academy of Financial Services and the Financial Planning Association The editor of Financial Services Review wishes to thank the Stetson University, School of Business, for its continuing financial and intellectual support of the journal.", "mime": "application/pdf"}, {"id": "fsr-3304", "words": "12685", "extension": ".pdf", "flesch": "47", "author": "Warshawsky, Mark", "title": "Retirement income strategies designed in an expected utility framework", "date": "2017", "keywords": "ace; age; alda; annuities; annuity; balance; financial; income; life; percentage; real; retirement; strategies; strategy; warshawsky; wealth; withdrawal; \ufffd \ufffd", "summary": "Its lifetime utility in retirement is expressed as follows: V\ufffd \ufffd \ufffdt\ufffd0 \ufffd\ufffd1 \ufffd\ufffdthtu\ufffdct ht \ufffd\ufffd \ufffd \ufffd\ufffdv\ufffdb\ufffd\ufffd, where the realized lifetime utility V\ufffd depends on the survival from t \ufffd 0 (retirement age 65) through \ufffd (stochastic, maximum age 105), ct is household consumption and ct/ht is on a per capita basis with ht being the effective number of adults, b\ufffd is monetary wealth as bequest upon death, and \ufffd \ufffd 0.97 is the discount factor (time preference) Using rounded averages of parameter values estimated by De Nardi et al., (2010) and Lockwood (2012),4 we initially set \ufffd \ufffd 4, \ufffd \ufffd 30, and \ufffd \ufffd 10.", "mime": "application/pdf"}, {"id": "fsr-3305", "words": "10146", "extension": ".pdf", "flesch": "52", "author": "Killins, Robert", "title": "The financial literacy of Generation Y and the influence that personality traits have on financial knowledge: Evidence from Canada", "date": "2017", "keywords": "canada; generation; individuals; level; literacy; lusardi; personality; research; review; scores; services; survey; traits; \ufffd \ufffd", "summary": "RACE 0.129c (0.044) 0.167c (0.053) 0.085a (0.048) 0.144b (0.66) 0.149b (0.073) 0.143b (0.072) EMP 0.029 (0.042) 0.059 (0.051) 0.002 (0.046) 0.065 (0.063) 0.040 (0.071) 0.041 (0.069) RES \ufffd0.008 (0.044) 0.089 (0.053) \ufffd0.015 (0.048) \ufffd0.034 (0.066) \ufffd0.087 (0.073) \ufffd0.054 (0.072) R2 0.148 0.152 0.091 0.091 0.131 0.086 F-statistic 3.19c 3.24c 2.721b 2.654b 2.983b 2.457a The dependent variables include: Overall financial literacy (FLO) is the percentage of correct scores from 28 questions on financial literacy. Using a detailed financial literacy survey, multiple areas of financial literacy are measured (investments, budgeting, economics, risk manage- ment, and retirement planning) along with the well-known Big Five personality traits.", "mime": "application/pdf"}, {"id": "fsr-3306", "words": "7055", "extension": ".pdf", "flesch": "60", "author": "Clinebell, John; Kahl, Douglas; Stevens, Jerry", "title": "Active asset allocation for retirement funds using the fed model", "date": "2017", "keywords": "data; fed; fed model; investment; market; model; multiplier; period; time; vanguard; \ufffd t; \ufffd \ufffd", "summary": "A likelihood ratio test statistic with a \ufffd2 distribution provides a test of the null hypothesis (\ufffd \ufffd 0), which implies that the coefficient of the model (l) is constant. Again, when \ufffd \ufffd one the strict Fed model holds.", "mime": "application/pdf"}, {"id": "fsr-3307", "words": "13103", "extension": ".pdf", "flesch": "63", "author": "Cheung, C. Sherman; Miu, Peter", "title": "Bond laddering and bond indexing: An empirical comparison", "date": "2017", "keywords": "bond index; ladder portfolio; mtm ladder; portfolio; rate; return; risk; sharpe; term; year bond; year ladder; year mtm; \ufffd \ufffd", "summary": "Jel classification: G10; G11 Keywords: Ladder bond portfolio; Passive bond investments 1. Cheung, Kwan, and Sarkar (2010) justify the existence of bond ladders based on bound rationality.", "mime": "application/pdf"}, {"id": "fsr-3308", "words": "12218", "extension": ".pdf", "flesch": "67", "author": "Trifts, Jack; Porter, Gary", "title": "The impact of the capitalization of operating leases: A guide for individual investors", "date": "2017", "keywords": "debt; leases; operating; t ra", "summary": "The impact of the capitalization of operating leases: A guide for individual investors Jack Trifts, Ph.D.a,*, Gary E. Porter, Ph.D.b aCollege of Business, Bryant University, Smithfield, RI 02917, USA bD\u2019Amore-McKim School of Business, Northeastern University, Boston, MA, 02115, USA Abstract We provide a brief explanation of the new Financial Accounting Standards Board (FASB) standard requiring firms to move their off-balance sheet operating leases onto the balance sheet beginning in 2019, and then discuss how the new rule might affect the stock and bond values in the largest 1,000 listed firms. Jel classification: G11 Keywords: Operating leases; Off-balance sheet financing; Asset pricing 1.", "mime": "application/pdf"}, {"id": "fsr-3310", "words": "1268", "extension": ".pdf", "flesch": "56", "author": "Michelson, Stuart", "title": "FSR Vol 26 #2 Closing", "date": "2023", "keywords": "financial; papers; services; submission", "summary": "Call for Papers The Academy of Financial Services 32nd Annual Meeting October, 2018, Chicago, IL The Academy of Financial Services will hold its annual conference in Chicago, IL on Tuesday and Wednesday, October 2-3, 2018. There is a $50 submission fee payable to the Academy of Financial Services (AFS) if at least one of the authors is a member of AFS.", "mime": "application/pdf"}, {"id": "fsr-3311", "words": "11358", "extension": ".pdf", "flesch": "49", "author": "DeLibero, Russell; Pfau, Wade", "title": "Life insurance as a retirement income tool", "date": "2017", "keywords": "accumulation; benefit; cash; distribution; income; insurance; life; life insurance; policy; rate; retirement; tax", "summary": "Katt (2013) further discusses how cash value within life insurance policies is different from a bank account. The type of life insurance policy selected dictates the method and capacity for accumu- lation of cash value.", "mime": "application/pdf"}, {"id": "fsr-3321", "words": "7006", "extension": ".pdf", "flesch": "56", "author": "Anthony, Andrea; Beck, Kristine; Chira, Inga", "title": "Does the source of money determine retirement investment choices?", "date": "2017", "keywords": "403(b; choices; employees; fidelity; investment; participants; plan; retirement; risk; tier", "summary": "JEL classification: D14; G41 Keywords: 403(b); Investment choices; Highly educated individuals; Investment risk 1. 247A. Anthony et al. / Financial Services Review 26 (2017) 241\u2013254 contribution, it is important to mention the data availability constraints that may underrep- resent the true number of dual plan enrollments.6 Next, we examine employee investment choices.", "mime": "application/pdf"}, {"id": "fsr-3322", "words": "8092", "extension": ".pdf", "flesch": "61", "author": "Shin, Serah; Kim, Hyungsoo", "title": "Marital status, health, and retirement wealth for middle aged and older women", "date": "2017", "keywords": "disease; health; kim; morbidity; net; patterns; period; retirement; sequence; status; women; worth; years", "summary": "Table 3 shows that the distribution of health sequence patterns differ significantly between married and unmarried women. Table 4 shows that married and unmarried women exhibit differences in wealth levels, and the change according to health sequence patterns.", "mime": "application/pdf"}, {"id": "fsr-3323", "words": "8158", "extension": ".pdf", "flesch": "52", "author": "Camarda, Jeffrey", "title": "Relation between financial advisory designations and FINRA misconduct FSR201714", "date": "2017", "keywords": "adis; advisory; cad; cfa; cfp; designation; dis; disclosure; financial; iar; insurance; misconduct; study; \ufffd \ufffd", "summary": "The Tobit and OLS regression models specifications are: DIS \ufffd \ufffd1 \ufffd \ufffdYr \ufffd \ufffdA \ufffd \ufffdG \ufffd \ufffdIC \ufffd \ufffdRR&IAR \ufffd \ufffdIns \ufffd \ufffdAnyDes \ufffd \ufffd (1) ADIS \ufffd \ufffd1 \ufffd \ufffdYr \ufffd \ufffdA \ufffd \ufffdG \ufffd \ufffdIC \ufffd \ufffdRR&IAR \ufffd \ufffdIns \ufffd \ufffdAnyDes \ufffd \ufffd (2) CAD \ufffd \ufffd1 \ufffd \ufffdYr \ufffd \ufffdA \ufffd \ufffdG \ufffd \ufffdIC \ufffd \ufffdRR&IAR \ufffd \ufffdIns \ufffd \ufffdAnyDes \ufffd \ufffd (3) Table 5 DIS, ADIS, CAD, and binary analog misconduct by designation, gender, employment status, and insurance and IAR licensure Independent variable \ufffd B-CAD \ufffd B-ADIS \ufffd B-DIS \ufffd CAD \ufffd ADIS \ufffd DIS Sample mean 0.12 0.15 0.24 0.75 0.86 1.10 Any designation 0.18 0.22 0.28 1.10 1.23 1.41 No designation 0.11 0.13 0.23 0.71 0.81 1.06 CFP 0.19 0.22 0.28 1.11 1.25 1.42 Non-CFP 0.11 0.14 0.23 0.72 0.82 1.07 ChFC 0.18 0.21 0.27 1.10 1.23 1.43 Non-ChFC 0.12 0.14 0.24 0.74 0.85 1.09 CFA 0.09 0.13 0.17 0.52 0.62 0.70 282 J.M. Camarda / Financial Services Review 26 (2017) 271\u2013290 The logit regression models specifications are: B-DIS \ufffd \ufffd1 \ufffd \ufffdYr \ufffd \ufffdA \ufffd \ufffdG \ufffd \ufffdIC \ufffd \ufffdRR&IAR \ufffd \ufffdIns \ufffd \ufffdAnyDes \ufffd \ufffd (4) B-ADIS \ufffd \ufffd1 \ufffd \ufffdYr \ufffd \ufffdA \ufffd \ufffdG \ufffd \ufffdIC \ufffd \ufffdRR&IAR \ufffd \ufffdIns \ufffd \ufffdAnyDes \ufffd \ufffd (5) B-CAD \ufffd \ufffd1 \ufffd \ufffdYr \ufffd \ufffdA \ufffd \ufffdG \ufffd \ufffdIC \ufffd \ufffdRR&IAR \ufffd \ufffdIns \ufffd \ufffdAnyDes \ufffd \ufffd (6) Where YR \ufffd Years registered A \ufffd Age G \ufffd Gender IC \ufffd Independent contractor RR&IAR \ufffd dual registration as RR and IAR Ins \ufffd RR is life insurance sales licensed Anydes \ufffd RR holds any of CFA, CFP, or ChFC designations 9.", "mime": "application/pdf"}, {"id": "fsr-3324", "words": "11446", "extension": ".pdf", "flesch": "63", "author": "Chambers, Valrie; Bland, Eugene; Spencer, Marilyn", "title": "Does the source of a cash flow affect spending versus saving?", "date": "2017", "keywords": "bonus; game; income; level; lottery; payment; review; savings; source; sum; table; tax; variable", "summary": "For the dependent variable Total Savings with monthly Table 6 Summary of significance of the sources of payment A. Longer-term savings, lump sum \ufffd Pr \ufffd \ufffdt\ufffd At the 1% significance level Game show vs. tax rebate \ufffd0.110 0.001 At the 5% significance level Game show vs. lottery \ufffd0.067 0.047 Game show vs. inheritance \ufffd0.065 0.045 At the 10% significance level Bonus vs. tax rebate \ufffd0.066 0.056 B. Total savings, lump sum payment \ufffd Pr \ufffd \ufffdt\ufffd At the 10 % significance level Game show vs. tax rebate \ufffd0.056 0.063 C. Longer-term savings, monthly payment \ufffd Pr \ufffd \ufffdt\ufffd At the 1% significance level Game show vs. tax rebate \ufffd.1058 .005 At the 5% significance level Game show vs. lottery \ufffd.079 .036 At the 10% significance level Game show vs. bonus \ufffd.068 .065 Inheritance vs. tax rebate \ufffd.069 .066 D. Total savings, monthly payment \ufffd Pr \ufffd \ufffdt\ufffd At the 1% significance level Game show vs. lottery \ufffd.096 .008 Game show vs. bonus \ufffd.108 .002 At the 5% significance level Game show vs. tax rebates \ufffd.076 .033 Inheritance vs. bonus \ufffd.077 .033 At the 10% significance level Inheritance vs. Lottery \ufffd.065 .072 306 V. Chambers et al. / Financial Services Review 26 (2017) 291\u2013313 payments for one year, Game Show winnings were saved at a lower rate than Bonus payments at the p \ufffd 0.0024 significance level, and an Inheritance was saved at a lower level than a bonus at the 0.00325 significance level.", "mime": "application/pdf"}, {"id": "fsr-3326", "words": "15184", "extension": ".pdf", "flesch": "44", "author": "Pilote, Pierre-Etienne; Boulianne, Emilio; Magnan, Michel", "title": "Impact of the Financial Advisor on Clients\u2019 Financial Outcomes: An Integrative Model", "date": "2024", "keywords": "advice; advisor; archival; clients; data; et al; financial; impact; individuals; information; journal; knowledge; model; recommendations; review; services; theory; title; trust", "summary": "Choice of self-serving recommendations Variation of advisors\u2019 recommendations Advice provided by the advisor is of higher quality when the client is more financially literate The information provided by the advisor to the client is generally of low quality Stoughton et al. (2011) Financial advisor, title not specified Analytical model Presence of kickbacks Clients\u2019 wealth Kickbacks offered by portfolio managers to financial advisors negatively affect clients\u2019 wealth Van Dijk et al. (2008) Insurance brokers Archival data and online survey Choice of self-serving recommendations The return on investment of the life insurance policy Insurance brokers do not generally recommend the best product to their clients Trust Theory Pilote et al. Financial advisor, title not specified Archival data The holding of a university degree The percentage of assets invested in the stock market in relation to total assets Individuals who consult with financial advisors with higher levels of education are more likely to invest in the stock market than clients of those with lower levels of education Fan (2021)", "mime": "application/pdf"}, {"id": "fsr-3333", "words": "1380", "extension": ".pdf", "flesch": "32", "author": "Michelson, Stuart", "title": "Vol 24 No 3 Masthead", "date": "2023", "keywords": "academy; financial; journal; planning; president; services; state; university", "summary": "Financial Services Review The Journal of Individual Financial Management Vol. 24, No. 3, 2015 EDITOR Stuart Michelson, Stetson University ASSOCIATE EDITORS Benefits and Retirement Planning Vickie Bajtelsmit Colorado State University Stephen M. Horan CFA Institute Walter Woerheide The American College Estate Planning Ning Tang San Diego State University Investments Robert Brooks University of Alabama Dale Domian York University Jim Gilkeson University of Central Florida Jason Greene Georgia State University William Jennings United States Air Force Academy Larry Prather Southeastern Oklahoma State University Insurance Larry Cox University of Mississippi David Lange Auburn University Financial Institutions Stanley D. Smith University of Central Florida Investor Psychology and Counseling John Nofsinger Washington State University Meir Statman Santa Clara University Real Estate International Bill Blair MacQuarie University S. J. Chang Illinois State University Lawrence Rose Massey University Sharon Taylor University of Western Sydney Education Jean Louis Heck Saint Joseph\u2019s University Financial Planning Profession Tom Warschauer San Diego State University Co-Published by the Academy of Financial Services and the Financial Planning Association The editor of Financial Services Review wishes to thank the Stetson University, School of Business, for its continuing financial and intellectual support of the journal. ACADEMY OF FINANCIAL SERVICES OFFICERS President William Chittenden Texas State University President-Elect Thomas Coe Quinnipiac University Executive Vice President-Program Robert Moreschi Virginia Military Institute Vice President-Communications Martin Seay Kansas State University Vice President-Finance Thomas Langdon Roger Williams University Vice President-International Relations Claire Matthews Massey University Vice President-Professional Organizations Tom Warschauer San Diego State University Vice President-Mktg & Public Relations A. William Gustafson Texas Tech University Vice President-Membership Larry Prather Southeastern Oklahoma State University VP Local Arrangements 2016 Swarn Chatterjee University of Georgia VP Local Arrangements 2015 Benjamin Cummings Saint Joseph\u2019s University Immediate Past President Lance Palmer University of Georgia EDITOR, FINANCIAL SERVICES REVIEW Stuart Michelson Stetson University DIRECTORS Sherman Hanna Ohio State University Halil Kiymaz Rollins College Frank Laatsch Univ. of Southern Mississippi David Nanigian The American College Tom Potts Baylor University Charles Chaffin CFP Board of Standards Rich Fortin New Mexico State University Grady Perdue University of Houston Clear Lake PAST PRESIDENTS Lance Palmer, 2013-14 University of Georgia Frank Laatsch, 2012-13 Univ. of Southern Mississippi Brian Boscaljon, 2011-12 Penn State University-Erie Halil Kiymaz, 2010-11 Rollins College of Business David Lange, 2009-10 Auburn University, Montgomery Vickie Hampton, 2008-09 Texas Tech University Frank Laatsch 2007-08 University of Southern Mississippi Daniel Walz, 2006-07 Trinity University Anne Gleason, 2005-06 College of Charleston Stuart Michelson, 2004-05 Stetson University Grady Perdue, 2003-04 University of Houston-Clear Lake Vickie Bajtelsmit, 2002-03 Colorado State University Karen Eilers Lahey, 2001-02 University of Akron Tom Eyssell, 2000-01 University of Missouri-St. Louis Jill Lynn Vihtelic, 1999-00 Saint Mary\u2019s College Terry Zivney, 1998-99 Ball State University Don Holdren, 1997-98 Marshall University Robert McLeod, 1996-97 University of Alabama Walt Woerheide, 1995-96 The American College Dixie Mills, 1994 -95 Illinois State University Ted Veit, 1993-94 Rollins College Mona Gardner, 1992-93 Illinois Wesleyan University Jean L. Heck, 1991-92 Villanova University Frank K. Reilly, 1990-91 University of Notre Dame Lawrence J. Gitman, 1989-90 San Diego State University Travis S. Pritchett, 1988-89 University of South Carolina Tom Potts, 1987-88 Baylor University Robert F. Bohn, 1986-87 Golden Gate University Tom Warschauer, 1985-86 San Diego State University published in collaboration with the Financial Planning Association Financial Services Review is the journal of the Academy of Financial Services, published in collaboration with the Financial Planning Association.", "mime": "application/pdf"}, {"id": "fsr-3334", "words": "980", "extension": ".pdf", "flesch": "45", "author": "Michelson, Stuart", "title": "Vol 24 No 3 Letter from the Editor", "date": "2023", "keywords": "authors; financial; fund", "summary": "They find that both retail and wholesale investors base their investment decision on the past performance of the funds and that there is very little evidence that the riskiness of fund returns has a significant effect on the flow of funds. From the Editor This issue contains Issue 3 of Volume 24 of Financial Services Review (FSR).", "mime": "application/pdf"}, {"id": "fsr-3335", "words": "11269", "extension": ".pdf", "flesch": "45", "author": "Collins, Patrick J.; Lam, Huy; Stampfli, Josh", "title": "How risky is your retirement income risk model?", "date": "2015", "keywords": "asset; collins; distribution; income; inflation; investment; investor; model; monte; planning; portfolio; rates; regime; retirement; returns; review; risk; risk model; series; services; sustainability", "summary": "However, retirement income risk models are hypersensitive to the level of assumed inflation with the result that success or failure probability assessments may differ widely. The article ends with general comments regarding model risk and practitioner investment advice.", "mime": "application/pdf"}, {"id": "fsr-3336", "words": "27226", "extension": ".pdf", "flesch": "80", "author": "Gupta, Rakesh; Jithendranathan, Thadavillil", "title": "The impact of superannuation fund choice legislation and the global financial crisis on Australian retail fund flows", "date": "2015", "keywords": "ar te; funds; investors; r \ufffd; rs \ufffd; superannuation; t \ufffd; ta t; \ufffd \ufffd", "summary": "Unlike superannuation fund investors, discretionary investors have less money in managed funds and more investments in Australian equities. These results indicate that, in general, superannuation fund investors are similarly prone to return chasing compared with retail investors.", "mime": "application/pdf"}, {"id": "fsr-3337", "words": "9354", "extension": ".pdf", "flesch": "65", "author": "Kanuri, Srinidhi; McLeod, Robert W.", "title": "Does it pay to diversify? U.S. vs. international ETFs", "date": "2015", "keywords": "diversification; etfs; index; international; months; period; returns; review; s&p; total; u.s; world", "summary": "Alpha and beta We also test to see if the selections of securities within the ETF provide additional value to investors by computing Jensen (1968) \ufffd as follows: \ufffdRETF, t \ufffd Rf, t\ufffd \ufffd \ufffdi \ufffd \ufffdi*\ufffdRBenchmark, t \ufffd Rf, t\ufffd \ufffd \ufffdi,t (7) where R ETF, t and R Benchmark, t are monthly returns on the ETF and their benchmark index, respectively. If \ufffd \ufffd 1, it indicates that ETF is very consistent with the benchmark index movements.", "mime": "application/pdf"}, {"id": "fsr-3338", "words": "7422", "extension": ".pdf", "flesch": "65", "author": "Chen, Haiwei; Shin, Sang Heon; Sun, Xu", "title": "Return-enhancing strategies with international ETFs: Exploiting the turn-of-the-month effect", "date": "2015", "keywords": "etf; index; month; period; returns; strategy; tom; tom period", "summary": "In addition, we find that the risk level is lower during TOM period than during non-TOM period for both index and ETF returns in all nine markets. \ufffdReturn is the difference between ETF returns and the corresponding stock index returns.", "mime": "application/pdf"}, {"id": "fsr-3339", "words": "12212", "extension": ".pdf", "flesch": "60", "author": "He, Wei; Cao, Bolong; Baker, H. Kent", "title": "The performance and market timing ability of Chinese mutual funds", "date": "2015", "keywords": "characteristics; chinese; factor; financial; flows; fund; fund performance; market; net; performance; returns; size; stock; table; timing", "summary": "This inability to generate superior net-of-fees returns or risk-adjusted returns is consistent with the liter- ature on mutual fund performance in both developed and emerging markets (Eling and Faust, 2010; Fama and French, 2010; French, 2008). On persistence in mutual fund performance.", "mime": "application/pdf"}, {"id": "fsr-3340", "words": "1057", "extension": ".pdf", "flesch": "60", "author": "Michelson, Stuart", "title": "Vol 24 No 3 Closing", "date": "2023", "keywords": "author; page; submission", "summary": "Page proofs will be sent to the corresponding author. Submission fees can be paid online or mailed to the Editor when a manuscript is submitted electronically.", "mime": "application/pdf"}, {"id": "fsr-3341", "words": "7548", "extension": ".pdf", "flesch": "46", "author": "Kruger, Michelle; Palmer, Lance; Goetz, Joseph", "title": "Financial Satisfaction: The Role of Shared Financial Responsibilities and Shared Financial Values Among Couples", "date": "2023", "keywords": "agreement; couple; financial; income; journal; level; satisfaction; saving; spending; variables", "summary": "Results of the analysis indicated that the way household finances were shared was associated with perceptions of financial satisfaction. Financial satisfaction: The role of shared financial responsibilities and share financial values among couples.", "mime": "application/pdf"}, {"id": "fsr-3343", "words": "8194", "extension": ".pdf", "flesch": "41", "author": "Rand, Christopher; McCrae, Melisande; Martin, Jason", "title": "Retail Investors and Investment Fraud Victims: Is There a Connection?", "date": "2025", "keywords": "adults; age; financial; fraud; investment; investment fraud; investors; knowledge; level; overconfident; research; risk; study; victims", "summary": "Logistic regressions on a national sample of retail investors revealed that overconfident and financially literate investors shared several characteristics with victims of investment fraud. According to the Federal Bureau of Investigation (FBI), investment fraud is defined as the illegal sale of financial products (Federal Bureau of Investigation [FBI], 2020).", "mime": "application/pdf"}, {"id": "fsr-3346", "words": "7481", "extension": ".pdf", "flesch": "45", "author": "Jeong, Danah; Hampton, Benjamin; Archuleta, Kristy", "title": "How Are You Doing? Financial Well-being During COVID-19 ", "date": "2024", "keywords": "behavior; covid-19; financial; income; knowledge; satisfaction; score; study; time; wellbeing", "summary": "Their findings indicated that financial satisfaction is directly and indirectly associated with financial behavior, financial stress, financial knowledge, income, financial solvency, risk tolerance and education. H5: Subjective perceptions (financial knowledge) will have an indirect effect on financial well-being through financial satisfaction during COVID-19.", "mime": "application/pdf"}, {"id": "fsr-3355", "words": "11730", "extension": ".pdf", "flesch": "48", "author": "Qing, Di; Reiter, Miranda", "title": "Racial/Ethnic Disparities in Financial Advice Seeking: A Decomposition Analysis", "date": "2024", "keywords": "advice; black; consumers; decisions; decomposition; differences; financial; groups; hispanic; knowledge; planner; respondents; risk; seeking; use; white", "summary": "Introduction There is a growing demand for financial planners (U.S. Bureau of Labor Statistics, 2023) as financial advice is becoming more important to ensure the success of long-term financial goals for consumers in the United States (Harlow et al., 2020). However, the discrepancy may be related to the fact that some previous studies investigated financial professional usage by including financial advice seeking behavior around debt, which this study excluded, or by defining financial planner differently than the current study.", "mime": "application/pdf"}, {"id": "fsr-3358", "words": "11617", "extension": ".pdf", "flesch": "53", "author": "Grace, Chuck; Metzler, Adam; Miao, Yang; Feng, Longlong; Fazeli, Alireza", "title": "Unveiling the Winning Contribution Patterns for Enhanced Financial Health", "date": "2024", "keywords": "accumulation; canada; canadian; cluster; clustering; dataset; financial; impact; income; investment; investors; journal; portfolio; rates; research; retirement; returns; risk; savings; time; wealth", "summary": "In this case an additional percentage point of returns has the same mathematical impact on their wealth as a percentage point of savings rate. However, while savings rate falls under the direct control of the investors, investment returns only very weakly so.", "mime": "application/pdf"}, {"id": "fsr-3359", "words": "832", "extension": ".pdf", "flesch": "64", "author": "Grable, John", "title": "From the Editor", "date": "2023", "keywords": "financial; fsr", "summary": "Financial Services Review, 31(4) i Volume 31 Issue 4 From the Editor Welcome to the latest issue of Financial Services Review (FSR). If you are a member of the Academy of Financial Services or have been a devoted reader of the Journal, you know that FSR has faced several challenges over the past few years.", "mime": "application/pdf"}, {"id": "fsr-3364", "words": "1375", "extension": ".pdf", "flesch": "30", "author": "Michelson, Stuart", "title": "Vol 26 No 3 Masthead", "date": "2023", "keywords": "academy; financial; journal; planning; president; services; state; university", "summary": "ACADEMY OF FINANCIAL SERVICES OFFICERS President Robert Moreschi Virginia Military Institute President-Elect Duncan Williams Western Carolina University Executive Vice President-Program Swarn Chatterjee University of Georgia Vice President-Communications David Nanigian California State University, Fullerton Vice President-Finance Thomas Langdon Roger Williams University Vice President-International Relations Claire Matthews Massey University Vice President-Professional Organizations Frank Laatsch University of Southern Mississippi Vice President-Mktg & Public Relations Chris Browning Texas Tech University Vice President-Membership Sherman Hanna Ohio State University VP Local Arrangements 2016 Swarn Chatterjee University of Georgia Immediate Past President William Chittenden Texas State University EDITOR, FINANCIAL SERVICES REVIEW Stuart Michelson Stetson University DIRECTORS Charles Chaffin CFP Board of Standards Inga Chira California State University, Northridge Victoria Javine University of Alabama Halil Kiymaz Rollins College Frances Lawrence Louisiana State University Tom Potts Baylor University Janine Scott Massey University Martin Seay Kansas State University PAST PRESIDENTS Thomas Coe, 2015-2016 Quinnipiac University William Chittenden, 2014-15 Texas State University Lance Palmer, 2013-14 University of Georgia Frank Laatsch, 2012-13 University of Southern Mississippi Brian Boscaljon, 2011-12 Penn State University-Erie Halil Kiymaz, 2010-11 Rollins College of Business David Lange, 2009-10 Auburn University, Montgomery Vickie Hampton, 2008-09 Texas Tech University Frank Laatsch 2007-08 University of Southern Mississippi Daniel Walz, 2006-07 Trinity University Anne Gleason, 2005-06 College of Charleston Stuart Michelson, 2004-05 Stetson University Grady Perdue, 2003-04 University of Houston-Clear Lake Vickie Bajtelsmit, 2002-03 Colorado State University Karen Eilers Lahey, 2001-02 University of Akron Tom Eyssell, 2000-01 University of Missouri-St. Louis Jill Lynn Vihtelic, 1999-00 Saint Mary\u2019s College Terry Zivney, 1998-99 Ball State University Don Holdren, 1997-98 Marshall University Robert McLeod, 1996-97 University of Alabama Walt Woerheide, 1995-96 The American College Dixie Mills, 1994-95 Illinois State University Ted Veit, 1993-94 Rollins College Mona Gardner, 1992-93 Illinois Wesleyan University Jean L. Heck, 1991-92 Villanova University Frank K. Reilly, 1990-91 University of Notre Dame Lawrence J. Gitman, 1989-90 San Diego State University Travis S. Pritchett, 1988-89 University of South Carolina Tom Potts, 1987-88 Baylor University Robert F. Bohn, 1986-87 Golden Gate University Tom Warschauer, 1985-86 San Diego State University published in collaboration with the Financial Planning Association Financial Services Review is the journal of the Academy of Financial Services, published in collaboration with the Financial Planning Association. Financial Services Review The Journal of Individual Financial Management Vol. 26, No. 3, 2017 EDITOR Stuart Michelson, Stetson University ASSOCIATE EDITORS Benefits and Retirement Planning Vickie Bajtelsmit Colorado State University Stephen M. Horan CFA Institute Walter Woerheide The American College Estate Planning Ning Tang San Diego State University Investments Robert Brooks University of Alabama Dale Domian York University Jim Gilkeson University of Central Florida Jason Greene Georgia State University William Jennings United States Air Force Academy David Nanigian CSU Fullerton Insurance Larry Cox University of Mississippi David Lange Auburn University Financial Institutions Stanley D. Smith University of Central Florida Investor Psychology and Counseling John Nofsinger Washington State University Meir Statman Santa Clara University Real Estate International Bill Blair MacQuarie University S. J. Chang Illinois State University Lawrence Rose Massey University Sharon Taylor University of Western Sydney Education Jerry Stevens University of Richmond Financial Planning Profession Tom Warschauer San Diego State University Co-Published by the Academy of Financial Services and the Financial Planning Association The editor of Financial Services Review wishes to thank the Stetson University, School of Business, for its continuing financial and intellectual support of the journal.", "mime": "application/pdf"}, {"id": "fsr-3365", "words": "829", "extension": ".pdf", "flesch": "42", "author": "Michelson, Stuart", "title": "Vol 26 No 3 Letter", "date": "2023", "keywords": "financial; review; services", "summary": "Using data from 2,476 women age 50 or older from the 1992\u20132014 Health and Retirement Study, they find that unmarried women have more complicated and costly health sequences compared to married women, including multi- Financial Services Review 26 (2017) v\u2013vi 1057-0810/17/$ \u2013 see front matter \u00a9 2017 Academy of Financial Services. I remain committed to the goal of making Financial Services Review the best academic journal in individual financial management and personal financial planning.", "mime": "application/pdf"}, {"id": "fsr-3366", "words": "1057", "extension": ".pdf", "flesch": "60", "author": "Michelson, Stuart", "title": "Vol 26 No 3 Closing", "date": "2023", "keywords": "author; page; submission", "summary": "Page proofs will be sent to the corresponding author. Submission fees can be paid online or mailed to the Editor when a manuscript is submitted electronically.", "mime": "application/pdf"}, {"id": "fsr-3368", "words": "1322", "extension": ".pdf", "flesch": "29", "author": "Michelson, Stuart", "title": "Vol 26 No 4 Masthead", "date": "2023", "keywords": "academy; financial; journal; planning; president; services; state; university", "summary": "Financial Services Review The Journal of Individual Financial Management Vol. 26, No. 4, 2017 EDITOR Stuart Michelson, Stetson University ASSOCIATE EDITORS Benefits and Retirement Planning Vickie Bajtelsmit Colorado State University Stephen M. Horan CFA Institute Walter Woerheide The American College Estate Planning Ning Tang San Diego State University Investments Robert Brooks University of Alabama Dale Domian York University Jim Gilkeson University of Central Florida Jason Greene Georgia State University William Jennings United States Air Force Academy David Nanigian CSU Fullerton Insurance Larry Cox University of Mississippi David Lange Auburn University Financial Institutions Stanley D. Smith University of Central Florida Investor Psychology and Counseling John Nofsinger Washington State University Meir Statman Santa Clara University Real Estate International Bill Blair MacQuarie University S. J. Chang Illinois State University Lawrence Rose Massey University Sharon Taylor University of Western Sydney Education Jerry Stevens University of Richmond Financial Planning Profession Tom Warschauer San Diego State University Co-Published by the Academy of Financial Services and the Financial Planning Association The editor of Financial Services Review wishes to thank the Stetson University, School of Business, for its continuing financial and intellectual support of the journal. ACADEMY OF FINANCIAL SERVICES OFFICERS President Robert Moreschi Virginia Military Institute President-Elect Swarn Chatterjee University of Georgia Executive Vice President-Program Janine Scott University Shepherd Vice President-Communications David Nanigian California State University, Fullerton Vice President-Finance Thomas Langdon Roger Williams University Vice President-International Relations Philip Gibson Winthrop University Vice President-Professional Organizations Frank Laatsch University of Southern Mississippi Vice President-Mktg & Public Relations Chris Browning Texas Tech University Vice President-Membership Sherman Hanna Ohio State University VP Local Arrangements 2016 Swarn Chatterjee University of Georgia Immediate Past President Thomas Coe Quinnipiac University EDITOR, FINANCIAL SERVICES REVIEW Stuart Michelson Stetson University DIRECTORS Charles Chaffin CFP Board of Standards Inga Chira California State University, Northridge Victoria Javine University of Alabama Colleen Tokar-Asaad Baldwin Wallace University Frances Lawrence University of Missouri Tom Potts Baylor University Terrance Martin University of Texas\u2013Rio Grande Valley Martin Seay Kansas State University PAST PRESIDENTS Thomas Coe, 2015-2016 Quinnipiac University William Chittenden, 2014-15 Texas State University Lance Palmer, 2013-14 University of Georgia Frank Laatsch, 2012-13 University of Southern Mississippi Brian Boscaljon, 2011-12 Penn State University-Erie Halil Kiymaz, 2010-11 Rollins College of Business David Lange, 2009-10 Auburn University, Montgomery Vickie Hampton, 2008-09 Texas Tech University Frank Laatsch 2007-08 University of Southern Mississippi Daniel Walz, 2006-07 Trinity University Anne Gleason, 2005-06 College of Charleston Stuart Michelson, 2004-05 Stetson University Grady Perdue, 2003-04 University of Houston-Clear Lake Vickie Bajtelsmit, 2002-03 Colorado State University Karen Eilers Lahey, 2001-02 University of Akron Tom Eyssell, 2000-01 University of Missouri-St. Louis Jill Lynn Vihtelic, 1999-00 Saint Mary\u2019s College Terry Zivney, 1998-99 Ball State University Don Holdren, 1997-98 Marshall University Robert McLeod, 1996-97 University of Alabama Walt Woerheide, 1995-96 The American College Dixie Mills, 1994-95 Illinois State University Ted Veit, 1993-94 Rollins College Mona Gardner, 1992-93 Illinois Wesleyan University Jean L. Heck, 1991-92 Villanova University Frank K. Reilly, 1990-91 University of Notre Dame Lawrence J. Gitman, 1989-90 San Diego State University Travis S. Pritchett, 1988-89 University of South Carolina Tom Potts, 1987-88 Baylor University Robert F. Bohn, 1986-87 Golden Gate University Tom Warschauer, 1985-86 San Diego State University published in collaboration with the Financial Planning Association Financial Services Review is the journal of the Academy of Financial Services, published in collaboration with the Financial Planning Association.", "mime": "application/pdf"}, {"id": "fsr-3369", "words": "1531", "extension": ".pdf", "flesch": "28", "author": "Michelson, Stuart", "title": "Vol 26 No 4 Letter from the Editor", "date": "2023", "keywords": "advice; authors; financial; journal; process; review; risk; services; state; tolerance; university", "summary": "David Nanigian CSU Fullerton Olivia S. Mitchell Wharton School Demissew Diro Ejara University of New Haven Patti Fisher Virginia Tech Derek R. Lawson Kansas State University Patti Fisher Virginia Tech Diane Reyniers London School of Economcics Paul J. Haensly University of Texas Drew Peabody University of North Texas Peter Miu McMaster University George Pennacchi University of Illinois Reinhold Lamb University of North Florida Giovanni Fernandez Stetson University Riccardo Calcagno Emlyon Business School Gowri Shankar University of Washington Richard Evans University of Virginia Grady Perdue University of Houston Clear Lake Richard Toolson Washington State University HanNa Lim Oklahoma State University Sally McKechnie University of Nottingham Huy Lam Best regards, Stuart Michelson Editor Financial Services Review Aamer Sheikh Quinnipiac University KC Ma Stetson University Abigail B. Sussman University of Chicago Kenneth N. Ryack Quinnipiac University Andy Terry University of Arkansas at Little Rock Kenneth White University of Georgia Angela Wheeler Spencer Oklahoma State University Kevin Davis US Air Force Academy Ann Marie Hibbert West Virginia University Kyoung Tae Kim University of Alabama Anthony Loviscek SHU Larry R. Frank Better Financial Education Aron Gottesman Pace University Leonard Lundstrum Northern Illinois University Brian Betker Saint Louis University Manoj Athavale Ball State University Brian Starr Lubbrock Christian University Marc Oliver Rieger University of Trier Catherine Montalto Ohio State University Marianna Brunetti University of Roma Tor Vergata Chris Robinson York University Marie Lachance South Dakota State University Christine Harrington Auburn University Mark Egan University of Minnesota Carlsom Christine McClatchey University of Northern Colorado Mark K. Pyles College of Charleston Christopher Ma Stetson University Martin C. Seay Kansas State University Chungwen Hsu University of Vermont Mei Wang WHU-Otto Beisheim School of Mgmt Colleen Asaad Baldwin Wallace University Melinda Morrill NC State Cris Delatorre University of Northern Colorado Michael Fuerst University of Miami Dale Domain York University Michael S. Gutter University of Florida Darrol Stanley Pepperdine University Nancy Mohan University of Dayton David Hunter Hawaii Nilton Porto University of Rhode Island David M Blanchett Morningstar Investments Mgt Ning Tang SD State University", "mime": "application/pdf"}, {"id": "fsr-3370", "words": "11306", "extension": ".pdf", "flesch": "57", "author": "Kuzniak, Stephen; Grable, John", "title": "Does financial risk tolerance change over time? A test of the role macroeconomic, biopsychosocial and environmental, and social support factors play in shaping changes in risk attitudes", "date": "2017", "keywords": "changes; commodity; factors; frt; gdp; grable; individuals; market; review; risk; score; services; study; support; test; time; tolerance; variables", "summary": "This article describes some of the variables associated with these score changes, as well as providing financial planning professionals with guidance on how to identify clients who may be prone to shifting their tolerance for financial risk. Second, perceptions of conditions, rather than the actual impact of macroeconomic events, could shape someone\u2019s willingness to take financial risk.", "mime": "application/pdf"}, {"id": "fsr-3371", "words": "13170", "extension": ".pdf", "flesch": "60", "author": "Bachmann, Kremena; Hens, Thorsten; Stossel, Remo", "title": "Which measures predict risk taking in a multi-stage controlled investment decision process?", "date": "2017", "keywords": "asset; decision; experience; financial; individuals; investment; process; questions; return; risk; risk taking; risk tolerance; taking; tolerance", "summary": "Measuring the perception of financial risk tolerance: A tale of two measures. JEL classification: D81; G11 Keywords: Risk profiling; Risk tolerance; Risk attitude; Risk preferences; Risk taking; Experience sampling 1.", "mime": "application/pdf"}, {"id": "fsr-3372", "words": "11502", "extension": ".pdf", "flesch": "62", "author": "Sindelar, Jiri; Budinsky, Petr", "title": "Evaluating the relationship between IFA remuneration and advice quality: An empirical study", "date": "2017", "keywords": "advice; co m; e pr; effect; ra m; uc t", "summary": "From a theoretical perspective, potential bias created by commission based financial advice is grounded in the general agency theory, as the moral hazard and adverse selection problems (Ross, 1995). The first hypothesis, based on product class effect on commission, was found effective on a wide scale and was confirmed (H1 accepted) in two-thirds of the organizational types.", "mime": "application/pdf"}, {"id": "fsr-3373", "words": "9251", "extension": ".pdf", "flesch": "65", "author": "George, Jeffrey; Trainor, Jr., William J.", "title": "Portfolio insurance using leveraged ETFs", "date": "2017", "keywords": "cppi; cppi s&p; letfs; portfolio; results; returns; risk; s&p; strategies; \ufffd \ufffd", "summary": "Table 2 Percentage changes in the CPPI strategies 2016 SPY Ret % in S&P CPPI S&P VP 3x UPRO Ret % in 3x CPPI 3x VP 1/4-1/7 \ufffd4.82% 50.00% $0.98 \ufffd14.12% 16.67% $0.98 1/7-1/13 \ufffd2.69% 39.00% $0.97 \ufffd8.16% 13.12% $0.97 1/13-1/29 2.59% 34.26% $0.98 7.29% 11.52% $0.98 1/29-2/5 \ufffd2.98% 38.75% $0.96 \ufffd9.15% 12.99% $0.96 2/5-2/11 \ufffd2.71% 33.91% $0.96 \ufffd7.71% 11.16% $0.96 Results show the returns of the underlying risky asset designated as the SPY ETF, the allocation to the risky asset (% in S&P, % in 3x), and the portfolio value with a start value of $1 for two of the constant proportional portfolio insurance CPPI strategies (CPPI S&P Vp, CPPI 3x Vp) from 1/4/16 to 2/11/16. Table 7 Bootstrapped annual returns sorted by 1-year T-bill return and slope of the yield curve S&P S&P 2x S&P 3x S&P 4x CPPI S&P CPPI 2x CPPI 3x CPPI 4x T-bill return 0\u20131% 17.41% 34.46%b 53.96%b 74.70%b 10.21% 9.81% 9.99% 10.09% 1\u20132% 17.92% 35.14%b 55.24%b 77.22%b 11.31% 11.05% 11.27% 11.39% 2\u20133% 6.62% 11.54%b 19.84%b 31.19%b 6.06% 6.03% 6.28% 6.44%a 3\u20134% 6.87% 11.64%b 19.02%b 28.32%b 6.36% 6.60% 6.97%a 7.22%a 4\u20135% 8.39% 13.59%b 20.55%b 28.08%b 7.05% 7.38% 7.80%a 8.06%a 5\u20136% 8.62% 12.45%b 16.97%b 20.99%b 6.92% 7.37% 7.84%a 8.15%a 6\u20137% 13.49% 23.08%b 34.69%b 47.07%b 10.90% 11.65% 12.26%a 12.62%a \ufffd7% 13.44% 21.32%b 31.42%b 42.69%b 13.79% 15.43%ab 16.35%ab 16.87%ab 1 year to 90-day \ufffd0% 23.47% 47.97%b 79.43%b 117.76%b 17.03% 16.32% 16.51% 16.65% 0\u20131% 12.55% 23.08%b 35.23%b 47.77%b 7.61% 7.42% 7.64% 7.76% 1\u20132% 10.39% 17.51%b 26.64%b 36.83%b 8.18% 8.43% 8.83%a 9.08%a 2\u20133% 10.48% 17.26%b 26.23%b 36.41%b 9.41% 10.01% 10.54%a 10.86%a \ufffd3% 12.02% 19.40%b 29.07%b 40.00%b 12.51% 14.12%ab 15.02%ab 15.54%ab Results show average annual returns based on 40,000 bootstrapped simulations sorted by 1-year T-bill returns and the slope of the yield curve measured by the 1-year minus 90-day T-bill return.", "mime": "application/pdf"}, {"id": "fsr-3374", "words": "17369", "extension": ".pdf", "flesch": "65", "author": "Alyousif, Maher H.; Kalenkoski, Charlene M.", "title": "Who seeks financial advice?", "date": "2017", "keywords": "advice; e 0; ild 0; le 0; literacy; seeking; services", "summary": "As income, education, and financial knowledge increase, the likelihood of seeking financial advice increases; however, self-assessment of financial literacy is related negatively to seeking financial advice, while measured financial literacy has no effect on the demand for such advice (Kramer, 2016). Who seeks financial advice?", "mime": "application/pdf"}, {"id": "fsr-3375", "words": "1019", "extension": ".pdf", "flesch": "60", "author": "Michelson, Stuart", "title": "Vol 26 No 4 Closing", "date": "2023", "keywords": "financial; page; submission", "summary": "Page proofs will be sent to the corresponding author. Note that journal titles should not be abbreviated.", "mime": "application/pdf"}, {"id": "fsr-3376", "words": "1322", "extension": ".pdf", "flesch": "29", "author": "Michelson, Stuart", "title": "Vol 27 No 1 Masthead", "date": "2023", "keywords": "academy; financial; journal; planning; president; services; state; university", "summary": "Financial Services Review The Journal of Individual Financial Management Vol. 27, No. 1, 2018 EDITOR Stuart Michelson, Stetson University ASSOCIATE EDITORS Benefits and Retirement Planning Vickie Bajtelsmit Colorado State University Stephen M. Horan CFA Institute Walter Woerheide The American College Estate Planning Ning Tang San Diego State University Investments Robert Brooks University of Alabama Dale Domian York University Jim Gilkeson University of Central Florida Jason Greene Georgia State University William Jennings United States Air Force Academy David Nanigian CSU Fullerton Insurance Larry Cox University of Mississippi David Lange Auburn University Financial Institutions Stanley D. Smith University of Central Florida Investor Psychology and Counseling John Nofsinger Washington State University Meir Statman Santa Clara University Real Estate International Bill Blair MacQuarie University S. J. Chang Illinois State University Lawrence Rose Massey University Sharon Taylor University of Western Sydney Education Jerry Stevens University of Richmond Financial Planning Profession Tom Warschauer San Diego State University Co-Published by the Academy of Financial Services and the Financial Planning Association The editor of Financial Services Review wishes to thank the Stetson University, School of Business, for its continuing financial and intellectual support of the journal. ACADEMY OF FINANCIAL SERVICES OFFICERS President Robert Moreschi Virginia Military Institute President-Elect Swarn Chatterjee University of Georgia Executive Vice President-Program Janine Scott University Shepherd Vice President-Communications David Nanigian California State University, Fullerton Vice President-Finance Thomas Langdon Roger Williams University Vice President-International Relations Philip Gibson Winthrop University Vice President-Professional Organizations Frank Laatsch University of Southern Mississippi Vice President-Mktg & Public Relations Chris Browning Texas Tech University Vice President-Membership Sherman Hanna Ohio State University VP Local Arrangements 2016 Swarn Chatterjee University of Georgia Immediate Past President Thomas Coe Quinnipiac University EDITOR, FINANCIAL SERVICES REVIEW Stuart Michelson Stetson University DIRECTORS Charles Chaffin CFP Board of Standards Inga Chira California State University, Northridge Victoria Javine University of Alabama Colleen Tokar-Asaad Baldwin Wallace University Frances Lawrence University of Missouri Tom Potts Baylor University Terrance Martin University of Texas\u2013Rio Grande Valley Martin Seay Kansas State University PAST PRESIDENTS Thomas Coe, 2015-2016 Quinnipiac University William Chittenden, 2014-15 Texas State University Lance Palmer, 2013-14 University of Georgia Frank Laatsch, 2012-13 University of Southern Mississippi Brian Boscaljon, 2011-12 Penn State University-Erie Halil Kiymaz, 2010-11 Rollins College of Business David Lange, 2009-10 Auburn University, Montgomery Vickie Hampton, 2008-09 Texas Tech University Frank Laatsch 2007-08 University of Southern Mississippi Daniel Walz, 2006-07 Trinity University Anne Gleason, 2005-06 College of Charleston Stuart Michelson, 2004-05 Stetson University Grady Perdue, 2003-04 University of Houston-Clear Lake Vickie Bajtelsmit, 2002-03 Colorado State University Karen Eilers Lahey, 2001-02 University of Akron Tom Eyssell, 2000-01 University of Missouri-St. Louis Jill Lynn Vihtelic, 1999-00 Saint Mary\u2019s College Terry Zivney, 1998-99 Ball State University Don Holdren, 1997-98 Marshall University Robert McLeod, 1996-97 University of Alabama Walt Woerheide, 1995-96 The American College Dixie Mills, 1994-95 Illinois State University Ted Veit, 1993-94 Rollins College Mona Gardner, 1992-93 Illinois Wesleyan University Jean L. Heck, 1991-92 Villanova University Frank K. Reilly, 1990-91 University of Notre Dame Lawrence J. Gitman, 1989-90 San Diego State University Travis S. Pritchett, 1988-89 University of South Carolina Tom Potts, 1987-88 Baylor University Robert F. Bohn, 1986-87 Golden Gate University Tom Warschauer, 1985-86 San Diego State University published in collaboration with the Financial Planning Association Financial Services Review is the journal of the Academy of Financial Services, published in collaboration with the Financial Planning Association.", "mime": "application/pdf"}, {"id": "fsr-3377", "words": "906", "extension": ".pdf", "flesch": "43", "author": "Michelson, Stuart", "title": "Vol 27 No 1 Letter form the Editor", "date": "2023", "keywords": "financial; review; services; university", "summary": "I remain committed to the goal of making Financial Services Review the best academic journal in individual financial management and personal financial planning. Financial Services Review 27 (2018) v\u2013vi 1057-0810/18/$ \u2013 see front matter \u00a9 2018 Academy of Financial Services.", "mime": "application/pdf"}, {"id": "fsr-3378", "words": "13698", "extension": ".pdf", "flesch": "58", "author": "Smith, L. Douglas; Staten, Michael; Eyssell, Thomas; Karig, Maureen; Feinstein, Jeffrey; Johnson, Cathleen", "title": "Credit usage, payment behavior, and the accuracy of consumer credit files", "date": "2018", "keywords": "consumer; credit; errors; factors; household; income; individuals; information; models; reports; review; scores; services; smith; yes", "summary": "Future research might indicate whether more efforts at financial literacy would contribute to better personal financial management and measur- able improvements in consumer credit scores. Credit usage A substantial amount of empirical evidence suggests that individuals with different back- grounds and household situations vary significantly in their use of consumer credit.", "mime": "application/pdf"}, {"id": "fsr-3379", "words": "9007", "extension": ".pdf", "flesch": "68", "author": "Kim, Hyungsoo; Shin, Serah; Zhang, Qun; Gillen, Martie", "title": "Age when first employed and retirement wealth of baby boomers", "date": "2018", "keywords": "age; college; group; retirement; retirement savings; review; savings; school; services; wealth; years; \ufffd \ufffd", "summary": "Age when first employed and retirement wealth of baby boomers Hyungsoo Kim, Ph.D.a, Serah Shin, Ph.D.a,*, Qun Zhanga, Martie Gillen, Ph.D., MBAb aDepartment of Family Sciences, University of Kentucky, 315 Funkhouser Building, Lexington, KY 40506-0054, USA bDepartment of Family, Youth and Community Sciences, University of Florida, PO Box 110310, Gainesville, FL 32611-0310, USA Abstract This study examines how age when first employed is related to retirement savings in later years. For college graduates (high school graduates), delaying the start of employment cost $35,103 ($7,534) per year in retirement savings after controlling for demographic characteristics, number of working years, and occupation types.", "mime": "application/pdf"}, {"id": "fsr-3380", "words": "24088", "extension": ".pdf", "flesch": "71", "author": "Shen, Sally; Turner, John A.", "title": "Conflicted advice about portfolio diversification", "date": "2018", "keywords": "b \ufffd; e t; investment; l \ufffd; m ea; om \ufffd; pm \ufffd; \ufffd c; \ufffd co; \ufffd r; \ufffd \ufffd", "summary": "55S. Shen, J.A. Turner / Financial Services Review 27 (2018) 47-81 Under the Fama-French multifactor model, the expected excess return and covariance matrix of the assets are \ufffdFF3 \ufffd \ufffdFF3 \ufffd \ufffdFF3 \ufffdf \ufffdFF3 \ufffd \ufffdFF3\ufffdf\ufffdFF3\ufffd \ufffd \ufffdFF3 where \ufffdFF3 \ufffd \ufffd\ufffd1 \u00b7 \u00b7 \u00b7 \ufffdN\ufffd\ufffd and \ufffdFF3 \ufffd \ufffd\ufffdM, \ufffdSMB, \ufffdHML\ufffd is a N \ufffd 3 matrix with \ufffdf \ufffd \ufffd\ufffd1F \u00b7 \u00b7 \u00b7 \ufffdNF\ufffd\ufffd for f \ufffd M, SMB and HML, respectively. \ufffdN)\ufffd, and the N \ufffd N covariance matrix \ufffd is given by \ufffd \ufffd \ufffd \ufffd1 2 \u00b7 \u00b7 \u00b7 \ufffd1N\u00b7\u00b7\u00b7 \u00b7 \u00b7 \u00b7 \u00b7\u00b7\u00b7 \ufffdN1 \u00b7 \u00b7 \u00b7 \ufffdN 2 \ufffd.", "mime": "application/pdf"}, {"id": "fsr-3381", "words": "7467", "extension": ".pdf", "flesch": "58", "author": "Carlander, Anders; Gamble, Amelie; Garling, Tommy; Hauff, Jeanette Carlsson; Johansson, Lars-Olof; Holmen, Martin", "title": "The role of perceived quality of personal service in influencing trust and satisfaction with banks", "date": "2018", "keywords": "bank; benevolence; carlander; competence; customers; journal; marketing; quality; research; review; satisfaction; service; transparency; trust", "summary": "We argue that an additional benefit of personal service is that it influences the determi- nants of customers\u2019 trust in a bank, and through trust satisfaction with the bank. It has been demonstrated that trust increases with repeated personal contacts (e.g., Jones and George, 1998; King-Casas et al., 2005), and we assume that this also applies to the relationship between bank customers and bank employees.", "mime": "application/pdf"}, {"id": "fsr-3383", "words": "8274", "extension": ".pdf", "flesch": "63", "author": "Kaushik, Abhay; Boisvert, Raymond", "title": "Expense ratios and net alphas of large cap funds: Do expenses add value?", "date": "2018", "keywords": "alpha; cap; expense; funds; market; percent; performance; ratio; returns; value; year", "summary": "Specifically, in this study, we analyze large cap equity funds because we believe that large cap equity fund managers of high expense funds would have used their superior market timing and stock picking abilities to navigate their investors through adverse market conditions compared with their low-fee counterparts thus justifying the premium they charge investors. Why do mutual fund expenses matter?", "mime": "application/pdf"}, {"id": "fsr-3384", "words": "1019", "extension": ".pdf", "flesch": "60", "author": "Michelson, Stuart", "title": "Vol 27 No 1 Closing", "date": "2023", "keywords": "financial; page; submission", "summary": "Page proofs will be sent to the corresponding author. Note that journal titles should not be abbreviated.", "mime": "application/pdf"}, {"id": "fsr-3385", "words": "1332", "extension": ".pdf", "flesch": "28", "author": "Michelson, Stuart", "title": "Vol 27 No 2 Masthead", "date": "2023", "keywords": "academy; financial; journal; planning; president; services; state; university", "summary": "Financial Services Review The Journal of Individual Financial Management Vol. 27, No. 2, 2018 EDITOR Stuart Michelson, Stetson University ASSOCIATE EDITORS Benefits and Retirement Planning Vickie Bajtelsmit Colorado State University Stephen M. Horan CFA Institute Walter Woerheide The American College Estate Planning Anne Wenger San Diego State University Giovanni Fernandez Stetson University Investments Robert Brooks University of Alabama Dale Domian York University Jim Gilkeson University of Central Florida Jason Greene Georgia State University William Jennings United States Air Force Academy David Nanigian CSU Fullerton Insurance Larry Cox University of Mississippi David Lange Auburn University Financial Institutions Stanley D. Smith University of Central Florida Investor Psychology and Counseling John Nofsinger Washington State University Meir Statman Santa Clara University FINANCIAL LITERACY Ning Tang San Diego State University International Bill Blair MacQuarie University S. J. Chang Illinois State University Lawrence Rose Massey University Sharon Taylor University of Western Sydney Education Jerry Stevens University of Richmond Financial Planning Profession Tom Warschauer San Diego State University Co-Published by the Academy of Financial Services and the Financial Planning Association The editor of Financial Services Review wishes to thank the Stetson University, School of Business, for its continuing financial and intellectual support of the journal. ACADEMY OF FINANCIAL SERVICES OFFICERS President Robert Moreschi Virginia Military Institute President-Elect Swarn Chatterjee University of Georgia Executive Vice President-Program Janine Scott University Shepherd Vice President-Communications David Nanigian California State University, Fullerton Vice President-Finance Thomas Langdon Roger Williams University Vice President-International Relations Philip Gibson Winthrop University Vice President-Professional Organizations Frank Laatsch University of Southern Mississippi Vice President-Mktg & Public Relations Chris Browning Texas Tech University Vice President-Membership Sherman Hanna Ohio State University VP Local Arrangements 2016 Swarn Chatterjee University of Georgia Immediate Past President Thomas Coe Quinnipiac University EDITOR, FINANCIAL SERVICES REVIEW Stuart Michelson Stetson University DIRECTORS Charles Chaffin CFP Board of Standards Inga Chira California State University, Northridge Victoria Javine University of Alabama Colleen Tokar-Asaad Baldwin Wallace University Frances Lawrence University of Missouri Tom Potts Baylor University Terrance Martin University of Texas\u2013Rio Grande Valley Martin Seay Kansas State University PAST PRESIDENTS Thomas Coe, 2015-2016 Quinnipiac University William Chittenden, 2014-15 Texas State University Lance Palmer, 2013-14 University of Georgia Frank Laatsch, 2012-13 University of Southern Mississippi Brian Boscaljon, 2011-12 Penn State University-Erie Halil Kiymaz, 2010-11 Rollins College of Business David Lange, 2009-10 Auburn University, Montgomery Vickie Hampton, 2008-09 Texas Tech University Frank Laatsch 2007-08 University of Southern Mississippi Daniel Walz, 2006-07 Trinity University Anne Gleason, 2005-06 College of Charleston Stuart Michelson, 2004-05 Stetson University Grady Perdue, 2003-04 University of Houston-Clear Lake Vickie Bajtelsmit, 2002-03 Colorado State University Karen Eilers Lahey, 2001-02 University of Akron Tom Eyssell, 2000-01 University of Missouri-St. Louis Jill Lynn Vihtelic, 1999-00 Saint Mary\u2019s College Terry Zivney, 1998-99 Ball State University Don Holdren, 1997-98 Marshall University Robert McLeod, 1996-97 University of Alabama Walt Woerheide, 1995-96 The American College Dixie Mills, 1994-95 Illinois State University Ted Veit, 1993-94 Rollins College Mona Gardner, 1992-93 Illinois Wesleyan University Jean L. Heck, 1991-92 Villanova University Frank K. Reilly, 1990-91 University of Notre Dame Lawrence J. Gitman, 1989-90 San Diego State University Travis S. Pritchett, 1988-89 University of South Carolina Tom Potts, 1987-88 Baylor University Robert F. Bohn, 1986-87 Golden Gate University Tom Warschauer, 1985-86 San Diego State University published in collaboration with the Financial Planning Association Financial Services Review is the journal of the Academy of Financial Services, published in collaboration with the Financial Planning Association.", "mime": "application/pdf"}, {"id": "fsr-3386", "words": "959", "extension": ".pdf", "flesch": "40", "author": "Michelson, Stuart", "title": "Vol 27 No 2 Letter from the Editor", "date": "2023", "keywords": "financial; planning; services; university", "summary": "From the Editor This issue contains Volume 27 - Issue 2 of Financial Services Review (FSR). They find that Federal government subsidies generate a positive expected net payout for Financial Services Review 27 (2018) v\u2013vi 1057-0810/18/$ \u2013 see front matter \u00a9 2018 Academy of Financial Services.", "mime": "application/pdf"}, {"id": "fsr-3387", "words": "6511", "extension": ".pdf", "flesch": "50", "author": "Heo, Wookjae; Park, Narang; Henager, Robin; Grable, John E.", "title": "What do financial planning organizations communicate to stakeholders and consumers? : An empirical narrative analysis", "date": "2018", "keywords": "analysis; board; cfp; consumers; facebook; financial; fpa; media; napfa; news; organization; planning; website; words", "summary": "What do financial planning organizations communicate to stakeholders and consumers? The results showed that the financial planning organizations successfully address their own position in the financial planning profession; however, financial planning organizations often fail to communicate specifics about their value to consumers.", "mime": "application/pdf"}, {"id": "fsr-3388", "words": "5332", "extension": ".pdf", "flesch": "57", "author": "Davis, Kevin; Fraser, Steve P.; Jennings, William W.", "title": "An examination of the Federal Employee Retirement System (FERS) survivor annuity benefit", "date": "2018", "keywords": "annuity; benefit; female; fers; insurance; male; retiree; retirement; spouse; survivor; year", "summary": "An examination of the Federal Employee Retirement System (FERS) survivor annuity benefit Kevin Davisa,*, Steve P. Fraserb, William W. Jenningsc aDepartment of Management, USAF Academy, 2354 Fairchild Drive, Suite 6H-130, USAF Academy, CO 80840, USA bFlorida Gulf Coast University, 10501 FGCU Blvd South, Fort Myers, FL 33965, USA cDepartment of Management, USAF Academy, 2354 Fairchild Drive, Suite 6H-130, USAF Academy, CO 80840, USA Abstract The Federal Employees Retirement System (FERS) provides survivor annuity benefits for em- ployees who forfeit a portion of their annuity as a premium. For example, the decision to take survivor benefits directly impacts retiree insurance and asset allocation decisions.", "mime": "application/pdf"}, {"id": "fsr-3389", "words": "11756", "extension": ".pdf", "flesch": "52", "author": "Jennings, William W.; Merrell, Jeffrey C.; O\u2019Malley, Thomas C.; Payne, Brian C.", "title": "A framework for analyzing defined benefit pension insurance: The survivor benefit plan for veterans", "date": "2018", "keywords": "benefit; financial; insurance; invest; life; military; payout; pension; premiums; retiree; retirement; review; sbp; services; spouse; strategy; term", "summary": "If the officer\u2019s equivalent-aged spouse then lives to age 70, she collects 20 years\u2019 worth of SBP payouts, or a total of $605,000.9 Taking the difference between these payouts and premiums yields a net real payout of approximately $583,550 for the officer who opts for SBP pension protection in this scenario. More generally, for SBP payouts to offset premiums paid (i.e., breakeven) at any point in time, the spouse beneficiary must outlive the insured member by 12% of the total duration that the couple has paid SBP premiums.10", "mime": "application/pdf"}, {"id": "fsr-3390", "words": "7893", "extension": ".pdf", "flesch": "52", "author": "Fulk, Martha; Grable, John E.; Watkins, Kimberly; Kruger, Michelle", "title": "Who uses robo-advisory services, and who does not?", "date": "2018", "keywords": "advisor; help; net; planner; planning; robo; seeking; services; use; worth", "summary": "Sadly, it takes existing financial capacity to pay for financial planning services, which makes it likely that the profile of those who use traditional financial planning services, as described in this paper, must exist before a financial planning engagement. Given the demand for financial planning services and the limited supply of traditional financial planners, consumers with limited resources may, by default, be pushed toward the use of robo-advisory services, even if a personal relationship is desired.", "mime": "application/pdf"}, {"id": "fsr-3391", "words": "13366", "extension": ".pdf", "flesch": "62", "author": "Krause, Timothy A.", "title": "Risk and uncertainty in style rotation", "date": "2018", "keywords": "growth; index; results; returns; risk; t \ufffd; uncertainty; value; vix; volatility; vvix; \ufffd v; \ufffd \ufffd", "summary": "Relationships between implied volatility indices and stock index returns. Volatility index VIX 2,728 20.10 9.60 2.38 10.49 9.89 80.86 Vol of vol index VVIX 2,728 87.22 13.14 0.86 4.67 36.14 168.75 Small value IJS 2,728 0.044 0.0162 \ufffd0.17 8.31 \ufffd0.12 0.09 Small growth IJT 2,728 0.047 0.0015 \ufffd0.23 7.80 \ufffd0.10 0.09 Mid value IJJ 2,728 0.043 0.0146 \ufffd0.20 10.89 \ufffd0.11 0.11 Mid growth IJK 2,728 0.046 0.0140 \ufffd0.38 8.61 \ufffd0.10 0.09 Large value IVE 2,728 0.034 0.0133 \ufffd0.17 11.50 \ufffd0.09 0.11 Large growth IVW 2,728 0.043 0.0119 \ufffd0.14 12.61 \ufffd0.09 0.11 This table presents summary statistics for the variables under study.", "mime": "application/pdf"}, {"id": "fsr-3392", "words": "1019", "extension": ".pdf", "flesch": "60", "author": "Michelson, Stuart", "title": "Vol 27 No 2 Closing", "date": "2023", "keywords": "financial; page; submission", "summary": "Page proofs will be sent to the corresponding author. Note that journal titles should not be abbreviated.", "mime": "application/pdf"}, {"id": "fsr-3393", "words": "1333", "extension": ".pdf", "flesch": "28", "author": "Michelson, Stuart", "title": "Vol 27 No 3 Masthead", "date": "2023", "keywords": "academy; financial; journal; planning; president; services; state; university", "summary": "Financial Services Review The Journal of Individual Financial Management Vol. 27, No. 3, 2018 EDITOR Stuart Michelson, Stetson University ASSOCIATE EDITORS Benefits and Retirement Planning Vickie Bajtelsmit Colorado State University Stephen M. Horan CFA Institute Walter Woerheide The American College Estate Planning Anne Wenger San Diego State University Giovanni Fernandez Stetson University Investments Robert Brooks University of Alabama Dale Domian York University Jim Gilkeson University of Central Florida Jason Greene Georgia State University William Jennings United States Air Force Academy David Nanigian CSU Fullerton Insurance Larry Cox University of Mississippi David Lange Auburn University Financial Institutions Stanley D. Smith University of Central Florida Investor Psychology and Counseling John Nofsinger Washington State University Meir Statman Santa Clara University FINANCIAL LITERACY Ning Tang San Diego State University International Bill Blair MacQuarie University S. J. Chang Illinois State University Lawrence Rose Massey University Sharon Taylor University of Western Sydney Education Jerry Stevens University of Richmond Financial Planning Profession Tom Warschauer San Diego State University Co-Published by the Academy of Financial Services and the Financial Planning Association The editor of Financial Services Review wishes to thank the Stetson University, School of Business, for its continuing financial and intellectual support of the journal. ACADEMY OF FINANCIAL SERVICES OFFICERS President Swarn Chatterjee University of Georgia President-Elect Janine Scott Shepherd University Executive Vice President-Program Inga Chira California State University, Northridge Vice President-Communications David Nanigian California State University, Fullerton Vice President-Finance Thomas Langdon Roger Williams University Vice President-International Relations Philip Gibson Winthrop University Vice President-Professional Organizations Frank Laatsch University of Southern Mississippi Vice President-Mktg & Public Relations Chris Browning Texas Tech University Vice President-Membership Sherman Hanna Ohio State University VP Local Arrangements 2016 Swarn Chatterjee University of Georgia Immediate Past President Thomas Coe Quinnipiac University EDITOR, FINANCIAL SERVICES REVIEW Stuart Michelson Stetson University DIRECTORS Shawn Brayman PlanPlus Global Charles Chaffin CFP Board of Standards Victoria Javine University of Alabama Colleen Tokar-Asaad Baldwin Wallace University Frances Lawrence University of Missouri Tom Potts Baylor University Terrance Martin University of Texas\u2013Rio Grande Valley PAST PRESIDENTS Robert Moreschi, 2016-18 Virginia Military Institute Thomas Coe, 2015-16 Quinnipiac University William Chittenden, 2014-15 Texas State University Lance Palmer, 2013-14 University of Georgia Frank Laatsch, 2012-13 University of Southern Mississippi Brian Boscaljon, 2011-12 Penn State University-Erie Halil Kiymaz, 2010-11 Rollins College of Business David Lange, 2009-10 Auburn University, Montgomery Vickie Hampton, 2008-09 Texas Tech University Frank Laatsch 2007-08 University of Southern Mississippi Daniel Walz, 2006-07 Trinity University Anne Gleason, 2005-06 College of Charleston Stuart Michelson, 2004-05 Stetson University Grady Perdue, 2003-04 University of Houston-Clear Lake Vickie Bajtelsmit, 2002-03 Colorado State University Karen Eilers Lahey, 2001-02 University of Akron Tom Eyssell, 2000-01 University of Missouri-St. Louis Jill Lynn Vihtelic, 1999-00 Saint Mary\u2019s College Terry Zivney, 1998-99 Ball State University Don Holdren, 1997-98 Marshall University Robert McLeod, 1996-97 University of Alabama Walt Woerheide, 1995-96 The American College Dixie Mills, 1994-95 Illinois State University Ted Veit, 1993-94 Rollins College Mona Gardner, 1992-93 Illinois Wesleyan University Jean L. Heck, 1991-92 Villanova University Frank K. Reilly, 1990-91 University of Notre Dame Lawrence J. Gitman, 1989-90 San Diego State University Travis S. Pritchett, 1988-89 University of South Carolina Tom Potts, 1987-88 Baylor University Robert F. Bohn, 1986-87 Golden Gate University Tom Warschauer, 1985-86 San Diego State University published in collaboration with the Financial Planning Association Financial Services Review is the journal of the Academy of Financial Services, published in collaboration with the Financial Planning Association.", "mime": "application/pdf"}, {"id": "fsr-3394", "words": "948", "extension": ".pdf", "flesch": "45", "author": "Michelson, Stuart", "title": "Vol 27 No 3 Letter from the Editor", "date": "2023", "keywords": "financial; risk; services; university", "summary": "In theory the charity is indifferent to the donation method, and the investor receives Financial Services Review 27 (2018) v\u2013vi 1057-0810/18/$ \u2013 see front matter \u00a9 2018 Academy of Financial Services. I remain committed to the goal of making Financial Services Review the best academic journal in individual financial management and personal financial planning.", "mime": "application/pdf"}, {"id": "fsr-3395", "words": "12003", "extension": ".pdf", "flesch": "53", "author": "Rabbani, Abed; Grable, John E.; Woodyard, Ann; Yao, Zheying", "title": "Describing investor profiles: A test of the associations among financial knowledge, confidence, and help and information sources", "date": "2018", "keywords": "asset; confidence; help; information; insurance; investment; investors; knowledge; ownership; review; risk; seeking; services; sources; value; \ufffd \ufffd", "summary": "It may be that cash value life Table 3 Variables associated with the likelihood of owning different investment assets Stocks Bonds Funds ETFs Annuities CV life Commodities Other Age \ufffd \ufffd \ufffd \ufffd Education \ufffd \ufffd Income \ufffd \ufffd \ufffd Value of investments \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd Risk tolerance \ufffd \ufffd Long-term market confidence \ufffd \ufffd Confidence in fairness of markets \ufffd \ufffd \ufffd \ufffd Over-confidence (knowledge) \ufffd \ufffd \ufffd \ufffd Active fee help \ufffd \ufffd \ufffd \ufffd \ufffd Active free help \ufffd Media help \ufffd \ufffd \ufffd Network help \ufffd \ufffd AFeexOverConf \ufffd AFreexOverConf \ufffd MediaxOverConf \ufffd \ufffd NetworksxOverConf \ufffd \ufffd \ufffd \ufffd AFeexUnderConf \ufffd AFreexUnderConf \ufffd NetworksxUnderConf \ufffd 224 A. Rabbani et al. / Financial Services Review 27 (2018) 209-230 insurance is used by high income households as a tax-deferral tool. The operationalized models were estimated using the following formula: p \ufffd \ufffdea\ufffdbdxd\ufffdbvxv\ufffdbrxr\ufffdbcxc\ufffdboxo\ufffdbuxu\ufffdbhxh\ufffdbixi\ufffd \ufffd1 \ufffd ea\ufffdbdxd\ufffdbvxv\ufffdbrxr\ufffdbcxc\ufffdboxo\ufffdbuxu\ufffdbhxh\ufffdbixi\ufffd (1) where: p \ufffd the probability of asset ownership, e \ufffd the base of natural logarithms, a \ufffd the equation constant, bs \ufffd beta coefficients Xs \ufffd set of independent variables (d \ufffd demographic variables, v \ufffd value of investments, r \ufffd risk tolerance, c \ufffd market confidence, o \ufffd over-confidence, u \ufffd under-confidence, h \ufffd help-seeking sources, i \ufffd interactions) 4.", "mime": "application/pdf"}, {"id": "fsr-3396", "words": "13387", "extension": ".pdf", "flesch": "51", "author": "Anderson, Somer G.; Seay, Martin C.; Kim, Kyoung Tae; Lawson, Derek R.", "title": "Advisor compensation: Which clients know and how do they pay?", "date": "2018", "keywords": "advisor; advisor compensation; characteristics; clients; commission; compensation; compensation method; fee; knowing; knowledge; professional; respondents; services; use", "summary": "This study provides insights into the client characteristics that are associated with knowledge of financial advisor compensation and the use of a certain type of financial advisor based on their compensation method. Given the gap in research related to knowledge of how financial professionals are compensated, the primary purpose of the current study is to explore the relationship between client characteristics and knowledge of financial advisor compensation method at the mul- tivariate level.", "mime": "application/pdf"}, {"id": "fsr-3397", "words": "10353", "extension": ".pdf", "flesch": "55", "author": "Whitworth, Jeff", "title": "Improving long-term portfolio risk and return by using appreciated stocks for charitable donations", "date": "2018", "keywords": "capital; diversification; gains; investor; losses; portfolio; risk; stock; tax; wealth; years", "summary": "For stock investors who are regular charitable donors, the tax code provides a way\u2014in addition to the usual charitable deduction\u2014to pay even less in taxes while rebalancing their portfolios, simultaneously increasing after-tax return and reducing risk. Therefore, tax loss selling by itself does not materially affect a portfolio\u2019s dependence on its largest stock. 8", "mime": "application/pdf"}, {"id": "fsr-3398", "words": "13231", "extension": ".pdf", "flesch": "60", "author": "Hanna, Sherman D.; Kim, Kyoung Tae; Zhang, Lishu", "title": "Factors related to the risk tolerance of households in China and the United States: Implications for the future of financial markets in China", "date": "2018", "keywords": "average; chfs; china; et al; hanna; households; investment; respondents; risk; risk aversion; risk tolerance; scf; scf risk; survey", "summary": "Is there heterogeneity in levels of household risk tolerance among Chinese households? Our multivariate analyses found many household characteristics in the CHFS had effects on risk tolerance similar to those found in the 2013 SCF.", "mime": "application/pdf"}, {"id": "fsr-3399", "words": "9908", "extension": ".pdf", "flesch": "66", "author": "Loviscek, Anthony; Broder, Adam", "title": "Perspectives on \u201csell in May and go away\u201d: A look at recent evidence and implications", "date": "2018", "keywords": "approach; buy; cap; cap fund; fund; hold; october; results; return; strategy; switching", "summary": "Today, according to the Stock Trader\u2019s Almanac (Hirsch, 2016), the quote refers to the observation that, since 1950, stock returns, as measured by the Dow Jones Industrial Average, have advanced by nearly 7.5% during the months from November through April but only 0.30% during the months from May through October. Moreover, it is more robust with respect to outliers (e.g., the large drop in stock returns during the financial crisis of 2008\u20132009) and heavy-tail distributions than the \u201ct\u201d test.", "mime": "application/pdf"}, {"id": "fsr-3400", "words": "1019", "extension": ".pdf", "flesch": "60", "author": "Michelson, Stuart", "title": "Vol 27 No 3 Closing", "date": "2023", "keywords": "financial; page; submission", "summary": "Page proofs will be sent to the corresponding author. Note that journal titles should not be abbreviated.", "mime": "application/pdf"}, {"id": "fsr-3401", "words": "1346", "extension": ".pdf", "flesch": "28", "author": "Michelson, Stuart", "title": "Vol 27 No 4 Masthead", "date": "2023", "keywords": "academy; financial; journal; planning; president; services; state; university", "summary": "ACADEMY OF FINANCIAL SERVICES OFFICERS President Swarn Chatterjee University of Georgia President-Elect Janine Scott Shepherd University Executive Vice President-Program Inga Chira California State University, Northridge Vice President-Communications David Nanigian California State University, Fullerton Vice President-Finance Thomas Langdon Roger Williams University Vice President-International Relations Philip Gibson Winthrop University Vice President-Professional Organizations Frank Laatsch University of Southern Mississippi Vice President-Mktg & Public Relations Chris Browning Texas Tech University Vice President-Membership Sherman Hanna Ohio State University VP Local Arrangements 2016 Swarn Chatterjee University of Georgia Immediate Past President Thomas Coe Quinnipiac University EDITOR, FINANCIAL SERVICES REVIEW Stuart Michelson Stetson University DIRECTORS Shawn Brayman PlanPlus Global Charles Chaffin CFP Board of Standards Victoria Javine University of Alabama Colleen Tokar-Asaad Baldwin Wallace University Frances Lawrence University of Missouri Tom Potts Baylor University Terrance Martin University of Texas\u2013Rio Grande Valley PAST PRESIDENTS Robert Moreschi, 2016-18 Virginia Military Institute Thomas Coe, 2015-16 Quinnipiac University William Chittenden, 2014-15 Texas State University Lance Palmer, 2013-14 University of Georgia Frank Laatsch, 2012-13 University of Southern Mississippi Brian Boscaljon, 2011-12 Penn State University-Erie Halil Kiymaz, 2010-11 Rollins College of Business David Lange, 2009-10 Auburn University, Montgomery Vickie Hampton, 2008-09 Texas Tech University Frank Laatsch 2007-08 University of Southern Mississippi Daniel Walz, 2006-07 Trinity University Anne Gleason, 2005-06 College of Charleston Stuart Michelson, 2004-05 Stetson University Grady Perdue, 2003-04 University of Houston-Clear Lake Vickie Bajtelsmit, 2002-03 Colorado State University Karen Eilers Lahey, 2001-02 University of Akron Tom Eyssell, 2000-01 University of Missouri-St. Louis Jill Lynn Vihtelic, 1999-00 Saint Mary\u2019s College Terry Zivney, 1998-99 Ball State University Don Holdren, 1997-98 Marshall University Robert McLeod, 1996-97 University of Alabama Walt Woerheide, 1995-96 The American College Dixie Mills, 1994-95 Illinois State University Ted Veit, 1993-94 Rollins College Mona Gardner, 1992-93 Illinois Wesleyan University Jean L. Heck, 1991-92 Villanova University Frank K. Reilly, 1990-91 University of Notre Dame Lawrence J. Gitman, 1989-90 San Diego State University Travis S. Pritchett, 1988-89 University of South Carolina Tom Potts, 1987-88 Baylor University Robert F. Bohn, 1986-87 Golden Gate University Tom Warschauer, 1985-86 San Diego State University published in collaboration with the Financial Planning Association Financial Services Review is the journal of the Academy of Financial Services, published in collaboration with the Financial Planning Association. Financial Services Review The Journal of Individual Financial Management Vol. 27, No. 4, 2018 EDITOR Stuart Michelson, Stetson University ASSOCIATE EDITORS Benefits and Retirement Planning Vickie Bajtelsmit Colorado State University Stephen M. Horan CFA Institute Walter Woerheide The American College Estate Planning Anne Wenger San Diego State University Giovanni Fernandez Stetson University Investments Robert Brooks University of Alabama John Clinebell University of Northern Colorado James DiLellio Pepperdine University Dale Domian York University Jim Gilkeson University of Central Florida William Jennings United States Air Force Academy David Nanigian CSU Fullerton Insurance Larry Cox University of Mississippi Financial Planning Swarn Chatterjee University of Georgia Sherman Hanna Ohio State University Patti Fisher Virginia Tech University John Salter Texas Tech University Financial Institutions Stanley D. Smith University of Central Florida Investor Psychology and Counseling John Nofsinger Washington State University Meir Statman Santa Clara University FINANCIAL LITERACY Ning Tang San Diego State University International Wade D. Pfau The American College Lawrence Rose Massey University Education Jerry Stevens University of Richmond Financial Planning Profession Tom Warschauer San Diego State University Co-Published by the Academy of Financial Services and the Financial Planning Association The editor of Financial Services Review wishes to thank the Stetson University, School of Business, for its continuing financial and intellectual support of the journal.", "mime": "application/pdf"}, {"id": "fsr-3402", "words": "875", "extension": ".pdf", "flesch": "42", "author": "Michelson, Stuart", "title": "Vol 27 No 4 Letter from the Editor", "date": "2023", "keywords": "financial; services; university", "summary": "They construct financial literacy and financial behavior indices using questions from the survey that pertain to financial knowledge and financial decision-making. In this paper the authors investigate the influence of individual financial knowledge and financial behavior on the probability of experiencing financial distress.", "mime": "application/pdf"}, {"id": "fsr-3403", "words": "10236", "extension": ".pdf", "flesch": "58", "author": "Tao, Ran; Yuan, Yuan", "title": "The importance of debt for household risky asset allocation and portfolio structure", "date": "2018", "keywords": "age; allocation; asset; debt; decision; household; model; portfolio; review; risky; structure; variable; \ufffd \ufffd", "summary": "Based on the prototypical Tobit model (Tobin, 1958) censoring from below at zero, where the latent variable y* is linear in regressors with additive error that is normally distributed and homoscedastic, y* can be expressed as y* \ufffd x\ufffd\ufffd \ufffd \ufffd (1) where the error term \ufffd\ufffdN The conditional means are given by E\ufffd y\ufffdx\ufffd \ufffd Pr\ufffd\ufffd \ufffd \ufffd x\ufffd\ufffd\ufffd x\ufffd\ufffd \ufffd E\ufffd\ufffd\ufffd\ufffd \ufffd \ufffd x\ufffd\ufffd\ufffd \ufffd \ufffd x\ufffd\ufffd/ x\ufffd\ufffd \ufffd x\ufffd\ufffd/ (6) where (.) and \ufffd(.) are the standard normal distribution pdf and cdf, respectively.", "mime": "application/pdf"}, {"id": "fsr-3404", "words": "14245", "extension": ".pdf", "flesch": "59", "author": "Manuel, Timothy; Tangedahl, Lee; Swift, Kent", "title": "The impact of the Tax Cut and Jobs Act on IRA choice for moderate income investors", "date": "2018", "keywords": "consumption; income; ira; retirement; return; roth; roth ira; tax; traditional; years", "summary": "In particular, the Traditional IRA combined with a taxable investment will be preferable to the Roth IRA if the Future Value of Traditional IRA \ufffd Future Value of Taxable Investment \ufffd Future Value of Roth IRA or if (1 \ufffd r)n \ufffd1 \ufffd tw\ufffd \ufffd tc\ufffd1 \ufffd r\ufffd1 \ufffd tc\ufffd\ufffd n \ufffd \ufffd1 \ufffd r\ufffdn (1) where r is the constant pre-tax rate of return, n is the number of years to retirement, tc is the tax rate at contribution and tw is the tax rate upon withdrawal.7 Withdrawals are assumed to begin after age 591\u20442 and at least 5 years after the funds are invested so that there are no tax penalties. Roth IRA In a Roth IRA the contributions are never tax deductible.", "mime": "application/pdf"}, {"id": "fsr-3405", "words": "12634", "extension": ".pdf", "flesch": "53", "author": "Ucar, Erdem; Staer, Arsenio", "title": "Local creative culture and dividend policy", "date": "2018", "keywords": "creativeshare; culture; dividend; dividend payer; financial; firm; local; risk; taking; tests; ucar; variables; year", "summary": "Introduction This study investigates the role of risk-taking for local dividend demand and corporate dividend policies. On average, 27% of the sample firms are dividend payer firms with about 1% dividend yield.", "mime": "application/pdf"}, {"id": "fsr-3406", "words": "11811", "extension": ".pdf", "flesch": "61", "author": "Scott, Janine K.; Vu, Nghia Nguyen; Cheng, Yuanshan; Gibson, Philip", "title": "Financial capability: Literacy, behavior, and distress", "date": "2018", "keywords": "behavior; capability; distress; e \ufffd; income; k 0; knowledge; literacy; mortgage; respondents; retirement; services", "summary": "Financial literacy and individual financial decisions In addition to investigating the relation between financial literacy and financial behavior, researchers have also looked at evidence of correlation and causality between knowledge and practice in personal finance. In addition to the influence of socioeconomic factors, the conclusion suggests that financial literacy and positive behavior reduces financial distress stemming from simple financial matters.", "mime": "application/pdf"}, {"id": "fsr-3407", "words": "8038", "extension": ".pdf", "flesch": "57", "author": "DiLellio, James", "title": "Risk and reward of fractionally leveraged ETFs in a stock/bond portfolio", "date": "2023", "keywords": "bond; etf; etfs; leverage; ratio; returns; sharpe; stock; table; volatility; \ufffd \ufffd", "summary": "(9) to \ufffd \ufffd 0.062 \ufffd 1.125\ufffd2. Fig. \ufffd \ufffd \ufffd f2 \ufffd 1\ufffd 2\ufffd f \ufffd 1\ufffd \ufffd2 \ufffd f \ufffde\u0303 \ufffd \ufffdLibori \ufffd X\ufffd\ufffd f \ufffd 1\ufffd\ufffd \ufffd e f \ufffd 1 .", "mime": "application/pdf"}, {"id": "fsr-3408", "words": "1019", "extension": ".pdf", "flesch": "60", "author": "Michelson, Stuart", "title": "Vol 27 No 4 Closing", "date": "2023", "keywords": "financial; page; submission", "summary": "Page proofs will be sent to the corresponding author. Note that journal titles should not be abbreviated.", "mime": "application/pdf"}, {"id": "fsr-3410", "words": "1326", "extension": ".pdf", "flesch": "28", "author": "Michelson, Stuart", "title": "Vol 28 No 1 Masthead", "date": "2020", "keywords": "academy; financial; journal; planning; president; services; state; university", "summary": "ACADEMY OF FINANCIAL SERVICES OFFICERS President Janine Sam Shepherd University President-Elect Inga Timmerman California State University, Northridge Executive Vice President-Program Terrance K. Martin Utah Valley University Vice President-Communications David Nanigian California State University, Fullerton Vice President-Finance Thomas P. Langdon Roger Williams University Vice President-International Relations Philip Gibson Winthrop University Vice President-Mktg & Public Relations Chris Browning Texas Tech University Immediate Past President Swarn Chatterjee University of Georgia EDITOR, FINANCIAL SERVICES REVIEW Stuart Michelson Stetson University DIRECTORS Shawn Brayman PlanPlus Global Charles Chaffin CFP Board of Standards Victoria Javine University of Alabama Colleen Tokar-Asaad Baldwin Wallace University Frances Lawrence University of Missouri Tom Potts Baylor University Robert Moreschi Virginia Military Institute PAST PRESIDENTS Swarn Chatterjee, 2018-19 University of Georgia Robert Moreschi, 2016-18 Virginia Military Institute Thomas Coe, 2015-16 Quinnipiac University William Chittenden, 2014-15 Texas State University Lance Palmer, 2013-14 University of Georgia Frank Laatsch, 2012-13 University of Southern Mississippi Brian Boscaljon, 2011-12 Penn State University-Erie Halil Kiymaz, 2010-11 Rollins College of Business David Lange, 2009-10 Auburn University, Montgomery Vickie Hampton, 2008-09 Texas Tech University Frank Laatsch 2007-08 University of Southern Mississippi Daniel Walz, 2006-07 Trinity University Anne Gleason, 2005-06 College of Charleston Stuart Michelson, 2004-05 Stetson University Grady Perdue, 2003-04 University of Houston-Clear Lake Vickie Bajtelsmit, 2002-03 Colorado State University Karen Eilers Lahey, 2001-02 University of Akron Tom Eyssell, 2000-01 University of Missouri-St. Louis Jill Lynn Vihtelic, 1999-00 Saint Mary\u2019s College Terry Zivney, 1998-99 Ball State University Don Holdren, 1997-98 Marshall University Robert McLeod, 1996-97 University of Alabama Walt Woerheide, 1995-96 The American College Dixie Mills, 1994-95 Illinois State University Ted Veit, 1993-94 Rollins College Mona Gardner, 1992-93 Illinois Wesleyan University Jean L. Heck, 1991-92 Villanova University Frank K. Reilly, 1990-91 University of Notre Dame Lawrence J. Gitman, 1989-90 San Diego State University Travis S. Pritchett, 1988-89 University of South Carolina Tom Potts, 1987-88 Baylor University Robert F. Bohn, 1986-87 Golden Gate University Tom Warschauer, 1985-86 San Diego State University published in collaboration with the Financial Planning Association Financial Services Review is the journal of the Academy of Financial Services, published in collaboration with the Financial Planning Association. Financial Services Review The Journal of Individual Financial Management Vol. 28, No. 1, 2020 EDITOR Stuart Michelson, Stetson University ASSOCIATE EDITORS Benefits and Retirement Planning Vickie Bajtelsmit Colorado State University Stephen M. Horan CFA Institute Walter Woerheide The American College Estate Planning Anne Wenger San Diego State University Giovanni Fernandez Stetson University Investments Robert Brooks University of Alabama John Clinebell University of Northern Colorado James DiLellio Pepperdine University Dale Domian York University Jim Gilkeson University of Central Florida William Jennings United States Air Force Academy David Nanigian CSU Fullerton Insurance Larry Cox University of Mississippi Financial Planning Swarn Chatterjee University of Georgia Sherman Hanna Ohio State University Patti Fisher Virginia Tech University Wade D. Pfau The American College John Salter Texas Tech University Financial Institutions Stanley D. Smith University of Central Florida Investor Psychology and Counseling John Nofsinger Washington State University Meir Statman Santa Clara University FINANCIAL LITERACY Ning Tang San Diego State University International Lawrence Rose Massey University Education Jerry Stevens University of Richmond Financial Planning Profession Tom Warschauer San Diego State University Co-Published by the Academy of Financial Services and the Financial Planning Association The editor of Financial Services Review wishes to thank the Stetson University, School of Business, for its continuing financial and intellectual support of the journal.", "mime": "application/pdf"}, {"id": "fsr-3411", "words": "951", "extension": ".pdf", "flesch": "49", "author": "Michelson, Stuart", "title": "Vol 28 No 1 Letter from the Editor", "date": "2020", "keywords": "financial; funds; insurance; review; services; university", "summary": "I remain committed to the goal of making Financial Services Review the best academic journal in individual financial management and personal financial planning. From the Editor This issue contains Volume 28 - Issue 1 of Financial Services Review (FSR).", "mime": "application/pdf"}, {"id": "fsr-3412", "words": "8046", "extension": ".pdf", "flesch": "56", "author": "Kim, Kyoung Tae; Mountain, Travis P.; Hanna, Sherman D.; Kim, Namhoon", "title": "The decrease in life insurance ownership: Implications for financial planning", "date": "2020", "keywords": "cash; cash value; households; income; insurance ownership; life insurance; ownership; term; term life; value; value life", "summary": "Overview of past research on life insurance We reviewed selected research on factors related to life insurance ownership and ade- quacy. For the relationship between marital status and life insurance ownership, assuming other household characteristics had the mean levels for 2016, married households had the highest predicted likelihood of owning life insurance, almost 70%, compared with 56% for partner households, 50% for single male households, and 49% for single female households.", "mime": "application/pdf"}, {"id": "fsr-3413", "words": "9183", "extension": ".pdf", "flesch": "62", "author": "Bland, Eugene; Chambers, Valrie", "title": "Are \u201cfun\u201d sources of windfalls destined to be spent hedonistically?", "date": "2020", "keywords": "bonus; chambers; fun; game; income; money; rebate; review; services; source; spending; tax; use; windfall", "summary": "However, consumption by the same households was very responsive to income tax refunds, suggesting that predictable and regular payments are built into consumption decisions (Hsieh, 2003). Next, the average percentage spent on fun for game show, bonus and tax rebate windfalls was graphed.", "mime": "application/pdf"}, {"id": "fsr-3414", "words": "7347", "extension": ".pdf", "flesch": "55", "author": "Trainor, Jr., William J.; Chhachhi, Indudeep; Brown, Christopher L.", "title": "A portfolio of leveraged exchange traded funds", "date": "2020", "keywords": "exposure; letf; leverage; portfolio; return; standard", "summary": "portfolio returns Table 4 shows the portfolio results for using the ETFs and LETFs shown in Table 1 from 2010 to 2017. Thus, the results suggest using LETFs along with the 10% variance threshold achieves the goal of 100% exposure to the underlying indexes, albeit with an annual financing and expense ratio drag of approximately \ufffd0.85%. 4.3. 1946 to 2017 simulated historical returns To get a better idea of portfolio returns going forward, simulated returns from 1946 to 2017 are created using Equation (6).", "mime": "application/pdf"}, {"id": "fsr-3415", "words": "9161", "extension": ".pdf", "flesch": "62", "author": "Handy, Jonathan; Smythe, Thomas", "title": "Are multiple share class funds poorly governed?", "date": "2020", "keywords": "board; culture; financial; fund; governance; investors; non; quality; rate; ratings", "summary": "Specifically, this article explores a more subtle issue in the mutual fund market: whether MS funds have differing levels of gover- nance quality compared with Non-MS funds. MS funds are more likely to have lower board quality ratings and lower managerial incentive ratings than Non-MS funds (traditional no-load funds).", "mime": "application/pdf"}, {"id": "fsr-3416", "words": "1006", "extension": ".pdf", "flesch": "60", "author": "Michelson, Stuart", "title": "Vol 28 No 1 Closing", "date": "2020", "keywords": "financial; page; submission", "summary": "Page proofs will be sent to the corresponding author. Note that journal titles should not be abbreviated.", "mime": "application/pdf"}, {"id": "fsr-3417", "words": "1326", "extension": ".pdf", "flesch": "29", "author": "Michelson, Stuart", "title": "Vol 28 No 2 Masthead", "date": "2020", "keywords": "academy; financial; journal; planning; president; services; state; university", "summary": "ACADEMY OF FINANCIAL SERVICES OFFICERS President Janine Sam Shepherd University President-Elect Inga Timmerman California State University, Northridge Executive Vice President-Program Terrance K. Martin Utah Valley University Vice President-Communications David Nanigian California State University, Fullerton Vice President-Finance Thomas P. Langdon Roger Williams University Vice President-International Relations Philip Gibson Winthrop University Vice President-Mktg & Public Relations Chris Browning Texas Tech University Immediate Past President Swarn Chatterjee University of Georgia EDITOR, FINANCIAL SERVICES REVIEW Stuart Michelson Stetson University DIRECTORS Shawn Brayman PlanPlus Global Charles Chaffin CFP Board of Standards Victoria Javine University of Alabama Colleen Tokar-Asaad Baldwin Wallace University Frances Lawrence University of Missouri Tom Potts Baylor University Robert Moreschi Virginia Military Institute PAST PRESIDENTS Swarn Chatterjee, 2018-19 University of Georgia Robert Moreschi, 2016-18 Virginia Military Institute Thomas Coe, 2015-16 Quinnipiac University William Chittenden, 2014-15 Texas State University Lance Palmer, 2013-14 University of Georgia Frank Laatsch, 2012-13 University of Southern Mississippi Brian Boscaljon, 2011-12 Penn State University-Erie Halil Kiymaz, 2010-11 Rollins College of Business David Lange, 2009-10 Auburn University, Montgomery Vickie Hampton, 2008-09 Texas Tech University Frank Laatsch 2007-08 University of Southern Mississippi Daniel Walz, 2006-07 Trinity University Anne Gleason, 2005-06 College of Charleston Stuart Michelson, 2004-05 Stetson University Grady Perdue, 2003-04 University of Houston-Clear Lake Vickie Bajtelsmit, 2002-03 Colorado State University Karen Eilers Lahey, 2001-02 University of Akron Tom Eyssell, 2000-01 University of Missouri-St. Louis Jill Lynn Vihtelic, 1999-00 Saint Mary\u2019s College Terry Zivney, 1998-99 Ball State University Don Holdren, 1997-98 Marshall University Robert McLeod, 1996-97 University of Alabama Walt Woerheide, 1995-96 The American College Dixie Mills, 1994-95 Illinois State University Ted Veit, 1993-94 Rollins College Mona Gardner, 1992-93 Illinois Wesleyan University Jean L. Heck, 1991-92 Villanova University Frank K. Reilly, 1990-91 University of Notre Dame Lawrence J. Gitman, 1989-90 San Diego State University Travis S. Pritchett, 1988-89 University of South Carolina Tom Potts, 1987-88 Baylor University Robert F. Bohn, 1986-87 Golden Gate University Tom Warschauer, 1985-86 San Diego State University published in collaboration with the Financial Planning Association Financial Services Review is the journal of the Academy of Financial Services, published in collaboration with the Financial Planning Association. Financial Services Review The Journal of Individual Financial Management Vol. 28, No. 2, 2020 EDITOR Stuart Michelson, Stetson University ASSOCIATE EDITORS Benefits and Retirement Planning Vickie Bajtelsmit Colorado State University Stephen M. Horan CFA Institute Walter Woerheide The American College Estate Planning Anne Wenger San Diego State University Giovanni Fernandez Stetson University Investments Robert Brooks University of Alabama John Clinebell University of Northern Colorado James DiLellio Pepperdine University Dale Domian York University Jim Gilkeson University of Central Florida William Jennings United States Air Force Academy David Nanigian CSU Fullerton Insurance Larry Cox University of Mississippi Financial Planning Swarn Chatterjee University of Georgia Sherman Hanna Ohio State University Patti Fisher Virginia Tech University Wade D. Pfau The American College John Salter Texas Tech University Financial Institutions Stanley D. Smith University of Central Florida Investor Psychology and Counseling John Nofsinger Washington State University Meir Statman Santa Clara University FINANCIAL LITERACY Ning Tang San Diego State University International Lawrence Rose Massey University Education Jerry Stevens University of Richmond Financial Planning Profession Tom Warschauer San Diego State University Co-Published by the Academy of Financial Services and the Financial Planning Association The editor of Financial Services Review wishes to thank the Stetson University, School of Business, for its continuing financial and intellectual support of the journal.", "mime": "application/pdf"}, {"id": "fsr-3418", "words": "699", "extension": ".pdf", "flesch": "45", "author": "Michelson, Stuart", "title": "VOl 28 No 2 Letter from the Editor", "date": "2020", "keywords": "financial; services", "summary": "I remain committed to the goal of making Financial Services Review the best academic jour- nal in individual financial management and personal financial planning. From the Editor This issue contains Volume 28 - Issue 2 of Financial Services Review (FSR).", "mime": "application/pdf"}, {"id": "fsr-3419", "words": "15613", "extension": ".pdf", "flesch": "66", "author": "DiLellio, James; Ostrov, Daniel", "title": "Toward constructing tax efficient withdrawal strategies for retirees with traditional 401(k)/IRAs, Roth 401(k)/IRAs, and taxable accounts", "date": "2020", "keywords": "accounts; bracket; case; consumption; heir; money; retiree; roth; stock; tax; tda; time; year", "summary": "The all-time approach in this paper for optimizing withdrawal strategies in portfolios con- taining TDAs, Roth accounts, and taxable stock accounts makes improvements on previous methods in the following ways: \u2022 While the algorithm works to optimally determine how much a retiree should spend each year from their TDA, Roth, and taxable stock accounts \u2013 that is, these are the three decision var- iables to be determined each year \u2013 it also accommodates, as indicated above, two other sources of external, fixed, annual income.", "mime": "application/pdf"}, {"id": "fsr-3420", "words": "14820", "extension": ".pdf", "flesch": "66", "author": "Suarez, E. Dante", "title": "The perfect withdrawal amount over the historical record", "date": "2020", "keywords": "balance; bequest; fig; horizon; periods; portfolio; pwr; rate; retirement; return; review; services; stocks; suarez; withdrawal; year", "summary": "Possible range of withdrawal rates for balance protection. Determining withdrawal rates using historical data.", "mime": "application/pdf"}, {"id": "fsr-3421", "words": "13222", "extension": ".pdf", "flesch": "50", "author": "Richards, D. W.; Morton, E. F.", "title": "Conceptualizing financial advice in Australia: The impact of business models and external stakeholders on client\u2019s best interest practice", "date": "2020", "keywords": "advice; advisors; business; client; interest; interest practice; licensee; model; practice; product; providers; review; services", "summary": "This is summed up succinctly by this quote: The Corporations Act 2001 defines \u2018personal advice\u2019 in Section 766B(3) as financial product advice given or directed to a person (including by electronic means) in circumstances where: the person giving the advice has considered one or more of the client\u2019s objectives, financial situation and needs . . . \u201cGeneral advice\u201d is defined in Section 766B(4) as financial product advice that is not \u201cpersonal advice.\u201d", "mime": "application/pdf"}, {"id": "fsr-3422", "words": "10421", "extension": ".pdf", "flesch": "66", "author": "Fan, Yuhong; Lin, Crystal Yan", "title": "Active vs. passive, the case of sector equity funds", "date": "2020", "keywords": "equity; etfs; funds; period; sector", "summary": "Sector mutual funds also have a higher standard deviation in eight out of the nine sectors, which also shows that actively managed funds tend to be riskier than their counterparties. Results from Tables 2 and 3 indicate that in some sectors, especially in Industrials, Technology, and Healthcare, sector mutual funds generate superior raw returns during the sample period compared with both the sector ETFs and the SPY.", "mime": "application/pdf"}, {"id": "fsr-3423", "words": "1483", "extension": ".pdf", "flesch": "56", "author": "Michelson, Stuart", "title": "Vol 28 No 2 Closing", "date": "2023", "keywords": "financial; papers; program; services", "summary": "In light of recent events, we have restructured pricing for this year\u2019s virtual annual meeting: $199 for academics and prac\ufffd\ufffdoners and $99 for students. Submission Informa\ufffdon: Research papers and abstracts covering all aspects of individual financial management and education are sought for inclusion in the program.", "mime": "application/pdf"}, {"id": "fsr-3424", "words": "1326", "extension": ".pdf", "flesch": "29", "author": "Michelson, Stuart", "title": "Vol 28 No 3", "date": "2020", "keywords": "academy; financial; journal; planning; president; services; state; university", "summary": "ACADEMY OF FINANCIAL SERVICES OFFICERS President Janine Sam Shepherd University President-Elect Inga Timmerman California State University, Northridge Executive Vice President-Program Terrance K. Martin Utah Valley University Vice President-Communications David Nanigian California State University, Fullerton Vice President-Finance Thomas P. Langdon Roger Williams University Vice President-International Relations Philip Gibson Winthrop University Vice President-Mktg & Public Relations Chris Browning Texas Tech University Immediate Past President Swarn Chatterjee University of Georgia EDITOR, FINANCIAL SERVICES REVIEW Stuart Michelson Stetson University DIRECTORS Shawn Brayman PlanPlus Global Charles Chaffin CFP Board of Standards Victoria Javine University of Alabama Colleen Tokar-Asaad Baldwin Wallace University Frances Lawrence University of Missouri Tom Potts Baylor University Robert Moreschi Virginia Military Institute PAST PRESIDENTS Swarn Chatterjee, 2018-19 University of Georgia Robert Moreschi, 2016-18 Virginia Military Institute Thomas Coe, 2015-16 Quinnipiac University William Chittenden, 2014-15 Texas State University Lance Palmer, 2013-14 University of Georgia Frank Laatsch, 2012-13 University of Southern Mississippi Brian Boscaljon, 2011-12 Penn State University-Erie Halil Kiymaz, 2010-11 Rollins College of Business David Lange, 2009-10 Auburn University, Montgomery Vickie Hampton, 2008-09 Texas Tech University Frank Laatsch 2007-08 University of Southern Mississippi Daniel Walz, 2006-07 Trinity University Anne Gleason, 2005-06 College of Charleston Stuart Michelson, 2004-05 Stetson University Grady Perdue, 2003-04 University of Houston-Clear Lake Vickie Bajtelsmit, 2002-03 Colorado State University Karen Eilers Lahey, 2001-02 University of Akron Tom Eyssell, 2000-01 University of Missouri-St. Louis Jill Lynn Vihtelic, 1999-00 Saint Mary\u2019s College Terry Zivney, 1998-99 Ball State University Don Holdren, 1997-98 Marshall University Robert McLeod, 1996-97 University of Alabama Walt Woerheide, 1995-96 The American College Dixie Mills, 1994-95 Illinois State University Ted Veit, 1993-94 Rollins College Mona Gardner, 1992-93 Illinois Wesleyan University Jean L. Heck, 1991-92 Villanova University Frank K. Reilly, 1990-91 University of Notre Dame Lawrence J. Gitman, 1989-90 San Diego State University Travis S. Pritchett, 1988-89 University of South Carolina Tom Potts, 1987-88 Baylor University Robert F. Bohn, 1986-87 Golden Gate University Tom Warschauer, 1985-86 San Diego State University published in collaboration with the Financial Planning Association Financial Services Review is the journal of the Academy of Financial Services, published in collaboration with the Financial Planning Association. Financial Services Review The Journal of Individual Financial Management Vol. 28, No. 3, 2020 EDITOR Stuart Michelson, Stetson University ASSOCIATE EDITORS Benefits and Retirement Planning Vickie Bajtelsmit Colorado State University Stephen M. Horan CFA Institute Walter Woerheide The American College Estate Planning Anne Wenger San Diego State University Giovanni Fernandez Stetson University Investments Robert Brooks University of Alabama John Clinebell University of Northern Colorado James DiLellio Pepperdine University Dale Domian York University Jim Gilkeson University of Central Florida William Jennings United States Air Force Academy David Nanigian CSU Fullerton Insurance Larry Cox University of Mississippi Financial Planning Swarn Chatterjee University of Georgia Sherman Hanna Ohio State University Patti Fisher Virginia Tech University Wade D. Pfau The American College John Salter Texas Tech University Financial Institutions Stanley D. Smith University of Central Florida Investor Psychology and Counseling John Nofsinger Washington State University Meir Statman Santa Clara University FINANCIAL LITERACY Ning Tang San Diego State University International Lawrence Rose Massey University Education Jerry Stevens University of Richmond Financial Planning Profession Tom Warschauer San Diego State University Co-Published by the Academy of Financial Services and the Financial Planning Association The editor of Financial Services Review wishes to thank the Stetson University, School of Business, for its continuing financial and intellectual support of the journal.", "mime": "application/pdf"}, {"id": "fsr-3425", "words": "720", "extension": ".pdf", "flesch": "45", "author": "Michelson, Stuart", "title": "Vol 28 No 3 Letter to the Editor", "date": "2020", "keywords": "financial; services", "summary": "I remain committed to the goal of making Financial Services Review the best academic jour- nal in individual financial management and personal financial planning. From the Editor This issue contains Volume 28 - Issue 3 of Financial Services Review (FSR).", "mime": "application/pdf"}, {"id": "fsr-3426", "words": "14496", "extension": ".pdf", "flesch": "53", "author": "Timmerman, Inga; Volkov, Nikanor", "title": "Career and education choice as central elements of long- term financial planning", "date": "2020", "keywords": "capital; career; degree; earnings; education; human; individual; portfolio; value; wealth", "summary": "As such, Skoog, Ciecka, and Krueger (2011 and 2019) show that individuals with higher education levels consistently have longer work life expectancies, everything else held constant. Specifically, the results can be used to enhance financial planner and client dia- log around the value of higher education and the financial outcomes associated with inves- ting in a particular degree program.", "mime": "application/pdf"}, {"id": "fsr-3427", "words": "17666", "extension": ".pdf", "flesch": "57", "author": "Cobb, Barry R.; Smith, Jeffrey S.", "title": "Selecting a Social Security age to balance consumption and risk", "date": "2020", "keywords": "age; consumption; o n; security; wealth", "summary": "For a 62-year old with tax-deferred savings of between $100,000 and $1,000,000, the retire- ment portfolio is simulated for beginning Social Security ages of 62 through 70 in one-year increments for male individuals and female individuals. Munnell and Chen (2015) report that, in 2013, after adjusting for growing changes in the size of Social Security cohorts, 36% of men who claim Social Security benefits are aged 62.", "mime": "application/pdf"}, {"id": "fsr-3428", "words": "9280", "extension": ".pdf", "flesch": "63", "author": "MacDonald, Noah; Evans, Brent", "title": "A theoretical examination of cash-back credit cards and their effect on consumer spending", "date": "2020", "keywords": "card; cash; consumer; consumption; cost; credit; credit card; demand; rewards; services; spending; use", "summary": "Rewards credit cards offer special incentives to credit card users for initial and contin- ued card use. Thus, for most users, credit cards are used for the convenience they provide or perhaps for some other rea- son, such as to seek credit card rewards.", "mime": "application/pdf"}, {"id": "fsr-3429", "words": "12874", "extension": ".pdf", "flesch": "60", "author": "Willows, Gizelle D.", "title": "Develop a retirement plan and stick to it: it will improve both your attitude and behavior with money", "date": "2020", "keywords": "attitude; behavior; education; literacy; lusardi; planner; race; respondents; results; retirement; review; services; willows", "summary": "Furthermore, investigating financial literacy across a number of countries, Xu and Zia (2012) found higher-income countries to perform better on financial literacy tests than lower-income countries, and that levels of financial literacy followed an inverted-U shape when plotted against age. Xu and Zia (2012) found higher-income countries to perform better on financial literacy tests than lower-income countries, and that levels of financial literacy followed an inverted-U shape when plotted against age. 3.2.2.", "mime": "application/pdf"}, {"id": "fsr-3430", "words": "1487", "extension": ".pdf", "flesch": "54", "author": "Michelson, Stuart", "title": "Vol 28 No 3 Closing", "date": "2023", "keywords": "financial; papers; program; services; submission", "summary": "Submission Information: Research papers and abstracts covering all aspects of individual financial management and education are sought for inclusion in the program. CALL FOR PAPERS: Virtual Conference Deadline Extended Due July 1, 2020 The Academy of Financial Services 34th Annual Meeting September 29-30, 2020 Virtual Conference The Academy of Financial Services will hold its annual conference in conjunction with the FPA BE annual conference.", "mime": "application/pdf"}, {"id": "fsr-3431", "words": "1325", "extension": ".pdf", "flesch": "30", "author": "Michelson, Stuart", "title": "Vol 28 No 4 Masthead", "date": "2023", "keywords": "academy; financial; journal; planning; president; services; state; university", "summary": "ACADEMY OF FINANCIAL SERVICES OFFICERS President Inga Timmerman California State University, Northridge President-Elect Executive Vice President-Program Terrance K. Martin Utah Valley University Vice President-Communications Colleen Tokar-Asaad Baldwin Wallace University Vice President-Finance Thomas P. Langdon Roger Williams University Vice President-International Relations Philip Gibson Winthrop University Vice President-Mktg & Public Relations Shawn Brayman PlanPlus Global Immediate Past President Janine Sam Shepherd University EDITOR, FINANCIAL SERVICES REVIEW Stuart Michelson Stetson University DIRECTORS Charles Chaffin CFP Board of Standards Lu Fan University of Missouri Barry Mulholland University of Akron Tom Potts Baylor University Laura Ricaldi Utah Valley University PAST PRESIDENTS Janine Sam, 2019-20 Shepherd University Swarn Chatterjee, 2018-19 University of Georgia Robert Moreschi, 2016-18 Virginia Military Institute Thomas Coe, 2015-16 Quinnipiac University William Chittenden, 2014-15 Texas State University Lance Palmer, 2013-14 University of Georgia Frank Laatsch, 2012-13 University of Southern Mississippi Brian Boscaljon, 2011-12 Penn State University-Erie Halil Kiymaz, 2010-11 Rollins College of Business David Lange, 2009-10 Auburn University, Montgomery Vickie Hampton, 2008-09 Texas Tech University Frank Laatsch 2007-08 University of Southern Mississippi Daniel Walz, 2006-07 Trinity University Anne Gleason, 2005-06 College of Charleston Stuart Michelson, 2004-05 Stetson University Grady Perdue, 2003-04 University of Houston-Clear Lake Vickie Bajtelsmit, 2002-03 Colorado State University Karen Eilers Lahey, 2001-02 University of Akron Tom Eyssell, 2000-01 University of Missouri-St. Louis Jill Lynn Vihtelic, 1999-00 Saint Mary\u2019s College Terry Zivney, 1998-99 Ball State University Don Holdren, 1997-98 Marshall University Robert McLeod, 1996-97 University of Alabama Walt Woerheide, 1995-96 The American College Dixie Mills, 1994-95 Illinois State University Ted Veit, 1993-94 Rollins College Mona Gardner, 1992-93 Illinois Wesleyan University Jean L. Heck, 1991-92 Villanova University Frank K. Reilly, 1990-91 University of Notre Dame Lawrence J. Gitman, 1989-90 San Diego State University Travis S. Pritchett, 1988-89 University of South Carolina Tom Potts, 1987-88 Baylor University Robert F. Bohn, 1986-87 Golden Gate University Tom Warschauer, 1985-86 San Diego State University published in collaboration with the Financial Planning Association Financial Services Review is the journal of the Academy of Financial Services, published in collaboration with the Financial Planning Association. Financial Services Review The Journal of Individual Financial Management Vol. 28, No. 4, 2020 EDITOR Stuart Michelson, Stetson University Special Issue Co-Editor Terrance Martin, Utah Valley University ASSOCIATE EDITORS Benefits and Retirement Planning Vickie Bajtelsmit Colorado State University", "mime": "application/pdf"}, {"id": "fsr-3432", "words": "834", "extension": ".pdf", "flesch": "42", "author": "Michelson, Stuart", "title": "Vol 28 No 4 Letter from the Editor", "date": "2023", "keywords": "financial; issue; literacy", "summary": "They find that higher financial literacy is associated with less credit card debt. The authors examine the relative strength of the association of financial literacy, attitude towards balancing spending and savings, and financial satisfaction with credit card debt-taking behavior using the 2016 wave of the Household, Income and Labour Dynamics in Australia (HILDA) Survey.", "mime": "application/pdf"}, {"id": "fsr-3433", "words": "15083", "extension": ".pdf", "flesch": "64", "author": "Tahir, Muhammad S.; Richards, Daniel W.; Ahmed, Abdullahi D.", "title": "Financial literacy, attitudes, and financial satisfaction: an assessment of credit card debt-taking behavior of Australians", "date": "2020", "keywords": "attitude; behavior; card; card debt; credit; credit card; debt; e 0; financial; literacy; savings; taking", "summary": "Financial literacy and financial decisions As debt-taking is a part of household financial decisions, our review includes studies that are related to explaining the relationship between financial literacy and financial decisions. Remund (2010, p. 284) provides a synthesized definition of financial literacy in the fol- lowing words: \u201cFinancial literacy is a measure of the degree to which one understands key financial concepts and possesses the ability and confidence to manage personal finances through appropriate, short-term decision-making and sound, long-range financial planning, while mindful of life events and chang- ing economic conditions.\u201d", "mime": "application/pdf"}, {"id": "fsr-3434", "words": "6004", "extension": ".pdf", "flesch": "56", "author": "Al-Bahrani, Abdullah; Patel, Darshak; Weathers, Jamie", "title": "Can financial literacy education reduce the use of Medicaid and SNAP?", "date": "2020", "keywords": "education; literacy; participation; program; school", "summary": "Can financial literacy education reduce the use of Medicaid and SNAP? Policies supporting financial literacy education are promoted as a way to decrease reliance on social safety nets.", "mime": "application/pdf"}, {"id": "fsr-3435", "words": "17140", "extension": ".pdf", "flesch": "68", "author": "Filbeck, Greg; Pettner, Jason; Zhao, Xin", "title": "Financial literacy: profiling a successful high school outreach program", "date": "2020", "keywords": "h o; o n; o u; u d", "summary": "To gauge financial literacy, studies use many different knowledge-based questions; however, the overall concepts remain relatively consistent across financial literacy surveys. JEL classifications: G53 Keywords: Financial literacy; Survey; Outreach; Education 1.", "mime": "application/pdf"}, {"id": "fsr-3436", "words": "4477", "extension": ".pdf", "flesch": "58", "author": "Pearson, Blain; Guillemette, Michael", "title": "The Association Between Financial Risk and Retirement Satisfaction", "date": "2020", "keywords": "assets; capital; income; retirees; retirement; risk; satisfaction; variable; wealth", "summary": "Increasing financial risk is potentially another option to increase retiree income. The results and ensuing discussion offer a new per- spective for retiree asset management.", "mime": "application/pdf"}, {"id": "fsr-3437", "words": "1491", "extension": ".pdf", "flesch": "58", "author": "Michelson, Stuart", "title": "Vol 28 No 4 Closing", "date": "2023", "keywords": "financial; retirement; risk; satisfaction; services", "summary": "AFS and FPA offer Financial Services Review CE online only\u2014paper continuing education will not be processed. CE 1- hour general principles of financial planning AFS and FPA members can earn CE credits through Financial Services Review.", "mime": "application/pdf"}, {"id": "fsr-3439", "words": "1316", "extension": ".pdf", "flesch": "30", "author": "Michelson, Stuart", "title": "Vol 29 No 1 Masthead", "date": "2023", "keywords": "academy; financial; journal; planning; president; services; state; university", "summary": "ACADEMY OF FINANCIAL SERVICES OFFICERS President Inga Timmerman California State University, Northridge President-Elect Executive Vice President-Program Terrance K. Martin Utah Valley University Vice President-Communications Colleen Tokar Asaad Baldwin Wallace University Vice President-Finance Thomas P. Langdon Roger Williams University Vice President-International Relations Philip Gibson Winthrop University Vice President-Mktg & Public Relations Shawn Brayman PlanPlus Global Immediate Past President Janine Sam Shepherd University EDITOR, FINANCIAL SERVICES REVIEW Stuart Michelson Stetson University DIRECTORS Charles Chaffin CFP Board of Standards Lu Fan University of Missouri Barry Mulholland University of Akron Tom Potts Baylor University Laura Ricaldi Utah Valley University PAST PRESIDENTS Janine Sam, 2019-20 Shepherd University Swarn Chatterjee, 2018-19 University of Georgia Robert Moreschi, 2016-18 Virginia Military Institute Thomas Coe, 2015-16 Quinnipiac University William Chittenden, 2014-15 Texas State University Lance Palmer, 2013-14 University of Georgia Frank Laatsch, 2012-13 University of Southern Mississippi Brian Boscaljon, 2011-12 Penn State University-Erie Halil Kiymaz, 2010-11 Rollins College of Business David Lange, 2009-10 Auburn University, Montgomery Vickie Hampton, 2008-09 Texas Tech University Frank Laatsch 2007-08 University of Southern Mississippi Daniel Walz, 2006-07 Trinity University Anne Gleason, 2005-06 College of Charleston Stuart Michelson, 2004-05 Stetson University Grady Perdue, 2003-04 University of Houston-Clear Lake Vickie Bajtelsmit, 2002-03 Colorado State University Karen Eilers Lahey, 2001-02 University of Akron Tom Eyssell, 2000-01 University of Missouri-St. Louis Jill Lynn Vihtelic, 1999-00 Saint Mary\u2019s College Terry Zivney, 1998-99 Ball State University Don Holdren, 1997-98 Marshall University Robert McLeod, 1996-97 University of Alabama Walt Woerheide, 1995-96 The American College Dixie Mills, 1994-95 Illinois State University Ted Veit, 1993-94 Rollins College Mona Gardner, 1992-93 Illinois Wesleyan University Jean L. Heck, 1991-92 Villanova University Frank K. Reilly, 1990-91 University of Notre Dame Lawrence J. Gitman, 1989-90 San Diego State University Travis S. Pritchett, 1988-89 University of South Carolina Tom Potts, 1987-88 Baylor University Robert F. Bohn, 1986-87 Golden Gate University Tom Warschauer, 1985-86 San Diego State University published in collaboration with the Financial Planning Association Financial Services Review is the journal of the Academy of Financial Services, published in collaboration with the Financial Planning Association. Financial Services Review The Journal of Individual Financial Management Vol. 29, No. 1, 2021 EDITOR Stuart Michelson, Stetson University ASSOCIATE EDITORS Benefits and Retirement Planning Vickie Bajtelsmit Colorado State University Stephen M. Horan CFA Institute Walter Woerheide The American College Estate Planning Anne Wenger San Diego State University Giovanni Fernandez Stetson University Investments Robert Brooks University of Alabama John Clinebell University of Northern Colorado James DiLellio Pepperdine University Dale Domian York University Jim Gilkeson University of Central Florida William Jennings United States Air Force Academy David Nanigian CSU Fullerton Insurance Larry Cox University of Mississippi Financial Planning Swarn Chatterjee University of Georgia Sherman Hanna Ohio State University Patti Fisher Virginia Tech University Wade D. Pfau The American College John Salter Texas Tech University Financial Institutions Stanley D. Smith University of Central Florida Investor Psychology and Counseling John Nofsinger Washington State University Meir Statman Santa Clara University FINANCIAL LITERACY Ning Tang San Diego State University International Lawrence Rose Massey University Education Jerry Stevens University of Richmond Financial Planning Profession Tom Warschauer San Diego State University Co-Published by the Academy of Financial Services and the Financial Planning Association The editor of Financial Services Review wishes to thank the Stetson University, School of Business, for its continuing financial and intellectual support of the journal.", "mime": "application/pdf"}, {"id": "fsr-3440", "words": "980", "extension": ".pdf", "flesch": "38", "author": "Michelson, Stuart", "title": "Vol 29 No 1 Letter from the Editor", "date": "2023", "keywords": "authors; filers; financial; journal; review; risk; services; university", "summary": "I remain committed to the goal of making Financial Services Review the best academic jour- nal in individual financial management and personal financial planning. The second article \u201cThe Impact of Using Financial Technology on Positive Financial Behaviors\u201d is coauthored by Qianwen Bi, Utah Valley University, Lukas R. Dean, Utah Valley University, Tao Guo, William Paterson University, and Xu Sun, Utah Valley University, The authors use the 2013 Survey of Consumer Finances data to explore the impact of financial technologies on households\u2019 positive financial behaviors.", "mime": "application/pdf"}, {"id": "fsr-3441", "words": "14516", "extension": ".pdf", "flesch": "51", "author": "Coats, Jennifer; Bajtelsmit, Vickie", "title": "Optimism, overconfidence, and insurance decisions", "date": "2021", "keywords": "bias; insurance; loss; mistakes; optimism; overconfidence; participants; performance; probability; risk; treatments", "summary": "Table 7 Classification of risk attitudes, optimism, and overconfidence Percent of participants Percent of females Percent of males Risk seeking 17% 17% 17% Optimism 50% 50% 50% Gross Overconfidence 60% 54% 64% Net overconfidence 67% 63% 69% Table 8 Biases, risk attitude, and gender correlations Gross overconfidence Optimism Net overconfidence Risk seeking Male Gross overconfidence 1 Optimism 0.49*** 1 Net overconfidence 0.65*** \ufffd0.35*** 1 Risk seeking 0.08 0.02 0.06 1 Male 0.19 \ufffd0.14 0.33*** 0 1 ***Significant at the 99% level. Experiment procedures and design and hypotheses In this section, we first describe the design and procedures used in this laboratory experi- ment, and then explain how this design can be used to test various hypotheses related to the effects of overconfidence and optimism on risk management decisions.", "mime": "application/pdf"}, {"id": "fsr-3442", "words": "15515", "extension": ".pdf", "flesch": "59", "author": "Bi, Qianwen; Dean, Lukas R.; Guo, Tao; Sun, Xu", "title": "The impact of using financial technology on positive financial behaviors", "date": "2021", "keywords": "behaviors; e o; h o; households; m o; n d; o ld; o n; o o; o r; se h; ti o", "summary": "To test how different types of financial technologies affect household financial behaviors, we also use principal component analysis to construct a 30 Q. Bi et al. / Financial Services Review 29 (2021) 29\u201354 measure of transaction-based technology usage and a measure of planning-based technology usage, respectively. Last, we include a vector of other variables to control for the impact of other factors that are likely to affect household financial behaviors.", "mime": "application/pdf"}, {"id": "fsr-3443", "words": "5357", "extension": ".pdf", "flesch": "64", "author": "Feng, Wei; Jones, Travis L.; Allen, Marcus T.", "title": "Using investor utility to determine portfolio choice with REITs", "date": "2021", "keywords": "allocation; benchmark; bonds; investors; portfolio; preference; reits; risk; stock", "summary": "The benefit of adding REITs to a portfolio is inversely related to investor risk aversion. Investor\u2019s risk preference To explain the role of risk preference over the portfolio choice, we model an investor\u2019s utility function as: U \u00bc m\ufffd :05us 2 (1) where m is the average portfolio return, and s is the standard deviation of portfolio returns.", "mime": "application/pdf"}, {"id": "fsr-3444", "words": "11579", "extension": ".pdf", "flesch": "71", "author": "Kehiaian, Scott E.; Williams, Albert A.; Bird, Carolyn L.", "title": "Financial, demographic, and psychological differences between chapter 13 bankruptcy filers and non-filers", "date": "2021", "keywords": "bankruptcy; filers; filing; non; variables", "summary": "Non-filers do the following signifi- cantly more often than filers: pay their bills on time; avoid living paycheck-to-paycheck; review their credit more frequently per year; pay more than the minimum on their credit card; save money to prepare for home ownership; track their expenses before budgeting; review their total financial situation; use cash for all purchases; evaluate their insurance needs; understand the true cost of credit; and have more knowledge of the components that make up their credit score. Fisher (2019) finds that bankruptcy filers are middle income, more likely to be divorced, more likely to be Black, more likely to be veterans, less likely to be immigrants, and more likely to have only a high school degree or some college education. Characteristics of bankruptcy filers: Implications for educators.", "mime": "application/pdf"}, {"id": "fsr-3445", "words": "1407", "extension": ".pdf", "flesch": "60", "author": "Michelson, Stuart", "title": "Vol 29 No 1 Closing", "date": "2023", "keywords": "financial; page; reits; risk; services", "summary": "AFS and FPA offer Financial Services Review CE online only\u2014paper continuing education will not be processed. CE 1-hour general principles of financial planning AFS and FPA members can earn CE credits through Financial Services Review.", "mime": "application/pdf"}, {"id": "fsr-3446", "words": "1316", "extension": ".pdf", "flesch": "30", "author": "Michelson, Stuart", "title": "Vol 29 No 2 Masthead", "date": "2023", "keywords": "academy; financial; journal; planning; president; services; state; university", "summary": "ACADEMY OF FINANCIAL SERVICES OFFICERS President Inga Timmerman California State University, Northridge President-Elect Executive Vice President-Program Terrance K. Martin Utah Valley University Vice President-Communications Colleen Tokar Asaad Baldwin Wallace University Vice President-Finance Thomas P. Langdon Roger Williams University Vice President-International Relations Philip Gibson Winthrop University Vice President-Mktg & Public Relations Shawn Brayman PlanPlus Global Immediate Past President Janine Sam Shepherd University EDITOR, FINANCIAL SERVICES REVIEW Stuart Michelson Stetson University DIRECTORS Charles Chaffin CFP Board of Standards Lu Fan University of Missouri Barry Mulholland University of Akron Tom Potts Baylor University Laura Ricaldi Utah Valley University PAST PRESIDENTS Janine Sam, 2019-20 Shepherd University Swarn Chatterjee, 2018-19 University of Georgia Robert Moreschi, 2016-18 Virginia Military Institute Thomas Coe, 2015-16 Quinnipiac University William Chittenden, 2014-15 Texas State University Lance Palmer, 2013-14 University of Georgia Frank Laatsch, 2012-13 University of Southern Mississippi Brian Boscaljon, 2011-12 Penn State University-Erie Halil Kiymaz, 2010-11 Rollins College of Business David Lange, 2009-10 Auburn University, Montgomery Vickie Hampton, 2008-09 Texas Tech University Frank Laatsch 2007-08 University of Southern Mississippi Daniel Walz, 2006-07 Trinity University Anne Gleason, 2005-06 College of Charleston Stuart Michelson, 2004-05 Stetson University Grady Perdue, 2003-04 University of Houston-Clear Lake Vickie Bajtelsmit, 2002-03 Colorado State University Karen Eilers Lahey, 2001-02 University of Akron Tom Eyssell, 2000-01 University of Missouri-St. Louis Jill Lynn Vihtelic, 1999-00 Saint Mary\u2019s College Terry Zivney, 1998-99 Ball State University Don Holdren, 1997-98 Marshall University Robert McLeod, 1996-97 University of Alabama Walt Woerheide, 1995-96 The American College Dixie Mills, 1994-95 Illinois State University Ted Veit, 1993-94 Rollins College Mona Gardner, 1992-93 Illinois Wesleyan University Jean L. Heck, 1991-92 Villanova University Frank K. Reilly, 1990-91 University of Notre Dame Lawrence J. Gitman, 1989-90 San Diego State University Travis S. Pritchett, 1988-89 University of South Carolina Tom Potts, 1987-88 Baylor University Robert F. Bohn, 1986-87 Golden Gate University Tom Warschauer, 1985-86 San Diego State University published in collaboration with the Financial Planning Association Financial Services Review is the journal of the Academy of Financial Services, published in collaboration with the Financial Planning Association. Financial Services Review The Journal of Individual Financial Management Vol. 29, No. 2, 2021 EDITOR Stuart Michelson, Stetson University ASSOCIATE EDITORS Benefits and Retirement Planning Vickie Bajtelsmit Colorado State University Stephen M. Horan CFA Institute Walter Woerheide The American College Estate Planning Anne Wenger San Diego State University Giovanni Fernandez Stetson University Investments Robert Brooks University of Alabama John Clinebell University of Northern Colorado James DiLellio Pepperdine University Dale Domian York University Jim Gilkeson University of Central Florida William Jennings United States Air Force Academy David Nanigian CSU Fullerton Insurance Larry Cox University of Mississippi Financial Planning Swarn Chatterjee University of Georgia Sherman Hanna Ohio State University Patti Fisher Virginia Tech University Wade D. Pfau The American College John Salter Texas Tech University Financial Institutions Stanley D. Smith University of Central Florida Investor Psychology and Counseling John Nofsinger Washington State University Meir Statman Santa Clara University FINANCIAL LITERACY Ning Tang San Diego State University International Lawrence Rose Massey University Education Jerry Stevens University of Richmond Financial Planning Profession Tom Warschauer San Diego State University Co-Published by the Academy of Financial Services and the Financial Planning Association The editor of Financial Services Review wishes to thank the Stetson University, School of Business, for its continuing financial and intellectual support of the journal.", "mime": "application/pdf"}, {"id": "fsr-3447", "words": "980", "extension": ".pdf", "flesch": "38", "author": "Michelson, Stuart", "title": "Vol 29 No 2 Letter to the Editor", "date": "2023", "keywords": "authors; filers; financial; journal; review; risk; services; university", "summary": "I remain committed to the goal of making Financial Services Review the best academic jour- nal in individual financial management and personal financial planning. The second article \u201cThe Impact of Using Financial Technology on Positive Financial Behaviors\u201d is coauthored by Qianwen Bi, Utah Valley University, Lukas R. Dean, Utah Valley University, Tao Guo, William Paterson University, and Xu Sun, Utah Valley University, The authors use the 2013 Survey of Consumer Finances data to explore the impact of financial technologies on households\u2019 positive financial behaviors.", "mime": "application/pdf"}, {"id": "fsr-3448", "words": "7023", "extension": ".pdf", "flesch": "54", "author": "Hussein, Reem; James III, Russell N.", "title": "Encouraging living will completion using social norms and family benefit", "date": "2021", "keywords": "advance; base; benefit; family; james; life; living; norms; planning", "summary": "Applications to medical conversations The low level of completed advance directives may relate to the presentation of or con- versations around the documents. Previous research studies have also found that an individual with a higher level of income is more likely to have advance directive documents (Carr, 2012; Moorman & Inoue, 2013).", "mime": "application/pdf"}, {"id": "fsr-3449", "words": "10390", "extension": ".pdf", "flesch": "54", "author": "Heo, Wookjae; Lee, Jae Min; Park, Narang", "title": "Who demands which type of life insurance? : various factors in life insurance ownership", "date": "2021", "keywords": "cash; cash value; characteristics; financial; insurance ownership; level; life insurance; life satisfaction; ownership; satisfaction; self; term life; value life", "summary": "Understanding the associations between various factors and life insurance ownership, as well as the ways in which the associations differ across the subsamples by type of life insurance, will provide financial professionals with important insights when they offer financial counseling and planning services in the future. Keywords: Life insurance; Term life insurance; Cash value life insurance; Psychological characteristics 1.", "mime": "application/pdf"}, {"id": "fsr-3450", "words": "12458", "extension": ".pdf", "flesch": "64", "author": "Liu, Zhikun; Blanchett, David M.", "title": "Focusing on both sides of the balance sheet: the potential benefit of liability management", "date": "2021", "keywords": "assets; credit; debt; household; income; interest; liability; loans; planning; rate; review; services", "summary": "The high price of debt: Household financial debt and its impact on mental and physical health. What factors are associated with household debts and leverage ratios?", "mime": "application/pdf"}, {"id": "fsr-3451", "words": "9086", "extension": ".pdf", "flesch": "53", "author": "Nourallah, Mustafa; Strandberg, Christer; Ohman, Peter", "title": "Mobile bank applications: loyalty of young bank customers", "date": "2021", "keywords": "banking; customer; customer satisfaction; financial; journal; loyalty; mba; mobile; reliability; responsiveness; satisfaction; services; study; usability; ybcs", "summary": "The effect of multi-channel service quality on mobile customer loyalty in an online-and-mo- bile retail context. What keeps mobile banking customers loyal?", "mime": "application/pdf"}, {"id": "fsr-3452", "words": "1966", "extension": ".pdf", "flesch": "59", "author": "Michelson, Stuart", "title": "Vol 29 No 2 Closing", "date": "2023", "keywords": "afs; conference; financial; planning; services", "summary": "CE 1-hour general principles of financial planning, risk and insurance planning, and estate planning AFS and FPA members can earn CE credits through Financial Services Review. AFS and FPA offer Financial Services Review CE online only\u2014paper continuing education will not be processed.", "mime": "application/pdf"}, {"id": "fsr-3453", "words": "1316", "extension": ".pdf", "flesch": "30", "author": "Michelson, Stuart", "title": "Vol 29 No 3 Masthead", "date": "2023", "keywords": "academy; financial; journal; planning; president; services; state; university", "summary": "ACADEMY OF FINANCIAL SERVICES OFFICERS President Inga Timmerman California State University, Northridge President-Elect Executive Vice President-Program Terrance K. Martin Utah Valley University Vice President-Communications Colleen Tokar Asaad Baldwin Wallace University Vice President-Finance Thomas P. Langdon Roger Williams University Vice President-International Relations Philip Gibson Winthrop University Vice President-Mktg & Public Relations Shawn Brayman PlanPlus Global Immediate Past President Janine Sam Shepherd University EDITOR, FINANCIAL SERVICES REVIEW Stuart Michelson Stetson University DIRECTORS Charles Chaffin CFP Board of Standards Lu Fan University of Missouri Barry Mulholland University of Akron Tom Potts Baylor University Laura Ricaldi Utah Valley University PAST PRESIDENTS Janine Sam, 2019-20 Shepherd University Swarn Chatterjee, 2018-19 University of Georgia Robert Moreschi, 2016-18 Virginia Military Institute Thomas Coe, 2015-16 Quinnipiac University William Chittenden, 2014-15 Texas State University Lance Palmer, 2013-14 University of Georgia Frank Laatsch, 2012-13 University of Southern Mississippi Brian Boscaljon, 2011-12 Penn State University-Erie Halil Kiymaz, 2010-11 Rollins College of Business David Lange, 2009-10 Auburn University, Montgomery Vickie Hampton, 2008-09 Texas Tech University Frank Laatsch 2007-08 University of Southern Mississippi Daniel Walz, 2006-07 Trinity University Anne Gleason, 2005-06 College of Charleston Stuart Michelson, 2004-05 Stetson University Grady Perdue, 2003-04 University of Houston-Clear Lake Vickie Bajtelsmit, 2002-03 Colorado State University Karen Eilers Lahey, 2001-02 University of Akron Tom Eyssell, 2000-01 University of Missouri-St. Louis Jill Lynn Vihtelic, 1999-00 Saint Mary\u2019s College Terry Zivney, 1998-99 Ball State University Don Holdren, 1997-98 Marshall University Robert McLeod, 1996-97 University of Alabama Walt Woerheide, 1995-96 The American College Dixie Mills, 1994-95 Illinois State University Ted Veit, 1993-94 Rollins College Mona Gardner, 1992-93 Illinois Wesleyan University Jean L. Heck, 1991-92 Villanova University Frank K. Reilly, 1990-91 University of Notre Dame Lawrence J. Gitman, 1989-90 San Diego State University Travis S. Pritchett, 1988-89 University of South Carolina Tom Potts, 1987-88 Baylor University Robert F. Bohn, 1986-87 Golden Gate University Tom Warschauer, 1985-86 San Diego State University published in collaboration with the Financial Planning Association Financial Services Review is the journal of the Academy of Financial Services, published in collaboration with the Financial Planning Association. Financial Services Review The Journal of Individual Financial Management Vol. 29, No. 3, 2021 EDITOR Stuart Michelson, Stetson University ASSOCIATE EDITORS Benefits and Retirement Planning Vickie Bajtelsmit Colorado State University Stephen M. Horan CFA Institute Walter Woerheide The American College Estate Planning Anne Wenger San Diego State University Giovanni Fernandez Stetson University Investments Robert Brooks University of Alabama John Clinebell University of Northern Colorado James DiLellio Pepperdine University Dale Domian York University Jim Gilkeson University of Central Florida William Jennings United States Air Force Academy David Nanigian CSU Fullerton Insurance Larry Cox University of Mississippi Financial Planning Swarn Chatterjee University of Georgia Sherman Hanna Ohio State University Patti Fisher Virginia Tech University Wade D. Pfau The American College John Salter Texas Tech University Financial Institutions Stanley D. Smith University of Central Florida Investor Psychology and Counseling John Nofsinger Washington State University Meir Statman Santa Clara University FINANCIAL LITERACY Ning Tang San Diego State University International Lawrence Rose Massey University Education Jerry Stevens University of Richmond Financial Planning Profession Tom Warschauer San Diego State University Co-Published by the Academy of Financial Services and the Financial Planning Association The editor of Financial Services Review wishes to thank the Stetson University, School of Business, for its continuing financial and intellectual support of the journal.", "mime": "application/pdf"}, {"id": "fsr-3454", "words": "807", "extension": ".pdf", "flesch": "36", "author": "Michelson, Stuart", "title": "Vol 29 No 3 Letter from the Editor", "date": "2023", "keywords": "financial; services; university", "summary": "The authors study the impact of financial literacy on financial behaviors. They do not find that university students with higher levels of financial literacy have reduced money management stress and positive finan- cial behavior, leading to higher levels of financial wellbeing.", "mime": "application/pdf"}, {"id": "fsr-3455", "words": "7194", "extension": ".pdf", "flesch": "46", "author": "White, Kenneth; Park, Narang; Watkins, Kimberly; McCoy, Megan; Morris, Joycelyn", "title": "The relationship between objective financial knowledge, financial management, and financial self-efficacy among African American students", "date": "2021", "keywords": "african; american; education; efficacy; financial; journal; knowledge; literacy; management; review; self; services; students", "summary": "JEL classification: D10; D14; G53 Keywords: African American; Financial literacy; Financial knowledge; Financial management; Financial self- efficacy *Corresponding author. Given these factors, it is imperative to understand how objective financial knowledge develops and affects financial literacy among African American students.", "mime": "application/pdf"}, {"id": "fsr-3456", "words": "10211", "extension": ".pdf", "flesch": "56", "author": "West, Tracey; Cull, Michelle; Johnson, Dianne", "title": "Income more important than financial literacy for improving wellbeing", "date": "2021", "keywords": "education; financial; future; income; journal; literacy; management; money; review; services; stress; students; university; wellbeing; west", "summary": "Unfortunately, expectations that university students with higher levels of financial literacy have reduced money management stress and positive financial behavior, leading to higher levels of financial wellbeing, were expunged in this study. Using a survey of 420 students from an Australian university in 2019, we quantify the impact of current money management circumstances, attitudes towards future finances and financial literacy on levels of financial wellbeing.", "mime": "application/pdf"}, {"id": "fsr-3457", "words": "7464", "extension": ".pdf", "flesch": "51", "author": "Lurtz, Meghaan R.; Kothakota, Michael G.; Heckman, Stuart J.; Archuleta, Kristy", "title": "The effect of risk literacy and visual aids on portfolio choices among professional financial planners", "date": "2021", "keywords": "cfp; decision; literacy; planners; planning; portfolio; retamero; risk; risk literacy; visual", "summary": "Risk literacy in this investigation is the statistical, objective numeracy and will be referred to as risk literacy throughout the remainder of the study. The effect of risk literacy and visual aids on portfolio choices among professional financial planners Meghaan R. Lurtz1, Michael G. Kothakota1,*, Stuart J. Heckman1, Kristy Archuleta2 1Department of Personal Financial Planning, Kansas State University, 312 Justin Hall, 1324 Lovers Lane, Manhattan, KS 66505, USA 2Department of Financial Planning, Housing & Consumer Economics, University of Georgia, 205 Dawson Hall, Athens, GA 30605, USA Abstract Financial planners and their clients come together regularly to discuss financial decisions, which are inherently risky.", "mime": "application/pdf"}, {"id": "fsr-3458", "words": "11221", "extension": ".pdf", "flesch": "61", "author": "Fraser, Steve P.; Payne, Brian C.; Schatzle, Scott", "title": "Enumerating the value of financial advice in a competitive market: a dual structure approach and analysis", "date": "2021", "keywords": "advisors; aum; cdfs; client; fee; fees; planning; services; structure; value", "summary": "The ratio of NW to AUM will serve as a proxy for the delta in the IM fee versus financial planning fee in this analysis. By examining Year 1 fees, one can see the break- out of financial planning fees and an IM fee component compared with the single AUM fee.", "mime": "application/pdf"}, {"id": "fsr-3459", "words": "1509", "extension": ".pdf", "flesch": "58", "author": "Michelson, Stuart", "title": "Vol 29 No 3 Closing", "date": "2023", "keywords": "cdfs; financial; page; services", "summary": "CE 1-hour general principles of financial planning, risk and insurance planning, and estate planning AFS and FPA members can earn CE credits through Financial Services Review. AFS and FPA offer Financial Services Review CE online only\u2014paper continuing education will not be processed.", "mime": "application/pdf"}, {"id": "fsr-3460", "words": "1316", "extension": ".pdf", "flesch": "30", "author": "Michelson, Stuart", "title": "Vol 29 No 4 Masthead", "date": "2023", "keywords": "academy; financial; journal; planning; president; services; state; university", "summary": "ACADEMY OF FINANCIAL SERVICES OFFICERS President Inga Timmerman California State University, Northridge President-Elect Executive Vice President-Program Terrance K. Martin Utah Valley University Vice President-Communications Colleen Tokar Asaad Baldwin Wallace University Vice President-Finance Thomas P. Langdon Roger Williams University Vice President-International Relations Philip Gibson Winthrop University Vice President-Mktg & Public Relations Shawn Brayman PlanPlus Global Immediate Past President Janine Sam Shepherd University EDITOR, FINANCIAL SERVICES REVIEW Stuart Michelson Stetson University DIRECTORS Charles Chaffin CFP Board of Standards Lu Fan University of Missouri Barry Mulholland University of Akron Tom Potts Baylor University Laura Ricaldi Utah Valley University PAST PRESIDENTS Janine Sam, 2019-20 Shepherd University Swarn Chatterjee, 2018-19 University of Georgia Robert Moreschi, 2016-18 Virginia Military Institute Thomas Coe, 2015-16 Quinnipiac University William Chittenden, 2014-15 Texas State University Lance Palmer, 2013-14 University of Georgia Frank Laatsch, 2012-13 University of Southern Mississippi Brian Boscaljon, 2011-12 Penn State University-Erie Halil Kiymaz, 2010-11 Rollins College of Business David Lange, 2009-10 Auburn University, Montgomery Vickie Hampton, 2008-09 Texas Tech University Frank Laatsch 2007-08 University of Southern Mississippi Daniel Walz, 2006-07 Trinity University Anne Gleason, 2005-06 College of Charleston Stuart Michelson, 2004-05 Stetson University Grady Perdue, 2003-04 University of Houston-Clear Lake Vickie Bajtelsmit, 2002-03 Colorado State University Karen Eilers Lahey, 2001-02 University of Akron Tom Eyssell, 2000-01 University of Missouri-St. Louis Jill Lynn Vihtelic, 1999-00 Saint Mary\u2019s College Terry Zivney, 1998-99 Ball State University Don Holdren, 1997-98 Marshall University Robert McLeod, 1996-97 University of Alabama Walt Woerheide, 1995-96 The American College Dixie Mills, 1994-95 Illinois State University Ted Veit, 1993-94 Rollins College Mona Gardner, 1992-93 Illinois Wesleyan University Jean L. Heck, 1991-92 Villanova University Frank K. Reilly, 1990-91 University of Notre Dame Lawrence J. Gitman, 1989-90 San Diego State University Travis S. Pritchett, 1988-89 University of South Carolina Tom Potts, 1987-88 Baylor University Robert F. Bohn, 1986-87 Golden Gate University Tom Warschauer, 1985-86 San Diego State University published in collaboration with the Financial Planning Association Financial Services Review is the journal of the Academy of Financial Services, published in collaboration with the Financial Planning Association. Financial Services Review The Journal of Individual Financial Management Vol. 29, No. 4, 2021 EDITOR Stuart Michelson, Stetson University ASSOCIATE EDITORS Benefits and Retirement Planning Vickie Bajtelsmit Colorado State University Stephen M. Horan CFA Institute Walter Woerheide The American College Estate Planning Anne Wenger San Diego State University Giovanni Fernandez Stetson University Investments Robert Brooks University of Alabama John Clinebell University of Northern Colorado James DiLellio Pepperdine University Dale Domian York University Jim Gilkeson University of Central Florida William Jennings United States Air Force Academy David Nanigian CSU Fullerton Insurance Larry Cox University of Mississippi Financial Planning Swarn Chatterjee University of Georgia Sherman Hanna Ohio State University Patti Fisher Virginia Tech University Wade D. Pfau The American College John Salter Texas Tech University Financial Institutions Stanley D. Smith University of Central Florida Investor Psychology and Counseling John Nofsinger Washington State University Meir Statman Santa Clara University FINANCIAL LITERACY Ning Tang San Diego State University International Lawrence Rose Massey University Education Jerry Stevens University of Richmond Financial Planning Profession Tom Warschauer San Diego State University Co-Published by the Academy of Financial Services and the Financial Planning Association The editor of Financial Services Review wishes to thank the Stetson University, School of Business, for its continuing financial and intellectual support of the journal.", "mime": "application/pdf"}, {"id": "fsr-3461", "words": "978", "extension": ".pdf", "flesch": "36", "author": "Michelson, Stuart", "title": "Vol 29 No 4 Letter from the Editor", "date": "2023", "keywords": "authors; financial; literacy; review; services; university", "summary": "U of Central Florida Andreas Hackethal Goethe University Frankfurt Daniel Hoechle U of Applied Sciences & Arts Patti J. Fisher Virginia Tech Russell James Texas Tech University Vladimir Kotomin Ilinois State University Kyre Lahtinen Wright State University Camilla Mazzoli Politecnica delle Marche Steffen Meyer Darshak Patel University of Kentucky Cliff Robb Wisconsin Madison Nic Schaub University of St. Gallen Nic Schaub WHU Martin Seay Kansas State University Jinfei Sheng UC Irvine Peter Smith University of York Carol Springer Sargent Middle Georgia State University Ruilin Tian North Dakota State University Bruce Vanstone Politecnica delle Marche William Walstad University of Nebraska Tom Warschauer San Diego State Jamie Weathers Western Michigan University Terry Zhang The lead article \u201cFinancial (il)literacy versus Individual\u2019s behavior; evidence on credit card repayment patterns\u201d is coauthored by Gustavo Barboza at Loyola University of New Orleans; Paola Bongini at University of Milano-Bicocca and Monica Rossolini at University of Milano- Bicocca.", "mime": "application/pdf"}, {"id": "fsr-3462", "words": "17851", "extension": ".pdf", "flesch": "56", "author": "Barboza, Gustavo; Bongini, Paola; Rossolini, Monica", "title": "Financial (il)literacy vs. individual\u2019s behavior: evidence on credit card repayment patterns", "date": "2021", "keywords": "behavior; card; credit; individuals; knowledge; literacy; o n; repayment; review; students", "summary": "If financial literacy does affect individuals\u2019 preferences and decision-mak- ing processes then one would expect that higher levels of financial literacy result in a series of benefits such as: increased saving, wiser investment decisions, lower to no month-to- month credit card debt, higher wealth accumulation, and higher retirement savings. Using a sample of 156 college students from the United States, we provide unique empirical evidence by specifically differen- tiating between individuals with higher levels of financial literacy versus individuals declaring not knowing the answers to financial literacy questions and those answering incorrectly.", "mime": "application/pdf"}, {"id": "fsr-3463", "words": "8112", "extension": ".pdf", "flesch": "56", "author": "Yan, Ying; James III, Russell N.", "title": "Framing the Annuity as Bequest Protection: An Experimental Test", "date": "2021", "keywords": "annuities; annuitization; annuity; argument; bequest; framing; life; mortality; motive; protection; review; risk", "summary": "The economic literature provides theoretical and empirical evidence that life annuities bring substantial welfare improvements to retirees (Cox & Lin, 2007; Scott, 2008). Such product combinations (life annuity plus survivor bequest benefits) \u201csolve\u201d the desire for bequests.", "mime": "application/pdf"}, {"id": "fsr-3464", "words": "11107", "extension": ".pdf", "flesch": "66", "author": "Martin, Terrance; Sam, Janine K.; Gibson, Philip", "title": "Financial Literacy to Prevent Poor Borrowing Choices", "date": "2021", "keywords": "borrowing; cost; financial; income; individuals; likelihood; literacy; loan; plan; retirement", "summary": "JEL classifications: G4; D14; D12 Keywords: Financial literacy; Retirement plan loans; Retirement planning; High-cost borrowing 1. Financial literacy plays a significant role in explaining why individuals use high-cost lenders and retirement plan loans.", "mime": "application/pdf"}, {"id": "fsr-3465", "words": "14656", "extension": ".pdf", "flesch": "54", "author": "Handy, Jonathan; Pontari, Beth; Smythe, Thomas; Summers, Suzy", "title": "Improving collegiate financial literacy via financial education seminars", "date": "2021", "keywords": "confidence; control; dummy; future; group; knowledge; participants; pfp; post; program; results; seminar; services; student; survey; treatment", "summary": "We now make an effort to gauge the \u201ccalibration\u201d between student financial knowledge and confidence in their financial future. Our findings demon- strate that financial knowledge and confidence improve.", "mime": "application/pdf"}, {"id": "fsr-3466", "words": "1009", "extension": ".pdf", "flesch": "61", "author": "Michelson, Stuart", "title": "Vol 29 No 4 Closing", "date": "2023", "keywords": "financial; page; submission", "summary": "Page proofs will be sent to the corresponding author. (3) Submission of papers: Authors should submit their papers electronically as an e-mail attachment to the Editor at smichels@stetson.edu.", "mime": "application/pdf"}, {"id": "fsr-3467", "words": "1399", "extension": ".pdf", "flesch": "31", "author": "Michelson, Stuart", "title": "Vol 30 No 1 Masthead", "date": "2023", "keywords": "academy; financial; journal; planning; president; services; state; university", "summary": "ACADEMY OF FINANCIAL SERVICES OFFICERS President Inga Timmerman California State University, Northridge President-Elect Executive Vice President-Program Terrance K. Martin Utah Valley University Vice President-Communications Colleen Tokar Asaad Baldwin Wallace University Vice President-Finance Thomas P. Langdon Roger Williams University Vice President-International Relations Philip Gibson Winthrop University Vice President-Mktg & Public Relations Shawn Brayman PlanPlus Global Immediate Past President Janine Sam Shepherd University EDITOR, FINANCIAL SERVICES REVIEW Stuart Michelson Stetson University DIRECTORS Charles Chaffin CFP Board of Standards Lu Fan University of Missouri Barry Mulholland University of Akron Tom Potts Baylor University Laura Ricaldi Utah Valley University PAST PRESIDENTS Janine Sam, 2019-20 Shepherd University Swarn Chatterjee, 2018-19 University of Georgia Robert Moreschi, 2016-18 Virginia Military Institute Thomas Coe, 2015-16 Quinnipiac University William Chittenden, 2014-15 Texas State University Lance Palmer, 2013-14 University of Georgia Frank Laatsch, 2012-13 University of Southern Mississippi Brian Boscaljon, 2011-12 Penn State University-Erie Halil Kiymaz, 2010-11 Rollins College of Business David Lange, 2009-10 Auburn University, Montgomery Vickie Hampton, 2008-09 Texas Tech University Frank Laatsch 2007-08 University of Southern Mississippi Daniel Walz, 2006-07 Trinity University Anne Gleason, 2005-06 College of Charleston Stuart Michelson, 2004-05 Stetson University Grady Perdue, 2003-04 University of Houston-Clear Lake Vickie Bajtelsmit, 2002-03 Colorado State University Karen Eilers Lahey, 2001-02 University of Akron Tom Eyssell, 2000-01 University of Missouri-St. Louis Jill Lynn Vihtelic, 1999-00 Saint Mary\u2019s College Terry Zivney, 1998-99 Ball State University Don Holdren, 1997-98 Marshall University Robert McLeod, 1996-97 University of Alabama Walt Woerheide, 1995-96 The American College Dixie Mills, 1994-95 Illinois State University Ted Veit, 1993-94 Rollins College Mona Gardner, 1992-93 Illinois Wesleyan University Jean L. Heck, 1991-92 Villanova University Frank K. Reilly, 1990-91 University of Notre Dame Lawrence J. Gitman, 1989-90 San Diego State University Travis S. Pritchett, 1988-89 University of South Carolina Tom Potts, 1987-88 Baylor University Robert F. Bohn, 1986-87 Golden Gate University Tom Warschauer, 1985-86 San Diego State University published in collaboration with the Financial Planning Association Financial Services Review is the journal of the Academy of Financial Services, published in collaboration with the Financial Planning Association. Financial Services Review The Journal of Individual Financial Management Vol. 30, No. 1, 2022 EDITOR Stuart Michelson, Stetson University ASSOCIATE EDITORS Benefits and Retirement Planning Vickie Bajtelsmit Colorado State University Stephen M. Horan CFA Institute Walter Woerheide The American College Estate Planning Anne Wenger San Diego State University Giovanni Fernandez Stetson University Investments Robert Brooks University of Alabama John Clinebell University of Northern Colorado James DiLellio Pepperdine University Dale Domian York University Jim Gilkeson University of Central Florida William Jennings United States Air Force Academy David Nanigian CSU Fullerton Insurance Larry Cox University of Mississippi Financial Planning Swarn Chatterjee University of Georgia Sherman Hanna Ohio State University Patti Fisher Virginia Tech University Wade D. Pfau The American College John Salter Texas Tech University Financial Institutions Stanley D. Smith University of Central Florida Investor Psychology and Counseling John Nofsinger Washington State University Meir Statman Santa Clara University FINANCIAL LITERACY Ning Tang San Diego State University International Lawrence Rose Massey University Education Jerry Stevens University of Richmond Financial Planning Profession Tom Warschauer San Diego State University Co-Published by the Academy of Financial Services and the Financial Planning Association The editor of Financial Services Review wishes to thank the Stetson University, School of Business, for its continuing financial and intellectual support of the journal.", "mime": "application/pdf"}, {"id": "fsr-3468", "words": "792", "extension": ".pdf", "flesch": "39", "author": "Michelson, Stuart", "title": "Vol 30 No 1 Letter from the Editor", "date": "2023", "keywords": "financial; planning; services", "summary": "I remain committed to the goal of making Financial Services Review the best academic jour- nal in individual financial management and personal financial planning. The authors describe the financial behavior of financial advisors and whether they follow the advice they give clients.", "mime": "application/pdf"}, {"id": "fsr-3469", "words": "12117", "extension": ".pdf", "flesch": "49", "author": "Murguia, Alejandro; Pfau, Wade D.", "title": "Retirement income beliefs and financial advice seeking behaviors", "date": "2022", "keywords": ".0001; advisor; efficacy; estimate; income; numeracy; retirement; retirement income; scale; score; self; usefulness", "summary": "JEL classifications: D14 Keywords: Retirement income; Self-efficacy; Financial advisor perceived usefulness; Behavioral finance 1. The results identify four financial implementation personas in relation to their retire- ment income self-efficacy and perceptions about the usefulness of financial advisors.", "mime": "application/pdf"}, {"id": "fsr-3470", "words": "13337", "extension": ".pdf", "flesch": "54", "author": "Scholl, Brian; Fontes, Angela", "title": "Mutual fund knowledge assessment for policy and decision problems", "date": "2022", "keywords": "decision; education; fee; fees; financial; fontes; fund; index; investment; investor; knowledge; literacy; lusardi; making; questions; respondents; review; scholl; services", "summary": "Conclusion and discussion We developed and deployed an 11-question index of mutual fund knowledge questions that is easy to deliver and has relatively low respondent burden, and fielded the module with a large, nationally representative, address-based probability sample to obtain credible popu- lation estimates of mutual fund knowledge. Mutual fund knowledge assessment for policy and decision problems Brian Scholl1, Angela Fontes2,* 1Office of the Investor Advocate, 100 F Street NE, Washington, DC 20549, USA 2NORC at the University of Chicago, 55 East Monroe, Chicago, IL 60602, USA Abstract We develop a measure of mutual fund investment knowledge that complements existing fi- nancial literacy measures.", "mime": "application/pdf"}, {"id": "fsr-3471", "words": "4269", "extension": ".pdf", "flesch": "61", "author": "Azamian, Negin; Beck, Kristine; Chiu, Hsin-Hui; Timmerman, Inga", "title": "Do as i tell you, not as i do: financial advisors and personal financial decision-making", "date": "2022", "keywords": "advisors", "summary": "Do as i tell you, not as i do: financial advisors and personal financial decision-making Negin Azamian1, Kristine Beck1, Hsin-Hui Chiu1, Inga Timmerman1,* 1Department of Finance, Financial Planning and Insurance, California State University, Northridge, California Abstract We describe the financial behavior of financial advisors and whether they follow the advice they give clients. We find that financial advisors generally follow their own advice; as a group they are more likely to be prepared for retirement, have less debt, higher liquidity, covered insurance needs, and have an estate plan in place.", "mime": "application/pdf"}, {"id": "fsr-3473", "words": "1341", "extension": ".pdf", "flesch": "61", "author": "Michelson, Stuart", "title": "Vol 30 No 1 Closing", "date": "2023", "keywords": "author; financial; page; services", "summary": "AFS and FPA offer Financial Services Review CE online-only\u2014paper continuing education will not be processed. CE 1-hour general principles of financial planning, risk and insurance planning, and estate planning AFS and FPA members can earn CE credits through Financial Services Review.", "mime": "application/pdf"}, {"id": "fsr-3474", "words": "1410", "extension": ".pdf", "flesch": "28", "author": "Martin, Terrance", "title": "Vol 30 No 2 Masthead", "date": "2023", "keywords": "academy; financial; journal; planning; president; services; state; university", "summary": "ACADEMY OF FINANCIAL SERVICES OFFICERS President Inga Timmerman California State University, Northridge President-Elect Executive Vice President-Program Terrance K. Martin Utah Valley University Vice President-Communications Colleen Tokar Asaad Baldwin Wallace University Vice President-Finance Thomas P. Langdon Roger Williams University Vice President-International Relations Philip Gibson Winthrop University Vice President-Mktg & Public Relations Shawn Brayman PlanPlus Global Immediate Past President Janine Sam Shepherd University EDITOR, FINANCIAL SERVICES REVIEW Stuart Michelson Stetson University Terrance K. Martin Utah Valley University DIRECTORS Charles Chaffin CFP Board of Standards Lu Fan University of Missouri Barry Mulholland University of Akron Tom Potts Baylor University Laura Ricaldi Utah Valley University PAST PRESIDENTS Janine Sam, 2019-20 Shepherd University Swarn Chatterjee, 2018-19 University of Georgia Robert Moreschi, 2016-18 Virginia Military Institute Thomas Coe, 2015-16 Quinnipiac University William Chittenden, 2014-15 Texas State University Lance Palmer, 2013-14 University of Georgia Frank Laatsch, 2012-13 University of Southern Mississippi Brian Boscaljon, 2011-12 Penn State University-Erie Halil Kiymaz, 2010-11 Rollins College of Business David Lange, 2009-10 Auburn University, Montgomery Vickie Hampton, 2008-09 Texas Tech University Frank Laatsch 2007-08 University of Southern Mississippi Daniel Walz, 2006-07 Trinity University Anne Gleason, 2005-06 College of Charleston Stuart Michelson, 2004-05 Stetson University Grady Perdue, 2003-04 University of Houston-Clear Lake Vickie Bajtelsmit, 2002-03 Colorado State University Karen Eilers Lahey, 2001-02 University of Akron Tom Eyssell, 2000-01 University of Missouri-St. Louis Jill Lynn Vihtelic, 1999-00 Saint Mary\u2019s College Terry Zivney, 1998-99 Ball State University Don Holdren, 1997-98 Marshall University Robert McLeod, 1996-97 University of Alabama Walt Woerheide, 1995-96 The American College Dixie Mills, 1994-95 Illinois State University Ted Veit, 1993-94 Rollins College Mona Gardner, 1992-93 Illinois Wesleyan University Jean L. Heck, 1991-92 Villanova University Frank K. Reilly, 1990-91 University of Notre Dame Lawrence J. Gitman, 1989-90 San Diego State University Travis S. Pritchett, 1988-89 University of South Carolina Tom Potts, 1987-88 Baylor University Robert F. Bohn, 1986-87 Golden Gate University Tom Warschauer, 1985-86 San Diego State University published in collaboration with the Financial Planning Association Financial Services Review is the journal of the Academy of Financial Services, published in collaboration with the Financial Planning Association. Financial Services Review The Journal of Individual Financial Management Vol. 30, No. 2, 2022 EDITOR Stuart Michelson, Stetson University Terrance K. Martin, Utah Valley University ASSOCIATE EDITORS Benefits and Retirement Planning Vickie Bajtelsmit Colorado State University Stephen M. Horan CFA Institute Walter Woerheide The American College Estate Planning Anne Wenger San Diego State University Giovanni Fernandez Stetson University Investments Robert Brooks University of Alabama John Clinebell University of Northern Colorado James DiLellio Pepperdine University Dale Domian York University Jim Gilkeson University of Central Florida William Jennings United States Air Force Academy David Nanigian CSU Fullerton Insurance Larry Cox University of Mississippi Financial Planning Swarn Chatterjee University of Georgia Sherman Hanna Ohio State University Patti Fisher Virginia Tech University Wade D. Pfau The American College John Salter Texas Tech University Financial Institutions Stanley D. Smith University of Central Florida Investor Psychology and Counseling John Nofsinger Washington State University Meir Statman Santa Clara University FINANCIAL LITERACY Ning Tang San Diego State University International Lawrence Rose Massey University Education Jerry Stevens University of Richmond Financial Planning Profession Tom Warschauer San Diego State University Co-Published by the Academy of Financial Services and the Financial Planning Association The editor of Financial Services Review wishes to thank the Stetson University, School of Business, for its continuing financial and intellectual support of the journal.", "mime": "application/pdf"}, {"id": "fsr-3475", "words": "791", "extension": ".pdf", "flesch": "46", "author": "Martin, Terrance", "title": "Vol 30 No 2 Letter from the Editor", "date": "2023", "keywords": "authors; financial; services", "summary": "Like Dr. Michelson, I am committed to the goal of making Financial Services Review the best academic Journal in individual finan- cial management and personal financial planning. Financial Services Review 30 (2022) v\u2013vi retirement planning and retirement income management.", "mime": "application/pdf"}, {"id": "fsr-3476", "words": "9726", "extension": ".pdf", "flesch": "65", "author": "Beierlein, Jaclyn J.; Launsby, Kaleigh; Forbes, Haley Smith", "title": "Why are women less motivated to become financially literate?", "date": "2022", "keywords": "decisions; finance; financial; future; motivation; parents; questions; respondent; women", "summary": "Motivation to learn personal finance is positively related to one\u2019s confidence (expect- ancy), whether one expects to be responsible for financial decision-making (instrumentality), and the importance one assigns to personal finance decisions (valence). About 50% of men and women said they would look online when they have financial questions, 50% said they would consult a financial advisor, 30% said they would ask friends, and 20% said other relatives.", "mime": "application/pdf"}, {"id": "fsr-3477", "words": "8196", "extension": ".pdf", "flesch": "56", "author": "Ricaldi, Laura C.; Martin, Terrance K.; Huston, Sandra J.", "title": "Financial literacy and its impact on the credit card debt puzzle", "date": "2022", "keywords": "accounts; card; convenience; credit; credit card; debt; households; revolvers; self; solvent; users", "summary": "Regarding specific financial human capital, solvent credit card revolvers have a lower level of financial literacy than convenience users. The determinants of outstanding balances among credit card revolvers.", "mime": "application/pdf"}, {"id": "fsr-3478", "words": "10475", "extension": ".pdf", "flesch": "48", "author": "Athavale, Manoj; Avila, Stephen; Goebel, Joseph", "title": "Your mileage may vary", "date": "2022", "keywords": "allocation; horizon; journal; planning; portfolio; portfolio success; probability; rate; retiree; retirement; retirement portfolio; returns; success; withdrawal; year", "summary": "A comparative analysis of retirement portfolio success rates: simu- lation versus overlapping periods. Our current research, therefore, is an effort to better understand the determinants of retirement portfolio success.", "mime": "application/pdf"}, {"id": "fsr-3479", "words": "8922", "extension": ".pdf", "flesch": "55", "author": "Heller, Jason E.; Cummings, Benjamin F.; Martin, Jason", "title": "Distribution channel effects on advisor managed investment performance", "date": "2022", "keywords": "advisor; average; ibds; investment; load; management; portfolio; rias; risk; time; year", "summary": "Due to this diversion, we seek to determine if the distribution channel affects advisor managed portfolio returns when com- paring RIAs and IBDs. Future research in this area that can include demographic information about advisors (e.g., education, age, gender, years in the profession, advanced designations, and disciplinary actions) would provide a better understand- ing of the effects business models have on advisor managed portfolio performance.", "mime": "application/pdf"}, {"id": "fsr-3480", "words": "1425", "extension": ".pdf", "flesch": "61", "author": "Martin, Terrance", "title": "Vol 30 No 2 Closing", "date": "2023", "keywords": "author; credit; financial; page; services", "summary": "CE credit for this issue of Financial Services Review expires December 31, 2023, subject to any changes dictated by CFP Board. AFS and FPA offer Financial Services Review CE online-only\u2014paper continuing education will not be processed.", "mime": "application/pdf"}, {"id": "fsr-3481", "words": "1442", "extension": ".pdf", "flesch": "27", "author": "Martin, Terrance", "title": "Vol 30 No 3 Masthead", "date": "2023", "keywords": "academy; financial; journal; martin; services; state; university; winston", "summary": "ACADEMY OF FINANCIAL SERVICES OFFICERS President Inga Timmerman California State University, Northridge President-Elect Executive Vice President-Program Terrance K. Martin Winston-Salem State University Vice President-Communications Colleen Tokar Asaad Baldwin Wallace University Vice President-Finance Thomas P. Langdon Roger Williams University Vice President-International Relations Philip Gibson Winthrop University Vice President-Mktg & Public Relations Shawn Brayman PlanPlus Global Immediate Past President Janine Sam Shepherd University EDITOR, FINANCIAL SERVICES REVIEW Terrance K. Martin Winston-Salem State University DIRECTORS Charles Chaffin CFP Board of Standards Lu Fan University of Missouri Barry Mulholland University of Akron Tom Potts Baylor University Laura Ricaldi Utah Valley University PAST PRESIDENTS Janine Sam, 2019-20 Shepherd University Swarn Chatterjee, 2018-19 University of Georgia Robert Moreschi, 2016-18 Virginia Military Institute Thomas Coe, 2015-16 Quinnipiac University William Chittenden, 2014-15 Texas State University Lance Palmer, 2013-14 University of Georgia Frank Laatsch, 2012-13 University of Southern Mississippi Brian Boscaljon, 2011-12 Penn State University-Erie Halil Kiymaz, 2010-11 Rollins College of Business David Lange, 2009-10 Auburn University, Montgomery Vickie Hampton, 2008-09 Texas Tech University Frank Laatsch 2007-08 University of Southern Mississippi Daniel Walz, 2006-07 Trinity University Anne Gleason, 2005-06 College of Charleston Stuart Michelson, 2004-05 Stetson University Grady Perdue, 2003-04 University of Houston-Clear Lake Vickie Bajtelsmit, 2002-03 Colorado State University Karen Eilers Lahey, 2001-02 University of Akron Tom Eyssell, 2000-01 University of Missouri-St. Louis Jill Lynn Vihtelic, 1999-00 Saint Mary\u2019s College Terry Zivney, 1998-99 Ball State University Don Holdren, 1997-98 Marshall University Robert McLeod, 1996-97 University of Alabama Walt Woerheide, 1995-96 The American College Dixie Mills, 1994-95 Illinois State University Ted Veit, 1993-94 Rollins College Mona Gardner, 1992-93 Illinois Wesleyan University Jean L. Heck, 1991-92 Villanova University Frank K. Reilly, 1990-91 University of Notre Dame Lawrence J. Gitman, 1989-90 San Diego State University Travis S. Pritchett, 1988-89 University of South Carolina Tom Potts, 1987-88 Baylor University Robert F. Bohn, 1986-87 Golden Gate University Tom Warschauer, 1985-86 San Diego State University published in collaboration with the Financial Planning Association Financial Services Review is the journal of the Academy of Financial Services, published in collaboration with the Financial Planning Association. Financial Services Review The Journal of Individual Financial Management Vol. 30, No. 3, 2022 EDITOR Terrance K. Martin, Winston-Salem State University ASSOCIATE EDITORS Benefits and Retirement Planning Vickie Bajtelsmit Colorado State University Stephen M. Horan CFA Institute Walter Woerheide The American College Estate Planning Anne Wenger San Diego State University Giovanni Fernandez Stetson University Investments Robert Brooks University of Alabama John Clinebell University of Northern Colorado James DiLellio Pepperdine University Dale Domian York University Jim Gilkeson University of Central Florida William Jennings United States Air Force Academy David Nanigian CSU Fullerton Insurance Larry Cox University of Mississippi Financial Planning Swarn Chatterjee University of Georgia Sherman Hanna Ohio State University Patti Fisher Virginia Tech University Wade D. Pfau The American College John Salter Texas Tech University Financial Institutions Stanley D. Smith University of Central Florida Investor Psychology and Counseling John Nofsinger Washington State University Meir Statman Santa Clara University FINANCIAL LITERACY Ning Tang San Diego State University International Lawrence Rose Massey University Education Jerry Stevens University of Richmond Financial Planning Profession Tom Warschauer San Diego State University Co-Published by the Academy of Financial Services and the Financial Planning Association The editor of Financial Services Review wishes to thank the Stetson University, School of Business, for its continuing financial and intellectual support of the journal.", "mime": "application/pdf"}, {"id": "fsr-3482", "words": "723", "extension": ".pdf", "flesch": "39", "author": "Martin, Terrance", "title": "Vol 30 No 3 Letter from the Editor", "date": "2023", "keywords": "financial; services", "summary": "Based on the OLS regression results, the author found that households with Black, Hispanic, and Asian respondents had higher financial obligations ratios than oth- erwise similar households with a White respondent. Coauthored by Richard Stebbins and Kyoung Tae Kim at the University of Alabama and Martin Saey at Kansas State University, \u201cFinancial professionals and financial well-being: Evidence from the national financial well-being survey\u201d examined the association between fi- nancial professional use and financial well-being using the 2016 National Financial Well- Being Survey.", "mime": "application/pdf"}, {"id": "fsr-3483", "words": "5492", "extension": ".pdf", "flesch": "56", "author": "Ouyang, Congrong; Hanna, Sherman D.", "title": "The effect of racial/ethnic differences on the financial obligations ratio of renters", "date": "2022", "keywords": "consumer; debt; discrimination; hanna; households; income; obligations; payments; ratio; renters; review", "summary": "2. Cumulative distribution of financial obligations ratio for renters. OLS regression results on log of ratios for renters The OLS regression on the log of financial obligations ratio for renters is displayed in Table 3.", "mime": "application/pdf"}, {"id": "fsr-3484", "words": "5495", "extension": ".pdf", "flesch": "49", "author": "Winchester, Danielle D.; Leak, Roland L.; McCoy, Nicole R.", "title": "Impact of consumer perceptions of industry corruption on the choice to engage a financial advisor: Does gender matter?", "date": "2022", "keywords": "advisor; corruption; female; gender; industry; journal; likelihood; perceptions; review; services", "summary": "After stimuli exposure and response to the dependent variable, respondents completed an ad hoc scale measuring their perception of financial services industry corruption, a = .95. Recent estimates of the rela- tive percentage of female financial advisors in the financial services industry from Barron\u2019s (20%), the CFP Board (23%), and the Bureau of Labor Statistics (31%; Nair, 2021) suggest *Corresponding author.", "mime": "application/pdf"}, {"id": "fsr-3485", "words": "5866", "extension": ".pdf", "flesch": "54", "author": "Stebbins, Richard; Kim, Kyoung Tae; Seay, Martin", "title": "Financial professionals and financial well-being: Evidence from the national financial well-being survey", "date": "2022", "keywords": "advice; age; financial; professional; respondents; results; review; scale; services; use", "summary": "JEL classifications: D12; D14 Keywords: Source of financial advice; Financial professionals use; Financial well-being; National Financial Well-Being Survey 1. We tested financial well-being across various sources of financial advice such as financial professionals, family, employer, community, financial institution, and government.", "mime": "application/pdf"}, {"id": "fsr-3486", "words": "7892", "extension": ".pdf", "flesch": "58", "author": "Augustin, Lua A. V.; Martin, Terrance K.", "title": "Financial literacy and the level of financial planning individuals use", "date": "2022", "keywords": "financial; income; individuals; level; literacy; planning; retirement; sample; services; use", "summary": "As financial literacy levels increase, there is a drop in the chance of respondents using the no plan level financial planning. Financial literacy and financial behavior among young adults: Evidence and implications financial literacy and financial behavior among young adults: Evidence.", "mime": "application/pdf"}, {"id": "fsr-3487", "words": "1675", "extension": ".pdf", "flesch": "57", "author": "Martin, Terrance", "title": "Vol 30 No 3 Closing", "date": "2023", "keywords": "advisors; financial; households; obligations; services", "summary": "by Winchester, Leak, and McCoy, the authors show that the likelihood to use female financial advisors is greater than that of male advisors when consumers perceive little corruption in the financial services industry. Winchester, Leak, and McCoy present the following findings: a. Female financial advisors are universally preferred to males regardless of how corrupt the financial services industry is perceived.", "mime": "application/pdf"}, {"id": "fsr-3489", "words": "12132", "extension": ".pdf", "flesch": "67", "author": "Lin, Crystal Y.", "title": "Does active management work? : Evidence from equity sector funds", "date": "2014", "keywords": "average; consumer; etf; etfs; funds; period; return; sample; sector; select; spdr; spy; yes", "summary": "Sector funds appear on the investment menu for many plan participants. Using sector funds with the longest history, the Fidelity Select Portfolios and the Select Sector SPDR Funds, this article tries to answer these questions for individual investors and/or their financial planners.", "mime": "application/pdf"}, {"id": "fsr-3513", "words": "10389", "extension": ".pdf", "flesch": "45", "author": "Young, John; Hudson, Crystal R.; Copeland, CW", "title": "Factors Mediating the Association between Financial Socialization and Well-Being: An African American Perspective", "date": "2024", "keywords": "african; americans; behavior; control; et al; european; financial; fmbeh; fskills; fsoc; journal; knowledge; literacy; model; self; socialization; young", "summary": "Financial socialization is associated with financial well-being (Drever et al., 2015), but are there factors within financial socialization that are related to financial well-being more so than others? Abstract This study examines the relationship between financial socialization and well-being (financial and subjective) mediated by three motivations: financial knowledge, goal setting, and self-control, either directly on financial behaviors or indirectly through financial skills on financial behaviors of African Americans compared with European Americans.", "mime": "application/pdf"}, {"id": "fsr-3526", "words": "1457", "extension": ".pdf", "flesch": "26", "author": "Martin, Terrance", "title": "Summer-Fall 2023", "date": "2023", "keywords": "academy; financial; journal; martin; planning; services; state; university; winston", "summary": "FINSER_31-2_Complete_Issue ACADEMY OF FINANCIAL SERVICES OFFICERS President Tom Potts Baylor University President-Elect Executive Vice President-Program Terrance K. Martin Winston-Salem State University Vice President-Communications Colleen Tokar Asaad Baldwin Wallace University Vice President-Finance Thomas P. Langdon Roger Williams University Vice President-International Relations Michelle Cull Western Sydney University Vice President-Mktg & Public Relations Shawn Brayman Financial Planning Research Consultant Immediate Past President Inga Timmerman University of North Florida EDITOR, FINANCIAL SERVICES REVIEW Terrance K. Martin Winston-Salem State University DIRECTORS Jason Andreson University of Kansas Jasmine Fang Massey University Norah Feng Massey University John Garble University of Georgia Wookjae Heo Purdue University Phillip Gibson Winthrop University Barry Mulholland University of Akron Utah Valley University PAST PRESIDENTS Janine Sam, 2019-20 Shepherd University Swarn Chatterjee, 2018-19 University of Georgia Robert Moreschi, 2016-18 Virginia Military Institute Thomas Coe, 2015-16 Quinnipiac University William Chittenden, 2014-15 Texas State University Lance Palmer, 2013-14 University of Georgia Frank Laatsch, 2012-13 University of Southern Mississippi Brian Boscaljon, 2011-12 Penn State University-Erie Halil Kiymaz, 2010-11 Rollins College of Business David Lange, 2009-10 Auburn University, Montgomery Vickie Hampton, 2008-09 Texas Tech University Frank Laatsch 2007-08 University of Southern Mississippi Daniel Walz, 2006-07 Trinity University Anne Gleason, 2005-06 College of Charleston Stuart Michelson, 2004-05 Stetson University Grady Perdue, 2003-04 University of Houston-Clear Lake Vickie Bajtelsmit, 2002-03 Colorado State University Karen Eilers Lahey, 2001-02 University of Akron Tom Eyssell, 2000-01 University of Missouri-St. Louis Jill Lynn Vihtelic, 1999-00 Saint Mary\u2019s College Terry Zivney, 1998-99 Ball State University Don Holdren, 1997-98 Marshall University Robert McLeod, 1996-97 University of Alabama Walt Woerheide, 1995-96 The American College Dixie Mills, 1994-95 Illinois State University Ted Veit, 1993-94 Rollins College Mona Gardner, 1992-93 Illinois Wesleyan University Jean L. Heck, 1991-92 Villanova University Frank K. Reilly, 1990-91 University of Notre Dame Lawrence J. Gitman, 1989-90 San Diego State University Travis S. Pritchett, 1988-89 University of South Carolina Tom Potts, 1987-88 Baylor University Robert F. Bohn, 1986-87 Golden Gate University Tom Warschauer, 1985-86 San Diego State University published in collaboration with the Financial Planning Association Financial Services Review is the journal of the Academy of Financial Services, published in collaboration with the Financial Planning Association. Financial Services Review The Journal of Individual Financial Management Vol. 31, Nos. 2 & 3, 2023 EDITOR Terrance K. Martin, Winston-Salem State University ASSOCIATE EDITORS Benefits and Retirement Planning Vickie Bajtelsmit Colorado State University Stephen M. Horan CFA Institute Walter Woerheide The American College Estate Planning Anne Wenger San Diego State University Giovanni Fernandez Stetson University Investments Robert Brooks University of Alabama John Clinebell University of Northern Colorado James DiLellio Pepperdine University Dale Domian York University Jim Gilkeson University of Central Florida William Jennings United States Air Force Academy David Nanigian CSU Fullerton Insurance Larry Cox University of Mississippi Financial Planning Swarn Chatterjee University of Georgia Sherman Hanna Ohio State University Patti Fisher Virginia Tech University Wade D. Pfau The American College John Salter Texas Tech University Financial Institutions Stanley D. Smith University of Central Florida Investor Psychology and Counseling John Nofsinger Washington State University Meir Statman Santa Clara University FINANCIAL LITERACY Ning Tang San Diego State University International Lawrence Rose Massey University Education Jerry Stevens University of Richmond Financial Planning Profession Tom Warschauer San Diego State University Co-Published by the Academy of Financial Services and the Financial Planning Association The editor of Financial Services Review wishes to thank the Stetson University, School of Business, for its continuing financial and intellectual support of the journal.", "mime": "application/pdf"}, {"id": "fsr-3527", "words": "578", "extension": ".pdf", "flesch": "39", "author": "Martin, Terrance", "title": "Vol 31 No 2&3 Letter from the Editor", "date": "2023", "keywords": "review; services; study", "summary": "Brent J. Davis, David P. Richardson, and Jason S. Seligman, present a compelling case study on the need and demand for financial education among graduate students. Their find- ings on the correlation between self-assessed and measured financial literacy underscore the importance of accurate self-perception in financial education.", "mime": "application/pdf"}, {"id": "fsr-3528", "words": "4681", "extension": ".pdf", "flesch": "53", "author": "Beck, Kristine L.; Chiu, Hsin-Hui; Timmerman, Inga", "title": "The changing assessment of risk for young investors", "date": "2023", "keywords": "finance; investment; knowledge; risk; risk tolerance; tolerance; variables", "summary": "JEL classifications: G11; G59; D81 Keywords: Investment risk; Risk assessment; Risk tolerance 1. It is unclear, however, how well these tools capture the changing world of investment risk.", "mime": "application/pdf"}, {"id": "fsr-3529", "words": "6091", "extension": ".pdf", "flesch": "61", "author": "Liu, Zhikun; James III, Russell; Sun, Qi", "title": "Financial planning time horizon and end-of-life mortality expectations", "date": "2023", "keywords": "age; expectancy; financial; horizon; level; life; planning; self; time", "summary": "JEL classifications: G4; D12 Keywords: Behavioral finance; Financial planning horizon; Self-perceived life expectancy; Financial decision making 1. Financial planning horizon also impacts the actual investment behavior.", "mime": "application/pdf"}, {"id": "fsr-3530", "words": "14862", "extension": ".pdf", "flesch": "57", "author": "Kim, Kyoung Tae; Hanna, Sherman D.; Lee, Sunwoo T.", "title": "Investment literacy, overconfidence and cryptocurrency investment", "date": "2023", "keywords": "al 0; cryptocurrency; debt; education; et al; graduate; interest; investment; investment literacy; investors; journal; literacy; overconfidence; review; self; services; students; survey", "summary": "Because our target sample is of high education and higher-than-median expected life- time income, they should rationally choose to invest in financial literacy education. Further, we used an index of correct answers to investment knowledge questions, which captures one\u2019s investment literacy more comprehensively than commonly used meas- ures of financial literacy (Lusardi & Mitchell, 2014).", "mime": "application/pdf"}, {"id": "fsr-3531", "words": "8410", "extension": ".pdf", "flesch": "56", "author": "Davis, Brent J.; Richardson, David P.; Seligman, Jason S.", "title": "Assessing the relative need and demand for financial education programs: A case study of graduate students", "date": "2023", "keywords": "debt; education; graduate; interest; literacy; review; self; services; students; survey", "summary": "Because our target sample is of high education and higher-than-median expected life- time income, they should rationally choose to invest in financial literacy education. We find that self-assessed and measured financial literacy is sig- nificantly related to interest and demand for financial education.", "mime": "application/pdf"}, {"id": "fsr-3532", "words": "7816", "extension": ".pdf", "flesch": "62", "author": "Augustin, Lua A. V.; Martin, Terrance K.", "title": "Timing and frequency of financial education and positive financial behaviors", "date": "2023", "keywords": "behaviors; education; frequency; individuals; ira; journal; literacy; needs; respondents; retirement; yes", "summary": "Financial education versus financial literacy Financial literacy is not to be confused with financial education. Against financial literacy education.", "mime": "application/pdf"}, {"id": "fsr-3538", "words": "14947", "extension": ".pdf", "flesch": "61", "author": "Filbeck, Greg; Zhao, Xin", "title": "Financial literacy during a pandemic: Does modality matter?", "date": "2023", "keywords": "behavior; education; female; financial; knowledge; literacy; objective; post; programs; questions; results; review; sample; school; students; survey; total", "summary": "High school student financial literacy according to school type. One possible explanation for gender differences is how females respond to financial literacy questions compared to males.", "mime": "application/pdf"}, {"id": "fsr-3540", "words": "6993", "extension": ".pdf", "flesch": "61", "author": "McClatchey, Christine", "title": "Refinance, pay additional principal, or recast? A home borrower\u2019s dilemma", "date": "2023", "keywords": "borrower; home; interest; loan; mortgage; new; payment; principal; rate; recast; refinancing", "summary": "Since their peak in 1982, mortgage rates have followed a downward trend which explains why ALT-1 received so much attention over the past three decades. This complex decision depends on a borrower\u2019s individual circumstances, the forecast for future mortgage rates, lender-specific rules and requirements, and consideration of future changes to the U.S. tax code.", "mime": "application/pdf"}, {"id": "fsr-3541", "words": "8413", "extension": ".pdf", "flesch": "53", "author": "Chawla, Isha; Russell, Mia B.; White, Kenneth J.; DeVaney, Sharon A.", "title": "Fear and trust in financial institutions: A content analysis", "date": "2023", "keywords": "age; banking; banks; consumers; et al; gender; institutions; journal; research; respondents; review; services; trust", "summary": "FINSER_31-2_Complete_Issue Fear and trust in financial institutions: A content analysis Isha Chawlaa, Mia B. Russellb, Kenneth J. Whitec,*, Sharon A. DeVaneyd aDepartment of Family Science, University of Maryland - College Park, 4200 Valley Drive, College Park, MD 20742, USA bCenter for Leadership Education, Johns Hopkins University, 3400 North Charles Street, Baltimore, MD 21218, USA cNorton School of Human Ecology, University of Arizona, 650 North Park Avenue, Tucson, AZ 85721, USA dCollege of Health and Human Sciences, Division of Consumer Sciences, Purdue University, 4000 S. Westport Avenue, # 352, Sioux Falls, SD 57106-2326, USA Abstract Financial institutions are pillars of the economy and play an important role in consumers\u2019 daily lives. As such, trust between financial institutions and the consumers they serve is of paramount impor- tance.", "mime": "application/pdf"}, {"id": "fsr-3542", "words": "1452", "extension": ".pdf", "flesch": "59", "author": "Martin, Terrance", "title": "Vol 31 No 2&3 CE and Closing", "date": "2023", "keywords": "education; financial; literacy; page; services", "summary": "AFS and FPA offer Financial Services Review CE online-only\u2014paper continuing education will not be processed. 2. Authors Augustin and Martin found this type of exposure to financial literacy has the greatest impact on positive financial behaviors?", "mime": "application/pdf"}, {"id": "fsr-3549", "words": "1251", "extension": ".pdf", "flesch": "-5", "author": "Grable, John", "title": "Vol 31 No 4 Masthead", "date": "2023", "keywords": "cfp \u00ae; financial; georgia; ph.d; services; state; state university; university", "summary": "Editor John E. Grable, Ph.D., CFP\u00ae, University of Georgia Editorial Advisory Board \u2022 Vickie Bajtelsmit, Ph.D., Colorado State University (Emeritus) \u2022 Shawn Brayman, M.E.S., SB Research Consulting \u2022 Sherman Hanna, Ph.D., The Ohio State University \u2022 Terrance Martin, Ph.D., Winston-Salem State University \u2022 Tom Potts, Ph.D., CFP\u00ae, Baylor University (Emeritus) \u2022 Martin Seay, Ph.D., CFP\u00ae, Kansas State University \u2022 Meir Statman, Ph.D., Santa Clara University \u2022 Tom Warschauer, Ph.D., CFP\u00ae, San Diego State University (Emeritus) Jason Anderson University of Kansas Jasmine Fand Massey University Norah Feng Massey University Matt Goren (Interim) Dalton Eduction Wookjae Heo Purdue University Philip Gibson Winthrop University Barry Mulholland University of Akron PAST PRESIDENTS Inga Timmerman, 2020-22 University of North Florida Janine Sam, 2019-20 Shepherd University Swarn Chatterjee, 2018-19 University of Georgia Robert Moreschi, 2016-18 Virginia Military Institute Thomas Coe, 2015-16 Quinnipiac University William Chittenden, 2014-15 Texas State University Lance Palmer, 2013-14 University of Georgia Frank Laatsch, 2012-13 University of Southern Mississippi Brian Boscaljon, 2011-12 Penn State University-Erie Auburn University, Montgomery Vickie Hampton, 2008-09 Texas Tech University Frank Laatsch 2007-08 University of Southern Mississippi Daniel Walz, 2006-07 Trinity University Anne Gleason, 2005-06 College of Charleston Stuart Michelson, 2004-05 Stetson University Grady Perdue, 2003-04 University of Houston-Clear Lake Vickie Bajtelsmit, 2002-03 Colorado State University Karen Eilers Lahey, 2001-02 University of Akron Tom Eyssell, 2000-01 University of Missouri-St. Louis Jill Lynn Vihtelic, 1999-00 Saint Mary\u2019s College Terry Zivney, 1998-99 Ball State University Don Holdren, 1997-98 Marshall University Robert McLeod, 1996-97 University of Alabama Walt Woerheide, 1995-96 The American College Dixie Mills, 1994-95 Illinois State University Ted Veit, 1993-94 Rollins College Mona Gardner, 1992-93 Illinois Wesleyan University Jean L. Heck, 1991-92 Villanova University Frank K. Reilly, 1990-91 University of Notre Dame Lawrence J. Gitman, 1989-90 San Diego State University Travis S. Pritchett, 1988-89 University of South Carolina Tom Potts, 1987-88 Baylor University Robert F. Bohn, 1986-87 Golden Gate University Tom Warschauer, 1985-86 San Diego State University Financial Services Review is the journal of the Academy of Financial Services Financial Services Review The Journal of Individual Financial Management Vol. 31, No. 4, 2023", "mime": "application/pdf"}, {"id": "fsr-3555", "words": "7277", "extension": ".pdf", "flesch": "30", "author": "Ahamed, AFM Jalal; Limbu, Yam B.", "title": "Retirement Planning: A Moderated Mediation Model of Cognitive Beliefs, Retirement Planning Attitude, and Money Availability ", "date": "2024", "keywords": "attitudes; availability; efficacy; et al; financial; journal; money; planning attitude; planning intention; retirement planning; risk; risk tolerance; self; tolerance", "summary": "H2: Retirement planning attitude mediates the effect of financial self- efficacy on retirement planning intention. Accordingly, we hypothesize the following: H3: Money availability moderates the indirect effect of financial risk tolerance on retirement planning intention through retirement planning attitude.", "mime": "application/pdf"}, {"id": "fsr-3570", "words": "404", "extension": ".pdf", "flesch": "62", "author": "Grable, John", "title": "Vol 31 No 4 CE Quiz", "date": "2023", "keywords": "client", "summary": "V31 I4 CE Quiz CE 1-hour general principles of financial planning, risk and insurance planning, and estate planning AFS and FPA members can earn CE credits through Financial Services Review. Given the client\u2019s profile, Terry should a. encourage the client to relax their conscientiousness when contemplating the implementation on financial planning recommendations.", "mime": "application/pdf"}, {"id": "fsr-3578", "words": "8358", "extension": ".pdf", "flesch": "56", "author": "Lynn, Christina; Heckman, Stuart; Kothakota, Michael; Lawson, Derek", "title": "Does Overspending Harm Retirement Preparation?", "date": "2025", "keywords": "account; data; degree; financial; income; nfcs; overspending; preparation; retirement; retirement account; retirement preparation; scf; shed", "summary": "A commonsense answer to this question is this: overspending should negatively impact retirement preparation. Because the overspending measurements were only negatively related to retirement preparation in a little over half the analyses, the results point to a new cultural norm where one\u2019s overspending behavior does not necessarily reflect one\u2019s retirement preparation behavior.", "mime": "application/pdf"}, {"id": "fsr-3584", "words": "5764", "extension": ".pdf", "flesch": "53", "author": "Zhang, Zezhong; Hanna, Sherman D.; Xu, Lei", "title": "The Effect of Financial Knowledge on Workers\u2019 Expectation of Never Retiring", "date": "2024", "keywords": "category; financial; hanna; knowledge; reference; response; retire; retirement", "summary": "Table 1 shows the descriptive results for that sample by financial knowledge categories. In this study, we extend previous research on factors related to workers stating that they would never retire by analyzing the impact of financial knowledge variables on the expectation.", "mime": "application/pdf"}, {"id": "fsr-3591", "words": "10148", "extension": ".pdf", "flesch": "43", "author": "Zhang, Yu", "title": "ESG Perceptions: Investigating Investor Motivations and Characteristics", "date": "2024", "keywords": "age; esg; esg factors; financial; importance; investing; investment; investment knowledge; investors; knowledge; motivation; study; variables; years", "summary": "The current state of study on the integration of ESG information by individual investors is inadequate despite the increasing interest of these investors in ESG investment. Investors are generally prepared to pay a higher fee annually for funds with an ESG mandate over identical funds lacking such a mandate, indicating that investors anticipate ESG investments to generate competitive returns (Baker et al., 2022).", "mime": "application/pdf"}, {"id": "fsr-3595", "words": "1551", "extension": ".pdf", "flesch": "18", "author": "Grable, John", "title": "Volume 32 Issue 1 Masthead", "date": "2024", "keywords": "cfp \u00ae; financial; georgia; ph.d; services; state; state university; university", "summary": "Chang Kansas State University PAST PRESIDENTS Inga Timmerman, 2020-22 University of North Florida Janine Sam, 2019-20 Shepherd University Swarn Chatterjee, 2018-19 University of Georgia Robert Moreschi, 2016-18 Virginia Military Institute Thomas Coe, 2015-16 Quinnipiac University William Chittenden, 2014-15 Texas State University Lance Palmer, 2013-14 University of Georgia Frank Laatsch, 2012-13 University of Southern Mississippi Brian Boscaljon, 2011-12 Penn State University-Erie Auburn University, Montgomery Vickie Hampton, 2008-09 Texas Tech University Frank Laatsch 2007-08 University of Southern Mississippi Daniel Walz, 2006-07 Trinity University Anne Gleason, 2005-06 College of Charleston Stuart Michelson, 2004-05 Stetson University Grady Perdue, 2003-04 University of Houston-Clear Lake Vickie Bajtelsmit, 2002-03 Colorado State University Karen Eilers Lahey, 2001-02 University of Akron Tom Eyssell, 2000-01 University of Missouri-St. Louis Jill Lynn Vihtelic, 1999-00 Saint Mary\u2019s College Terry Zivney, 1998-99 Ball State University Don Holdren, 1997-98 Marshall University Robert McLeod, 1996-97 University of Alabama Walt Woerheide, 1995-96 The American College Dixie Mills, 1994-95 Illinois State University Ted Veit, 1993-94 Rollins College Mona Gardner, 1992-93 Illinois Wesleyan University Jean L. Heck, 1991-92 Villanova University Frank K. Reilly, 1990-91 University of Notre Dame Lawrence J. Gitman, 1989-90 San Diego State University Travis S. Pritchett, 1988-89 University of South Carolina Tom Potts, 1987-88 Baylor University Robert F. Bohn, 1986-87 Golden Gate University Tom Warschauer, 1985-86 San Diego State University Financial Services Review is the journal of the Academy of Financial Services Financial Services Review The Journal of Individual Financial Management Vol. 32, No. 1, 2024 Editor John E. Grable, Ph.D., CFP\u00ae, University of Georgia Editorial Advisory Board \u2022 Vickie Bajtelsmit, Ph.D., Colorado State University (Emeritus) Shawn Brayman, M.E.S., SB Research Consulting Sherman Hanna, Ph.D., The Ohio State University Tom Potts, Ph.D., CFP\u00ae, Baylor University (Emeritus) Martin Seay, Ph.D., CFP \u00ae , Kansas State University Meir Statman, Ph.D., Santa Clara University Tom Warschauer, Ph.D., CFP \u00ae , San Diego State University (Emeritus) Associate Editors: Swarn Chatterjee, Ph.D., University of Georgia Jasmine Fang, Ph.D., Massey University, New Zealand Mark Fedenia, Ph.D., University of Wisconsin Stu Heckman, Ph.D., CFP \u00ae , Texas Tech University William W. Jennings, Ph.D., CFA\u00ae, U.S. Airforce Academy So-hyun Joo, Ph.D., Ewha Womans University, South Korea Thomas Langdon, Ph.D., Roger William University, Bristol, RI Terrance Martin, Ph.D., Winston-Salem State University Wade D. Pfau, Ph.D., CFA, RICP, Retirement Income Style Awareness, LLC Lance Palmer, Ph.D., CFP \u00ae , CPA\u00ae, University of Georgia Abed Rabbani, Ph.D., CFP \u00ae , University of Missouri Chris Robinson, Ph.D., York University (Emeritus), Canada Jerry Stevens, Ph.D., University of Richmond Ning Tang, Ph.D., San Diego State University Inga Timmerman, Ph.D., University of North Florida ISSN Online 1057-0810 Print 1873-5673 CONTENTS Grable, John E., From the Editor, i-ii.", "mime": "application/pdf"}, {"id": "fsr-3596", "words": "948", "extension": ".pdf", "flesch": "57", "author": "Grable, John", "title": "From the Editor", "date": "2024", "keywords": "financial; paper; review", "summary": "Let\u2019s say you typically write papers using MLA or Harvard or some other specialized system, but now you are wanting to submit to Financial Services Review. Since moving to the Journal\u2019s new management system, the number of submitted papers has increased.", "mime": "application/pdf"}, {"id": "fsr-3597", "words": "432", "extension": ".pdf", "flesch": "70", "author": "Grable, John", "title": "CE Quiz", "date": "2024", "keywords": "level", "summary": "AFS and FPA offer Financial Services Review CE online-only; paper continuing education will not be processed. Visit https://academyfinancial.org/CE-Quizs-for-FSR to learn more about earning continuing education credits.", "mime": "application/pdf"}, {"id": "fsr-3598", "words": "8404", "extension": ".pdf", "flesch": "49", "author": "Lei, Shan; Fan, Lu", "title": "Cognitive Ability and Stock Investment among Chinese Middle-aged and Older Population", "date": "2024", "keywords": "ability; decisions; financial; health; household; investment; memory; ownership; relationship; stock; stock investment; stock ownership; study; variable", "summary": "Previous studies in this realm have predominantly focused on decision-makers in North America, Europe, and Australia, leaving a gap in understanding regarding the relationship between cognitive ability and stock investment decisions among Chinese middle-aged and older adults. Cognitive ability and stock investment among Chinese middle-aged and older population.", "mime": "application/pdf"}, {"id": "fsr-3608", "words": "11037", "extension": ".pdf", "flesch": "37", "author": "Qi, Jia; Yu Zhang; Worthy, Sheri", "title": "Social Determinants of Health and Desirable Financial Behaviors: The Mediation Effect of Financial Knowledge", "date": "2024", "keywords": "access; behavior; consumers; context; economic; education; effect; financial; health; healthcare; knowledge; pandemic; sdh; stability; study", "summary": "In this paper, desirable financial behavior was measured based on the respondents\u2019 answers about whether they engaged in desirable financial behaviors in the past 12 months (i.e., during the COVID-19 pandemic). In this study, we investigated how SDH is related to desirable financial behaviors while considering financial knowledge as a mediation variable, using data collected in 2021 during the COVID-19 pandemic.", "mime": "application/pdf"}, {"id": "fsr-3615", "words": "11872", "extension": ".pdf", "flesch": "50", "author": "Ouyang, Congrong; Crandall, Thomas; Chatterjee, Swarn", "title": "The Impact of the COVID-19 Income Shock on Debt Management: A Mediation Analysis", "date": "2025", "keywords": "checks; control; covid-19; debt; debt payments; economic; et al; financial; households; income; journal; knowledge; lack; odds; pandemic; payments; stimulus; study", "summary": "Household financial decision making amidst the COVID-19 pandemic. Moreover, this relationship was significantly mediated by an individual\u2019s perceived lack of financial control.", "mime": "application/pdf"}, {"id": "fsr-3628", "words": "8969", "extension": ".pdf", "flesch": "45", "author": "McCoy, Megan; Machiz, Ives; Johnson, Portia; White, Kenneth; Watkins, Kimberly; Bennetts, Chet", "title": "Resilient Personality or Financial Resilience Framework for Coping with Physical and Mental Health During the COVID-19 Pandemic", "date": "2025", "keywords": "covid-19; et al; factors; financial; framework; health; journal; pandemic; personality; resilience; resilience framework; resources; services; social; study", "summary": "GLM ANOVA is employed in this research to examine the effects of financial resilience and a resilient personality on physical and mental health outcomes. The biopsychosocial model can be applied to the study of personal finance, as financial resilience and financial well-being are also complex constructs influenced by biological, psychological, and social factors (Hughes, 2021).", "mime": "application/pdf"}, {"id": "fsr-3633", "words": "7034", "extension": ".pdf", "flesch": "46", "author": "Liu, Yi; Guo, Tao; Cheng, Yuanshan", "title": "Global Perspectives on Determinants of Older Adults\u2019 Subjective Well-being: A Comprehensive Longitudinal Study", "date": "2024", "keywords": "age; countries; country; economic; financial; happiness; income; journal; level; states; study; united", "summary": "Age was positively associated with subjective well-being in the United States, whereas age was negatively associated with subjective well-being in the European Union Consistent with the literature, annuitized income, net worth, educational attainment, marital status, and health condition Liu et al. 73 were positively associated with subjective well- being globally. Money and happiness: Income and subjective well- being across nations.", "mime": "application/pdf"}, {"id": "fsr-3640", "words": "8729", "extension": ".pdf", "flesch": "45", "author": "Koochel, Emily; McCoy, Megan; Lutter, Sonya", "title": "Protecting Well-Being through Financial Shocks", "date": "2025", "keywords": "appraisal; control; experience; financial; income; model; resources; self; shocks; socialization; stress; stressors", "summary": "Financial resources objectively increase an individual\u2019s ability to be resilient in light of financial shocks, as high incomes and the ability to raise funds quickly may make financial shocks less detrimental; however, resources go beyond financial resources and extend to the ability to draw upon social capital. It may be obvious to state, but financial resources are going to be key in increasing clients\u2019 ability to be resilient in light of financial shocks.", "mime": "application/pdf"}, {"id": "fsr-3649", "words": "144", "extension": ".pdf", "flesch": "3", "author": "Mandell, Lewis", "title": "Masthead V.1 No.1", "date": "2024", "keywords": "university", "summary": "PII: 1057-0810(91)90001-F Volume 1 Number 1 FINANCIAL SERVICES REVIEW THE JOURNAL OF INDIVIDUAL FINANCIAL MANAGEMENT Editor LEWIS MANDELL Managing Editor BARBARA POOLE Associate Editors FinanciaiI~itutions: Mona J. Gardner Illinois Wesleyan University Benton E. Gup University of Alabama David S. Kidwell University of Minnesota Neil B. Murphy Virginia Commonwealth University Peter L. Struck Washington Mutual Savings Bank FinancialPlanning: University George C. Philippatos University of Tennessee Frank K. Reilly University of Notre Dame G. C. Uselton Texas A dt M University Real Estate: Arthur L. Schwartz University of South Florida Reviews: Phyllis S. Myers Virginia Commonwealth University RiskManagemenk S. Travis Pritchett University of South Carolina Tax & Estate Pkuining: Chris J. Prestopino California State University - Chico Greenwich, Connecticut London, England", "mime": "application/pdf"}, {"id": "fsr-3650", "words": "769", "extension": ".pdf", "flesch": "42", "author": "Mandell, Lewis", "title": "Letter from the Editor", "date": "2024", "keywords": "article; financial; individual", "summary": "The \u201cpluralism\u201d described by Professor Markowitz encompasses both theoretical and empirical studies which seek to explain individual financial behavior and present ways in which the welfare of families and individuals may be improved. In dealing with individual financial management, one must recognize the inherent illiquidity of important assets, such as the home and its furnishings.", "mime": "application/pdf"}, {"id": "fsr-3651", "words": "3711", "extension": ".pdf", "flesch": "54", "author": "Markowitz, Harry M.", "title": "Individual versus Institutional Investing", "date": "1991", "keywords": "analysis; family; financial; game; life; markowitz; mean; model; portfolio", "summary": "The model should also include, as essential to evaluating family investment practice in fact, such things as IRAs, Keoghs, social security payments (or the individu~\u2018s status with respect to future social security payments), status with respect to pension plans, various kinds of insurance, their costs and the kinds of events they insure against (e.g., house fire, car accident). The various simulators will allow us to see whether rules of behavior which work well in one model will prove robust when tried in alternate models.", "mime": "application/pdf"}, {"id": "fsr-3652", "words": "5774", "extension": ".pdf", "flesch": "59", "author": "Potts, Tom L.; Reichenstein, William", "title": "The Optimal Allocation of Pension Fund Assets: An Individual\u2019s Perspective", "date": "1991", "keywords": "assets; capital; gains; nonpension; pension; returns; stocks; tax; yield", "summary": "What is the optimal allocation of pension fund assets? I The Optimal Allocation of Pension Fund Assets: An Individual\u2019s Perspective Tom L. Potts William Reichenstein I&lis study asks which assets in individual should hold indirectly in a pension in order to maximize total portfolio return, where the totaIportfolio consists of assets held direct& outside of pensions pIus the pro rata share of pension assets.", "mime": "application/pdf"}, {"id": "fsr-3653", "words": "4687", "extension": ".pdf", "flesch": "49", "author": "Kleiman, Robert T.; Sahu, Anandi P.", "title": "Life Insurance Companies as Investment Managers: New Implications for Consumers", "date": "1991", "keywords": "bull; companies; funds; insurance; investment; life; market; mutual; performance; risk", "summary": "7. 8. NOTES Note that because the risks insured by life insurance companies are more predictable than those insured by property and casualty insurance companies, the investment strategies undertaken by the two groups of insurance companies may differ. This suggests that life insurance company portfolios are competitive with mutual funds on the basis of risk-adjusted measures of portfolio performance, assuming comparable tax treatment for the two investment vehicles.", "mime": "application/pdf"}, {"id": "fsr-3654", "words": "3795", "extension": ".pdf", "flesch": "59", "author": "Murphy, Neil B.", "title": "Determinants of Household Check Writing: The Impacts of the Use of Electronic Banking Services and Alternative Pricing of Services", "date": "1991", "keywords": "check; household; number; payments; pricing; services; variables; writing", "summary": "The purpose of this paper is to estimate the impacts of both the use of A TM and the change in pricing due to deregulation on household check writing. The results suggest that electronic banking usage has contributed little to the reduction of check writing, but the use of a charge per check has a significant and substantial impact on household check writing.", "mime": "application/pdf"}, {"id": "fsr-3655", "words": "5402", "extension": ".pdf", "flesch": "61", "author": "Chinloy, Peter", "title": "Real Estate Income and Relocation", "date": "1991", "keywords": "capital; estate; estate income; income; individual; job; owner; rate; return; tax", "summary": "Empirical results indicate that labor income is not sufficient for defining income within the utility fiction; real estate income must also be included. Real estate income, both market and owner-occupier forms, is the product of the rate of return and the quantity of equity held, and is divided into separate owner premium and investor components.", "mime": "application/pdf"}, {"id": "fsr-3656", "words": "7684", "extension": ".pdf", "flesch": "45", "author": "Cox, Larry A.", "title": "Disability Income Insurance and the Individual", "date": "1991", "keywords": "benefits; compensation; disability; income; individual; insurance; loss; ltd; percent; plans; private; risk; security; social; ssdi; u.s; workers", "summary": "A substantial majority of states place no cap on the total amount of disability income benefits paid to a worker, but a significant minority do impose such limits, ranging from $45,000 in Maryland to $198,590 in New Mexico during 1989. Can integrated packages of disability income insurance be produced to replace the current agglomeration of programs available from public and private suppliers?", "mime": "application/pdf"}, {"id": "fsr-3674", "words": "837", "extension": ".pdf", "flesch": "43", "author": "Mandell, Lewis", "title": "From the Editor", "date": "1991", "keywords": "article; individual; planning", "summary": "This issue of Financial Services Review concludes with abstracts of articles on individual financial management, edited by Phyllis Myers. We are seeking review articles for our forthcoming issues.", "mime": "application/pdf"}, {"id": "fsr-3675", "words": "4800", "extension": ".pdf", "flesch": "52", "author": "Puelz, Amy v.; Puelz, Robert", "title": "Personal Financial Planning and the Allocation of Disposable Wealth", "date": "1991", "keywords": "asset; consumption; financial; goal; individual; model; planning; portfolio; term", "summary": "For the personal financial planning model the first level of the hierarchy is comprised of two criteria (consumption goals and portfolio goals) which will reveal a 2 x 1 column vector of importance weights among these criteria when the individual undertakes the pair-wise comparison of relative importance. Since short term consumption goals are already incorporated into the model the liquidation of the portfolio should only occur in the event of an emergency or unforseen event which would require Personal Financial Planning and the Allocation of Disposable Wealth 99 immediate liquidation.", "mime": "application/pdf"}, {"id": "fsr-3676", "words": "3396", "extension": ".pdf", "flesch": "58", "author": "Mann, Steven V.; Solberg, Donald P.", "title": "Should Individual Investors Avoid the Stock Market Outside of January?", "date": "1991", "keywords": "january; month; premia; return; risk; standard", "summary": "Our own results place in doubt the conclusion that equity risk premia are zero in February through December. INSEARCHOF THERISK-RETURNRELATIONSHIP Results in Table 1 lead to opposite conclusions from results in Tables 2 and 3 for equity risk premia, even though the samples are drawn from the same raw return series.", "mime": "application/pdf"}, {"id": "fsr-3677", "words": "7778", "extension": ".pdf", "flesch": "49", "author": "Plath, D. Anthony; Nunnally, Bennie H.", "title": "Effective Credit Costs in Retail Financial Markets: Leasing Versus Borrowing", "date": "1991", "keywords": "borrowing; consumer; cost; credit; data; financial; financing; lease; leasing; lessors; loan; market; tax; value", "summary": "In general, reported loan costs exceed reported lease costs, and the variance within reported loan costs exceeds the variance in reported lease costs. 4. CONCLUSIONS This article surveys reported consumer credit costs associated with new vehi- cle lease and installment borrowing transactions to measure the credit cost advan- tages associated with lease financing, and assess the accuracy of credit cost data provided to consumers.", "mime": "application/pdf"}, {"id": "fsr-3678", "words": "4110", "extension": ".pdf", "flesch": "65", "author": "Yohannes, Arefaine G.", "title": "Comparing Mortgages with Different Payment Frequencies", "date": "1991", "keywords": "biweekly; bpm; choice; home; mortgage; mpm; payment", "summary": "In the last few years, some lending institutions in Michigan started offering biweekly mortgages. Of the six independent variables that were considered, only two had significant influence on mortgage choice.", "mime": "application/pdf"}, {"id": "fsr-3679", "words": "5987", "extension": ".pdf", "flesch": "60", "author": "Crabb, Ronald R.", "title": "Probabilistic Estate Planning", "date": "1991", "keywords": "age; child; death; estate; estate planning; life; net; tax; value", "summary": "Simplicity is the primary value of life expectancy estate planning. Usually expressed on a future value basis, life expectancy estate planning simultaneously overstates the value of the tax savings, overstates the size of the inheritance of the heir(s), and ignores the riskiness associated with the estate plan.", "mime": "application/pdf"}, {"id": "fsr-3680", "words": "7307", "extension": ".pdf", "flesch": "46", "author": "Madura, Jeff; O\u2019Brien, Thomas J.", "title": "International Diversification for the Individual: A Review", "date": "1991", "keywords": "currency; diversification; financial; funds; hedging; investment; journal; market; portfolio; rate; returns; review; risk; stock; u.s", "summary": "The research methodology was to derive efficient portfolios using historical International Zliversijication for the Individual: A Review 161 data on international stock markets. Shaked\u2019s study found that correlations among market returns are intertemporally unstable over a short-term invest- ment horizon.", "mime": "application/pdf"}, {"id": "fsr-3700", "words": "448", "extension": ".pdf", "flesch": "-5", "author": "Mandell, Lewis", "title": "INDEX", "date": "1991", "keywords": "individual; l(2", "summary": "\u201cPersonal Financial Planning and the Allocation of Disposable Wealth,\u201d Amy v. Puelz and Robert Puelz, l(2): 87-99 \u201cProbabilistic Estate Planning,\u201d Ronald R. Crabb, l(2): 143-157 \u201cReal Estate Income and Relocation,\u201d Peter Chinloy, I( 1): 45-59 \u201cReview: Disability Income Insurance and the Individual,\u201d Larry Cox, I( I): 61-78 \u201cShould Individual Investors Avoid the Stock Market Outside of January?\u201d Puelz, Amy v., and Robert Puelz, \u201cPersonal Financial Planning and the Allocation of Disposable Wealth,\u201d l(2): 87-99 Puelz, Robert, see Puelz, Amy v. Reichenstein, William, see Potts, Tom L. Sahu, Anandi P , see Kleiman, Robert T. Solberg, Donald P, see Mann, Steven V. Yohannes, Arefaine G., \u201cComparing Mortgages with Different Payment Frequencies,\u201d l(2): 131-142 ARTICLETITLES \u2018Comparing Mortgages with Different Payment Frequencies,\u201d Arefaine G. Yohannes, l(2): 131-142 \u201cDeterminants of Household Check Writ- ing: The Impacts of the Use of Elec- tronic Banking Services and Alternative Pricing of Services,\u201d Neil B. Murphy, l(1): 35-44 FINANCIAL SERVICES REVIEW, l(2) 1991 \u201cEffective Credit Costs in Retail Financial Markets: Leasing versus Borrow- ing,\u201d D. Anthony Plath and Bennie H. Nunnally, Jr., l(2): 109-129 \u201cIndividual versus Institutional Invest- ing,\u201d Harry M. Markowitz, l(1): 1-8 \u201cInternational Diversification for the Individual: A Review,\u201d Jeff Madura and Tom O\u2019Brien, l(2): 159-175 \u201cLife Insurance Companies as Investment Managers: New Implications for Consumers,\u201d Robert T. Kleinman and Anadi P Sahu, l(1): 23-34 \u201cOptimal Allocation of Pension Fund Assets: An Individual\u2019s Perspective, The,\u201d Tom L. Potts and William Reichenstein, I( 1): 9-22.", "mime": "application/pdf"}, {"id": "fsr-3701", "words": "145", "extension": ".pdf", "flesch": "-95", "author": "Mandell, Lewis", "title": "Masthead Vol.2 No.1", "date": "1992", "keywords": "connecticut; university", "summary": "PII: 1057-0810(92)90010-A Volume 2 Number 1 199u1993 FINANCIAL SERVICES REVIEW THE JOURNAL OF INDIVIDUAL FINANCIAL MANAGEMENT Editor LEWIS MANDELL University of Connecticut Managing Editor BARBARA POOLE University of Connecticut Associate Editors Neil G. Cohen George Washington University Mona J. Gardner Illinois Wesleyan University Benton E. Gup University of Alabama Jean Louis Heck Villanova University David S. Kidwell University of Minnesota Neil B. Murphy Virginia Commonwealth University Phyllis S. Myers Virginia Commonwealth University George C. Philippatos University of Tennessee Chris J. Prestopino California State University - Chico S. Travis Pritchett University of South Carolina William Reichenstein Baylor University Frank K. Reilly University of Notre Dame Arthur L. Schwartz University of South Florida Peter L. Struck Washington Mutual Savings Bank G. C. Uselton Texas A & M University Thomas Waschauer San Diego State University Walt Woerheide Rochester Institute of Technology Greenwich, Connecticut JAI PRESS INC. London, England", "mime": "application/pdf"}, {"id": "fsr-3702", "words": "652", "extension": ".pdf", "flesch": "49", "author": "Mandell, Lewis", "title": "From the Editor Vol 2 No 1", "date": "1992", "keywords": "article; fund; portfolio", "summary": "Incidentally, this information is already supplied to the sophisticated consultants of large investors such as pension funds. Individuals are urged to purchase mutual funds or variable annuities based upon a variety of performance measures including alphas, betas, and five and ten year compounded annual returns.", "mime": "application/pdf"}, {"id": "fsr-3703", "words": "7262", "extension": ".pdf", "flesch": "59", "author": "Cook, Wade D.; Hebner , Kevin J.", "title": "A Multicriteria Approach to Mutual Fund Selection", "date": "1992", "keywords": "approach; constraint; criteria; criterion; fund; investor; jensen; rank; set", "summary": "However, the most popular approach for evaluating mutual funds employs only a single criterion, thefinds\u2019 mean, n\u2019sk-adjusted, rate of return (Jensen\u2019s a coefficient). Similarly, fund shareholders vary enormously in terms of their wealth levels, rates of portfolio turnover, degrees of risk tolerance, understanding of financial markets, beliefs in the ability of mutual funds to outperform the market, their own portfolio\u2019s level of diversification, and so on.", "mime": "application/pdf"}, {"id": "fsr-3704", "words": "7437", "extension": ".pdf", "flesch": "60", "author": "Radcliffe, Robert; Brook, Robert; Levy, Hah", "title": "Active Timing Decisions of Equity Mutual Funds", "date": "1992", "keywords": "allocation; asset; beta; end; equity; exposure; fund; managers; portfolio; quarter; returns; risk", "summary": "If the manager does not make any active asset reallocations during quarter t, the expected end of quarter portfolio beta would be: JW,) = &-,I0 + RM,) I(1 + JWC))I (4) and the Passive Asset Allocation during quarter t, PAA,, would be: PAA, = ZZ(B,) - B,, (5) This paper deals with the extent to which equity mutual fund managers engage in active timing of their portfolio\u2019s equity risk exposure.", "mime": "application/pdf"}, {"id": "fsr-3705", "words": "3472", "extension": ".pdf", "flesch": "62", "author": "Butler, Kirt C.; Domian, DaleL.", "title": "Long-Run Returns on Stock and Bond Portfolios: Implications for Retirement Planning", "date": "1992", "keywords": "accumulation; asset; bonds; distributions; period; retirement; returns; stock; wealth; years", "summary": "the 1,194 median ending wealth for common stock contributions over 30 years (Table 2). He finds that common stocks outperformed Treasury bills in every 25year holding period over 1926-1977.", "mime": "application/pdf"}, {"id": "fsr-3706", "words": "3995", "extension": ".pdf", "flesch": "69", "author": "Knight, John R.; Mandell, Lewis", "title": "Nobody Gains from Dollar Cost Averaging Analytical, Numerical and Empirical Results", "date": "1992", "keywords": "assets; averaging; aversion; cost; dollar; investor; risk; strategy; utility; wealth", "summary": "In contrast, the investor who practices Dollar Cost Averaging would take the initial wealth endowment and move it into the risky asset in equal increments over the holding period. GRAPHICAL ANALYSES Relative to the investor who uses Optimal Rebalancing both the investor using Dollar Cost Averaging and the investor who Buys and Holds may be seen to experience utility loss, regardless of the degree of risk aversion.", "mime": "application/pdf"}, {"id": "fsr-3707", "words": "3191", "extension": ".pdf", "flesch": "45", "author": "Myers, Phyllis Schiller", "title": "Abstracts of Articles on Individual Financial Management", "date": "1992", "keywords": "economic; insurance; journal; literature; market; permission; risk; saving; stock; university", "summary": "The difference between self- selection models a la Leland-Pyle (1977) and market models a la Grossman-Stiglitz (1980) hinges on whether \u201cinsiders\u201d behave as oligopolists or as price takers. These patterns indicate that the typical household would choose to maintain a positive fraction of its resources in bequeathable forms, even if insurance markets were perfect.", "mime": "application/pdf"}, {"id": "fsr-3708", "words": "708", "extension": ".pdf", "flesch": "49", "author": "Mandell, Lewis", "title": "Letter from the Editor Vol 2 No 2", "date": "1992", "keywords": "article; financial; review", "summary": "The first, \u201cWhat Strategies are Estate Planners Recommending? Evidence From Survey Data,\u201d by Chris Prestopino summarizes advice from attor- ney-authors who have published recent articles in the leading estate planning trade publications. There are hundreds of thousands of planners, brokers and bankers giving practical advice to clients, but only a few hundred scholars doing the basic research necessary to determine which advice is likely to be correct.", "mime": "application/pdf"}, {"id": "fsr-3709", "words": "837", "extension": ".pdf", "flesch": "59", "author": "Cain, Michael M.", "title": "Letter to the Editor", "date": "1992", "keywords": "article; financial; individual", "summary": "My world is one of constantly shifting laws (10 major tax acts in the last 15 years), perennially evolving financial products, volatile economic conditions, abys- mally basic levels of consumer sophistication, and shrinking compensation patterns. It is easy to refer to optimal product allocations, but the reason those selections are not made by formula on a daily basis is that the \u201coptimum\u201d is different for every individual, and what is optimal today is never optimal tomorrow.", "mime": "application/pdf"}, {"id": "fsr-3710", "words": "5446", "extension": ".pdf", "flesch": "51", "author": "Woerheide, Walt; Persson, Don", "title": "An Index of Portfolio Diversification", "date": "1992", "keywords": "diversification; e&a; index; indices; number; portfolio; securities; size; standard", "summary": "This paper shows that an index of portfolio diversification can be constructed, which is as good in indicating the degree of diversification of an unevenly distributed portfolio as is the number of securities in indicating the degree of diversification of an evenly distributed portfolio. Section IV tests the quality of these measures in distinguishing portfolio diversification and recommends the complement of the Herfindahl for future application.", "mime": "application/pdf"}, {"id": "fsr-3711", "words": "3828", "extension": ".pdf", "flesch": "60", "author": "Peevey, Robert M.; Uselton, Gene C.; Moroney, John R.", "title": "The Individual Investor in the Market: Forming a Belief Regarding Market Efficiency", "date": "1992", "keywords": "bounds; investors; market; price; risk; security; tests; value; variance", "summary": "Economic rationality is lost if market price or fundamental price is allowed to assume an infinite value. A test which proves that market prices are not consistent with the present value of their future cash flows would prove that the EMH is false and end the market efficiency question once and for all.", "mime": "application/pdf"}, {"id": "fsr-3712", "words": "6012", "extension": ".pdf", "flesch": "49", "author": "Lang, Larry R.; Niendorf , Robert M.", "title": "Performance and Risk Exposure of International Mutual Funds", "date": "1992", "keywords": "benchmark; funds; global; index; international; market; measure; performance; return; risk", "summary": "Rather than adjust an index with some \u201caverage\u201d or \u201ctypical\u201d costs, the study selected the Vanguard Index 500 mutual fund as the representative benchmark for domestic mutual funds. These results dtrerfiom earlier studies which generally found superior returns on international mutual funds.", "mime": "application/pdf"}, {"id": "fsr-3713", "words": "7805", "extension": ".pdf", "flesch": "58", "author": "Prestopino, Chris J.", "title": "What Strategies Are Experienced Estate Planners Recommending? : Evidence From Survey Data", "date": "1992", "keywords": "attorneys; bypass; clients; death; estate; percent; planning; range; spouse; tax; trust", "summary": "Second, estate planning attorneys also practice in the area of business law, since many of their clients have acquired the bulk of their wealth through business pursuits. Thus, while estate planning attorneys can be expected to specialize in planning and drafting, they are also likely to engage in other related work.", "mime": "application/pdf"}, {"id": "fsr-3714", "words": "11941", "extension": ".pdf", "flesch": "52", "author": "McLeod, Robert W.; Moody, Sharon; Phillips, Aaron", "title": "The Risks of Pension Plans", "date": "1992", "keywords": "assets; benefit; benefit pension; benefit plans; contribution; contribution plans; employee; financial; funding; investment; participant; pbgc; pension; pension plans; plan; plan assets; rate; risk; sponsor; value", "summary": "Bulow (1992) notes that large underfunded liabilities are much more common in union defined benefit pension plans. Funding Risk One of the biggest risks to participants in defined benefit pension plans is that of the bankruptcy of the plan sponsor coupled with 2 severely underfunded plan.", "mime": "application/pdf"}, {"id": "fsr-3715", "words": "4335", "extension": ".pdf", "flesch": "43", "author": "Myers, Phyllis Schiller", "title": "Abstracts of Articles on Individual Financial Management", "date": "1992", "keywords": "capital; company; debt; economics; financial; holland; journal; north; paper; permission; portfolio; publishing; tax; university", "summary": "(Reprinted with permission of Journal of Money, Credit, und Bunking.) 160 FINANCIAL SERVICES REVIEW, 2(2) 1993 Tax Timing with Liquidity Constraints: A Heterogeneous Agent Model, by Betty C. Daniel (State University of New York, Albany). Portfolio-based general equilibrium models are useful for analyzing the inter- action between the structure of individual tax rates and the way particular assets are taxed, for considering the role of differential tax rules and risk in determining household portfolio choices, and for addressing distributional questions.", "mime": "application/pdf"}, {"id": "fsr-3716", "words": "425", "extension": ".pdf", "flesch": "-129", "author": "Mandell, Lewis", "title": "Index", "date": "1992", "keywords": "john r.; robert m.", "summary": "PII: 1057-0810(92)90009-2 AUTHORS Index Volume 2,1992/1993 Brooks, Robert, see Radcliffe, Robert Butler, Kirt C. and Dale L. Domain, \u201cLong-Run Returns on Stock and Bond Portfolios: Implications for Re- tirement Planning,\u201d 2( 1): 4149 Cook, Wade D., see Hebner, Kevin J. Domain, Dale L., see Butler, Kirt C. Hebner, Kevin J., and Wade D. Cook, \u201cA Multicriteria Approach to Mutual Fund Selection,\u201d 2( 1): l-20 Knight, John R., and Lewis Mandell, \u201cNobody Gains from Dollar Cost Averaging: Analytical, Numerical, and Empirical Results,\u201d 2( 1): 5 141 Lang, Larry R., and Robert M. Niendorf, \u201cPerformance and Risk Exposure of International Mutual Funds,\u201d 2(2): 97-l 10 Levy, Hiam, see Radcliffe, Robert Mandell, Lewis, see Knight, John R. McLeod, Robert W.. Sharon Moody, and Aaron Phillips, \u2018The Risks of Pension Plans;\u2019 2(2): 131-156 Moody, Sharon, see McLeod, Robert W. Moroney, John R., see Peevey, Robert M. Niendorf, Robert M., see Lang, Larry R. Peevey, Robert M., G. C. Uselton, and John R. Moroney, \u2018The Individual In- vestor in the Market: Forming a Belief Regarding Market Efficiency,\u201d 2(2): 87-96 Persson, Don, see Woerheide, Walt Phillips, Aaron, see McLeod, Robert W. Prestopino, Chris, \u201cWhat Strategies Are Estate Planners Recommending?- Evidence From Survey Data,\u201d 2(2): 111-130 Radcliffe, Robert, Haim Levy, and Robert Brooks, \u201cActive Timing Decisions of Equity Mutual Funds,\u201d 2(l): 21-39 Uselton, G. C., see Peevey, Robert M. Woerheide, Walt, and Don Persson, \u201cAn Index of Portfolio Diversification,\u201d 2(2): 73-85 ARTICLETITLES \u201cActive Timing Decisions of Equity Mu- tual Funds,\u201d Robert Radcliffe, Haim Levy, and Robert Brooks, 2( 1): 21-39 171 172 FINANCIAL SERVICES REVIEW, 2(2) 1993 \u201cIndex of Portfolio Diversification, An,\u201d Walt Woerheide and Don Persson, 2(2): 73-85 \u201cIndividual Investor in the Market: Form- ing a Belief Regarding Market Efti- ciency, The\u201d Robert M. Peevey, G. C. Uselton, and John R. Moroney, 2(2): 87-96 \u201cLong-Run Returns on Stock and Bond Portfolios: Implications for Retire- ment Planning,\u201d Kirt C. Butler and Dale L. Domain, 2( 1): 41-49 \u201cMulticriteria Approach to Mutual Fund Selection, A\u201d Kevin J. Hebner, and Wade D. Cook, 2( 1): l-20 \u201cNobody Gains from Dollar Cost Averag- ing: Analytical, Numerical, and Em- pirical Results,\u201d John R. Knight and Lewis Mandell, 2( 1): 51-61 \u201cPerformance and Risk Exposure of Inter- national Mutual Funds,\u201d Larry R. Lang and Robert M. Niendorf, 2(2): 97-110 \u201cRisks of Pension Plans, The,\u201d Robert W. McLeod, Sharon Moody, and Aaron Phillips, 2(2): 131-156 \u201cWhat Strategies Are Estate Planners Rec- ommending?-Evidence From Sur- vey Data,\u201d Chris Prestopino, 2(2): 111-130", "mime": "application/pdf"}, {"id": "fsr-3717", "words": "140", "extension": ".pdf", "flesch": "7", "author": "Mandell, Lewis", "title": "Masthead V.3 No.1", "date": "1993", "keywords": "connecticut; university", "summary": "Heck Villunova University David S. Kidwell University of Minnesota Neil B. Murphy Virginia Commonwealth Universiry Phyllis S. Myers Virginia Commonwealth University George C. Philippatos University of Tennessee Chris J. Prestopino California State University - Chico S. Travis Pritchett University of South Carolina William Reichenstein Baylor University Frank K. Reilly University of Notre Dame Arthur L. Schwartz University of South Florida Peter L. Struck Washington Mutual Savings Bank G. C. Uselton Texas A & M University Thomas Waschauer San Diego State University Walt Woerheide Rochester Institute of Technology @ I JAI PRESS PII: 1057-0810(93)90001-7 Volume 3 Number 1 1!293/1!294 FINANCIAL SERVICES REVIEW THE Editor LEWIS MANDELL University of Connecticut Mamging Editor BARBARAF\u2019OOLE University of Connecticut Associate JMitms Neil G. Cohen George Washington University Mona J. Gardner Illinois Wesleyan University Benton E. Gup University of Akabama Jean Louis", "mime": "application/pdf"}, {"id": "fsr-3718", "words": "783", "extension": ".pdf", "flesch": "49", "author": "Mandell, Lewis", "title": "From the Editor Vol 3 No 1", "date": "1993", "keywords": "authors; income; individual", "summary": "They approach it theoretically through a two period model of consumption and also analyze the impact of real income growth with numerical analysis. Consumer borrowing is often justified under the assumption that real income will grow and the relative burden of payback will be diminished.", "mime": "application/pdf"}, {"id": "fsr-3719", "words": "9337", "extension": ".pdf", "flesch": "65", "author": "Crabb, Ronald R.", "title": "Efficient Frontiers in Estate Planning", "date": "1993", "keywords": "assets; estate; estate plan; exemption trust; frontier; gifts; life; mortgage; plan; simple; term; term life", "summary": "Since the particular tool(s) used are often a function of the professional training of the estate planner and the way s/he is compensated for her/his time, estate plans three through 16 do not necessarily represent the order in which an estate planner would introduce her/his clients to alternate estate plans. Table 1, labelled \u201cCom- parative Analysis-Male and Female, Both Age 45Various Estate Plans,\u201d has an alphabetic code at the bottom which refers to the different types of estate plans.", "mime": "application/pdf"}, {"id": "fsr-3720", "words": "5444", "extension": ".pdf", "flesch": "64", "author": "Rich, Steven P.; Reiekenstein , William", "title": "Market Timing for the Individual Investor: Using the Predictability of Long-Horizon Stock Returns to Enhance Portfolio Performance", "date": "1993", "keywords": "benchmark; market; portfolio; premium; returns; risk; stock; timing", "summary": "This type of strategy would allow an individual to increase equity exposure when the rewards to bearing stock market risk appear above average and to lower exposure when the rewards appear below average. Since RP is the only candidate to show a consistent in-sample relation to S&P stock returns, we determine whether it can enhance large (i.e., S&P) stock returns in out-of-sample tests.", "mime": "application/pdf"}, {"id": "fsr-3721", "words": "5709", "extension": ".pdf", "flesch": "59", "author": "Fan, Jessie X.; Chang, Y. Regina; Hanna, Sherman", "title": "Real Income Growth and Optimal Credit Use", "date": "1993", "keywords": "aversion; borrowing; consumer; consumption; credit; growth; income; rate; risk; utility", "summary": "For real income growth levels below these threshold levels, there is a range of growth levels for which neither borrowing nor saving is optimal. A two period model of consumption for determining optimal credit use is presented, The impact of real income growth is Malyzed with numerical analysis.", "mime": "application/pdf"}, {"id": "fsr-3722", "words": "7072", "extension": ".pdf", "flesch": "61", "author": "Puelz, Amy v.", "title": "The Individual\u2019s Tax-Exempt Bond Portfolio Decision Under Income Uncertainty", "date": "1993", "keywords": "activity; activity bonds; allocation; bonds; decision; income; individual; median; portfolio; tax; yield", "summary": "The alternative minimum tax (or minimum tax) is a flat tax rate applied to minimum taxable income which is the total of regular taxable income plus preference income and adjustments. However, interest income on private-activity bonds issued after August 7, 1986 is classified by the Internal Revenue Service as preference income and is exempt from federal income tax only if an individual is not subject to the alternative minimum tax.\u2019", "mime": "application/pdf"}, {"id": "fsr-3723", "words": "2825", "extension": ".pdf", "flesch": "63", "author": "Daniels, Kenneth N.; Murphy , Neil B.; O\u2019Toole , Dennis M.", "title": "An Empirical Analysis of the Use of Money Orders, the Payment System of the Poor", "date": "1993", "keywords": "money; money orders; orders; states; variable", "summary": "This s&y e~i~ca~~y investigates the dete~inants of money order usage by ~use~l~. The results of the St&, which utilizes two large national samples, indicate that money orders are clearly an inferior good which have a high probability of being purchased by a low income, young, ethnic minority. Despite this long history and the significant size of the market, money orders remain a forgotten part of the payment system for researchers.", "mime": "application/pdf"}, {"id": "fsr-3724", "words": "3451", "extension": ".pdf", "flesch": "47", "author": "Myers, Phyllis Schiller", "title": "Abstracts of Articles on Individual Financial Management", "date": "1993", "keywords": "behavior; changes; financial; funds; journal; management; permission; research; results; study; tax; university", "summary": "The results reflect that there is a significantly greater likelihood that the tax practitioners would sign tax returns containing a large deduction associated with an ambiguous tax issue if (1) the signing decision is made in relation to an existing client (a loss decision frame in the context of the study) or (2) tax preparer penalties are co~unicated with high enforcement intent. An Ex~ination of Tax Portioner Decisions: The Role of Preparer Sanctions and Framing Effects Associate-d with Client Condition, by Kaye J. Newberry, Philip M.J. Reekers and Robert W. Wyndelts (Ari- zona State University).", "mime": "application/pdf"}, {"id": "fsr-3725", "words": "1412", "extension": ".pdf", "flesch": "48", "author": "Mandell, Lewis", "title": "From the Editor Vol 3 No 2", "date": "1994", "keywords": "financial; paper; retirement; tax", "summary": "In this issue of Financial Services Review, we present four sophisticated papers which give sound advice to those who will make retirement investment decisions. The net value of Social Security retirement benefits has been diminished by gradual increases in the age needed for full benefits, increased taxation of payments, and increased premiums on workers.", "mime": "application/pdf"}, {"id": "fsr-3726", "words": "7022", "extension": ".pdf", "flesch": "58", "author": "Ragsdale, Cliff T.; Seila, Andrew F.; Little, Philip L.", "title": "An Optimization Model for Scheduling Withdrawals from Tax-Deferred Retirement Accounts", "date": "1994", "keywords": "account; estate; model; tax; taxpayer; tdras; withdrawals; year", "summary": "Thus, additional rules require that minimum withdrawals be made from TDRAs on an annual basis beginning no later than the year in which the taxpayer reaches age 70.5. However, it is possible that the beneficiary designations on higher yielding accounts will, in subsequent years, impose higher minimum required withdrawals which might force more taxable income into higher tax brackets.", "mime": "application/pdf"}, {"id": "fsr-3727", "words": "9506", "extension": ".pdf", "flesch": "68", "author": "Ho, Kwok; Milevsky, Moshe Arye; Robinson, Chris", "title": "Asset Allocation, Life Expectancy and Shortfall", "date": "1994", "keywords": "asset; bills; consumption; equation; equity; portfolio; probability; rate; return; risk; wealth", "summary": "Including a high risk, high return asset like equity may yield a greater loss on some occasions, but the probability of earning more than the required minimum is still higher. An Analytic Solution The individual\u2019s problem is to allocate Wbetween T-bills and shares so as to minimize the probability of failing to earn the minimum gross rate of return d on average over the remaining years of one\u2019s life.", "mime": "application/pdf"}, {"id": "fsr-3728", "words": "8124", "extension": ".pdf", "flesch": "64", "author": "Randolph, William Lewis", "title": "The Impact of Mutual Fund Distributions on After-Tax Returns", "date": "1994", "keywords": "capital; distributions; fund; gains; growth; investor; percent; return; tax; turnover", "summary": "Reported mutual fund turnover has been suggested as an indicator of potential loss of return due to taxes on distributions. The data presented in Table 4 show that low tax drag funds are in the growth fund category.", "mime": "application/pdf"}, {"id": "fsr-3729", "words": "6946", "extension": ".pdf", "flesch": "63", "author": "Fields, Joseph A.; Kidwell , David S.; Klein, Linda S.", "title": "Coupon Resets Versus Poison Puts: The Valuation of Event Risk Provisions in Corporate Debt", "date": "1994", "keywords": "bonds; coupon; event; event risk; poison; protection; provisions; reset; risk; risk protection; rjr; sample; takeover", "summary": "The coupon reset bonds tend to have the longest term to maturity, although both types of event risk bonds have longer terms to maturity than the control sample. Bicksler and Chen (1992) extend previous work on protective covenants by developing a theoretical model to specifically examine the valuation of bonds with event risk provisions.", "mime": "application/pdf"}, {"id": "fsr-3730", "words": "1024", "extension": ".pdf", "flesch": "49", "author": "Poole, Barbara S.", "title": "A Practitioner\u2019s Perspective: Comments on \u201cAsset Allocation, Life Expectancy and Shortfall\u201d", "date": "1994", "keywords": "client; income; model", "summary": "Some planners rely on matching income to expenses, and will make adjustments in investment risk to produce increased income. Generally, the planner will construct the portfolio so that income producing securities generate sufficient supplemental income to cover expenses and the remainder, or some portion of it, is allocated to growth oriented securities.", "mime": "application/pdf"}, {"id": "fsr-3731", "words": "2872", "extension": ".pdf", "flesch": "42", "author": "Myers, Phyllis Schiller", "title": "Abstracts of Articles on Individual Financial Management", "date": "1994", "keywords": "estate; financial; investment; journal; model; permission; research; review; risk; university", "summary": "Downside Risk and Investment Choice, by K.S. Maurice Tsi (Indiana University), Jamshed Uppal (Catholic University of America) and Mark A. White (University of Virginia). (Reprinted by permission of Quarterly Journal of Business and Economics.) 162 FINANCIAL SERVICES REVIEW, 3(2) 1994 Aftermarket Support and Underpricing of Initial Public Offerings, by Paul H. Schultz (Ohio State University) and Mir A. Zaman (University of Northern Iowa).", "mime": "application/pdf"}, {"id": "fsr-3732", "words": "137", "extension": ".pdf", "flesch": "-20", "author": "Mandell, Lewis", "title": "Masthead Vol 4 No 1", "date": "1995", "keywords": "connecticut; university", "summary": "PII: 1057-0810(95)90011-X Volume 4 Number 1 1995 FINANCIAL SERVICES REVIEW THE JOURNAL OF INDIVIDUAL FINANCIAL MANAGEMENT Editor LEWIS MANDELL University of Connecticut Managing Editor BARBARAPOOLE University of Connecticut Associate Editors Larry A. Cox University of Georgia Mona J. Gardner Illinois Wesleyan University Benton E. Gup University of Alabama Jean Louis Heck Villanova University David S. Kidwell University of Minnesota Robert W. McLeod University of Alabama Neil B. Murphy Virginia Commonwealth University Phyllis S. Myers Virginia Commonwealth University George C. Philippatos University of Tennessee Chris J. Prestopino California State University - Chico S. Travis Pritchett Universiry of South Carolina William Reichenstein Baylor University Frank K. Reilly University of Notre Dame Arthur L. Schwartz University of South Florida Peter L. Struck Washington Mutual Savings Bank Walt Woerheide Rochester Institute of TechnoLogy JAI PRESS INC. Greenwich, Connecticut London, Engtbnd", "mime": "application/pdf"}, {"id": "fsr-3733", "words": "963", "extension": ".pdf", "flesch": "47", "author": "Mandell, Lewis", "title": "From the Editor Vol 4 No 1", "date": "1995", "keywords": "article; financial; value", "summary": "This article may be of great value for valuation experts brought in advise the family on whether they should recapitalize. If the corporation has grown in value, this call option may become quite valuable.", "mime": "application/pdf"}, {"id": "fsr-3734", "words": "3611", "extension": ".pdf", "flesch": "53", "author": "Boldin, Robert; Leggett , Keith", "title": "Bank Dividend Policy as a Signal of Bank Quality", "date": "1995", "keywords": "bank; dividend; earnings; market; payout; policy; quality; ratio", "summary": "A fundamental tension associated with bank dividend policy is thus apparent. V. SUMMARY This study examined the relationship between bank dividend policy and bank quality rating.", "mime": "application/pdf"}, {"id": "fsr-3735", "words": "6461", "extension": ".pdf", "flesch": "58", "author": "Hamill, James R.; Sternberg , Joel S.", "title": "Tax Savings Opportunities in Estate Freeze Transactions: An Application of the Black Scholes Model", "date": "1995", "keywords": "dividend; interest; life; opm; option value; tax; value; value rule; volatility", "summary": "For the 10% dividend case (Figure l), at first the variance has the stronger effect, leading to increasing option values, As time passes, the negative effect of the dividend payout increases in importance, leading to a steady decrease in the value of the option towards zero. Since the option value is only part of the total value of the junior interest, an OPM value in excess of tax law value would suggest that the true value may be substantially understated by the tax law.", "mime": "application/pdf"}, {"id": "fsr-3736", "words": "2731", "extension": ".pdf", "flesch": "68", "author": "Mangiero , George A.; Mangiero, Susan M.", "title": "Quantifying Time Value Errors", "date": "1995", "keywords": "error; interpolation; rate; value", "summary": "[I 00 x (1 .Ol + z-t>-\u201c], Equation (4) gives a value for the distance between r* and r, which corresponds to the maximum error made when reIying on linear interpolation between table present value factors for a periodic interest rate, rl, and that same interest rate plus l%.* 26 FINANCIALSERVICESREVIEW 4(l) 1995 Admittedly, this is an extreme example to illustrate the point inasmuch as table values are usually given in increments of 1% up to 10% and in increments of 2% for higher rates.", "mime": "application/pdf"}, {"id": "fsr-3737", "words": "3787", "extension": ".pdf", "flesch": "68", "author": "Heck, Jean L.; Zivney, Terry L.; Modani, Naval K.", "title": "A Simplified Approach to Measuring Bond Duration", "date": "1995", "keywords": "bond; change; duration; price; yield", "summary": "In a book written for the National Bureau of Economic Research in 1938, Frederick Macaulay first developed the concept of bond duration, Duration basically measures the weighted average amount of time it takes to receive the present value of cash flows from a bond. Bond duration is less than term to maturity; 2.", "mime": "application/pdf"}, {"id": "fsr-3739", "words": "7497", "extension": ".pdf", "flesch": "74", "author": "Potts, Tom L.; Reichenstein , William", "title": "Analysis of U.S. Savings Bonds", "date": "1995", "keywords": "bond; interest; option; savings; savings bond; value; year", "summary": "Analysis of U.S. Savings Bonds Tom L. Potts William Reichenstein U.S. savings bonds are cum~Iex con#r~c~. ~in~nc~l piu~ners have tr~itio~ally paid tittie attention to savings bonds, in part because they often o$er below-market interest rates. We show how savings bonds can be used to beat the kiddie tax.", "mime": "application/pdf"}, {"id": "fsr-3740", "words": "1383", "extension": ".pdf", "flesch": "64", "author": "Poole, Barbara S.", "title": "A Practitioner\u2019s Perspective: Comments on \u201cAnalysis of U.S. Savings Bonds\u201d", "date": "1995", "keywords": "bonds; changes; interest; rate; savings", "summary": "Savings bonds remain an important investment for individuals; on March 31, 1994, individuals held $174.9 million in U.S. savings bonds, a 7% increase from one year prior (Williams, 1994). Further, as Table 1, \u201cDemographic Characteristics of Individual Savings Bond Holders,\u201d indicates, the holding of savings bonds is not exclusive to any particular age group or income level (Federal Reserve Bulletin, 1994).", "mime": "application/pdf"}, {"id": "fsr-3771", "words": "487", "extension": ".pdf", "flesch": "39", "author": "Lahey, Karen Eikers", "title": "New Directions", "date": "1995", "keywords": "financial; services", "summary": "This is your opportunity as a member of the Academy of Financial Services to give us the benefits of your thoughts in a format much briefer than a journal article. To encourage the development of curricula in financial services at the university level, app~p~ate p~agogical papers will be accepted for publication.", "mime": "application/pdf"}, {"id": "fsr-3772", "words": "1023", "extension": ".pdf", "flesch": "50", "author": "Mandell, Lewis", "title": "From the Editor Vol 4 No 2", "date": "1995", "keywords": "article; financial; review; services", "summary": "This feature of Financial Services Review is designed to keep our readers informed of other related articles in scholarly journals. When Financial Services Review was started by the Academy of Financial Services, the primary goal was to have an outlet for the dissemination of high quality research in the area of individual financial management.", "mime": "application/pdf"}, {"id": "fsr-3773", "words": "4213", "extension": ".pdf", "flesch": "60", "author": "Smaby, Timothy R.; Fizel , John L.", "title": "Fund Closings as a Signal to Investors: Investment Performance of Open-End Mutual Funds That Close to New Shareholders", "date": "1995", "keywords": "closing; fund; investment; investors; new; performance; returns", "summary": "As of September 30, 1993, 64 funds were closed to new investors, In this paper, we examine the growing phenomenon of fund closings by comparing the excess returns of closed funds before and after the closings. These questions have become increasingly important as the rate of fund closings accelerates.", "mime": "application/pdf"}, {"id": "fsr-3774", "words": "7048", "extension": ".pdf", "flesch": "63", "author": "Benson, Earl D.; Rystrom, David S.; Smersh, Greg T.", "title": "Commission-Motivated Brokers Across The Production Month", "date": "1995", "keywords": "brokers; commission; day; days; month; production; production month; trading; volume", "summary": "Trading day I is the last day of the production month, trading day 2 is the next-to-last day. The empirical findings for a sample of brokers from a national brokerage firm are included in Section IV, and an analysis of NYSE total volume and NYSE odd-lot trading volume is in Section V. Section VI builds on the empirical findings of Section IV by comparing broker trading with NYSE trading volume.", "mime": "application/pdf"}, {"id": "fsr-3776", "words": "6601", "extension": ".pdf", "flesch": "55", "author": "Cox, Larry A.; Gustavson , Sandra G.", "title": "The Market Pricing of Disability Income Insurance for Individuals", "date": "1995", "keywords": "benefit; data; dii; disability; elimination; insurance; insurers; life; market; period; policies; prices; risk; selection", "summary": "This study examines the relation of disability income insurance prices to underlying contractual and insurer characteristics. Low purchase rates for DII can appear to be inconsistent with a competitive market environment, but direct scrutiny of the market for individual DII reveals many aspects of a workably competitive environment-similar to those observed in life insurance markets (Pritchett & Wilder, 1986).", "mime": "application/pdf"}, {"id": "fsr-3777", "words": "6694", "extension": ".pdf", "flesch": "53", "author": "Sullivan, A. Charlene; Worden, Debra Drecnik", "title": "Credit Cards and The Option to Default", "date": "1995", "keywords": "bankruptcy; card; chapter; charge; credit; debtor; default; default option; option; states; value", "summary": "The Data To evaluate the relationships between regulations and cardholder behavior before and after default, complete account histories of charged-off accounts from a national portfolio of credit card accounts were needed. The Fair Credit and Charge Card Disclosure Act, effective in 1988, was designed to strengthen mandatory disclosure for credit cards, reducing consumers\u2019 search and switching costs.", "mime": "application/pdf"}, {"id": "fsr-3778", "words": "9943", "extension": ".pdf", "flesch": "52", "author": "DeVaney, Sharon A.; Lytton, Ruth H.", "title": "Household Insolvency: A Review of Household Debt Repayment, Delinquency, and Bankruptcy", "date": "1995", "keywords": "analysis; assets; bankruptcy; consumer; credit; creditors; data; debt; debtors; families; household; income; insolvency; net; payments; ratios; repayment; review; scoring; worth", "summary": "Among all households, 45% had only consumer credit debt; 3% had only home mortgage debt, and 38% had both outstanding mortgage and consumer debt. Overall, credit debt accounted for about 80% of the increment in bankruptcy filings during the period investigated.", "mime": "application/pdf"}, {"id": "fsr-3779", "words": "2314", "extension": ".pdf", "flesch": "41", "author": "Myers, Phyllis Schiller", "title": "Abstracts of Articles on Individual Financial Management", "date": "1995", "keywords": "consumption; credit; journal; money; mortgage; permission; stock; tax; university", "summary": "Specifically, the research empirically tests whether an individual\u2019s ethical beliefs about tax compliance mediate withholding effects (overwithheld or tax due) and tax rate effects (low or high) in tax evasion decisions. Our resuhs indicate that ealis of in-the-money convertibles are associated with stock price increases.", "mime": "application/pdf"}, {"id": "fsr-3780", "words": "1115", "extension": ".pdf", "flesch": "26", "author": "Mandell, Lewis", "title": "Index: Vol 3 and 4", "date": "1995", "keywords": "william", "summary": "Murphy, Neil B. see Daniels, Kenneth N. G\u2019Toote, Dennis M. see Daniels, Kenneth N. Poofe, Barbara S., \u201c\u2018A Pm~t~t~o~r?s Perspee- tive: Comments on \u2018Analysis of U,S. Sav- ings Bonds,\u201c\u2019 4( 1): 57-60 Poole, Barbara S., \u201cA Practitioner\u2019s hrspec- tive: Comments on *Asset Allocation, Life ~pe~~n&y and ShortfaR,\u201c\u2019 3(2): lSW58 166 FINANCIAL SERVICES REVIEW. Kenueth N., Neil B. Murphy, andDen- nis M. G\u2019Toole, \u201cAn Empirical Analysis of the Use of Money Orders, the Payment Sys- tem of the Poor,\u201d 3(l): 75-81 DeVaney, Sharon A., and Ruth H. Lynon, ~~Hou~~~o~d ~nso~ven~y~ A Review of Household Debt Repayment, Delinquency, and Ba~r~~~c~~ 4(2): 137-156 Fan, Jessie X,, \u2018i*, Regina Char& and Sherman Hanna, \u201c\u2018Real Income Grow&h and Opti& Credit Use,\u201d 311 f : 45-58 Fields, Joseph A,, David S. Kidwel, and Linda S. Klein, \u2018%oupon Resets Versus Poison Puts: An ~~d~vidua1.s Valuation of Event Risk Provisions in Corporate Deb&\u201d 3(2): f43-156 F&J, John L. see Smaby, Timothy R. Gustavson, Sandra G. see Cox, Larry A. Hamill, James R, and Joe1 S. Stemberg.", "mime": "application/pdf"}, {"id": "fsr-3784", "words": "163", "extension": ".pdf", "flesch": "30", "author": "Lahey, Karen Eilers", "title": "Masthead Vol 5 No 1", "date": "1996", "keywords": "state; university", "summary": "James S. Ang Florida State University Lawrence J. Gitman San Diego State University Douglas R. Kahl University of Akron James E. Larsen Wright State University Dixie L. Mills Illinois State University Tony Plath University of North Carolina at Charlotte A. Charlene Sullivan Purdue Vniversiry Jill Lynn Vihtelic Saint Mary\u2019s College 0 Raj Aggrawal John Carroll University James R. Barth Auburn University Barry Diskin Florida State University Thomas H. Eyssell University of Missouri, St. Louis Sat&a G. Gustavson University of Georgia Andrea Hueson Vniversiry of Miami Jeff Madura Florida Atlantic University Terry L. Zivney Ball State University 1!395-1998", "mime": "application/pdf"}, {"id": "fsr-3785", "words": "979", "extension": ".pdf", "flesch": "45", "author": "Lahey, Karen Eilers", "title": "From the Editor Vol 5 No 1", "date": "1996", "keywords": "article; financial; research; services", "summary": "The first three examine the selection of mutual funds, individual stocks, and enhanced CDs, while the fourth tests a new financial criteria for determining the churning of individual accounts. Mark Walker and Gay Hatfield choose to test a widely available source (USA Today) for the selection of individual stocks in their article, \u201cProfessional Stock Analysts\u2019 Recom- mendations: Implications for Individual Investors.\u201d", "mime": "application/pdf"}, {"id": "fsr-3786", "words": "5344", "extension": ".pdf", "flesch": "61", "author": "Ciccotello, Conrad S.; Grant, C. Terry", "title": "Equity Fund Size and Growth: Implications for Performance and Selection", "date": "1996", "keywords": "asset; funds; growth; investment; investors; objective; performance; quartile; returns; size; year", "summary": "Table 4 illustrates that investing in smaller asset size funds does not lead to superior future returns in the Growth & Income Objective. In particular, this research extends the work done in previous studies by focusing on the implications of fund size for individuals faced with selecting funds for investment.", "mime": "application/pdf"}, {"id": "fsr-3787", "words": "8273", "extension": ".pdf", "flesch": "60", "author": "Walker, M. Mark; Hatfield , Gay B.", "title": "Professional Stock Analysts\u2019 Recommendations: Implications for Individual Investors", "date": "1996", "keywords": "analysts; buy; estimation; event; investors; market; performance; period; recommendations; results; returns; stock; study", "summary": "Our findings also support the results in Barber and Loeffler (1993), who examined the recommendations in the monthly \u201cDartboard\u201d column in the Wall Street JoumaZ. They found that analyst buy recommendations resulted in a MCPE of 3.53% on the publi- cation date (t = 12.19). Using a wide variety of techniques, wefind that although there is some evi- dence that analysts do have the ability to identify undervalued and overvalued securities, individual investors generally experience inferior portfolio performance by following analyst recommendations published in the \u2018Market Highlights\u201d section of USA Today (even before transaction costs are inch&d).", "mime": "application/pdf"}, {"id": "fsr-3788", "words": "4847", "extension": ".pdf", "flesch": "64", "author": "Brooks, Robert", "title": "Computing Yields on Enhanced CDs", "date": "1996", "keywords": "bank; cds; depositors; floor; interest; products; rate; value; withdrawal; year", "summary": "For example, Cook and Spellman (1994) develop a theoretical model for CD rates related to the risk of default by the bank as well as third party government guarantees. A second strand of academic research attempts to identify the factors driving changes in CD rates.", "mime": "application/pdf"}, {"id": "fsr-3789", "words": "7268", "extension": ".pdf", "flesch": "62", "author": "Brown, Stewart L.", "title": "Churning: Excessive Trading in Retail Securities Accounts", "date": "1996", "keywords": "account; average; cases; commission; costs; investment; ratio; securities; trading; turnover; turnover ratio", "summary": "If commission rates were Churning 49 fixed, as they were during the period when case law standards evolved, then the turnover ratio would have a fixed relationship with trading costs, and there would be no problem in using turnover ratios to gauge excessive trading. Such accounts can ill afford excessive trading costs and low risk securities are generally appropriate.", "mime": "application/pdf"}, {"id": "fsr-3790", "words": "6117", "extension": ".pdf", "flesch": "54", "author": "Greninger, Sue A.; Hampton, Vickie L.; Kitt, Kamd A.; Achacoso, Joseph A.", "title": "Ratios and Benchmarks for Measuring the Financial Well-Being of Families and Individuals", "date": "1996", "keywords": "assets; debt; educators; expenses; income; inflation; mean; median; net; planners; planning; ratios; tax; total", "summary": "An early application of ratios centered on analyzing busi- ness insolvency and bankruptcy (Altman, 1968) while later work focused on the develop- ment and refinement of a more comprehensive set of financial ratios and on evaluation of their effectiveness (Chen & Shimerada, 1981; Brandt, Danos, & Brasseaux, 1989; Lawder, 1989; Kimmell, 1994; Poston, Harmon, & Gramlich, 1994; Gardiner, 1995; Kane, 1995). One of the business applications of financial ratios that first interfaced with consumers involved credit approval standards including mortgage loans.", "mime": "application/pdf"}, {"id": "fsr-3791", "words": "5090", "extension": ".pdf", "flesch": "40", "author": "Pahl, Dede", "title": "An Emerging Partnership: AFS and the CFP Board", "date": "1996", "keywords": "analysis; board; certification; cfp; cfp board; client; college; examination; financial; job; planning; practice; review; university", "summary": "According to a 1995 CFP Board survey, the top reasons financial professionals cited for wanting the designation were: enhanced credibility, increased knowledge and exper- tise, and improved professional standing among colleagues. Program directors at any CFP Board-registered program have the authorization to waive students out of courses if the program director deems the student has already satisfied the topic coverage of that course.", "mime": "application/pdf"}, {"id": "fsr-3792", "words": "1761", "extension": ".pdf", "flesch": "50", "author": "Kahl, Douglas", "title": "Book, Software, and Web Site Reviews", "date": "1996", "keywords": "benefits; book; chapter; discussion; finance; topics", "summary": "This thorough presentation of modern employee benefits makes clear the reasons for the rapid growth in the number, variety, and cost of employee benefits over the past five decades. Employee Benefits (4th edition) by Burton T. Beam, Jr., and John J. McFadden Chicago, IL: Dearborn Financial Publishing, Inc.; 1996 (ISBN o-7931-1504-3) Reviewed by: Douglas R. Kahl, Professor of Finance, The University of Akron Burton T. Beam, Jr., and John J. McFadden\u2019s fourth edition of Employee Benefits has just been published by Real Estate Education Company, a division of Dearborn Financial publishing, Inc.", "mime": "application/pdf"}, {"id": "fsr-3793", "words": "392", "extension": ".pdf", "flesch": "-336", "author": "Lahey, Karen Eilers", "title": "FSR Referees", "date": "1996", "keywords": "alabama; college; illinois; james; state; university", "summary": "PII: S1057-0810(96)90002-5 FSR Referees Financial Services Review would like to thank the following ad hoc reviewers for providing their valuable and timely contributions to Volume 5: Michael Alderson University of Missouri at St. Louis James J. Angel Georgetown University Robert Angel1 North Carolina A & T State University Peter Bacon Wright State University S.G. Badrinath Northeastern University Vickie Bajtelsmit Colorado State University W. Scott Bauman Northern Illinois University Roger Bey University of Tulsa Jerry Boswell Metropolitan State College James Boyd Kent State University Ronald Braswell Florida State University Leroy Brooks University of South Carolina Kitt Butler Michigan State University Julie Cagle Xavier University Richard Calloway University of Wisconsin at Lacrosse Don Chance Virginia Polytechnic Institute and State University Saeyoung Chang Arizona State University S.J. Chang Illinois State University Anthony Cherin San Diego State University T. Michael Clauretie University of Nevada James Co&ran Georgia State University Dan Cooper Marist College Eurico Ferreira Indiana State University Andrew Fields University of Delaware Donald Fischer University of Texas at Tyler George Frankfurter Louisiana State University Erika Gilbert Illinois State University Joseph Golec Clark University Benton Gup University of Alabama Sherman Hanna Ohio State University Kendall Hill University of Alabama Birmingham Thomas Howe Illinois State University Marc Ingram Clark Atlantic University Michael Isimbabi Morgan State University Marlin Jensen Auburn University Thomas Johansen Fort Hays State University Susan Jordan University of Missouri at Columbia George Kaufman Loyola University Dan Klein Bowling Green State Universrty Linda S. Klein University of Connecticut David Lange Auburn University at Montgomery James Ligon University of Alabama Timothy Loughran University of Iowa D.K. Malhotra Philadephia College of Textiles & Sciences Steven Mann University of South Carolina Kyle Mattson Rochester Institute of Technology Robert McLeod University of Alabama William Meggison University of Georgia Stuart Michelson Eastern Illinois University Donald Nast Florida State University Theron Nelson University of North Dakota Daniel Pace Valparaiso University Jayen Pate1 University of Alabama at Huntsville Roy Patin Jr. Midwestern State University Glenn Pettengill Emporia State University Dev Prasad University of Texas at San Antonio William Reichenstein Baylor University Frank Reilly University of Notre Dame Frederick Seigel University of Louisville Keith Smith Purdue University Laura T. Starks University of Texas William Templeton Butler University Steven Thorley Brigham Young University David Wright University of Wisconsin at Parkside James Yoder University of South Alabama Alan Ziobrowski Lander University Brigette Ziobrowski Augusta College vii", "mime": "application/pdf"}, {"id": "fsr-3794", "words": "895", "extension": ".pdf", "flesch": "51", "author": "Lahey, Karen Eilers", "title": "From the Editor Vol 5 No 2", "date": "1996", "keywords": "issue; journal; review; risk", "summary": "As I am sure you are aware, the move to a quarterly journal means more articles can be published in a timely fashion and more manuscript submissions are required. This represents the first real estate article that has been published in the Financial Sewices Review journal and I would like to encourage other authors to submit real estate papers on issues of concern to individual investors.", "mime": "application/pdf"}, {"id": "fsr-3795", "words": "6073", "extension": ".pdf", "flesch": "53", "author": "Schooley, Diane K.; Worden, Debra Drecnik", "title": "Risk Aversion Measures: Comparing Attitudes and Asset Allocation", "date": "1996", "keywords": "assets; average; aversion; capital; head; household; mean; risk; rra; value; wealth", "summary": "Similar estimation results are Risk Aversion Measures 95 TABLE 3 Definitions of Explanatory Variables Z.n Wealth: natural logarithm of the dollar value of household wealth. Empirical analyses of household RRA vary in results depending, in part, upon how wealth is measured.", "mime": "application/pdf"}, {"id": "fsr-3796", "words": "6323", "extension": ".pdf", "flesch": "64", "author": "Templeton, William K.; Main, Robert S.; Orris , J. B.", "title": "A Simulation Approach to the Choice Between Fixed and Adjustable Rate Mortgages", "date": "1996", "keywords": "advantage; arm; borrowers; cost; discount; frm; mortgage; rate; simulation; value cost; year", "summary": "For example, is an ARM the low cost choice when mortgage rates are high? An alternative explanation is that when FRM rates are high, borrowers assume that rates will decline and that the ARM will be the lower cost alternative.", "mime": "application/pdf"}, {"id": "fsr-3797", "words": "6521", "extension": ".pdf", "flesch": "49", "author": "Vihtelic, Jill Lynn", "title": "Personal Finance: An Alternative Approach to Teaching Undergraduate Finance", "date": "1996", "keywords": "business; course; curriculum; discipline; education; experiences; finance; financial; knowledge; learning; management; new; planning; structure; students; teaching; undergraduate", "summary": "While the debate over the curriculum for finance students continues, the introductory finance course content remains focused on business. Pratt and Gentry (1994) explained that there are several dif- ferent learning styles and found that finance students seldom learn the same way as their professors.", "mime": "application/pdf"}, {"id": "fsr-3798", "words": "7160", "extension": ".pdf", "flesch": "55", "author": "Golec, Joseph H.", "title": "The Effects of Mutual Fund Managers\u2019 Characteristics on Their Portfolio Performance, Risk and Fees", "date": "1996", "keywords": "alpha; beta; fees; fund; growth; management; managers; performance; risk; tenure; turnover; years; yield", "summary": "This means that fund managers with MBAs may accept lower compensation, perhaps reflecting strong competition among MBAs for fund manager positions. On the other hand, management fees and turnover costs are presumably paid to facilitate return-producing input by fund managers.", "mime": "application/pdf"}, {"id": "fsr-3799", "words": "967", "extension": ".pdf", "flesch": "50", "author": "Kahl, Douglas", "title": "Association for investment management and research (AIMR) web site", "date": "1996", "keywords": "cboe; finance; financial; options", "summary": "Among other things, the interested websurfer can find out about upcoming confer- ences, events, and publication dates through 1997, services for students, finance links, and, of course, placement services for employers and job seekers. Finance professors planning to pursue the CFA designation, or those encouraging their students to do so, will find extensive information available on the CFA exam most useful.", "mime": "application/pdf"}, {"id": "fsr-3800", "words": "715", "extension": ".pdf", "flesch": "50", "author": "Eyssell, Thomas", "title": "The New York Stock Exchange (NYSE), the Chicago Board Options Exchange (CBOE), and the Financial Management Association Websites", "date": "1996", "keywords": "cboe; finance; options", "summary": "One can search the \u201cPositions Available\u201d section by finance category (business finance, financial institutions and markets, general finance, insurance, investments, real estate, and other areas of finance), or alphabetically by school name. Among other things, the interested websurfer can find out about upcoming confer- ences, events, and publication dates through 1997, services for students, finance links, and, of course, placement services for employers and job seekers.", "mime": "application/pdf"}, {"id": "fsr-3801", "words": "583", "extension": ".pdf", "flesch": "-69", "author": "Lahey, Karen Eilers", "title": "Index Vol 5", "date": "1996", "keywords": "review", "summary": "Performance, Risk and Fees,\u201d 5(2): 133- 148 Grant, C. Terry. see Ciccotello, Conrad S. Greninger, Sue A., \u201cRatios and Benchmarks for Measuring the Financial Well-Being of Families and Individuals,\u201d 5( 1): 57-70 Hampton, Vickie L. see Greninger, Sue A. Hatfield, Gay B. see Walker, M. Mark Kahl, Douglas R., Review of \u201cEmployee Bene- fits,\u201d 5( 1): 83-84 Kahl, Douglas R., Review of \u201cLIFFE on the Internet,\u201d 5(l): 85-86 Kitt, Karrol A. see Greninger, Sue A. Main, Robert S. see Templeton, William K. Orris, J.B. see Templeton, William K. Pahl, Dede, \u201cAn Emerging Partnership: AFS and the CFP Board,\u201d 5(l): 71-81 Schooley, Diane K., \u201cRisk Aversion Measures: Comparing Attitudes and Asset Allocation,\u201d 5(2): 87-99 Smaby, Timothy R., Review of \u201cAssociations for Investment Management and Research (AIMR) Web Site,\u201d 5(2): 149-150 Templeton, William K., \u201cA Simulation Approach to the Choice Between Fixed and Adjustable Rate Mortgages,\u201d 5(2): 101-l 17 Vihtelic, Jill, \u201cPersonal Finance: An Alternative Approach to Teaching Undergraduate Finance,\u201d 5(2): 119-131 Walker, M. Mark, \u201cProfessional Stock Ana- lysts\u2019 Recommendations: Implications for Individual Investors,\u201d 5(l): 13-29 Worden, Debra Drecnik. PII: S1057-0810(96)90009-8 FINANCIAL SERVICES REVIEW The Journal of Individual Financial Management Index Volume 5,1996 AUTHORS Achacoso, Joseph A. see Greninger, Sue A. Brooks, Robert, \u201cComputing Yields on Enhanced CDs,\u201d 5( 1): 3 l-42 Brown, Stewart L., \u201cChurning: Excessive Trad- ing in Retail Securities Accounts,\u201d 5( 1): 43- 56 Ciccotello, Conrad S., \u201cEquity Fund Size and Growth: Implications for Performance and Selection,\u201d 5(l): 1-12 Clinebell, John, Review of \u201cPersonal Finance,\u201d 5( 1): 84-85 Eyssell, Thomas, Review of \u201cNew York Stock Exchange (NYSE), the Chicago Board Options Exchange (CBOE), and the Finan- cial Management Association Websites,\u201d 5(2): 150-151 Golec, Joseph H., \u201cThe Effects of Mutual Fund Managers\u2019 Characteristics on Their Portfo- lio", "mime": "application/pdf"}, {"id": "fsr-3802", "words": "177", "extension": ".pdf", "flesch": "18", "author": "Lahey, Karen Eilers", "title": "Editorial Board", "date": "1997", "keywords": "james; state; university", "summary": "Raj Aggawal John Carroll University James R. Barth Auburn University Barry Diskin Florida State University Thomas H. Eyssell University of Missouri, St. Louis Sandra G. Gustavson University of Georgia Andrea Hueson University of Miami Jeff Madura Florida Atlantic University Terry L. Zivney Ball State University Associate Editors 1997-1998 James S. Ang Florida State University Lawrence J. Gitman San Diego State University Douglas R. Kahl University of Akron James E. I..arsen Wright State University Dixie L. Mills Illinois State University Tony Plath University of North Carolina at Charlotte A. Charlene Sullivan Purdue University Jill Lynn Vihtelic Saint Mary's College 1997-1999 Vickie Bajtdsmit Colorado State University Waldo L. Born Eastern Illinois University Lawrence A. Cox University of Mississippi Jean Louis PII: S1057-0810(97)90026-3 Volume 6 Number 1 1997 FINANCIAL SERVICES REVIEW THE JOURNAL OF INDIVIDUAL FINANCIAL MANAGEMENT Editor KAREN EILERS LAHEY 1997", "mime": "application/pdf"}, {"id": "fsr-3803", "words": "519", "extension": ".pdf", "flesch": "58", "author": "Lahey, Karen Eilers", "title": "From the Editor Vol 6 No 1", "date": "1997", "keywords": "article; rates; selling", "summary": "O. Felix Ayadi in his article, Adverse Selection, Search Costs and Sticky Credit Card Rates examines the sensitivity of credit card rates to the costs of funds in the United States. He estimates that credit card rates adjust at a rate of 15 percent per quarter.", "mime": "application/pdf"}, {"id": "fsr-3804", "words": "5969", "extension": ".pdf", "flesch": "73", "author": "Reilly, Frank K.", "title": "The Impact of Inflation on ROE, Growth and Stock Prices", "date": "1997", "keywords": "figure; growth; inflation; period; rate; return; roe; stock", "summary": "Specifically, during peri- ods of low inflation the implied growth rate of earnings generally exceeds inflation, while during periods of high inflation, the implied growth rate of earnings is equal to or less than the rate of inflation. the authors examined the differential results during two sepa- rate periods including one of low inflation (1956-1967) and a subsequent period of high inflation (1968-1979) and showed that the operating and stock return results were very different.", "mime": "application/pdf"}, {"id": "fsr-3805", "words": "3011", "extension": ".pdf", "flesch": "65", "author": "Lamb, Reinhold P.; Ma, K.C.; Pace, R. Daniel; Kennedy, William F.", "title": "The Congressional Calendar and Stock Market Performance", "date": "1997", "keywords": "congress; effect; market; returns; session; stock", "summary": "4 1 - 0 . 0 3 9 D + 0.016 (3.323) (-2.500) F-value = 6.254 p-value = 0.012 Panel B: Relationship Between Annual Market Return and Closed Congress Ret m = a + I~Out + e where Out = market return when Congress is in recess (closed) Ret = 0.447 + 1.025Out + 1.545 r a (0.290) (10.990) F-value = 120:783 p-value = 0.001 Panel C: Relationship Between Annual Market Return and Open Congress Ret m = a + l ~ I n + e where In = market return when Congress is in session (open) Ret m = 4 .", "mime": "application/pdf"}, {"id": "fsr-3806", "words": "5991", "extension": ".pdf", "flesch": "60", "author": "Albert, Robert L.; Smaby, Timothy R.; Robison, H. David", "title": "Short Selling and Trading Abuses on Nasdaq", "date": "1997", "keywords": "amex; compilation; date; interest; market; nasdaq; nyse; returns; sellers; selling; short; stocks", "summary": "These results, suggesting short sellers in both markets short stocks that have recently experienced significant price increases, are consistent with Vu and Caster (1987) and Woolridge and Dickinson (1994). We find that (a) short sellers earned significant abnormal returns on Nas- daq securities, but these were smaller than on NYSF_/AMEX securities; (b) they did not destabilize markets by selling into falling markets and exacerbating price drops; and (c) Nasdaq short sellers may be more susceptible than NYSE/AMEX shorts to short squeezes.", "mime": "application/pdf"}, {"id": "fsr-3807", "words": "5129", "extension": ".pdf", "flesch": "62", "author": "Eyssell, Thomas H.", "title": "Financial Planning and College Saving Recommendations: Let's Set Things Straight", "date": "1997", "keywords": "college; cost; financial; investment; percent; savings; table; years", "summary": "Note: The exhibit assumes a 7% inflation rate for college costs, an 8% after-tax return on investments, and current college costs of $10,000 annually. First, we construct a table of compound- ing factors which allows us to obtain an estimate of future college costs given a child's cur- rent age and the expected annual rate of increase in college costs.", "mime": "application/pdf"}, {"id": "fsr-3808", "words": "7350", "extension": ".pdf", "flesch": "65", "author": "Ayadi, O. Felix", "title": "Adverse Selection, Search Costs and Sticky Credit Card Rates", "date": "1997", "keywords": "card; card rates; cost; credit; credit card; funds; interest; market; rates; results; series; test; time", "summary": "I Adverse Selection, Search Costs and Sticky Credit Card Rates O. Felix Ayadi Several scholars of financial economics observed that during the 1980s, market interest rates declined continuously with little or no impact on credit card rates. This study represents an attempt to determine the sensitivity of credit card rates to the costs of funds in the U.$. economy.", "mime": "application/pdf"}, {"id": "fsr-3810", "words": "1644", "extension": ".pdf", "flesch": "49", "author": "Kahl, Douglas", "title": "Personal Financial Planning, 7th Edition", "date": "1997", "keywords": "chapter; financial; information; review; students; web", "summary": "The streamlined Getting a Handle on Your Financial Future and the integrative case study that appear at chapter ends are also realistic application-level extensions of the subject matter. Although one student lamented the replacement of the Facts and Fantasies questions at the beginning of chapters by boring learning objectives, she agreed that the objectives provided a helpful overview of the chapter's purpose.", "mime": "application/pdf"}, {"id": "fsr-3811", "words": "1072", "extension": ".pdf", "flesch": "43", "author": "Kahl, Douglas", "title": "The Merrill Lynch Web Site (www.ml.com)", "date": "1997", "keywords": "information; site; users; web", "summary": "The Merrill Lynch Web Site (www.ml.com) Reviewed by: John Grable, CFP, Doctoral Student, Virginia Tech Internet users face two annoying problems when using web sites sponsored by the major brokerage firms, namely, slow information retrieval and advertising overload. Charter Media's Briefing.com Web Site Reviewed by: Robert L. Albert Jr., Assistant Professor of Finance, Morehead State University Individual Investors can now find a multitude of web sites which provide a wide array of relevant and timely financial market information.", "mime": "application/pdf"}, {"id": "fsr-3812", "words": "1042", "extension": ".pdf", "flesch": "48", "author": "Kahl, Douglas", "title": "Charter Media's Briefing.com Web Site", "date": "1997", "keywords": "book; briefing.corn; finance; information", "summary": "The Per- sonal Finance Center link helps users understand financial issues facing most American individuals and families and how certain financial planning techniques can be used to meet financial objectives. These briefs include a short business summary, key financial ratios, share-related information, short interest informa- tion, institutional and insider ownership, historical growth rates in sales, EPS and divi- dends, and historical quarterly figures for revenue and EPS.", "mime": "application/pdf"}, {"id": "fsr-3813", "words": "798", "extension": ".pdf", "flesch": "53", "author": "Kahl, Douglas", "title": "The Money Book of Personal Finance", "date": "1997", "keywords": "book; finance; money", "summary": "The clear, concise and authoritative writing style does not assume any prior background in finance or business. The book covers the usual personal finance topics in four major sections: Getting Started, Reaching Your Financial Goals, Investing Your Money and Your Family 74 FINANCIAL SERVICES REVIEW 6.(1) 1997 Finances.", "mime": "application/pdf"}, {"id": "fsr-3814", "words": "607", "extension": ".pdf", "flesch": "62", "author": "Lahey, Karen Eilers", "title": "Erratum", "date": "1997", "keywords": "fund; journal; performance", "summary": "Mutual fund performance: An analysis of quarterly portfolio holdings. The persistence of mutual fund performance.", "mime": "application/pdf"}, {"id": "fsr-3815", "words": "493", "extension": ".pdf", "flesch": "41", "author": "Lahey, Karen Eilers", "title": "From the Editor Vol 6 No 2", "date": "1997", "keywords": "article; bankruptcy; services", "summary": "\u201cAn Overview of Financial Services Resources on the Internet\u201d by Brian Grinder pro- vides a review of the academic literature on the impact of the Internet on education and examples of current sites that can be used by financial service specialties. The table is organized by the following categories: (a) investments, (b) mutual funds, (c) banking/banking services, (d) financial planning/pension and retirement planning/estate planning, (e) tax planning, (f) real estate, (g) insurance, (h) financial coun- seling, (i) employee benefits, and (i) education in financial services.", "mime": "application/pdf"}, {"id": "fsr-3816", "words": "8638", "extension": ".pdf", "flesch": "61", "author": "Ang, James S.; Fatemi , Ali M.", "title": "Personal Bankruptcy Costs: Their Relevance and Some Estimates", "date": "1997", "keywords": "assets; bankruptcy; bankruptcy costs; capital; cases; costs; debt; firm; income; individual; journal; rate; structure; tax; value", "summary": "Some preliminary estimates of personal bankruptcy costs are reported which suggest that they are higher than corporate bankruptcy costs. Interestingly, all the controversy has been centered on corporate bankruptcy costs, their magnitude and relevance, with no attention paid to personal bankruptcy costs.", "mime": "application/pdf"}, {"id": "fsr-3817", "words": "5225", "extension": ".pdf", "flesch": "60", "author": "Tarrazo, Manuel", "title": "An Application of Fuzzy Set Theory to the Individual Investor Problem", "date": "1997", "keywords": "composition; example; fuzzy; matrix; model; problem; relationships; sets; smith; theory; variables", "summary": "Fuzzy set theory has been developed to provide support to everyday reasoning. An Application of Fuzzy Set Theory to the Individual Investor Problem Manuel Tarrazo This study reviews the problem of the individual investor and applies to it a methodol- ogy based on fuzzy sets and the theory of possibility.", "mime": "application/pdf"}, {"id": "fsr-3818", "words": "7228", "extension": ".pdf", "flesch": "53", "author": "Nelson , Susan Logan; Nelson , Theron R.", "title": "The Use of Professional Designations in the Real Estate Industry", "date": "1997", "keywords": "brokerage; certification; designation; estate; individuals; industry; marketing; professional; programs; public; real; services; survey", "summary": "Per- haps the leading organization offering real estate designations is the National Association of Realtors (NAR) and its many affiliates. Other designation programs are handled through the many Institutes, Societies and Councils of NAR.", "mime": "application/pdf"}, {"id": "fsr-3819", "words": "6704", "extension": ".pdf", "flesch": "44", "author": "Grinder, Brian", "title": "An Overview of Financial Services Resources on the Internet", "date": "1997", "keywords": "association; banking; education; estate; financial; fund; http://; inc; information; insurance; internet; links; mutual; national; news; offers; online; planning; quotes; resources; review; services; site; tax; web", "summary": "The CorpFiNetSOO offers links to both company and information web sites. However, the best search engine for finding financial services information is Yahoo!", "mime": "application/pdf"}, {"id": "fsr-3820", "words": "4650", "extension": ".pdf", "flesch": "50", "author": "Cagle, Julie A.B.; Porter , Gary E.", "title": "Conversions of Mutual Savings Institutions: Do Initial Returns From These IPOS Provide Investors With Windfall Profits?", "date": "1997", "keywords": "banks; conversion; institutions; ipos; mutual; offer; returns; stock; thrifts; underpricing", "summary": "Thrift conversions were verified using a list of approved conversions from the OTS and the Lexis/Nexis database. Converting thrift institutions are substantially older than the banks at the time of the initial offering.", "mime": "application/pdf"}, {"id": "fsr-3821", "words": "1920", "extension": ".pdf", "flesch": "55", "author": "Lahey, Karen Eilers", "title": "Book, Software and Web Site Reviews", "date": "1997", "keywords": "fund; insurance; management; risk; services; site; text", "summary": "This is followed by a basic table relating investment objectives to types of funds, fund risk, and expected returns. In addition, the daily prices and QuickList services would be very useful to most mutual fund investors.", "mime": "application/pdf"}, {"id": "fsr-3822", "words": "433", "extension": ".pdf", "flesch": "48", "author": "Lahey, Karen Eilers", "title": "From the Editor Vol 6 No 3", "date": "1997", "keywords": "fund; investment", "summary": "\u201cPerformance and Persistence in Money Market Fund Returns\u201d by Dale L. Domian and William Reichenstein offers strong evidence that the one factor that is significant in money fund performance is the expense ratio. Sandeep Singh and William H. Dresnack examine the individual investor\u2019s choice between national municipal bond portfolios and state specific bond mutual funds in two states with high taxes, New York and California.", "mime": "application/pdf"}, {"id": "fsr-3823", "words": "5998", "extension": ".pdf", "flesch": "46", "author": "Pritchett , S. Travis", "title": "Incorporating Historical Investment Performance in Projecting Life Insurance Cash Values", "date": "1997", "keywords": "experience; insurance; insurers; investment; life; percent; performance; portfolio; projections; rates; returns; scale; years", "summary": "The major problem is that new contracts may be accompanied by sales illustrations where the maximum values reflect investment returns for new investments alone. Further standards regarding investment returns specify that recent historical experi- ence refers to rates being determined \u201con an entirely retrospective basis considering only assets to be supporting the block\u201d (Actuarial Standards Board, 1995, p. 7).", "mime": "application/pdf"}, {"id": "fsr-3824", "words": "7433", "extension": ".pdf", "flesch": "68", "author": "Domian , Dale L.; Reichenstein , William", "title": "Performance and Persistence in Money Market Fund Returns", "date": "1997", "keywords": "average; expense; funds; government; money; net; percent; portfolio; returns; year", "summary": "Consequently, we do not suspect fund managers\u2019 deliberate decisions to use derivatives would explain much of the cross section of fund returns. The Determinants of Net Returns: Economies of Scale We begin the analysis by examining the role of net asset size in fund returns.", "mime": "application/pdf"}, {"id": "fsr-3825", "words": "5685", "extension": ".pdf", "flesch": "56", "author": "Singh, Sandeep; Dresnack, William H.", "title": "Market Knowledge in Managed Municipal Bond Portfolios", "date": "1997", "keywords": "bond; funds; income; index; municipal; national; performance; ratio; returns; risk; state", "summary": "In recent years, municipal bond mutual funds have become investment vehicles of choice for municipal bond investors for several reasons. As a group, all types of municipal bond mutual funds examined in this study are unable to out- perform the index on a risk-adjusted basis.", "mime": "application/pdf"}, {"id": "fsr-3826", "words": "1812", "extension": ".pdf", "flesch": "47", "author": "Kahl , Douglas R.", "title": "The Challenges and Opportunities of Student-Managed Investment Funds at Metropolitan Universities", "date": "1997", "keywords": "funds; investment; management; proposal; students", "summary": "Financial innovation: The case of student investment funds at United States universities. The fund established by Oak Associates Ltd. at The University of Akron provides students with the opportunity to learn about investing real money on a real-time basis.", "mime": "application/pdf"}, {"id": "fsr-3827", "words": "10413", "extension": ".pdf", "flesch": "63", "author": "Smith, Keith V.", "title": "Asset Allocation and Investment Horizon", "date": "1997", "keywords": "allocation; asset; brokerage; firms; horizon; investment; investors; period; portfolio; quarter; recommendations; stocks; time", "summary": "202 FINANCIAL SERVICES REVIEW 6(3) 1998 firms are making asset allocation recommendations at least every quarter, investors may choose to adopt longer investment horizons and change their portfolio blends less often. That is an interesting result, but as we shall now see, it is an incomplete picture of the impact of asset allocation recommendations on inves- tor portfolio performance.", "mime": "application/pdf"}, {"id": "fsr-3828", "words": "362", "extension": ".pdf", "flesch": "64", "author": "Kahl, Douglas", "title": "The Millionaire Next Door.", "date": "1997", "keywords": "millionaire; services", "summary": "Thomas J. Stanley and William D. Danko Marietta, GA: Longstreet Press, Inc.; 1996 Reviewed by: Douglas R. Kahl, Professor of Finance, The University of Akron. Thomas J. Stanley and William D. Danko surveyed 3000 heads of households expected to have high net worth.", "mime": "application/pdf"}, {"id": "fsr-3829", "words": "1452", "extension": ".pdf", "flesch": "48", "author": "Kahl, Douglas; Kahl, Douglas", "title": "The Financial Services Revolution", "date": "1997", "keywords": "book; financial; funds; insurance; services", "summary": "An interesting survey of bank securities activities, including a review of the history of commercial bank securities activity since the Civil War, provides a chronological narrative. Part IV examines the policy issues related to the growing popularity of the defined contribution pension plan and in particular, the \u201c401(k) plan,\u201d a market in which banks, insurance companies, and mutual funds vigorously compete.", "mime": "application/pdf"}, {"id": "fsr-3830", "words": "912", "extension": ".pdf", "flesch": "48", "author": "Kahl, Douglas", "title": "Wealth Management", "date": "1997", "keywords": "book; management; wealth", "summary": "In addition, the book is also very suitable for the academic readers of Finan- cial Services Review; most already know the finance theories but may have little experi- ence at addressing the concerns of financial planning clients. Harold Evensky\u2019s Wealth Management provides a comprehensive and informative guide to financial planning.", "mime": "application/pdf"}, {"id": "fsr-3831", "words": "124", "extension": ".pdf", "flesch": "38", "author": "Lahey, Karen Eilers", "title": "Addendum", "date": "1997", "keywords": "services", "summary": "The Certified Financial Planner Board of Standards, Inc. is the organization that awards the CFP and Certified Financial Planner designation, not the Institute of Certified Financial Planners (ICEP). This site also provides links to other financial services organizations, including educational institutions, membership organizations and regulators.", "mime": "application/pdf"}, {"id": "fsr-3832", "words": "514", "extension": ".pdf", "flesch": "50", "author": "Lahey, Karen Eilers", "title": "From the Editor Vol 6 No 4", "date": "1997", "keywords": "investors; iras; tax", "summary": "Terry L. Crain and Jeffrey R. Austin provide mathematical models for after-tax accumulations for each of the investment alternatives that considers return, taxable return, time horizon, and tax rates for ordinary income and capital gains. These include deductible IRAs, nondeductible IRAs, the new Roth IRAs, and mutual funds.", "mime": "application/pdf"}, {"id": "fsr-3833", "words": "8159", "extension": ".pdf", "flesch": "61", "author": "Crain , Terry L.; Austin, Jeffrey R.", "title": "An Analysis of the Tradeoff Between Tax Deferred Earnings in IRAs and Preferential Capital Gains", "date": "1997", "keywords": "capital; funds; gain; income; income tax; investment; ira; nondeductible; outright; roth ira; tax; tax rate", "summary": "In ranking the three types of IRA investments, the following conclusions may be drawn. While earnings from nondeductible IRAs accumulate tax deferred, later distributions are taxed at ordinary income tax rates.", "mime": "application/pdf"}, {"id": "fsr-3834", "words": "6239", "extension": ".pdf", "flesch": "57", "author": "Horan, Stephen M.; Peterson, Jeffrey H.; McLeod, Robert", "title": "An Analysis of Nondeductible IRA Contributions and Roth IRA Conversions", "date": "1997", "keywords": "investment; investors; ira; iras; nondeductible; rate; tax; value; withdrawal", "summary": "The relative attractiveness of the taxable mutual fund option declines significantly when withdrawal tax rates decline. Section III analyzes the decision between nondeductible IRA and taxable mutual fund investments for tax rates that decline upon retirement using the model in Crain and Austin (1997).", "mime": "application/pdf"}, {"id": "fsr-3835", "words": "8197", "extension": ".pdf", "flesch": "72", "author": "Manakyan , Herman; Liano, Kartono", "title": "Performance of Mutual Funds Before and After Closing to New Investors", "date": "1997", "keywords": "closing; funds; index; investors; new; performance; sample", "summary": "I. INTRODUCTION Since Treynor (1965), Sharpe (1966), and Jensen (1968), numerous studies have been con- ducted to examine the persistence of mutual fund performance. To the contrary, Jensen (1968) Malkiel (1995), Kahn and Rudd (1995), Cat-hart (1997), and Phelps and Detzel(1997) find no evidence of persistence in mutual fund performance.", "mime": "application/pdf"}, {"id": "fsr-3836", "words": "5849", "extension": ".pdf", "flesch": "65", "author": "Milevsky, Moshe Arye; Kim , Sharon", "title": "The Optimal Choice of Index-Linked GICs: Some Canadian Evidence", "date": "1997", "keywords": "ilgic; index; market; payoff; products; rate; value", "summary": "Given a set of product parameters (c, g,), where c is the cap rate and g, is the guaran- teed floor, and capital market parameters (r, q, o), and maturity T, the Value per Premium Dollar (VPD) of the C-ILGIC is: v,(c,g,) = exp{(g, - r)T) + expt-qTll\\r(bl) - exp((g, - WW2) - exp{-qT}N(bs) + exp((c - g, - GVV74) (3) All of which were provided by Bloomberg\u2019s Information Sys- tems which is the de-facto standard for market values in the derivatives trading industry.", "mime": "application/pdf"}, {"id": "fsr-3837", "words": "4869", "extension": ".pdf", "flesch": "62", "author": "Prather , Laurie; Bertin, William J.", "title": "A Simple and Effective Trading Rule for Individual Investors", "date": "1997", "keywords": "buy; changes; discount; investors; market; period; returns; strategy; trading; trading strategy", "summary": "The results of this study suggest that individual investors may in fact be able to realize above market returns and lower their risk exposure by following a trading strategy based on movements in the discount rate. Pn, = x(\\N,N,, n) = N 0 n (4) where N, = N2 = N = nl = n2 = n = the number of observations where Treasury Bill returns are greater than market returns, the number of observations where market returns are greater than Treasury Bill returns, total number of observations (Nl + N2), number of successful predictions given Treasury Bill returns greater than market returns, number of unsuccessful predictions given market returns greater than Trea- sury Bill returns, number of forecasts predicting Treasury Bill returns greater than market returns.", "mime": "application/pdf"}, {"id": "fsr-3838", "words": "788", "extension": ".pdf", "flesch": "49", "author": "Kahl, Douglas", "title": "Risk Management and Insurance ", "date": "1997", "keywords": "insurance; management; risk", "summary": "Part I is titled \u201cFundamentals of Risk Management and Insurance,\u201d and contains chap- ters on Risk, Risk Management, Insurance, Fundamental Doctrines Affecting Insurance Contracts, and Structure and Analysis of Insurance Contracts. West Publishing Company; 1996 (ISBN O-3 14-06427-3) Reviewed by: Ryan B. Lee and J. Tim Query, Department of Risk Management & Insur- ance, University of Georgia There are a number of principles textbooks on the market, each with its own style of pre- sentation.", "mime": "application/pdf"}, {"id": "fsr-3839", "words": "1145", "extension": ".pdf", "flesch": "-34", "author": "Lahey, Karen Eilers", "title": "Index Vol 6", "date": "1997", "keywords": "douglas r.; review; robert l.", "summary": "PII: S1057-0810(97)90008-1 FINANCIAL SERVICES REVIEW The Journal of Individual Financial Management Index Volume 6,1997 AUTHORS Albert, Robert L., Jr., Review of \u201cCharter Media\u2019s Briefing.com Web Site,\u201d 6( 1): 72- 73 Albert, Robert L., Jr., \u201cShort Selling and Trad- ing Abuses on Nasdaq,\u201d 6(l): 27-39 Ang, James S., \u201cPersonal Bankruptcy Costs: Their Relevance and Some Estimates,\u201d 6(2): 77-96 Austin, Jeffrey R. see Cram, Terry L. Ayadi, 0. Stephen 299 Milevsky, Moshe Arye, \u2018The Optimal Choice Query, J. Tim, Review of \u2018The Financial Ser- of Index-Linked GICs: Some Canadian Evi- vices Revolution,\u201d 6(3): 221-223 dence,\u201d 6(4): 27 l-284 Query, J. Tim see Lee, Ryan B. Nelson, Susan Logan, \u201cThe Use of Professional Designations in the Real Estate Industry,\u201d 6(2): 109-124 Nelson, Theron R. see Nelson, Susan Logan Reichenstein, William see Domian,", "mime": "application/pdf"}, {"id": "fsr-3840", "words": "168", "extension": ".pdf", "flesch": "4", "author": "Lahey, Karen Eilers", "title": "Editorial Board 1998", "date": "1998", "keywords": "james; state; university", "summary": "PII: S1057-0810(98)90003-8 Volume 7 Number 1 1998 FINANCIAL SERVICES REVIEW THE JOURNAL OF INDIVIDUAL FINANCIAL MANAGEMENT Editor KAREN EILERS LAHEY 1998 James S. Ang Florida State University Lawrence J. Gitman San Diego State University Douglas R. Kahl University of Akron James E. Larsen Wright State University Dixie L. Mills Illinois State University Tony Plath University of North Carolina at Charlotte A. Charlene Sullivan Purdue University Jill Lynn Vihtelic Saint Mary's College Associate Editors 1998-1999 Vickie Bajtelsmit Colorado State University Waldo L. Born Eastern Illinois University Larry A. Cox University of Mississippi Jean Louis Heck Villanova Universi~ Travis Pritchett General Reinsurance William Reichenstein Baylor University Walter Woerheide Rochester Institute of Technology 1998-2000 Raj Aggarwal John Carroll University James R. Barth Auburn University Barry Diskin Florida State University Thomas H. Eyssell University of Missouri, St. Louis Sandra G. Gustavson University of Georgia Andrea Hueson University of Miami Jeff Madura Florida Atlantic University Terry L. Zivney Ball State University Stamford, Connecticut @ JAI PRESS", "mime": "application/pdf"}, {"id": "fsr-3841", "words": "436", "extension": ".pdf", "flesch": "51", "author": "Lahey, Karen Eilers", "title": "From the Editor Vol 7 No 1", "date": "1998", "keywords": "fund; performance", "summary": "The final article by Gary E. Porter and Jack W. Trifts approaches the persistence of mutual fund performance by looking at 93 fund managers who have run the same fund for at least ten years. They focus on a model that relates mutual funds returns to the specific characteristics of the stocks held, such as market capitalization, book-to-value equity, earnings yield, and cash flow yield.", "mime": "application/pdf"}, {"id": "fsr-3842", "words": "4461", "extension": ".pdf", "flesch": "60", "author": "Crutehley, Claire E.; Hudson, Carl D.; Jensen, Marlin R.H.", "title": "Shareholder Wealth Effects of CalPERS' Activism", "date": "1998", "keywords": "activism; calpers; firms; investors; period; returns; shareholder; stock; target; time; year", "summary": "If target firms have high returns, but the S&P 500 index had extraordinary returns, this would be shown as a negative excess return. A possible explanation is that different actions are needed in different firms, so restructuring is not superior to cost cutting; firms act in ways to enhance value.", "mime": "application/pdf"}, {"id": "fsr-3843", "words": "6718", "extension": ".pdf", "flesch": "64", "author": "Compton, William S.; Kunkel, Robert A.", "title": "A Tax-Free Exploitation of the Turn-of-the-Month Effect: C.R.E.F.", "date": "1998", "keywords": "account; average; effect; journal; market; month; period; return; stock; strategy; switching; trading", "summary": "The January effect, in which average stock returns are higher in January than in any other month, is perhaps the best known and most extensively documented seasonal anom- aly. The turn-of-the-month effect in stock returns has received much attention recently, espe- cially by those who have attempted to document opportunities to exploit this apparent mar- ket anomaly.", "mime": "application/pdf"}, {"id": "fsr-3844", "words": "11992", "extension": ".pdf", "flesch": "76", "author": "Domian, Dale L.; Reiehenstein, William", "title": "Term Spreads and Predictions of Bond and Stock Excess Returns", "date": "1998", "keywords": "bonds; def; fama; l l; regressions; results; returns; spread; term; term spread; treasury; year; yield", "summary": "The 1.5- through 20-year Treasury bond returns rely on estimates of par-bond yields (yields on coupon-bearing bonds selling at par) across maturities that come from Ibbotson Associates (see Coleman, Fisher, & Ibbotson, 1993 and updates). To be specific, in regressions of bond returns on forecasting variables, the slopes for the term spread should be approxi- mately linearly related to bonds' durations.", "mime": "application/pdf"}, {"id": "fsr-3845", "words": "5746", "extension": ".pdf", "flesch": "56", "author": "Detzel, F. Larry; Weigand, Robert A.", "title": "Explaining Persistence in Mutual Fund Performance", "date": "1998", "keywords": "fund; fund returns; market; persistence; returns; size; stocks; year", "summary": "Examining the period in which mutual fund return persistence has been most pronounced (1975-1986), however, the results indicate that accounting for the size of the stocks held by funds and fund manager investment styles (characterized by ratios such as book-to-market, earnings- to-market, and cash flow-to-market) explains all of the persistence in mutual fund returns. If there are periods when small stocks tend to outperform large stocks, or value stocks outperform growth stocks, then persistence in stock mutual fund returns could be due to trends in these underlying factors.", "mime": "application/pdf"}, {"id": "fsr-3846", "words": "5722", "extension": ".pdf", "flesch": "55", "author": "Porter, Gary E.; Trifts, Jack W.", "title": "Performance Persistence of Experienced Mutual Fund Managers", "date": "1998", "keywords": "average; funds; managers; mpr; performance; period; persistence; year", "summary": "V. CONCLUSION Using relative annual performance ranks, this study finds no evidence that experienced mutual fund managers outperform their less experienced peers. Two, are mutual fund performance rankings in one five-year period predictive of the rank- ings over the next five-year period?", "mime": "application/pdf"}, {"id": "fsr-3847", "words": "559", "extension": ".pdf", "flesch": "55", "author": "Kahl, Douglas", "title": "Personal Financial Planning (2nd edition)", "date": "1998", "keywords": "planning; text", "summary": "The last chapter in the text appears to be more an appendix on stochastic models for financial planning than an integral part of the book. The text is clearly designed for serious financial planning students who have some finance background and want a broad based and rigorous treatment of financial planning topics.", "mime": "application/pdf"}, {"id": "fsr-3848", "words": "113", "extension": ".pdf", "flesch": "73", "author": "Lahey, Karen Eilers", "title": "Erratum", "date": "1998", "keywords": "page", "summary": "Erratum The following are corrected equations for the article, \u201cA Simple and Effective Trading Rule for Individual Investors,\u201d by Laurie Prather and William Bertin which appeared in the last issue of Financial Services Review, Volume 6, Number 4, on pp. 285-294. PII: S1057-0810(99)80015-8 FINANCIAL SERVICES REVIEW, 7(l): 71-71 Copyright 0 1998 by JAI Press Inc. ISSN: 1057-0810 All rights of reproduction in any form reserved.", "mime": "application/pdf"}, {"id": "fsr-3849", "words": "371", "extension": ".pdf", "flesch": "44", "author": "Lahey, Karen Eilers", "title": "From the Editor Vol 7 No 2", "date": "1998", "keywords": "article; investors", "summary": "Results suggest that they do not provide United States investors with expected diversification. Judson W. Russell focuses on United States exchange-listed investments as a potential vehicle for international diversification.", "mime": "application/pdf"}, {"id": "fsr-3850", "words": "4210", "extension": ".pdf", "flesch": "63", "author": "Ridge , Jenny; Young, Martin", "title": "Innovations in Savings Schemes: The Bonus Bonds Trust in New Zealand", "date": "1998", "keywords": "bonus; bonus bonds; march; new; new zealand; prize; trust; zealand", "summary": "Innovations in Savings Schemes: The Bonus Bonds Trust in New Zealand Jenny Ridge and Martin Young Bonus Bonds were introduced into New Zealand in March 1970 based on the Premium Bond savings scheme operating in the United Kingdom. I. INTRODUCTION Bonus Bonds are a savings vehicle which were introduced to the New Zealand public in March 1970.", "mime": "application/pdf"}, {"id": "fsr-3851", "words": "5699", "extension": ".pdf", "flesch": "74", "author": "Reichert, Carolyn; Timmons, J. Douglas", "title": "Closed-End Investment Companies: Historic Returns and Investment Strategies", "date": "1998", "keywords": "costs; end; funds; market; returns; s&p; strategies; trading; transaction", "summary": "Using one year holding peri- ods, the plans select funds trading at either maximum discounts or higher than average dis- counts. Thompson (1978) observes that the two-parameter market model does not describe the return generating process for CEIC funds.", "mime": "application/pdf"}, {"id": "fsr-3852", "words": "6113", "extension": ".pdf", "flesch": "64", "author": "Russell, Judson W.", "title": "The International Diversification Fallacy of Exchange-Listed Securities", "date": "1998", "keywords": "adrs; country; diversification; exchange; funds; index; new; return; securities; stock; u.s; york", "summary": "One way for investors to participate in overseas markets is through international index funds. The case for international index funds.", "mime": "application/pdf"}, {"id": "fsr-3853", "words": "11403", "extension": ".pdf", "flesch": "73", "author": "Chen, Haiyang; Volpe, Ronald P.", "title": "An Analysis of Personal Financial Literacy Among College Students", "date": "1998", "keywords": "business; finance; financial; insurance; knowledge; participants; personal; section; students; survey; years", "summary": "The predictive ability of personal finance knowledge shows that improving college students' knowledge is important. Personal financial survey of high school seniors.", "mime": "application/pdf"}, {"id": "fsr-3854", "words": "7503", "extension": ".pdf", "flesch": "52", "author": "Beal, Diana; Goyen, Michelle", "title": "'Putting Your Money Where Your Mouth Is' A Profile of Ethical Investors", "date": "1998", "keywords": "asx; australian; conservation; esl; ethical; funds; investment; investors; managers; research; respondents; sample; services; shareholders; shares; survey; trust", "summary": "Ethical investment has been known by alternative nomenclature, including environmental, 'green' and socially responsible investment (SRI). Ethical investment as an identifiable and discrete force in financial markets has tended to be referred to as investment in specialist trust funds, which are managed by professional funds managers to reflect supposed ethical concerns and to provide a service to ethically concerned investors.", "mime": "application/pdf"}, {"id": "fsr-3855", "words": "342", "extension": ".pdf", "flesch": "50", "author": "Lahey, Karen Eilers", "title": "From the Editor Vol 7 No 3", "date": "1998", "keywords": "award; presentation", "summary": "This paper compliments the presentation by Yuh, Hanna, and Montalto which looks at retirement adequacy that includes home ownership with and without a mortgage The last article is entitled, \u201cCredit Union Structure: An Examination of Potential Risks.\u201d Financial Services Review 7 (1998) v 1057-0810/98/$ \u2013 see front matter \u00a9 1998 Elsevier Science Inc.", "mime": "application/pdf"}, {"id": "fsr-3856", "words": "6215", "extension": ".pdf", "flesch": "66", "author": "Domian, Dale L.; Louton, David A.; Mossman, Charles E.", "title": "The rise and fall of the \u201cDogs of the Dow\u201d", "date": "1998", "keywords": "average; dividend; dow; market; period; portfolios; stocks; yield", "summary": "Size, seasonality, and stock market overreaction. John Slatter, an analyst with Prescott, Ball & Turben, Inc., examined the total returns of the ten highest dividend yielding Dow stocks for the years 1973 through 1988 and found that they outperformed the DJIA overall.", "mime": "application/pdf"}, {"id": "fsr-3857", "words": "6565", "extension": ".pdf", "flesch": "59", "author": "Robinson, Chris; McGoun, Elton G.", "title": "The sociology of personal finance", "date": "1998", "keywords": "cash; families; family; finance; form; income; market; money; review; services; utility; value", "summary": "Thus, there is only one kind of money\u2014 market money. In this paper, we argue that rational behaviour is a more complex and richer process than simply valuing market money, since there are qualitative characteristics attached to any money, however defined.", "mime": "application/pdf"}, {"id": "fsr-3858", "words": "8643", "extension": ".pdf", "flesch": "51", "author": "Yuh, Yoonkyung; Hanna, Sherman; Montalto, Catherine Phillips", "title": "Mean and pessimistic projections of retirement adequacy", "date": "1998", "keywords": "adequacy; age; households; income; mean; needs; portfolio; rates; ratio; retirement; retirement wealth; return; wealth", "summary": "Household retirement wealth adequacy Each household provides detailed information on assets that is used to estimate retirement wealth. The purpose of this study is to investigate the adequacy of retirement wealth using both mean and pessimistic projections of retirement wealth.", "mime": "application/pdf"}, {"id": "fsr-3859", "words": "6513", "extension": ".pdf", "flesch": "70", "author": "Reichenstein, William", "title": "Calculating a family\u2019s asset mix", "date": "1998", "keywords": "asset; bonds; family; mortgage; pension; portfolio; tax; value; view", "summary": "Table 3 presents asset mixes based on three substantially different financial positions. Assuming the funds are to be used to buy goods and services during retirementthen the market value of pension assets must be converted to after-tax values.", "mime": "application/pdf"}, {"id": "fsr-3860", "words": "4298", "extension": ".pdf", "flesch": "48", "author": "Boldin, Robert J.; Leggett, Keith; Strand, Robert", "title": "Credit union industry structure: an examination of potential risks", "date": "1998", "keywords": "assets; capital; corporate; credit; industry; npcus; risk; u.s; union", "summary": "Thus, the purpose of this research is to examine the level of exposure that corporate credit unions pose due to the structure of the credit union industry, and to examine the implications for corporate credit union capital standards. Section 3 presents data regarding corporate credit union capital.", "mime": "application/pdf"}, {"id": "fsr-3861", "words": "311", "extension": ".pdf", "flesch": "42", "author": "Kahl, Douglas", "title": "Money Logic: Financial Strategies for the Smart Investor", "date": "1998", "keywords": "book; canadian", "summary": "Of special interest to Canadian investors are the thorough discussion and analysis of the Index-Linked Guaranteed Investment Certificate (ILGIC) and the Registered Retirement Savings Plan (RRSP). Canadian investors should give this book a try.", "mime": "application/pdf"}, {"id": "fsr-3862", "words": "1604", "extension": ".pdf", "flesch": "53", "author": "Kahl, Douglas", "title": "The Wall Street Journal Interactive Edition internet site", "date": "1998", "keywords": "business; course; journal; site; students", "summary": "Undergraduate business students will find these articles helpful as they consider their career options, and in understanding some of the issues they will face in the workplace. The marketplace section (http://interactive.wsj.com/edition/current/summaries/marketpl. htm) contains a wide range of general business articles primarily in the areas of marketing and management.", "mime": "application/pdf"}, {"id": "fsr-3863", "words": "713", "extension": ".pdf", "flesch": "48", "author": "Lahey, Karen Eilers", "title": "Masthead Vol 7 No 4", "date": "1998", "keywords": "article; plans; results", "summary": "The results strongly suggest that efforts at improving the financial literacy of mutual fund investors are needed. Karen M. Gibler, George P. Mochis and Euehun Lee provide the results of a survey of individuals who are 55 years of age or older to determine their interest in retirement community housing.", "mime": "application/pdf"}, {"id": "fsr-3864", "words": "437", "extension": ".pdf", "flesch": "-160", "author": "Lahey, Karen Eilers", "title": "Letter from the Editor Vol 7 No 4", "date": "1998", "keywords": "florida; illinois; robert; state; university", "summary": "Jack Aber Boston University Troy A. Adair Hofstra University Robert L. Albert Jr. Moorehead State University Seth C. Anderson University of North Florida Noyan Arsan State University of West Georgia Robert Balik Western Michigan University Steven Balsam Temple University Joel Barber Florida International University Earl Benson Western Washington University Richard Bieker Delaware State University Robert Boldin Indiana University of Pennsylvania Daniel J. Borgia Florida Gulf Coast University Jerry Boswell Metropolitan State College of Denver Ben Branch University of Massachusetts Betty Brewer North Carolina A&T State University Robert Brooks The University of Alabama Donald Brown Arkansas State University Stewart L. Brown Florida State University William T. Chittenden Northern Illinois University Conrad Ciccotello Penn State University Frank L. Clark Eastern Illinois University Elizabeth Cooperman University of Colorado at Denver Larry A. Cox University of Mississippi Dale Domian Memorial University of New Foundland Dean Dudley Eastern Illinois University David Ely San Diego State University Dan French New Mexico State University Delbert C. Goff Appalachian State University Joseph H. Golec Clark University Robert Goss Board of Certified Financial Planners Sue Greninger University of Texas Brian Grinder Eastern Washington University Brett Hammond TIAA - CREF Vickie Hampton University of Texas Sean M. Hennessey University of PEI Lorene Hiris Long Island University Thomas S. Howe Illinois State University Jann C. Howell Iowa State University Riaz Hussain University of Scranton Thomas C. Johansen Fort Hays State University Dimitri Kapelianis University of Witwatersrand Surendra Kaushik Pace University Arthur Keown Virginia Polytechnical Institute Engin Kucukkaya University of South Florida Larry Lockwood Texas Christian University Larry Lynch Roanoke College John A. MacDonald Clarkson University Craig J. McCann KPMG Peat Marwick Krish Menon Boston University Jeffrey M. Mercer Northern Illinois University Moshe Milevsky York University Joel Morse University of Baltimore Hiam A. Mozes Fordham University Jim Musumeci Southern Illinois University Darius Palia Columbia University Christopher M. Robinson York University Thomas R. Robinson University of Miami Michael Schellenger University of Wisconsin at Oskosh Thomas Schneeweis University of Massachusetts Nejat Seyhun University of Michigan Michael K. Shaub Hillsdale University Myron B. Slovin Louisiana State University Stanley D. Smith University of Central Florida Kenneth B. Schwartz Boston College William K. Templeton Butler University Alex Triantis University of Maryland Lenos Trigeorgis University of Chicago Oscar A. Varela University of New Orleans Anand M. Vijh University of Iowa Ronald P. Volpe Youngstown State University Mahmoud Wahab University of Hartford M. Mark Walker University of Mississippi Shelly Webb Xavier University of Cincinnati Debra Worden George Fox College PII: S1057-0810(99)00017-7 FSR Referees Financial Services Review would like to thank the following ad hoc reviewers for providing their valuable and timely contributions to Volume 7.", "mime": "application/pdf"}, {"id": "fsr-3865", "words": "6539", "extension": ".pdf", "flesch": "50", "author": "Bigel, Kenneth S.", "title": "The correlations of professionalization and compensation sources with the ethical development of personal investment planners", "date": "1998", "keywords": "cfp; commission; development; ethical; fee; investment; planners; professional; rest; score; services; study; table", "summary": "Certified Financial Planner designees were found to manifest higher ethical development scores than non-Certified Financial Planner designees. Thus, ethical development scores (i.e., Rest\u2019s \u201cP-score\u201d) assess the framework which people bring to solving moral problems; the higher one\u2019s P-score, the more the subject arrives at moral judgments in a manner akin to ethical philosophers (i.e., in terms of teleology and deontology).", "mime": "application/pdf"}, {"id": "fsr-3866", "words": "7709", "extension": ".pdf", "flesch": "34", "author": "Goss, Robert P.", "title": "Comment on Kenneth S. Bigel\u2019s Paper", "date": "1998", "keywords": "cfp; cfp designee; client; designee; planning; professional; rule; services; shall", "summary": "A CFP designee also has an obligation to cooperate with fellow CFP designees to enhance and maintain the profession\u2019s public image and to work jointly with other CFP designees to improve the quality of services. This Code applies to CFP designees actively involved in the practice of personal financial planning, in other areas of financial services, in industry, in related professions, in govern- ment, in education or in any other professional activity in which the marks are used in the performance of their professional responsibilities.", "mime": "application/pdf"}, {"id": "fsr-3867", "words": "6450", "extension": ".pdf", "flesch": "49", "author": "Russell, Judson W.; Brooks, Robert", "title": "Managing college tuition inflation using a surplus framework methodology", "date": "1998", "keywords": "allocation; asset; college; framework; inflation; liability; plan; portfolio; prepaid; return; risk; savings; surplus; tuition", "summary": "PII: S1057-0810(99)00025-6 Managing college tuition inflation using a surplus framework methodology Judson W. Russell,a Robert Brooks, Ph.D., CFAb,* aVice President, Industry Research, Global Corporate & Investment Banking, Bank of America, NC1-005-11- 02, Charlotte, NC 28255, USA bSouthTrust Professor of Financial Management, Department of Economics, Finance and Legal Studies, University of Alabama, 200 Alston Hall, Box 870224, Tuscaloosa, AL 35487, USA Abstract This paper explores prepaid college tuition plans and develops a methodology for managing college tuition inflation. This model is extended to prepaid college tuition plans, but can be employed by individuals who choose to manage their own college investment account.", "mime": "application/pdf"}, {"id": "fsr-3868", "words": "8966", "extension": ".pdf", "flesch": "66", "author": "Saporoschenko, Andrew", "title": "Do dividend reinvestment plans contribute to industrial firm value and efficiency?", "date": "1998", "keywords": "cash; debt; dividends; drip firms; drips; financial; firms; flow; issue; market; sample; value", "summary": "No difference in valuation is found between DRIP firms and the other industry-matched firms using a Tobin\u2019s q proxy. Several cash flow measures are found not to be higher for DRIP firms.", "mime": "application/pdf"}, {"id": "fsr-3869", "words": "4276", "extension": ".pdf", "flesch": "57", "author": "Gibler, Karen M.; Moschis, George P.; Lee, Euehun", "title": "Planning to move to retirement housing", "date": "1998", "keywords": "age; care; community; housing; living; people; retirement; seniors; services", "summary": "This national survey of people age 55 and older indicates interest in retirement community housing among all socioeconomic groups, but especially among women and better-educated seniors. Based on this survey, the interest in retirement community housing appears to cut across socioeconomic lines, indicating possible demand for a wide variety of retirement housing facilities.", "mime": "application/pdf"}, {"id": "fsr-3870", "words": "7765", "extension": ".pdf", "flesch": "53", "author": "Alexander, Gordon J.; Jones, Jonathan D.; Nigro, Peter J.", "title": "Mutual fund shareholders: characteristics, investor knowledge, and sources of information", "date": "1998", "keywords": "bank; broker; distribution; fund; information; investors; money; mutual; purchasers; respondents; survey", "summary": "The survey provides data on the demographic, financial, and fund ownership characteristics of mutual fund investors. In this paper, we provide background information on mutual fund investors, assess their degree of knowledge about the costs and investment risks associated with mutual funds, examine the determinants of their financial literacy, and examine whether or not certain distribution channels (e.g., pension plans or banks) pose unique regulatory concerns.", "mime": "application/pdf"}, {"id": "fsr-3871", "words": "1068", "extension": ".pdf", "flesch": "46", "author": "Kahl, Douglas", "title": "Book Reviews", "date": "1998", "keywords": "report; review; section", "summary": "The thesis of the FDIC Report, Histories for the Eighties, Lessons for the Future, is that bank failures in the 1980s did not have a short list of causes. In preparing this report the FDIC has been successful in creating a readable commentary on forces that influenced bank failures in the decade of the eighties.", "mime": "application/pdf"}, {"id": "fsr-3872", "words": "1124", "extension": ".pdf", "flesch": "-156", "author": "Lahey, Karen Eilers", "title": "Index Vol 7", "date": "1998", "keywords": "fund; retirement; review; robert", "summary": "PII: S1057-0810(99)00018-9 AUTHORS Alexander, Gordon J., \u201cMutual Fund Shareholders: Characteristics, Investor Knowledge, and Sources of Information,\u201d 7(4): 301\u2013316 Beal, Diana, \u201c\u2018Putting Your Money Where Your Mouth Is\u2019 A Profile of Ethical Investors,\u201d 7(2): 129\u2013143 Bieker, Richard F., Review of \u201cThe Wall Street Jour- nal Interactive Edition internet site,\u201d 7(3): 218\u2013 221 Bigel, Kenneth S., \u201cThe Correlations of Professional- ization and Compensation Sources with the Ethical Development of Personal Investment Planners,\u201d 7(4): 223\u2013236 Boldin, Robert J., \u201cCredit Union Structure: An Exam- ination of Potential Risks,\u201d 7(3): 207\u2013215 Brooks, Robert, \u201cManaging College Tuition Inflation Using Surplus Framework Methodology,\u201d 7(4): 257\u2013271 Chen, Haiyang, \u201cAn Analysis of Personal Financial Literacy Among College Students,\u201d 7(2): 107\u2013128 Compton, William S., \u201cA Tax-Free Exploitation of the Turn-of-the-Month Effect: C.R.E.F.,\u201d 7(1): 11\u201323 Crutchley, Claire E., \u201cShareholder Wealth Effects of CalPERS\u2019 Activism,\u201d 7(1): 1\u201310 Detzel, F. Larry, \u201cExplaining Persistence in Mutual Fund Performance,\u201d 7(1): 45\u201355 Domian, Dale L., \u201cTerm Spreads and Predictions of Bond and Stock Excess Returns,\u201d 7(1): 25\u201344 Domian, Dale L., \u201cThe Rise and Fall of the \u2018Dogs of the Dow,\u2019\u201d 7(3): 145\u2013159 Gibler, Karen M., \u201cPlanning to Move to Retirement Housing,\u201d 7(4): 291\u2013300 Goss, Robert P., \u201cComment on Kenneth S. Bigel\u2019s Paper,\u201d 7(4): 237\u2013256 Goyen, Michelle, \u201c\u2018Putting Your Money Where Your Mouth Is\u2019 A Profile of Ethical Investors,\u201d 7(2): 129\u2013143 Hanna, Sherman, \u201cMean and Pessimistic Projections of Retirement Adequacy,\u201d 7(3): 175\u2013193 Hudson, Carl D., \u201cShareholder Wealth Effects of CalPERS\u2019 Activism,\u201d 7(1): 1\u201310 Jensen, Marlin R.H., \u201cShareholder Wealth Effects of CalPERS\u2019 Activism,\u201d 7(1): 1\u201310 Jones, Jonathan D., \u201cMutual Fund Shareholders: Characteristics, Investor Knowledge, and Sources of Information,\u201d 7(4): 301\u2013316 Kahl, Douglas R., Review of \u201cMoney Logic: Finan- cial Strategies for the Smart Investor,\u201d 7(3): 217 Kahl, Douglas R., Review of \u201cPersonal Financial Planning,\u201d 7(1): 69\u201370 Kunkel, Robert A., \u201cA Tax-Free Exploitation of the Turn-of-the-Month Effect: C.R.E.F.,\u201d 7(1): 11\u201323 Lee, Euehun, \u201cPlanning to Move to Retirement Hous- ing,\u201d 7(4): 291\u2013300 Leggett, Keith, \u201cCredit Union Structure: An Exami- nation of Potential Risks,\u201d 7(3): 207\u2013215 Louton, David A., \u201cThe Rise and Fall of the \u2018Dogs of the Dow,\u2019\u201d 7(3): 145\u2013159 McGoun, Elton G., \u201cThe Sociology of Personal Fi- nance,\u201d 7(3): 161\u2013173 323 FINANCIAL SERVICES REVIEW The Journal of Individual Financial Management Index Volume 7, 1998 Mochis, George P., \u201cPlanning to Move to Retirement Housing,\u201d 7(4): 291\u2013300 Montalto, Catherine Philips, \u201cMean and Pessimistic Projections of Retirement Adequacy,\u201d 7(3): 175\u2013 193 Mossman, Charles E., \u201cThe Rise and Fall of the \u2018Dogs of the Dow,\u2019\u201d 7(3): 145\u2013159 Nigro, Peter J., \u201cMutual Fund Shareholders: Charac- teristics, Investor Knowledge, and Sources of In- formation,\u201d 7(4): 301\u2013316 Porter, Gary E., \u201cPerformance Persistence of Experi- enced Mutual Fund Managers,\u201d 7(1): 57\u201368 Reichenstein, William, \u201cCalculating a Family\u2019s Asset Mix,\u201d 7(3): 195\u2013206 Reichenstein, William, \u201cTerm Spreads and Predic- tions of Bond and Stock Excess Returns,\u201d 7(1): 25\u201344 Reichert, Carolyn, \u201cClosed End Investment Compa- nies: Historic Returns and Investment Strategies,\u201d 7(2): 83\u201393 Ridge, Jenny, \u201cInnovations in Savings Schemes: The Bonus Bonds Trust in New Zealand,\u201d 7(2): 73\u201381 Robinson, Chris, \u201cThe Sociology of Personal Fi- nance,\u201d 7(3): 161\u2013173 Russell, Judson W., \u201cManaging College Tuition Infla- tion Using Surplus Framework Methodology,\u201d 7(4): 257\u2013271 Russell, Judson W., \u201cThe International Diversification Fallacy of Exchange-Listed Securities,\u201d 7(2): 57\u201368 Volpe, Ronald P., \u201cAn Analysis of Personal Financial Literacy Among College Students,\u201d 7(2): 107\u2013128 Weigand, Robert A., \u201cExplaining Persistence in Mu- tual Fund Performance,\u201d 7(1): 45\u201355 Young, Martin, \u201cInnovations in Savings Schemes: The Bonus Bonds Trust in New Zealand,\u201d 7(2): 73\u201381 Yuh, Yoonkyung, \u201cMean and Pessimistic Projections of Retirement Adequacy,\u201d 7(3): 175\u2013193 TITLES \u201cA Tax-Free Exploitation of the Turn-of-the-Month Effect: C.R.E.F.,\u201d Robert A. Kunkel, William S. Compton, 7(1): 11\u201323 \u201cAn Analysis of Personal Financial Literacy Among College Students,\u201d Haiyang Chen, Ronald P. Volpe, 7(2): 107\u2013128 \u201cCalculating a Family\u2019s Asset Mix,\u201d William Reichenstein, 7(3): 195\u2013206 \u201cClosed End Investment Companies: Historic Returns and Investment Strategies,\u201d Carolyn Reichert, J. Douglas Timmons, 7(2): 83\u201393 \u201cComment on Kenneth S. Bigel\u2019s Paper,\u201d Robert P. Goss, 7(4): 237\u2013256 \u201cCredit Union Structure: An Examination of Potential Risks,\u201d Robert J. Boldin, Keith Leggett, Robert Strand, 7(3): 207\u2013215 \u201cDo Dividend Reinvestment Plans Contribute to In- dustrial Firm Value and Efficiency?,\u201d Andy Sapo- roschenko, 7(4): 273\u2013289 \u201cExplaining Persistence in Mutual Fund Perfor- mance,\u201d F. Larry Detzel, Robert A. Weigand, 7(1): 45\u201355 \u201cInnovations in Savings Schemes: The Bonus Bonds Trust in New Zealand,\u201d Jenny Ridge, Martin Young, 7(2): 73\u201381 324 Index / Financial Services Review 7 (1998)", "mime": "application/pdf"}, {"id": "fsr-3873", "words": "615", "extension": ".pdf", "flesch": "51", "author": "Lahey, Karen Eilers", "title": "From the Editor Vol 8 No 1", "date": "1999", "keywords": "article; journal; review", "summary": "In addition, Elsevier/North Holland brings standardization to their journals in such areas as classification by JEL codes and keywords to make it easier to electronically search for article via online data bases. They utilize the national Survey of Consumer Finances to examine the question of possible risk aversion differences by gender.", "mime": "application/pdf"}, {"id": "fsr-3874", "words": "4574", "extension": ".pdf", "flesch": "56", "author": "Bajtelsmit, Vickie L.; Bernasek, Alexandra; Jianakoplos, Nancy A.", "title": "Gender differences in defined contribution pension decisions", "date": "1999", "keywords": "allocation; assets; aversion; dcps; differences; individual; pension; risk; sample; wealth; women", "summary": "Eq. (4) forms the basis for estimating the coefficient of relative risk aversion when we consider an individual\u2019s invest- ment in risky pension assets. Empirical methodology Based on Eq. (4), that is the theoretical basis for the allocation of an individual\u2019s portfolio into risky pension assets, the estimating equation takes the following specification: ALPHA5 b1 1 b2ln WEALTH1 b3AGE1 b4AGE2 1 b5AGE-S 1 b6AGE2-S1 b7EDUC-12 1 b8BLACK 1 b9KIDS 1 b10SINGLE1 b11HUMANj 1 b12HUMAN-S 1 b13RISKY1 b14HOMEOWNER1 b15OTHERPENS 1 b16OTHERPENS-S1 b17LAMBDA1 m, (5) where ALPHA is the ratio of individual holdings of dollar balances in DCPs to total householdwealth (WEALTH) that includes both riskfree and risky assets.", "mime": "application/pdf"}, {"id": "fsr-3876", "words": "3729", "extension": ".pdf", "flesch": "55", "author": "Aiello, Scott; Chieffe, Natalie", "title": "International index funds and the investment portfolio ", "date": "1999", "keywords": "500; funds; index; indexes; international", "summary": "International indexes Although it is certain that international index funds have a lower correlation to the U.S. stock market than do domestic index funds, it is not clear whether they outperform typical domestic index strategies or actively managed international strategies. One difficulty in determining the performance of international index funds is that there is no accepted standard index like the S & P 500 (Masters 1998).", "mime": "application/pdf"}, {"id": "fsr-3878", "words": "7059", "extension": ".pdf", "flesch": "59", "author": "Ho, Kwok; Milevsky, Moshe Arye; Robinson, Chris", "title": "International equity diversification and shortfall risk", "date": "1999", "keywords": "allocation; bills; bonds; diversification; equity; international; milevsky; portfolio; risk; shortfall", "summary": "1P3, Canada Abstract International equity diversification benefits Canadian investors very substantially by reducing shortfall risk, as shown by results of a model that minimizes the risk of shortfall from a desired consumption level for a retired investor with an unknown date of death and stochastic investment returns. Specifically, we use minimization of shortfall risk as the choice criterion for an individual investor who is retired, and hence has no further labour income to support consumption, only an endowment from which he or she can consume both principal and income.", "mime": "application/pdf"}, {"id": "fsr-3879", "words": "4094", "extension": ".pdf", "flesch": "53", "author": "Hanna, Michael E.; McCormack, Joseph P.; Perdue, Grady", "title": "A nineties perspective on international diversification", "date": "1999", "keywords": "diversification; market; portfolio; states; united", "summary": "These range from a 100% S & P 500portfolio to a 60% S & P 500 and 40% other market portfolio. International market correlation and volatility.", "mime": "application/pdf"}, {"id": "fsr-3880", "words": "6281", "extension": ".pdf", "flesch": "60", "author": "Preece, Dianna C.; Filbeck, Greg", "title": "Family friendly firms: does it pay to care?", "date": "1999", "keywords": "benefits; family; firms; index; market; match; portfolio; returns; risk; sample; work; year", "summary": "JEL classification:G10; G11 Keywords:Family friendly firms; Portfolio returns; Risk-adjusted returns 1. Compound annual family-friendly portfolio returns, matched sample returns and market raw returns are presented in Table 2 for the single year and multi-year holding periods.", "mime": "application/pdf"}, {"id": "fsr-3881", "words": "375", "extension": ".pdf", "flesch": "44", "author": "Lahey, Karen Eilers", "title": "From the Editor Vol 8 No 2", "date": "1999", "keywords": "article; retirement", "summary": "The Steven C. Gold and Paul Lebowitz article entitled, \u201cComputerized Stock Screening Rules for Portfolio Selection,\u201d uses a commercial program that screens stocks to determine if portfolios can be constructed that earn excess returns. A fourth article offers an unusual alternative to shielding potential homeowners from interest rate risk and the fifth tests the impact of planning on the individual\u2019s satisfaction with retirement.", "mime": "application/pdf"}, {"id": "fsr-3882", "words": "4737", "extension": ".pdf", "flesch": "58", "author": "Gold, Steven C.; Lebowitz, Paul", "title": "Computerized stock screening rules for portfolio selection", "date": "1999", "keywords": "average; earnings; market; model; portfolio; price; returns; screening; stocks", "summary": "Stock market prices do not follow random walks: Evidence from a simple specificationtest. The screening program searches the three major exchanges and selects stocks on both fundamental and technical indicators: low price-to-sales ratio, small firm size, accelerating stock prices above their 50 day moving average, high trading volume, and high earnings growth.", "mime": "application/pdf"}, {"id": "fsr-3883", "words": "6045", "extension": ".pdf", "flesch": "59", "author": "Brooks, Robert", "title": "Municipal bonds: a contingent claims perspective", "date": "1999", "keywords": "bonds; debt; financial; market; municipal; option; rate; review; tax; value; yield", "summary": "Lowering the marginal tax rates will result in an increase in the yields on tax exempt bonds, an increase in the ratio of tax-exempt to taxable yields, and the current market value of longer maturity municipal bonds will fall. Municipal bond investors must carefully assess the relative value of these contingent claims before investing in municipal bonds.", "mime": "application/pdf"}, {"id": "fsr-3884", "words": "6296", "extension": ".pdf", "flesch": "55", "author": "MacDonald, John A.; Smith, David M.", "title": "Investor partitioning of the components of value in corporate earnings announcements", "date": "1999", "keywords": "announcements; dividend; earnings; market; primes; quarter; returns; scores; stock; surprises; trust; value", "summary": "This study\u2019s results contribute to the corporate earnings literature by showing the precise nature of investors\u2019 cash flow revisions around earnings surprise announcements. Also, these findings suggest a more efficient strategy in capturing earnings announcement surprises may be through the use of LEAPS than listed short-term options.", "mime": "application/pdf"}, {"id": "fsr-3885", "words": "7933", "extension": ".pdf", "flesch": "63", "author": "Zivney, Terry L.; Luft, Carl F.", "title": "Hedging individual mortgage risk", "date": "1999", "keywords": "contract; futures; futures contract; hedge; hedging; interest; interest rates; mortgage; option; rates; smiths", "summary": "The lender can establish a long position that will rise in value as rates decline by purchasing interest rate futures contracts. Conversely, the borrower can create a short position by selling interest rate futures contracts that will increase in value as rates rise.", "mime": "application/pdf"}, {"id": "fsr-3886", "words": "4656", "extension": ".pdf", "flesch": "52", "author": "Elder, Harold W.; Rudolph, Patricia M.", "title": "Does retirement planning affect the level of retirement satisfaction?", "date": "1999", "keywords": "health; level; meetings; model; planning; retirement; review; satisfaction; services", "summary": "In this paper, the relationship between an individual\u2019s actions to plan for retirement and the level of retirement satisfaction is analyzed. Our paper contributes to the retirement literature by utilizing the economic models of saving and consumption to analyze the factors that affect the level of retirement satisfaction.", "mime": "application/pdf"}, {"id": "fsr-3887", "words": "480", "extension": ".pdf", "flesch": "44", "author": "Lahey, Karen Eilers", "title": "From the Editor Vol 8 No 3", "date": "1999", "keywords": "differences; risk", "summary": "The second article, \u201cRacial Differences in Investor Decision Making\u201d by Michael Gutter, Jonathan Fox, and Catherine Montalto uses the 1995 Survey of Consumer Finances (SCF) to examine possible racial differences in risky asset ownership. This study suggests that the difference is due to racial differences in the individual determinants of risky asset ownership, not to race in and of itself.", "mime": "application/pdf"}, {"id": "fsr-3888", "words": "9349", "extension": ".pdf", "flesch": "58", "author": "Badu, Yaw A.; Daniels, Kenneth N.; Salandro, Daniel P.", "title": "An empirical analysis of differences in Black and White asset and liability combinations", "date": "1999", "keywords": "assets; black; credit; differences; financial; households; income; liability; net; portfolio; risk; wealth; white; worth", "summary": "According to Brimmer (1991), Blacks in 1988 represented 11.23% of US households, received 7.25% of money income, but held only 2.89% of household net wealth. This implies that household asset allocations can be utilized to reveal the households relative level of risk taking.", "mime": "application/pdf"}, {"id": "fsr-3889", "words": "6265", "extension": ".pdf", "flesch": "47", "author": "Gutter, Michael S.; Fox, Jonathan J.; Montalto, Catherine P.", "title": "Racial differences in investor decision making", "date": "1999", "keywords": "assets; differences; financial; households; investment; model; ownership; risk; variables; white", "summary": "The survey, sponsored by the Federal Reserve Board with cooperation from the Department of the Treasury, provides detailed information about household asset holdings and debt. Sampling for household financial characteristics using frame information on past income.", "mime": "application/pdf"}, {"id": "fsr-3890", "words": "9488", "extension": ".pdf", "flesch": "57", "author": "Grable, John; Lytton, Ruth H.", "title": "Financial risk tolerance revisited: the development of a risk assessment instrument", "date": "1999", "keywords": "assessment; factor; grable; instrument; item; lytton; measure; review; risk; risk tolerance; services; tolerance; validity", "summary": "Financial risk tolerance is a significant factor in a number of household financial decisions, yet few recognized, valid, and reliable methods of assessment are available for use by financial service providers and educators. Introduction Whether measured for the purpose of self-assessment or for documentation of investment suitability, financial risk tolerance is assumed to be a fundamental issue underlying a number of financial decisions.", "mime": "application/pdf"}, {"id": "fsr-3891", "words": "7135", "extension": ".pdf", "flesch": "48", "author": "Lewis, Danielle; Anderson, Randy I.; Zumpano, Leonard V.", "title": "An analysis of affinity programs: the case of real estate brokerage participation", "date": "1999", "keywords": "affinity; brokerage; cost; efficiency; estate; firms; frontier; industry; lewis; programs; sample; scale; services", "summary": "Affinity firms employ on average 79 salespersons and almost 13 non-sales persons. Affinity firms operated, on average, four more offices than did non-affinity brokers.", "mime": "application/pdf"}, {"id": "fsr-3892", "words": "5278", "extension": ".pdf", "flesch": "43", "author": "Johnson, Robert R.; Buetow, Gerald W.; Jensen, Gerald R.", "title": "International mutual fund returns and Federal Reserve policy", "date": "1999", "keywords": "diversification; funds; indexes; international; johnson; periods; policy; rate; returns; stock", "summary": "International index funds and the investment portfolio. The benefits of international diversification rest largely on the correlation structure of international market returns.", "mime": "application/pdf"}, {"id": "fsr-3893", "words": "568", "extension": ".pdf", "flesch": "44", "author": "Vihtelic, Jill Lynn", "title": "From the Special Issue Editor", "date": "1999", "keywords": "finance; financial; teaching", "summary": "Designed as a \u201cspire,\u201d it addresses the issue of course sequence and presents an interesting way to allow finance students to gain specialized knowledge not offered within the formal curriculum. In his article \u201cLearning by doing: offering a university practicum in personal financial planning,\u201d Tom Eyssell Financial Services Review 8 (1999) ix\u2013x 1057-0810/99/$ \u2013 see front matter \u00a9 1999 Elsevier Science Inc.", "mime": "application/pdf"}, {"id": "fsr-3894", "words": "5124", "extension": ".pdf", "flesch": "52", "author": "Grinder, Brian; Cooper, Dan W.; Britt, Michael", "title": "An integrative approach to using student investment clubs and student investment funds in the finance curriculum", "date": "1999", "keywords": "activities; club; course; finance; fund; investment; learning; members; portfolio; students", "summary": "PII: S1057-0810(00)00040-8 An integrative approach to using student investment clubs and student investment funds in the finance curriculum Brian Grindera,*, Dan W. Cooperb, Michael Brittc aDepartment of Management, Eastern Washington University, Cheney, WA 99004, USA bSchool of Management, Marist College, Poughkeepsie, NY 12601-1387, USA cSchool of Social and Behavioral Sciences, Marist College, Poughkeepsie, NY 12601-1387, USA Abstract The educational advantages of student investment clubs and student investment funds have been well documented. Before the benefits of integrating these activities into a finance program can be discussed, a separate examination of the nature of student investment clubs and student investment funds is warranted.", "mime": "application/pdf"}, {"id": "fsr-3895", "words": "5541", "extension": ".pdf", "flesch": "53", "author": "Fogarty, Ellie; Mayo, Herbert", "title": "Undergraduate research: the senior thesis in finance", "date": "1999", "keywords": "business; courses; faculty; finance; skills; students; thesis; topic", "summary": "JEL classification:A220 Keywords:Senior thesis; Undergraduate research 1. While traditional courses have 25\u201330 students, enrollment in a section of senior thesis is capped at ten students.", "mime": "application/pdf"}, {"id": "fsr-3896", "words": "7774", "extension": ".pdf", "flesch": "47", "author": "Fox, Jonathan; Bartholomae, Suzanne", "title": "Student learning style and educational outcomes: evidence from a family financial management course", "date": "1999", "keywords": "class; course; education; information; kolb; learning; management; performance; review; students; style; term; time", "summary": "A second purpose is to explore the relationship of student learning style and academic outcome in a personal finance course. By diagnosing student learning style, instruction can be individualized (Dunn, 1984), therefore addressing these new challenges and providing an opportunity for increased effectiveness in instruction and learning in financial management classes.", "mime": "application/pdf"}, {"id": "fsr-3897", "words": "3104", "extension": ".pdf", "flesch": "59", "author": "Alexander, John C.; McElreath, Robert B.", "title": "Does education affect how well students forecast the market?", "date": "1999", "keywords": "expectations; forecast; grade; level; prerequisite; students", "summary": "The prerequisite course for junior investments students is \u201cFundamentals of Corporate Finance\u201d and the prerequisite course for senior investments students is \u201cFundamentals of Investments.\u201d Conclusions Using student forecasts of the DJIA, we find that students fail to outperform a random walk forecast over the entire sample period.", "mime": "application/pdf"}, {"id": "fsr-3898", "words": "3666", "extension": ".pdf", "flesch": "59", "author": "Chieffe, Natalie; Rakes, Ganas K.", "title": "An integrated model for financial planning", "date": "1999", "keywords": "credit; emergency; finance; goals; management; model; money; planning; students; term", "summary": "JEL classification:A22, G29 Keywords:Financial planning; Financial education 1. Except for textbooks and general financial guides, most of these sources deal with a single aspect, product or problem in the area of financial planning.", "mime": "application/pdf"}, {"id": "fsr-3899", "words": "7046", "extension": ".pdf", "flesch": "71", "author": "Crabb, Ronald R.", "title": "Cash flow: a quick and easy way to learn personal finance", "date": "1999", "keywords": "cash; cell; flow; interest; loan; retirement; spreadsheet; students; year", "summary": "Set up the string of numbers shown in column K, cells 2 through 16, and type 5IRR(K2:K16) in cell K17. In cell D3 I type5D2.", "mime": "application/pdf"}, {"id": "fsr-3900", "words": "3104", "extension": ".pdf", "flesch": "59", "author": "Payne, Thomas H.; Finch, J. Howard", "title": "Effective teaching and use of the constant growth dividend discount model", "date": "1999", "keywords": "estimate; growth; model; price; value", "summary": "A bias in dividend discount models. In addition, a high degree of error in growth and required return estimates is found irrespective of specific modeling assumptions.", "mime": "application/pdf"}, {"id": "fsr-3901", "words": "4924", "extension": ".pdf", "flesch": "44", "author": "Eyssell, Thomas H.", "title": "Learning by doing: offering a university practicum in personal financial planning", "date": "1999", "keywords": "client; course; financial; instructor; planner; planning; practicum; program; services; students", "summary": "The course provides students with an overview of the main topical areas of financial planning, as well as introductions to relevant regulations, planner-client issues, and the practice of personal financial planning. Our institution reached out to the local chapters of the Institute of Certified Financial Planners (ICFP) and the Interna- tional Association for Financial Planning (IAFP).7 Members of these groups have been very supportive of every aspect of our university program and have been willing to act as speakers in various courses, to hire students in internship positions, to provide scholarship and award money for outstanding financial planning students, and to serve as members of the advisory board created to help administer the practicum.", "mime": "application/pdf"}, {"id": "fsr-3902", "words": "6516", "extension": ".pdf", "flesch": "63", "author": "Woerheide, Walt", "title": "The Internet in the personal finance course", "date": "1999", "keywords": "chapter; course; finance; integration; internet; personal; sites; student; text; web", "summary": "Most publishers now have web sites to support each textbook (much more on this topic later). Category III texts provide only an occasional listing of web sites.", "mime": "application/pdf"}, {"id": "fsr-3903", "words": "5133", "extension": ".pdf", "flesch": "61", "author": "Michelson, Stuart; Smith, Stanley D.", "title": "Applications of WWW technology in teaching finance", "date": "1999", "keywords": "class; information; internet; links; page; project; services; students; use; web; web page", "summary": "In this article we discuss the need for a personal Web page in finance education, some of the ways Web pages can be used to benefit students, and present a survey of Web page use. A second project example includes using Web page links to describe the project and to access available proprietary databases of the library.", "mime": "application/pdf"}, {"id": "fsr-3904", "words": "1213", "extension": ".pdf", "flesch": "-86", "author": "Lahey, Karen Eilers", "title": "Index Vol 8", "date": "1999", "keywords": "finance; finance curriculum; investment funds; student investment", "summary": "Offering a university practicum in personal financial plan- ning,\u201d 8(4): 293\u2013303 Filbeck, Greg, \u201cFamily Friendly Firms: Does it Pay to Care?,\u201d 8(1): 47\u201360 Finch, J. Howard, \u201cEffective teaching and use of the constant growth dividend model,\u201d 8(4): 283\u2013291 Fogarty, Ellie, \u201cUndergraduate research: The senior thesis in finance,\u201d 8(4): 223\u2013234 Fox, Jonathan J., \u201cRacial differences in investor deci- sion making,\u201d 8(3): 149\u2013162 Fox, Jonathan, \u201cStudent learning style and educational outcomes: Evidence from a family financial man- agement course,\u201d 8(4): 235\u2013251 Gold, Steven C., \u201cComputerized stock screening rules for portfolio selection,\u201d 8(2): 61\u201370 Grable, John, \u201cFinancial risk tolerance revisited: The development of a risk adjusted instrument,\u201d 8(3): 163\u2013181 Grinder, Brian, \u201cAn integrative approach to using student investment clubs and student investment funds in the finance curriculum,\u201d 8(4): 211\u2013221 Gutter, Michael S., \u201cRacial differences in investor decision making,\u201d 8(3): 149\u2013162 Hanna, Michael, \u201cA nineties perspective on interna- tional diversification,\u201d 8(1): 37\u201346 329 FINANCIAL SERVICES REVIEW The Journal of Individual Financial Management Index Volume 8, 1999 Ho, Kwok, \u201cInternational equity diversification and shortfall risk,\u201d 8(1): 11\u201326 Jensen, Gerald R., \u201cInternational mutual fund returns and federal reserve policy,\u201d 8(3): 199\u2013210 Jianakoplos, Nancy A., \u201cGender Differences in de- fined contribution pension decisions,\u201d 8(1): 1\u201310 Johnson, Robert R., \u201cInternational mutual fund re- turns and federal reserve policy,\u201d 8(3): 199\u2013210 Lebowitz, Paul, \u201cComputerized stock screening rules for portfolio selection,\u201d 8(2): 61\u201370 Lewis, Danielle, \u201cAn analysis of affinity programs: PII: S1057-0810(00)00050-0 AUTHORS Aiello, Scott, \u201cInternational index funds and the in- vestment portfolio,\u201d 8(1): 27\u201336 Alexander Jr., John C., \u201cDoes education affect how well students forecast the market?,\u201d 8(4): 253\u2013260 Anderson, Randy I., \u201cAn analysis of affinity pro- grams: The case of real estate brokerage participa- tion,\u201d 8(3): 183\u2013197 Badu, Yaw A., \u201cAn empirical analysis of differences in black and white asset and liability combina- tions,\u201d 8(3): 129\u2013147 Bajtelsmit, Vickie L., \u201cGender Differences in defined contribution pension decisions,\u201d 8(1): 1\u201310 Bartholomae, Suzanne, \u201cStudent learning style and educational outcomes: Evidence from a family fi- nancial management course,\u201d 8(4): 235\u2013251 Bernasek, Alexandra, \u201cGender Differences in defined contribution pension decisions,\u201d 8(1): 1\u201310 Britt, Michael, \u201cAn integrative approach to using stu- dent investment clubs and student investment funds in the finance curriculum,\u201d 8(4): 211\u2013221 Brooks, Robert, \u201cMunicipal bonds: a contingent claims perspective,\u201d 8(2): 71\u201386 Buetow, Gerald W., \u201cInternational mutual fund re- turns and federal reserve policy,\u201d 8(3): 199\u2013210 Chieffe, Natalie, \u201cAn integrated model for financial planning,\u201d 8(4): 261\u2013268 Chieffe, Natalie, \u201cInternational index funds and the investment portfolio,\u201d 8(1): 27\u201336 Cooper, Dan W., \u201cAn integrative approach to using student investment clubs and student investment funds in the finance curriculum,\u201d 8(4): 211\u2013221 Crabb, Ronald R., \u201cCash flow: A quick and easy way to learn personal finance,\u201d 8(4): 269\u2013282 Daniels, Kenneth N., \u201cAn empirical analysis of dif- ferences in black and white asset and liability com- binations,\u201d 8(3): 129\u2013147 Elder, Harold W., \u201cDoes retirement planning affect the level of retirement satisfaction?,\u201d 8(2): 117\u2013 127 Eyssell, Thomas H., \u201cLearning by doing:", "mime": "application/pdf"}, {"id": "fsr-3905", "words": "1074", "extension": ".pdf", "flesch": "29", "author": "Bajtelsmit, Vickie L.", "title": "From the Special Issue Editor Vol 9 No 1", "date": "2000", "keywords": "individuals; retirement; savings; security", "summary": "The topic of this issue \u201cEnsuring Retirement Income Ade- quacy in the Next Century\u201d is quite timely and has implications for all of us, whether or not we are doing research in retirement investment, pensions, or social security. PII: S1057-0810(00)00051-2 From the Special Issue Editor Vickie L. Bajtelsmit It is my great pleasure to have served as Special Issue Editor for Volume 9, Number 1 of theFinancial Services Reviewand to offer you eight outstanding articles covering a variety of issues related to retirement.", "mime": "application/pdf"}, {"id": "fsr-3906", "words": "6741", "extension": ".pdf", "flesch": "47", "author": "Montalto, Catherine Phillips; Yuh, Yoonkyung; Hanna, Sherman", "title": "Determinants of planned retirement age", "date": "2000", "keywords": "age; health; montalto; probability; respondent; retirement; retirement age; security; survey; time; variables; working; years", "summary": "The range of planned retirement ages suggests that research on the adequacy of retirement preparation should focus on planned retirement age. The effect of current age on planned retirement age (Fig. 2) suggests that some workers\u2019 plans are not achieved, or that there is a generational change in planned retirement ages.", "mime": "application/pdf"}, {"id": "fsr-3907", "words": "7250", "extension": ".pdf", "flesch": "70", "author": "Woerheide, Walt", "title": "The impact of the Pension Fund on the decision to work one more year", "date": "2000", "keywords": "coefficient; employee; pension; rate; salary; year", "summary": "This can be described as I0 5 O t50 D S0 * n* c ~1 1 k!t (1) where I0 5 present value of pension benefits if a person retires today, S0 5 \u201cfinal\u201d salary, D 5 number of years a person expects to live, n 5 number of years a person has worked in the DB plan, c 5 pension benefit as a percentage of \u201cfinal\u201d salary per year worked, and k 5 appropriate discount rate. The payment of the salary and the payment of pension benefits are assumed to be on an annual basis for simplicity of discussion.", "mime": "application/pdf"}, {"id": "fsr-3908", "words": "6081", "extension": ".pdf", "flesch": "50", "author": "Elder, Harold W.; Rudolph, Patricia M.", "title": "Beliefs and actions: expectations and savings decisions by older Americans", "date": "2000", "keywords": "expectations; income; individuals; living; participation; pension; retirement; savings; standard", "summary": "1.75 (12.51) STANDRD Coded response to the question, \u2018\u2018Do you expect your living standards to increase a lot (4), increase somewhat (3), stay about the same (2), decline somewhat (1) or decline a lot (0)?\u2019\u2019 1.60 (0.750) 37H.W. Elder, P.M. Rudolph / Financial Services Review 9 (2000) 33\u201345 the part of savings that is specifically set aside in an IRA (NWIRA) is used as another measure of accumulated retirement saving. The only differences in the estimates are found in the gender variable: males are significantly more optimistic about their level of retirement savings, in that males have a significantly higher level of anticipated savings, while there are no significant gender differences in actual accumulations.", "mime": "application/pdf"}, {"id": "fsr-3909", "words": "6695", "extension": ".pdf", "flesch": "57", "author": "Waggle, Doug; Englis, Basil", "title": "Asset allocation decisions in retirement accounts: an all-or-nothing proposition?", "date": "2000", "keywords": "accounts; age; allocation; asset; bonds; cash; equity; individuals; net; retirement; worth", "summary": "Asset allocation decisions of individual investors There are several key factors that generally influence investor asset allocation decisions. There are numerous articles addressing the issue of how investor asset allocation decisions are affected by changes in investment horizon timelines.", "mime": "application/pdf"}, {"id": "fsr-3910", "words": "7194", "extension": ".pdf", "flesch": "55", "author": "VanDerhei, Jack L.; Olsen, Kelly A.", "title": "Social Security investment accounts: lessons from participant-directed 401(k) data", "date": "2000", "keywords": "401(k; account; age; benefit; individual; investment; participants; plan; security; vanderhei", "summary": "While most research thus far has focused on the effect of market volatility on Social Security benefits across workers participating in IA plans (e.g., Ball 1998), the objective of this analysis is to ascertain the extent to which individual investment behavior would be a source of benefit variation. For workers who want to retire with Social Security benefits above the poverty level, individual account investment behavior would be extremely important to total Social Security benefits under the Kolbe-Stenholm plan.", "mime": "application/pdf"}, {"id": "fsr-3911", "words": "8431", "extension": ".pdf", "flesch": "57", "author": "Vora, Premal P.; McGinnis, John D.", "title": "The asset allocation decision in retirement: lessons from dollar-cost averaging", "date": "2000", "keywords": "annuity; bond portfolio; bonds; consumption; horizon; portfolio; retiree; retirement; stock; stock portfolio; wealth", "summary": "When stock based consumption is compared to T-bond based consumption over different horizons, a clear pattern emerges. Stock based consumption is always greater than T-bond based consumption regardless of the retirement horizonN. This difference is always statis- tically significant at the 1% level.", "mime": "application/pdf"}, {"id": "fsr-3912", "words": "6480", "extension": ".pdf", "flesch": "58", "author": "Elder, Erick; Holland, Larry", "title": "Social Security reform: the effect of investing in equities", "date": "2000", "keywords": "bond; equities; funds; individuals; market; reform; returns; risk; security", "summary": "Thus, investing Social Security funds in equities to some extent simply shifts a potential increase in Social Security taxes to an increase in general income taxes. PII: S1057-0810(00)00058-5 There is some debate concerning the impact of this type of Social Security reform on asset returns.", "mime": "application/pdf"}, {"id": "fsr-3913", "words": "8629", "extension": ".pdf", "flesch": "59", "author": "Query, J. Tim", "title": "An analysis of the Medical Savings Account as an alternative retirement savings Vehicle", "date": "2000", "keywords": "account; care; claims; contributions; health; insurance; ira; medical; msa; msas; plans; roth; savings; tax; year", "summary": "5. MSAs vs. Roth IRAs There are a number of similarities in the legislative structure of MSA accounts and Roth IRAs\u2014and some notable distinctions. 7. Results The results of the numerical analysis generally support the conclusions of previous simulations regarding the growth of funds in MSA accounts.", "mime": "application/pdf"}, {"id": "fsr-3915", "words": "475", "extension": ".pdf", "flesch": "51", "author": "Lahey, Karen Eilers", "title": "From the Editor Vol 9 No 2", "date": "2000", "keywords": "article; market", "summary": "Risk tolerance is assumed to have an impact on portfolio allocations for investors at any age, based on recent articles published in this journal. Anthony L. Loviscek and W. John Jordan\u2019s article, \u201cStock Selection Based on Morning- star\u2019s Ten-Year, Five-Star General Equity Mutual Funds\u201d continues the theme of timing the market.", "mime": "application/pdf"}, {"id": "fsr-3916", "words": "10365", "extension": ".pdf", "flesch": "55", "author": "Chung, Richard; Kryzanowski, Lawrence", "title": "Market timing using strategists\u2019 and analysts\u2019 forecasts of S&P 500 earnings per share", "date": "2000", "keywords": "analysts; consensus; consensus forecasts; earnings; earnings forecasts; forecasts; market; month; number; performance; portfolio; return; s&p; share; strategists; timing", "summary": "A reexamination of analysts earnings forecasts for takeover targets. 137R. Chung, L. Kryzanowski / Financial Services Review 9 (2000) 125\u2013144 Table 4 Summary statistics for performance, risk and activity for portfolios actively managed using the current E/P return prediction and premium approaches and consensus earnings forecasts Panel A: Various portfolio statistics for timing portfolios using current E/P return prediction approach Type of consensus forecast of earnings per share used Statistica Natural Habitate Stockf Cashf Nonef Noneg Consensus top-down forecasts of earnings per share for FY1 by strategists Meanb 20.0011 20.0020 20.0011 20.0020 Medianb 20.0017 20.0041* 20.0024 20.0030 # of switchesc 8 9 6 10 Betad 0.940 0.830 0.890 0.890 Consensus top-down forecasts of earnings per share for FY2 by strategists Mean 20.0001 0.0003 0.0001 0.0011 Median 0.0006 20.0048** 0.0004 20.0039* # of switches 2 8 2 18 Beta 0.995 0.491 0.973 0.794 Consensus bottom-up forecasts of earnings per share for FY1 by analysts Mean 20.0006 20.0009 20.0007 20.0006 Median 20.0001 20.0007 20.0005 20.0003 # of switches 4 5 4 4 Beta 0.973 0.950 0.968 0.954 Consensus bottom-up forecasts of earnings per share for FY2 by analysts Mean 20.0001 0.0004 20.0001 20.0001 Median 0.0006 0.0004 0.0006 0.0006 # of switches 2 3 2 2 Beta 0.995 0.977 0.995 0.995 Consensus top-down forecasts of strategists and bottom- up forecasts of analysts for earnings per share for FY1 (switches occur only if both screens are satisfied)", "mime": "application/pdf"}, {"id": "fsr-3917", "words": "6496", "extension": ".pdf", "flesch": "61", "author": "Loviscek, Anthony L.; Jordan, W. John", "title": "Stock selection based on Morningstar\u2019s ten-year, five-star general equity mutual funds", "date": "2000", "keywords": "excess; funds; investor; market; performance; portfolio; returns; risk; s&p; selection; stock; year", "summary": "PII: S1057-0810(00)00062-7 Stock selection based on Morningstar\u2019s ten-year, five-star general equity mutual funds Anthony L. Lovisceka,*, W. John Jordanb,1 aDepartment of Finance and Legal Studies, Seton Hall University, South Orange, NJ 07079, USA bDepartment of Economics, Seton Hall University, South Orange, NJ 07079, USA Received 14 June 1999; received in revised form 16 August 2000; accepted 16 August 2000 Abstract Recent research suggests that the individual investor can build stock portfolios that outperform broad market indices. Conclusion Recent research suggests that the individual investor can construct stock portfolios that outperform broad market indices.", "mime": "application/pdf"}, {"id": "fsr-3918", "words": "5571", "extension": ".pdf", "flesch": "57", "author": "Hariharan, Govind; Chapman, Kenneth S.; Domian, Dale L.", "title": "Risk tolerance and asset allocation for investors nearing retirement", "date": "2000", "keywords": "assets; bonds; capm; portfolio; review; risk; stocks; tolerance; variable", "summary": "Abstract This paper uses a large individual-level data set to isolate the effects of risk tolerance on portfolio composition. We test and confirm two predictions of the Capital Asset Pricing Model: (1) increased risk tolerance reduces an individual\u2019s propensity to purchase risk-free assets; and (2) higher risk tolerance does not affect the composition of an individual\u2019s portfolio of risky assets.", "mime": "application/pdf"}, {"id": "fsr-3919", "words": "5006", "extension": ".pdf", "flesch": "57", "author": "Richard, John E.; Wiggins, James B.", "title": "The information content of closed-end country fund discounts", "date": "2000", "keywords": "cecf; end; funds; future; market; nav; premium; return; week", "summary": "The results in Table 3 suggest that CECF premiums contain valuable information about future foreign stock market returns. To see if CECF premiums have information content for future foreign market returns, we regress foreign market index returns in week t on the CECF premium at the end of week t-1 and the return on the world market portfolio in week t for each of the 38 individual funds: FMRt 5 b0 1 b1PREMt-1 1 b2WMRt 1 et (3) where: 176 J.E. Richard, J.B. Wiggins / Financial Services Review 9 (2000) 171\u2013181 FMRt 5 foreign market rate of return for week t, measured in U.S. dollars PREMt-1 5 [CECF Share Price - NAV]/NAV at the end of week t-1 WMRt 5 MSCI world market rate of return for week t, measured in U.S. dollars Since individual foreign market returns are influenced by the contemporaneous world market return, WMRt is included as a control variable.", "mime": "application/pdf"}, {"id": "fsr-3920", "words": "6374", "extension": ".pdf", "flesch": "53", "author": "Bost, John C.; Cherin, Tony", "title": "Liquidating a remainder interest: simplifying personal finance", "date": "2000", "keywords": "beneficiaries; beneficiary; corpus; income; income beneficiaries; interest; power; remaindermen; trust; value", "summary": "This technique results in higher after-tax income to the donor (income beneficiary) and an anticipated gain to the charity. While IRC Section 7520 directs the Treasury to provide rates for valuing income and remainder interests on a monthly basis, income beneficiaries would naturally argue for a higher rate while the remaindermen would advocate a lower one.", "mime": "application/pdf"}, {"id": "fsr-3921", "words": "514", "extension": ".pdf", "flesch": "55", "author": "Lahey, Karen Eilers", "title": "From the Editor Vol 9 No 3", "date": "2000", "keywords": "funds; plans", "summary": "They identify the major types of public retirement plans, issues that face the trustees who oversee the implementation of a plan, legal issues, model legislation for these types of plans, the administrative and advisory costs of the plans, and the tradeoff involved in institutional accounts versus mutual funds. Bond funds are frequently recommend for those nearing retirement as an alternative to stocks.", "mime": "application/pdf"}, {"id": "fsr-3923", "words": "9894", "extension": ".pdf", "flesch": "40", "author": "SigRist, Kevin W.; Brown, Stewart L.", "title": "Design considerations for large public sector defined contribution plans", "date": "2000", "keywords": "advisory; assets; brown; cap; cost; fees; financial; funds; institutional; investment; options; participants; plans; sector; services; trustees", "summary": "At larger asset levels, institutional mutual funds have lower fee structures than Table 5 Estimates of active domestic equity pension fund and mutual fund investment advisory fees per $10,000 of assets under management Coefficient estimates (T-statistics) Pension fund Retail mutual funds Institutional mutual funds Investment Advisory Expense Ratio Natural Log of Size 26.1 Waring et al. (2000) make a persuasive case that DC investment options should predom- inantly be optimized balanced funds.", "mime": "application/pdf"}, {"id": "fsr-3924", "words": "5792", "extension": ".pdf", "flesch": "56", "author": "Miller, Edward M.; Prather, Larry J.", "title": "Exploitable patterns in retirement annuity returns: evidence from TIAA/CREF", "date": "2000", "keywords": "asset; class; cref; fund; granger; index; retirement; returns; risk; trading", "summary": "PII: S1057-0810(01)00068-3 Exploitable patterns in retirement annuity returns: evidence from TIAA/CREF Edward M. Millera, Larry J. Pratherb,* aDepartment of Economics and Finance, University of New Orleans, New Orleans, LA 70148, USA bDepartment of Economics and Finance, East Tennessee State University, Box 70686, Johnson City, TN 37614, USA Received 18 September 2000; received in revised form 19 December 2000; accepted 7 February 2001 Abstract Evidence suggests that predictabilities in asset class returns exist but transactions costs prevent exploiting them using individual securities. Conclusion Recent evidence suggests that asset class returns possess a predictable component.", "mime": "application/pdf"}, {"id": "fsr-3925", "words": "7101", "extension": ".pdf", "flesch": "50", "author": "Greninger, Sue Alexander; Hampton, Vickie L.; Kitt, Karrol A.; Jacquet, Susan", "title": "Retirement planning guidelines: a Delphi study of financial planners and educators", "date": "2000", "keywords": "age; educators; experts; financial; mean; needs; planners; planning; rate; research; retirement; round; years", "summary": "JEL classification:D12 Keywords:Retirement planning; Retirement needs analysis; Retirement guidelines; Asset allocation * Corresponding author. Retirement planning has been a key area of emphasis for the relatively new profession of financial planners.", "mime": "application/pdf"}, {"id": "fsr-3926", "words": "4789", "extension": ".pdf", "flesch": "56", "author": "Philpot, James; Hearth, Douglas; Rimbey, James", "title": "Performance persistence and management skill in nonconventional bond mutual funds", "date": "2000", "keywords": "bond; funds; performance; quintile; returns; sample; year; yield", "summary": "Determinants of bond mutual fund performance. The study of bond mutual funds as a separate group has been limited, largely because of (until recently) limited sample size.", "mime": "application/pdf"}, {"id": "fsr-3927", "words": "7006", "extension": ".pdf", "flesch": "60", "author": "O\u2019Connor, Matthew; Downe, Edward A.", "title": "The effect of country-specific index trading on closed-end country funds: an empirical analysis", "date": "2000", "keywords": "discounts; event; fund; impact; index; percentage; post; results; trading; volume; webs; window", "summary": "This raises the possibility that our results are overly sensitive to changes in Mexican fund discounts. WEBS are index funds designed to track the Morgan Stanley Capital International (MSCI) indexes.", "mime": "application/pdf"}, {"id": "fsr-3928", "words": "7269", "extension": ".pdf", "flesch": "49", "author": "Lee, Jinkook; Hogarth, Jeanne M.", "title": "Consumer information search for home mortgages: who, what, how much, and what else?", "date": "2000", "keywords": "consumers; estate; fees; financial; information; loan; mortgage; number; search; sources; terms", "summary": "In all, there are dozens of features and costs disclosed per loan, far in excess of the combination of terms, lenders, and information sources consumers report using when shopping. According to Stigler, market price dispersion is the major reason for consumers to engage in information search.", "mime": "application/pdf"}, {"id": "fsr-3929", "words": "534", "extension": ".pdf", "flesch": "50", "author": "Lahey, Karen Eilers", "title": "From the Editor Vol 9 No 4", "date": "2000", "keywords": "asset; security", "summary": "\u201cHow should an investor determine the value of Social Security benefits?\u201d 3. Steven P. Fraser, William W. Jennings, and David R. King in their article entitled, \u201cStrategic Asset Allocation for Individual Investors: The Impact of the Present Value of Social Security Benefits\u201d argue that Social Security benefits should be included in portfolio asset mix decisions.", "mime": "application/pdf"}, {"id": "fsr-3930", "words": "15482", "extension": ".pdf", "flesch": "56", "author": "Fraser, Steve P.; Jennings, William W.; King, David R.", "title": "Strategic asset allocation for individual investors: the impact of the present value of Social Security benefits", "date": "2000", "keywords": "age; allocation; asset; benefits; bonds; financial; impact; income; mix; portfolio; retirement; saver; security; security benefits; security wealth; stocks; tips; value", "summary": "As before, integrating Social Security wealth under this asset-mix decision rule requires more stockholdings; however, note that the required financial portfolios in Table 10 require only slight adjustments (1\u201317% shifts) from the a priori financial portfolios with the same risk aversion. We rely on the following formula: % Stocksexpanded portfolio \ufffd % Stocksfinancial portfolio \ufffd Wealthfinancial portfolio Wealthfinancial portfolio \ufffd Wealthsocial security (4) Fifty-year-old couples, with more Social Security wealth, are even more underweighted in stocks.", "mime": "application/pdf"}, {"id": "fsr-3931", "words": "8396", "extension": ".pdf", "flesch": "56", "author": "Kuhlemeyer, Gregory A.", "title": "The Equity Index Annuity: an examination of performance and regulatory concerns", "date": "2000", "keywords": "annuity; contract; eia; equity; financial; index; point; product; rate; return; risk; year", "summary": "Even within this category, the various company specific products may not be close to each Table 1 Equity index annuity risk-return results for one-year product Product type Principal guarantee (guarantee rate) Participation rate Ceiling on credited return Mean return (min, max) Standard deviation (% at min, % at max) S&P 500 total return (min, max) Simple point-to-point 100% 15% n/a 3.63% 1.61% 13.7% (Base case) (3%) (3.0%, 21.2%) (73.6%, n/a) (\ufffd56.9%, 152.2%) An increase from a 50% to a 55% participation rate Table 2 Equity index annuity risk-return results for five-year product Product type Principal guarantee (guarantee rate) Participation rate Cap on credited return Mean return (min, max) Standard deviation (% at min, % at max) S&P 500 total return (min, max) Simple point-to- point 100% 50% n/a 34.7% 30.0% 91.1% (Base case) (3%) (15.9%, 311.5%) (44.7%, n/a) (\ufffd59.0%, 784.2%) Point-to-point 100% 60% n/a 40.3% 36.9% 91.1% (Simple) (3%) (15.9%, 373.8%) (41.5%, n/a) (\ufffd59.0%, 784.2%) Point-to-point 90% 65% n/a 39.2% 43.2% 91.1% (Simple) (3% (4.3%, 405%) (26.8%, n/a) (\ufffd59.0%, 784.2%) Point-to-point 100% 55% n/a 34.6% 29.4% 91.1% (12-month Asian-end) (15.9%, 349.7%) (43.7%, n/a) (\ufffd59.0%, 784.2%) Point-to-point 100% 50% 12% annual 34.9% 11.0% 91.1% (Annual ratchet) (3% per year) (per year) (15.9%, 76.1%) (96.3%, 69.0%)* (\ufffd59.0%, 784.2%) Point-to-point 100% 45% n/a 35.5% 28.7% 91.1% (Look back) (3%) (15.9%, 315.6%) (38.11%, n/a) (\u201359.0%, 784.2%) *", "mime": "application/pdf"}, {"id": "fsr-3932", "words": "9433", "extension": ".pdf", "flesch": "41", "author": "Plath, D. Anthony; Stevenson, Thomas H.", "title": "Financial services and the African-American market: what every financial planner should know", "date": "2000", "keywords": "african; age; american; asset; differences; holdings; households; income; investment; mean; property; proportion; white", "summary": "In order to control for differences in asset holdings that can be explained by demographic characteristics such as income, age, and education, the reported data stratify household asset holdings by respondent income (Table 1), respondent age (Table 2), and the highest educational grade-level attained by respondents (Table 3). Interestingly, a similar inverted U-shape describes the relationship between respondent age and household investment in equity mutual funds, although for most age groups, the incidence of mutual fund ownership is surprisingly below the rate of individual stock ownership.", "mime": "application/pdf"}, {"id": "fsr-3933", "words": "6576", "extension": ".pdf", "flesch": "66", "author": "Trecartin, Ralph R.", "title": "The reliability of the book-to-market ratio as a risk proxy", "date": "2000", "keywords": "cash; growth; returns; risk; time; value; variable; year", "summary": "Mean 0.34% 0.52% 0.54% 0.49% 0.48% T Statistic 2.29 2.69 5.44 3.86 5.28 P Value 0.024* 0.008* 0.000* 0.000* 0.000* % Sign Pos 31% 46% 50% 53% 45% % Sign Neg 19% 25% 13% 22% 13% CFDECILE Coef. Mean \ufffd0.01% \ufffd0.36% \ufffd0.24% \ufffd0.28% \ufffd0.21% T Statistic \ufffd0.10 \ufffd3.28 \ufffd2.36 \ufffd2.98 \ufffd2.19 P Value 0.918 0.001* 0.020* 0.003* 0.030* % Sign Pos 12% 20% 18% 19% 17% %", "mime": "application/pdf"}, {"id": "fsr-3934", "words": "5858", "extension": ".pdf", "flesch": "52", "author": "Poole, Barbara S.", "title": "On time: contributions from the social sciences", "date": "2000", "keywords": "clock; experience; future; individuals; orientation; pace; past; present; psychology; researchers; review; time", "summary": "In Part IV, the succession of time, time orientation, and attitudes toward the past and the future, are described. Researchers have confirmed that time orientation and pace are inter-related.", "mime": "application/pdf"}, {"id": "fsr-3935", "words": "8465", "extension": ".pdf", "flesch": "50", "author": "Allen, Douglas E.; McGoun, Elton G.", "title": "Hedonic investment", "date": "2000", "keywords": "consumer; consuming; consumption; investing; investment; investors; level; market; mcgoun; people; review; services; value", "summary": "But this does suggest that the consumption of investment books is a practice which itself might be amenable to analysis using Holt\u2019s matrix. Of course, our purpose in these two sections is to explore the extent to which this typology of consumption practices might also apply to investment practices.", "mime": "application/pdf"}, {"id": "fsr-3936", "words": "1300", "extension": ".pdf", "flesch": "-148", "author": "Lahey, Karen Eilers", "title": "Index Vol 9", "date": "2000", "keywords": "asset allocation; end country; funds; retirement", "summary": "Simplifying Personal Finance,\u201d 9(2): 183\u2013195 Brown, Stewart L., \u201cDesign Considerations for Large Public Sector Defined Contribution Plans,\u201d 9(3): 197\u2013219 Chapman, Kenneth S., \u201cRisk Tolerance and Asset Allocation for Investors Nearing Retirement,\u201d 9(2): 159\u2013171 Cherin, Tony, \u201c Liquidating a Remainder Interest: Simplifying Personal Finance,\u201d 9(2): 183\u2013195 Chung, Richard, \u201cMarket Timing Using Strategists\u2019 and Analysts\u2019 Forecasts of S&P 500 Earnings Per Share,\u201d 9(2): 125\u2013145 Domian, Dale L.,\u201cRisk Tolerance and Asset Allocation for Investors Nearing Retirement,\u201d 9(2): 159\u2013171 Downe, Edward A., \u201cThe Effect of Country-Specific Index Trading on Closed-End Country Funds: An Empirical Analysis,\u201d 9(3): 259\u2013277 Elder, Erick, \u201cSocial Security Reform: The Effect of Investing in Equities,\u201d 9(1): 93\u2013107 Elder, Harold W., \u201cBeliefs and Actions: Expectations and Savings Decisions by Older Americans,\u201d 9(1): 33\u201347 Englis, Basil, \u201cAsset Allocation Decisions in Retire- ment Accounts: An All-or-Nothing Proposition?,\u201d 9(1): 79\u201393 Fraser, Steve P., \u201cStrategic Asset Allocation for Indi- vidual Investors: The Impact of the Present Value of Social Security Benefits,\u201d 9(4): 295\u2013326 Greninger, Sue Alexander, \u201cRetirement Planning Guidelines: A Delphi Study of Financial Planners and Educators,\u201d 9(3): 231\u2013247 Hampton, Vickie L., \u201cRetirement Planning Guide- lines: A Delphi Study of Financial Planners and Educators,\u201d 9(3): 231\u2013247 Hanna, Sherman, \u201cDeterminates of Planned Retire- ment Age,\u201d 9(1): 1\u201317 Hariharan, Govind, \u201cRisk Tolerance and Asset Allo- cation for Investors Nearing Retirement,\u201d 9(2): 159\u2013171 Hearth, Douglas, \u201cPerformance Persistence and Man- agement Skill in Non-Conventional Bond Mutual Funds,\u201d 9(3): 247\u2013259 Hogarth, Jeanne M., \u201cConsumer Information Search for Home Mortgages: Who, What, How Much, and What Else?,\u201d 9(3): 277\u2013293 Holland, Larry, \u201cSocial Security Reform: The Effect of Investing in Equities,\u201d 9(1): 93\u2013107 Jacquet, Susan, \u201cRetirement Planning Guidelines: A Delphi Study of Financial Planners and Educa- tors,\u201d 9(3): 231\u2013247 Jennings, William W., \u201cStrategic Asset Allocation for Individual Investors: The Impact of the Present Value of Social Security Benefits,\u201d 9(4): 295\u2013326 Jordan, W. John, \u201cStock Selection Based on Morning- star\u2019s Ten-Year, Five-Star General Equity Mutual Funds,\u201d 9(2): 145\u2013159 King, David R., \u201cStrategic Asset Allocation for Indi- vidual Investors: The Impact of the Present Value of Social Security Benefits,\u201d 9(4): 295\u2013326 405 FINANCIAL SERVICES REVIEW The Journal of Individual Financial Management Index Volume 9, 2000 Kitt, Karrol A., \u201cRetirement Planning Guidelines: A Delphi Study of Financial Planners and Educa- tors,\u201d 9(3): 231\u2013247 Kryzanowski, Lawrence, \u201cMarket Timing Using Strategists\u2019 and Analysts\u2019 Forecasts of S&P 500 Earnings Per Share,\u201d 9(2): 125\u2013145 Kuhlemeyer, Gregory A., \u201cThe Equity Index Annuity: An Examination of Performance and Regulatory Concerns,\u201d 9(4): 327\u2013342 Lee, Jinkook, \u201cConsumer Information Search for Home Mortgages: Who, What, How Much, and What Else?,\u201d 9(3): 277\u2013293 Loviscek, Anthony L., \u201cStock Selection Based on Morningstar\u2019s Ten-Year, Five-Star General Equity Mutual Funds,\u201d 9(2): 145\u2013159 McGinnis, John D., \u201cThe Asset Allocation Decision in Retirement: Lessons from Dollar Cost Averag- ing,\u201d 9(1): 47\u201365 McGoun, Elton G., \u201cHedonic Investment,\u201d 9(4): 389\u2013 403 Miller, Edward M., \u201cExploitable Patterns in Retire- ment Annuity Returns: Evidence from TIAA/ CREF,\u201d 9(3): 219\u2013231 Montalto, Catherine Phillips, \u201cDeterminates of Planned Retirement Age,\u201d 9(1): 1\u201317 O\u2019Connor, Matthew, \u201cThe Effect of Country-Specific Index Trading on Closed-End Country Funds: An Empirical Analysis,\u201d 9(3): 259\u2013277 Olsen, Kelly, \u201cSocial Security Investment Accounts: Lessons from Participant-Directed 401(k) Data,\u201d 9(1): 65\u201379 Philpot, James, \u201cPerformance Persistence and Man- agement Skill in Non-Conventional Bond Mutual Funds,\u201d 9(3): 247\u2013259 Plath, D. Anthony, \u201cFinancial Services and the Afri- can-American Market: What Every Financial Plan- ner Should Know,\u201d 9(4): 343\u2013359 Poole, Barbara, \u201cOn Time: Contributions from the Social Sciences,\u201d 9(4): 375\u2013389 Prather, Larry J., \u201cExploitable Patterns in Retirement Annuity Returns: Evidence from TIAA/CREF,\u201d 9(3): 219\u2013231 Query, J. Tim, \u201cAn Analysis of the Medical Savings Account as an Alternative Retirement Savings Ve- hicle,\u201d 9(1): 107\u2013123 Richard, John E., \u201cThe Information Content of Closed-End Country Fund Discounts,\u201d 9(2): 171\u2013 183 Rimbey, James, \u201cPerformance Persistence and Man- agement Skill in Non-Conventional Bond Mutual Funds,\u201d 9(3): 247\u2013259 Rudolph, Patricia M., \u201cBeliefs and Actions: Expecta- tions and Savings Decisions by Older Americans,\u201d 9(1): 33\u201347 SigRist, Kevin W., \u201cDesign Considerations for Large Public Sector Defined Contribution Plans,\u201d 9(3): 197\u2013219. Stevenson, Thomas H., \u201cFinancial Services and the African-American Market: What Every Financial Planner Should Know,\u201d 9(4): 343\u2013359 Trecartin, Ralph R. Jr., \u201cThe Reliability of the Book- To-Market Ratio As A Risk Proxy,\u201d 9(4): 361\u2013373 VanDerhei, Jack L., \u201cSocial Security Investment Ac- counts: Lessons from Participant-Directed 401(k) Data,\u201d 9(1): 65\u201379 Waggle, Doug, \u201cAsset Allocation Decisions in Retire- ment Accounts: An All-or-Nothing Proposition?,\u201d 9(1): 79\u201393 Wiggins, James B., \u201cThe Information Content of Closed-End Country Fund Discounts,\u201d 9(2): 171\u2013 183 Woerheide, Walt, \u201cThe Impact of the Pension Fund on the Decision to Work One More Year,\u201d 9(1): 17\u201333 Yuh, Yoonkyung, \u201cDeterminates of Planned Retire- ment Age,\u201d 9(1): 1\u201317 TITLES \u201cAn Analysis of the Medical Savings Account as an Alternative Retirement Savings Vehicle,\u201d J. Tim Query, 9(1): 107\u2013123 \u201cAsset Allocation Decisions in Retirement Accounts:", "mime": "application/pdf"}, {"id": "fsr-3937", "words": "8593", "extension": ".pdf", "flesch": "-500", "author": "Lahey, Karen Eilers", "title": "From the Editor Vol 10 No 1-4", "date": "2001", "keywords": "\ufffd \ufffd", "summary": "\ufffd 5\ufffd , \ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd 5 \ufffd\ufffd \ufffd\ufffd *\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd \ufffd\ufffd\ufffd \ufffd \ufffd\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd 11 \ufffd\ufffd \ufffd \ufffd\ufffd\ufffd\ufffd \ufffd\ufffd +\ufffd \ufffd\ufffd\ufffd D\ufffd\ufffd \ufffd\ufffd \ufffd\ufffd\ufffd8 \ufffd\ufffd# \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd \ufffd\ufffd \ufffd\ufffd\ufffd 2\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd44 \ufffd6\ufffd\ufffd \ufffd\ufffd \ufffd\ufffd\ufffd \ufffd \ufffd\ufffd\ufffd\ufffd \ufffd\ufffd +\ufffd 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"-178", "author": "Jennings, William W.; Reichenstein, William", "title": "The value of retirement income streams: the value of military retirement", "date": "2001", "keywords": "< \ufffd; \ufffd <; \ufffd \ufffd", "summary": "\ufffd \ufffd\ufffd \ufffd\ufffd\ufffd\ufffd $\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd (\ufffd\ufffd\ufffd \ufffd$\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd \ufffd\ufffd\ufffd #G, \ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd (\ufffd \ufffd\ufffd\ufffd\ufffd\ufffdJ\ufffd\ufffd \ufffd\ufffd\ufffd \ufffd\ufffd \ufffd\ufffd \ufffd\ufffd\ufffd\ufffd $\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd $\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd #\ufffd$$\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd #G,\ufffd . \ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffdI\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd 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state university de\u00aened bene\u00aet and de\u00aened contribution pension plans: a Monte Carlo simulation", "date": "2001", "keywords": "\ufffd +; \ufffd <; \ufffd \ufffd", "summary": "\ufffd\ufffd\ufffd\ufffd \ufffd *\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd \ufffd\ufffd \ufffd\ufffd\ufffd \ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd (\ufffd \ufffd\ufffd \ufffd \ufffd\ufffd \ufffd\ufffd \ufffd\ufffd \ufffd\ufffd\ufffd\ufffd \ufffd\ufffd 3\ufffd \ufffd \ufffd\ufffd \ufffd\ufffd\ufffd\ufffd \ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd * \ufffd\ufffd\ufffd \ufffd \ufffd \ufffd\ufffd \ufffd \ufffd \ufffd\ufffd \ufffd \ufffd\ufffd\ufffd \ufffd\ufffd \ufffd\ufffd \ufffd \ufffd\ufffd \ufffd\ufffd\ufffd/ '\ufffd \ufffd \ufffd \ufffd\ufffd\ufffd \ufffd\ufffd (\ufffd \ufffd\ufffd * \ufffd ,-1 \ufffd\ufffd\ufffd 3 \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd \ufffd\ufffd\ufffd \ufffd \ufffd\ufffd\ufffd 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?", "mime": "application/pdf"}, {"id": "fsr-3941", "words": "20861", "extension": ".pdf", "flesch": "-43", "author": "Hassan, M. Kabir; Lawrence, Shari", "title": "The decision to defer: factors affecting employee deferral incentives", "date": "2001", "keywords": "\ufffd +; \ufffd \ufffd", "summary": "\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd 5\ufffd\ufffd1\ufffd\ufffd \ufffd\ufffd 2\ufffd ;\ufffd!! \ufffd \ufffd\ufffd \ufffd \ufffd\ufffd , \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd \ufffd\ufffd .", "mime": "application/pdf"}, {"id": "fsr-3942", "words": "32452", "extension": ".pdf", "flesch": "46", "author": "Lahey, Karen Eilers; Kim, Doseong", "title": "Longitudinal changes in net worth by household income and demographic characteristics for the first three waves of the HRS", "date": "2001", "keywords": "+ \ufffd; d \ufffd; h \ufffd; k \ufffd; \ufffd +; \ufffd \ufffd", "summary": "\ufffd\ufffd .+ 7\ufffd\ufffd \ufffd\ufffd \ufffd \ufffd\ufffd\ufffd \ufffd \ufffd \ufffd\ufffd \ufffd \ufffd\ufffd \ufffd \ufffd\ufffd \ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd )\ufffd \ufffd \ufffd\ufffd\ufffd\ufffd \ufffd \ufffd\ufffd \ufffd + 7\ufffd\ufffd \ufffd\ufffd \ufffd\ufffd\ufffd\ufffd \ufffd \ufffd\ufffd \ufffd \ufffd\ufffd \ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd )\ufffd \ufffd \ufffd\ufffd\ufffd\ufffd \ufffd \ufffd\ufffd \ufffd \ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd + -\ufffd \ufffd\ufffd\ufffd \ufffd \ufffd\ufffd \ufffd \ufffd\ufffd \ufffd \ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd \ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd \ufffd\ufffd )\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd \ufffd \ufffd\ufffd \ufffd\ufffd\ufffd*\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd \ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd \ufffd\ufffd \ufffd \ufffd\ufffd \ufffd\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd \ufffd\ufffd \ufffd\ufffd \ufffd \ufffd + 7\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd \ufffd \ufffd\ufffd\ufffd \ufffd \ufffd\ufffd\ufffd \ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd \ufffd\ufffd\ufffd\ufffd \ufffd \ufffd \ufffd\ufffd \ufffd\ufffd\ufffd*\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd \ufffd \ufffd\ufffd\ufffd\ufffd\ufffd+ (\ufffd \ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd \ufffd\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd \ufffd\ufffd \ufffd \ufffd\ufffd \ufffd\ufffd \ufffd\ufffd\ufffd \ufffd\ufffd \ufffd\ufffd \ufffd\ufffd\ufffd \ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd \ufffd\ufffd \ufffd\ufffd \ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd \ufffd \ufffd)\ufffd\ufffd\ufffd \ufffd\ufffd \ufffd \ufffd\ufffd \ufffd\ufffd\ufffd\ufffd \ufffd \ufffd\ufffd \ufffd\ufffd \ufffd\ufffd\ufffd*\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd \ufffd \ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd \ufffd\ufffd\ufffd\ufffd \ufffd\ufffd \ufffd\ufffd \ufffd\ufffd \ufffd\ufffd \ufffd \ufffd \ufffd\ufffd \ufffd \ufffd\ufffd\ufffd \ufffd\ufffd \ufffd\ufffd\ufffd\ufffd \ufffd\ufffd \ufffd \ufffd\ufffd\ufffd\ufffd\ufffd \ufffd \ufffd\ufffd \ufffd \ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd \ufffd\ufffd \ufffd \ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd+ 7\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd \ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd \ufffd \ufffd)\ufffd\ufffd\ufffd \ufffd\ufffd \ufffd \ufffd\ufffd \ufffd\ufffd\ufffd\ufffd \ufffd \ufffd\ufffd \ufffd \ufffd\ufffd \ufffd\ufffd \ufffd \ufffd\ufffd \ufffd \ufffd\ufffd\ufffd\ufffd \ufffd \ufffd \ufffd\ufffd\ufffd\ufffdC \ufffd \ufffd \ufffd \ufffd\ufffd\ufffd \ufffd \ufffd\ufffd \ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd \ufffd\ufffd \ufffd\ufffd+ 3'1' \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd (\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd \ufffd\ufffd\ufffd\ufffd \ufffd ? 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Sivarama; Lawrence, Shari", "title": "Analysis of investment choices for retirement: a new approach and perspective", "date": "2001", "keywords": "h \ufffd; \ufffd =; \ufffd \ufffd", "summary": "\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd \ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd \ufffd\ufffd \ufffd \ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd \ufffd\ufffd\ufffd,\ufffd\ufffd\ufffd%\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd *\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd \ufffd\ufffd \ufffd\ufffd\ufffd\ufffd.\ufffd\ufffd 6%\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd \ufffd\ufffd\ufffd \ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd D\ufffd-\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd 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"title": "Does loss aversion explain dollar-cost averaging?", "date": "2001", "keywords": "\ufffd +; \ufffd =; \ufffd \ufffd", "summary": "\ufffd(\ufffd \ufffd\ufffd\ufffd\ufffd \ufffd \ufffd4\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd \ufffd\ufffd \ufffd \ufffd\ufffd\ufffd 0\ufffd \ufffd \ufffd\ufffd \ufffd=: \ufffd\ufffd\ufffd \ufffd \ufffd\ufffd \ufffd \ufffd\ufffd\ufffd\ufffd \ufffd\ufffd \ufffd\ufffd\ufffd%\ufffd #% \ufffd\ufffd \ufffd \ufffd%\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd4\ufffd \ufffd\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd B\ufffd\ufffd \ufffd(\ufffd &! \ufffd\ufffd\ufffd\ufffd\ufffd \ufffd# \ufffd( \ufffd \ufffd\ufffd% \ufffd\ufffd \ufffd(\ufffd \ufffd %\ufffd\ufffd ?\ufffd \ufffd\ufffd\ufffd%\ufffd \ufffd #\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd \ufffd\ufffd \ufffd\ufffd #\ufffd\ufffd\ufffd \ufffd 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market timing strategy: the case of RTE Asset Management", "date": "2001", "keywords": "\ufffd +; \ufffd \ufffd", "summary": "\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd &\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd 1\ufffd\ufffd( \ufffd\ufffd\ufffd \ufffd\ufffd \ufffd\ufffd \ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd( \ufffd&' \ufffd\ufffd\ufffd\ufffd\ufffd \ufffd \ufffd\ufffd\ufffd \ufffd( \ufffd2 )\ufffd\ufffd* \ufffd\ufffd( \ufffd\ufffd\ufffd \ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd # \ufffd\ufffd 0\ufffd\ufffd3\ufffd \ufffd\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd \ufffd\ufffd\ufffd # 4\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd0 \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd \ufffd \ufffd\ufffd\ufffd\ufffd 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\ufffd\ufffd\ufffd\ufffd\ufffd* ! 8 !! \ufffd\ufffd \ufffd\ufffd 1\ufffd\ufffd\ufffd,\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd #9\ufffd :;.,!( /\ufffd\ufffd \ufffd\ufffd\ufffd \ufffd( %( 8,,9( \ufffd\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd \ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd( \ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd ;7\ufffd ;\ufffd.-( :; - .\ufffd/\ufffd\ufffd\ufffd 0- 1 1\ufffd\ufffd\ufffd\ufffd 2 \ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd 3\ufffd\ufffd\ufffd\ufffd* #\ufffd 45\ufffd\ufffd#6 #7%8#9\ufffd Evaluating a stock market timing strategy: the case of RTE Asset Management Introduction Literature review Data RTE and its market timing strategy Return calculations and composition Performance-evaluation: methodology and results Performance-evaluation using total returns Performance-evaluation using risk-adjusted return measures Performance-evaluation using a nonparametric test of market timing ability Performance-evaluation using a parametric test of market timing ability Summary and conclusion References", "mime": "application/pdf"}, {"id": "fsr-3951", "words": "13866", "extension": ".pdf", "flesch": "-51", "author": "Ashby, J. David", "title": "The CFP(TM) Certification Examination process: a discussion of the modified Angoff scoring method", "date": "2001", "keywords": "\ufffd b; \ufffd \ufffd", "summary": "\ufffd\ufffd0\ufffd \ufffd \ufffd\ufffd \ufffd\ufffd\ufffd \ufffd\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd, \ufffd\ufffd \ufffd- \ufffd\ufffd\ufffd\ufffd \ufffd \ufffd\ufffd \ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd \ufffd \ufffd\ufffd \ufffd\ufffd \ufffd \ufffd \ufffd\ufffd \ufffd\ufffd \ufffd\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd \ufffd1\ufffd\ufffd \ufffd\ufffd \ufffd \ufffd \ufffd\ufffd\ufffd \ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd -\ufffd \ufffd \ufffd - \ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd \ufffd\ufffd \ufffd\ufffd \ufffd\ufffd\ufffd\ufffd- \ufffd\ufffd \ufffd\ufffd\ufffd \ufffd\ufffd\ufffd 2\ufffd \ufffd\ufffd -\ufffd\ufffd \ufffd \ufffd \ufffd\ufffd\ufffd \ufffd \ufffd 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guide to building a university trading room", "date": "2001", "keywords": "+ \ufffd; \ufffd \ufffd", "summary": "\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd ,\ufffd\ufffd\ufffd\ufffd' \ufffd- .\ufffd--\ufffd/ \ufffd-\ufffd0\ufffd\ufffd- !\ufffd\ufffd ,\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd )\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd &\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd \ufffd \ufffd\ufffd\ufffd \ufffd\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd \ufffd\ufffd \ufffd\ufffd\ufffd \ufffd \ufffd\ufffd \ufffd\ufffd\ufffd\ufffd,\ufffd\ufffd\ufffd \ufffd\ufffd \ufffd\ufffd\ufffd \ufffd \ufffd\ufffd\ufffd \ufffd\ufffd\ufffd 6 \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd )\ufffd\ufffd\ufffd \ufffd\ufffd \ufffd\ufffd 0\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd 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Jay; Born, Jeffery A.", "title": "A closer look at trading strategies for U.S. equity closed-end investment companies", "date": "2001", "keywords": "< \ufffd; k \ufffd; \ufffd +; \ufffd <; \ufffd \ufffd", "summary": "\ufffd\ufffd\ufffd \ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd 1\ufffd \ufffd\ufffd 2\ufffd\ufffd \ufffd\ufffd \ufffd\ufffd \ufffd\ufffd \ufffd \ufffd\ufffd \ufffd\ufffd\ufffd \ufffd\ufffd \ufffd \ufffd\ufffd \ufffd \ufffd \ufffd \ufffd\ufffd\ufffd\ufffd\ufffd \ufffd \ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd \ufffd+-\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd 1\ufffd \ufffd\ufffd\ufffd 2 \ufffd \ufffd \ufffd\ufffd !& \ufffd\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd \ufffd \ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd \ufffd \ufffd\ufffd \ufffd \ufffd \ufffd \ufffd\ufffd \ufffd\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd \ufffd/\ufffd\ufffd \ufffd 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"33185", "extension": ".pdf", "flesch": "-29", "author": "Clark-Murphy, Marilyn; Gerrans, Paul", "title": "Consultation and resource usage in retirement savings decisions: Australian evidence of systematic gender differences", "date": "2001", "keywords": "+ \ufffd; \ufffd \ufffd", "summary": "PII: S1057-0810(01)00086-5 \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd \ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd \ufffd\ufffd\ufffd\ufffd\ufffd \ufffd \ufffd\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd \ufffd\ufffd\ufffd \ufffd \ufffd \ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd \ufffd\ufffd \ufffd\ufffd \ufffd \ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd \ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd \ufffd\ufffd\ufffd \ufffd\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd 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"19999", "extension": ".pdf", "flesch": "-37", "author": "Hanna, Michael E.; Kiymaz, Halil; Perdue, Grady", "title": "Portfolio diversification in a highly infationary emerging market", "date": "2001", "keywords": "+ \ufffd; \ufffd \ufffd", "summary": "/0!!.1 2!232.4 ,\ufffd \ufffd\ufffd \ufffd\ufffd\ufffd \ufffd\ufffd \ufffd\ufffd \ufffd \ufffd \ufffd\ufffd\ufffd\ufffd\ufffd \ufffd \ufffd \ufffd\ufffd #\ufffd\ufffd\ufffd\ufffd$\ufffd \ufffd\ufffd \ufffd\ufffd\ufffd \ufffd\ufffd\ufffd \ufffd\ufffd \ufffd\ufffd 6\ufffd \ufffd\ufffd\ufffd 0\ufffd \ufffd\ufffd 5\ufffd\ufffd\ufffd \ufffd \ufffd\ufffd\ufffd \ufffd N\ufffd !&& \ufffd\ufffd\ufffd 0\ufffd \ufffd\ufffd 7\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd +3O \ufffd\ufffd\ufffd 0 \ufffd\ufffd\ufffd\ufffd \ufffd\ufffd \ufffd \ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd \ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd '%4\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd \ufffd #\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd 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\ufffd!#$ \ufffd\ufffd1!\ufffd%1 7\ufffd\ufffd\ufffdF)\ufffd\ufffd\ufffd8\ufffd \ufffd \ufffd + \ufffd \ufffd\ufffd.\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd \ufffd*\ufffd$ >\ufffd ?\ufffd\ufffd/ *\ufffd\ufffd \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd \ufffd!#$ %%\ufffd! %1% \ufffd\ufffd\ufffd8 \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd ;\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd \ufffd\ufffd\ufffd \ufffd A\ufffd\ufffd\ufffd\ufffd \ufffd* \ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd\ufffd .", "mime": "application/pdf"}, {"id": "fsr-3974", "words": "9716", "extension": ".pdf", "flesch": "36", "author": "Zhang, Yu; Naveed, Khurram; Qi, Jia", "title": "Crypto Investment: The Role of Investment Motivations, Investment Confidence, and Risk Perceptions", "date": "2025", "keywords": "confidence; cryptocurrency; cryptocurrency investment; financial; future; intentions; investing; investment; investment confidence; investors; motivations; odds; risk; study", "summary": "Nonetheless, there is limited knowledge regarding the factors that shape individuals' behaviors in cryptocurrency investments and intentions on future cryptocurrency investments. In an era of increasing interest in cryptocurrency, this research delves into the psychological and behavioral factors influencing cryptocurrency investment and future cryptocurrency investment intentions.", "mime": "application/pdf"}, {"id": "fsr-3978", "words": "8130", "extension": ".pdf", "flesch": "48", "author": "sommer, matthew; McCoy, Megan; Lim, HanNa", "title": "An Investigation of the Relationship between Gender and Investor Behavior During the 2022 Market Meltdown", "date": "2025", "keywords": "bonds; cash; et al; financial; gender; investment; investors; journal; males; market; overconfidence; stocks; stress; study; trading", "summary": "Using a path analysis, this study sought to explain the relationships between gender, financial stress, investment overconfidence, and trading behavior. Next, the results indicated that females were more likely to have experienced financial stress and males were more likely to have displayed investment overconfidence.", "mime": "application/pdf"}, {"id": "fsr-3982", "words": "1577", "extension": ".pdf", "flesch": "15", "author": "Grable, John", "title": "Financial Services Review Masthead", "date": "2024", "keywords": "cfp \u00ae; financial; georgia; journal; ph.d; services; state; state university; university", "summary": "Associate Editors \u2022 Swarn Chatterjee, Ph.D., University of Georgia \u2022 Shinae L. Choi, Ph.D. University of Alabama \u2022 Jasmine Fang, Ph.D., Massey University, New Zealand \u2022 Mark Fedenia, Ph.D., University of Wisconsin \u2022 Stu Heckman, Ph.D., CFP\u00ae, Texas Tech University \u2022 William W. Jennings, Ph.D., CFA\u00ae, U.S. Airforce Academy \u2022 So-hyun Joo, Ph.D., Ewha Womans University, South Korea \u2022 Thomas Langdon, Ph.D., Roger William University, Bristol, RI \u2022 Terrance Martin, Ph.D., Winston-Salem State University \u2022 Mustafa Nourallah, Ph.D., Centre for Research on Economic Relations, Mid Sweden University \u2022 Wade D. Pfau, Ph.D., CFA, RICP, Retirement Income Style Awareness, LLC \u2022 Lance Palmer, Ph.D., CFP\u00ae, CPA\u00ae, University of Georgia \u2022 Abed Rabbani, Ph.D., CFP\u00ae, University of Missouri \u2022 Chris Robinson, Ph.D., CFP\u00ae, CPA, CA, York University (Emeritus), Canada \u2022 Jerry Stevens, Ph.D., University of Richmond \u2022 Ning Tang, Ph.D., San Diego State University \u2022 Inga Timmerman, Ph.D., University of North Florida Editorial Board \u2022 John Anderson, Ph.D., University of Kansas \u2022 Kristy Archuleta, Ph.D., University of Georgia \u2022 Colleeen Tokar Asaad, Ph.D., Baldwin Wallace University \u2022 Rachel Bi, Ph.D., Utah Valley University \u2022 Chris Browning, Ph.D., CFP\u00ae, Texas Tech University \u2022 John Clinebell, Ph.D., University of Northern Colorado (Emeritus) \u2022 Michelle Cull, Ph.D., Western Sydney University, Australia \u2022 James DeLellio, Ph.D., Pepperdine University \u2022 Dale Domian, Ph.D., CFP\u00ae, York University, Canada \u2022 Lu Fan, Ph.D., CFP\u00ae, University of Georgia \u2022 Patti Fisher, Ph.D., Virginia Tech \u2022 Russell James, Ph.D., CFP\u00ae, Texas Tech University \u2022 Kyoung Tae Kim, Ph.D., University of Alabama \u2022 Norah Feng, Ph.D., Massey University, New Zealand \u2022 Giovanni Fernandez, Ph.D. Stetson University, DeLand, FL \u2022 Philip Gibson, Ph.D., CFP\u00ae, Winthrop University \u2022 Jim Gilkeson, Ph.D., CFA, University of Central Florida \u2022 Martie Gillen, Ph.D., University of Florida \u2022 Chuck Grace, CFP\u00ae, Ivy School of Business, Canada \u2022 Drew Hanks, Ph.D. The Ohio State University \u2022 Wookjae Heo, Ph.D., Purdue University \u2022 Stephen M. Horan, Ph.D., Certified Financial Planner Board of Standards, Inc. \u2022 Eun Jin Kwak, Ph.D., University of Wisconsin, Green Bay \u2022 Derek Lawson, Ph.D., CFP\u00ae, Kansas State University \u2022 Sunwoo Lee, Ph.D., York University, Canada \u2022 Yi Liu, Ph.D., CFP\u00ae, St. John Fisher College \u2022 Caezilia Loibl, Ph.D., The Ohio State University \u2022 Megan McCoy, Ph.D., LMFT, CFT-I\u00ae, Kansas State University \u2022 Barry Mulholland, Ph.D., CFP\u00ae, University of Akron \u2022 John Nofsinger, Ph.D., University of Alaska Anchorage \u2022 Chang Kansas State University PAST PRESIDENTS Inga Timmerman, 2020-22 University of North Florida Janine Sam, 2019-20 Shepherd University Swarn Chatterjee, 2018-19 University of Georgia Robert Moreschi, 2016-18 Virginia Military Institute Thomas Coe, 2015-16 Quinnipiac University William Chittenden, 2014-15 Texas State University Lance Palmer, 2013-14 University of Georgia Frank Laatsch, 2012-13 University of Southern Mississippi Brian Boscaljon, 2011-12 Penn State University-Erie Auburn University, Montgomery Vickie Hampton, 2008-09 Texas Tech University Frank Laatsch 2007-08 University of Southern Mississippi Daniel Walz, 2006-07 Trinity University Anne Gleason, 2005-06 College of Charleston Stuart Michelson, 2004-05 Stetson University Grady Perdue, 2003-04 University of Houston-Clear Lake Vickie Bajtelsmit, 2002-03 Colorado State University Karen Eilers Lahey, 2001-02 University of Akron Tom Eyssell, 2000-01 University of Missouri-St. Louis Jill Lynn Vihtelic, 1999-00 Saint Mary\u2019s College Terry Zivney, 1998-99 Ball State University Don Holdren, 1997-98 Marshall University Robert McLeod, 1996-97 University of Alabama Walt Woerheide, 1995-96 The American College Dixie Mills, 1994-95 Illinois State University Ted Veit, 1993-94 Rollins College Mona Gardner, 1992-93 Illinois Wesleyan University Jean L. Heck, 1991-92 Villanova University Frank K. Reilly, 1990-91 University of Notre Dame Lawrence J. Gitman, 1989-90 San Diego State University Travis S. Pritchett, 1988-89 University of South Carolina Tom Potts, 1987-88 Baylor University Robert F. Bohn, 1986-87 Golden Gate University Tom Warschauer, 1985-86 San Diego State University Financial Services Review is the journal of the Academy of Financial Services Financial Services Review The Journal of Individual Financial Management Vol. 32, No. 2, 2024 Editor John E. Grable, Ph.D., CFP\u00ae, University of Georgia Editorial Advisory Board \u2022 Vickie Bajtelsmit, Ph.D., Colorado State University (Emeritus)", "mime": "application/pdf"}, {"id": "fsr-3987", "words": "1047", "extension": ".pdf", "flesch": "52", "author": "Grable, John", "title": "From the Editor", "date": "2024", "keywords": "financial; fsr; paper; planning", "summary": "Another important announcement is that you can now access all FSR back issues and papers on the Journal's website. I hope that this paper will prompt other researchers to expand their perspective when thinking about retirement planning issues.", "mime": "application/pdf"}, {"id": "fsr-3991", "words": "8266", "extension": ".pdf", "flesch": "60", "author": "Malladi, Rama; Stanoyevitch, Alexander", "title": "Assessing the Impact of Rebalancing on Equal-weighted and Value-weighted Portfolios over Five Decades", "date": "2025", "keywords": "costs; ewp; mean; portfolio; returns; stocks; transaction; value; vwp", "summary": "Notably, Figure 7 shows that when TC reaches 728 basis points of portfolio turnover, the EWP and VWP portfolio returns converge, suggesting a pivotal threshold for these portfolios. The chart demonstrates how TC (on the x-axis) affects EWP and VWP portfolio returns (on the y-axis).", "mime": "application/pdf"}, {"id": "fsr-3996", "words": "7442", "extension": ".pdf", "flesch": "52", "author": "Whitworth, Jeff", "title": "Should Investors Defer Long-Term Gains in Taxable Stock Portfolios?", "date": "2024", "keywords": "capital; gains; portfolio; smith; stock; tax; terminal; wealth; year", "summary": "Should investors defer long-term gains in taxable stock portfolios? Mean (Median) Increase in After-Tax Terminal Wealth from Alternative Investment Strategies vs. Buy-and-Hold Years Invested Total Increase From Tax Savings From Diversification Panel A: Realize Losses and Defer All Gains 10 1% ( 1%) 1% ( 1%) 0% ( 0%) 20 4% ( 2%) 2% ( 2%) 0% ( 0%) 30 8% ( 3%) 4% ( 3%) 4% ( 0%) 40 13% ( 4%) 4% ( 3%) 9% ( 1%) 50 22% ( 6%) 7% ( 4%) 15% ( 2%) Panel B: Realize Gains to Offset Excess Losses 10 3% ( 2%) 1% ( 1%) 2% ( 1%) 20 11% ( 8%) 2% ( 2%) 9% ( 6%) 30 26% (17%) 4% ( 3%) 22% (14%) 40 48% (27%) 6% ( 4%) 42% (23%) 50 78% (39%) 9% ( 5%) 69% (34%) Panel C: Rebalance Entire Portfolio 10 3% ( 3%) 1% ( 1%) 2% ( 2%) 20 12% (10%) 0% ( 0%) 12% (10%) 30 32% (24%) 0% ( -1%) 32% (25%) 40 64% (44%)", "mime": "application/pdf"}, {"id": "fsr-4002", "words": "8012", "extension": ".pdf", "flesch": "50", "author": "Anderson, Jason; Sanchez, Donovan; Juan Gallardo; Derek Lawson; Congrong Ouyang", "title": "Exploring the Effect of Federal Student Loan Payment Resumption on Borrowers Through Sentiment and Textual Analysis Using X ", "date": "2025", "keywords": "analysis; borrowers; data; debt; et al; financial; keyword; loan; media; sentiment; student; student loan", "summary": "While there are a variety of ways to seek to understand student loan sentiment among borrowers, sentiment analysis offers a unique opportunity. Using Brandwatch, this study analyzes X data to better understand student loan borrower sentiment during the resumption of federal student loan payments in October 2023.", "mime": "application/pdf"}, {"id": "fsr-4009", "words": "9722", "extension": ".pdf", "flesch": "49", "author": "Ferdous Ahmmed; Kalenkoski, Charlene; Browning, Christopher", "title": "Examining the Gender Gap in Participation in Employer-Sponsored Retirement Plans: Oaxaca Decomposition", "date": "2025", "keywords": "differences; employer; financial; gap; gender; literacy; participation; plan; plan participation; retirement; retirement plans; risk; savings; tolerance; variables; women", "summary": "While the explained gap can be attributed to differences in financial literacy, income, employment, or educational attainment, the unexplained gap focuses on other factors contributing to the gender gap in employer- sponsored retirement plan participation. According to the U.S. ERISA Act, there should not be any discrimination between men and women in attaining employer- sponsored retirement plans.", "mime": "application/pdf"}, {"id": "fsr-4014", "words": "1591", "extension": ".pdf", "flesch": "15", "author": "Grable, John", "title": "Financial Services Review Masthead", "date": "2024", "keywords": "cfp \u00ae; financial; georgia; ph.d; services; state; state university; university", "summary": "Chang Kansas State University PAST PRESIDENTS Inga Timmerman, 2020-22 University of North Florida Janine Sam, 2019-20 Shepherd University Swarn Chatterjee, 2018-19 University of Georgia Robert Moreschi, 2016-18 Virginia Military Institute Thomas Coe, 2015-16 Quinnipiac University William Chittenden, 2014-15 Texas State University Lance Palmer, 2013-14 University of Georgia Frank Laatsch, 2012-13 University of Southern Mississippi Brian Boscaljon, 2011-12 Penn State University-Erie Auburn University, Montgomery Vickie Hampton, 2008-09 Texas Tech University Frank Laatsch 2007-08 University of Southern Mississippi Daniel Walz, 2006-07 Trinity University Anne Gleason, 2005-06 College of Charleston Stuart Michelson, 2004-05 Stetson University Grady Perdue, 2003-04 University of Houston-Clear Lake Vickie Bajtelsmit, 2002-03 Colorado State University Karen Eilers Lahey, 2001-02 University of Akron Tom Eyssell, 2000-01 University of Missouri-St. Louis Jill Lynn Vihtelic, 1999-00 Saint Mary\u2019s College Terry Zivney, 1998-99 Ball State University Don Holdren, 1997-98 Marshall University Robert McLeod, 1996-97 University of Alabama Walt Woerheide, 1995-96 The American College Dixie Mills, 1994-95 Illinois State University Ted Veit, 1993-94 Rollins College Mona Gardner, 1992-93 Illinois Wesleyan University Jean L. Heck, 1991-92 Villanova University Frank K. Reilly, 1990-91 University of Notre Dame Lawrence J. Gitman, 1989-90 San Diego State University Travis S. Pritchett, 1988-89 University of South Carolina Tom Potts, 1987-88 Baylor University Robert F. Bohn, 1986-87 Golden Gate University Tom Warschauer, 1985-86 San Diego State University Financial Services Review is the journal of the Academy of Financial Services Financial Services Review The Journal of Individual Financial Management Vol. 32, No. 3, 2024 Editor John E. Grable, Ph.D., CFP\u00ae, University of Georgia Editorial Advisory Board \u2022 Vickie Bajtelsmit, Ph.D., Colorado State University (Emeritus) \u2022 Patti Fisher, Ph.D., Virginia Tech \u2022 Russell James, Ph.D., CFP\u00ae, Texas Tech University \u2022 Kyoung Tae Kim, Ph.D., University of Alabama \u2022 Norah Feng, Ph.D., Massey University, New Zealand \u2022 Giovanni Fernandez, Ph.D. Stetson University, DeLand, FL \u2022 Philip Gibson, Ph.D., CFP\u00ae, Winthrop University \u2022 Jim Gilkeson, Ph.D., CFA, University of Central Florida \u2022 Martie Gillen, Ph.D., University of Florida \u2022 Chuck Grace, CFP\u00ae, Ivy School of Business, Canada \u2022 Drew Hanks, Ph.D. The Ohio State University \u2022", "mime": "application/pdf"}, {"id": "fsr-4017", "words": "6737", "extension": ".pdf", "flesch": "13", "author": "Faulhaber, Ella; Chaffin, Charles", "title": "Artificial Intelligence in Accounting, Medicine, and Law with Potential Implications for Financial Planning: A Review of Literature ", "date": "2024", "keywords": "accountants; accounting; advisors; clients; data; financial; firms; generative; healthcare; human; planning; potential; services; tasks", "summary": "The study found that participants were less likely to utilize AI services and preferred human providers. Generative AI is a type of AI that can create new content or information from scratch, rather than simply manipulating or organizing existing data.", "mime": "application/pdf"}, {"id": "fsr-4023", "words": "1127", "extension": ".pdf", "flesch": "55", "author": "Grable, John", "title": "Volume 32 Issue 3 From the Editor", "date": "2024", "keywords": "financial; paper; reference; services", "summary": "Pierre-Etienne Pilote, Emilio Boulianne, and Michel Magnan (Impact of the Financial Advisor on Clients' Financial Outcomes: An Integrative Model), provides direct evidence regarding the impact financial advisors have in shaping client outcomes. Using agency theory, trust theory, and the concept of knowledge, this team of researchers presents an integrative multi-theory model that illustrates how financial advisors impact client outcomes at each step of the financial planning advising process.", "mime": "application/pdf"}, {"id": "fsr-4032", "words": "7148", "extension": ".pdf", "flesch": "53", "author": "Kwak, Eun Jin; Grable, John", "title": "A Domain Specific Measure of Investment Risk Preference", "date": "2025", "keywords": "financial; investment; investment risk; measure; model; preference; risk; risk preference; risk tolerance; satisfaction; survey; test; tolerance", "summary": "Today, not only is there disagreement about the optimal way to measure financial risk preference, but there is also no consensus on the preferred definition describing risk-taking preference (Harnum et al., 2010; Mata et al., 2018). Current methodologies used to evaluate investment risk preference tend to either place a large cognitive load upon test takers, thus reducing statistical reliability, or they skew towards being overly simplistic, which can reduce validity.", "mime": "application/pdf"}, {"id": "fsr-4041", "words": "11694", "extension": ".pdf", "flesch": "49", "author": "Heo, Wookjae; Liu, Yi; Lee, Jae-min", "title": "Improving Communication with Financial Consumers: Insights from a Study of Phone Call Phobia ", "date": "2024", "keywords": "anxiety; communication; face; factors; family; financial; friends; job; journal; levels; messaging; number; phobia; phone; phone calls; social; status; stress", "summary": "Furthermore, findings suggest that age may play a role in reports of high phone call phobia. The situation of avoidance of real-time communication, including phone call phobia, can potentially influence personal finance, particularly if it limits an individual's ability to communicate effectively with not only family, friends, and employers but also financial service providers.", "mime": "application/pdf"}, {"id": "fsr-4050", "words": "12188", "extension": ".pdf", "flesch": "47", "author": "Chen, Ying; Asebedo, Sarah D.; Little, Todd D.; Ning, Weihong", "title": "From Intention to Adequate Emergency Fund Savings through Fintech Use: Evidence from a Survey Study", "date": "2025", "keywords": "attitudes; behavior; control; emergency fund; emergency savings; et al; financial; fintech; fintech use; fund savings; households; intention; journal; norms; research; savings behavior; services; study; technology; use", "summary": "Standardized Estimates for the Proposed SEM Model (Indirect Effect) Standardized Estimate (SE) 95% CI LL UL Attitudes toward adequate emergency fund savings \u2192 Intention to use fintech to save \u2192 Saving app use \u2192 Aadequate emergency fund savings 0.003 (0.003) -0.002 0.008 Subjective norm \u2192 Intention to use fintech to save \u2192 Saving app use \u2192 Aadequate emergency fund savings -0.003 (0.003) -0.009 0.002 Perceived behavioral control \u2192 Intention to use fintech to save \u2192 Saving app use \u2192 Aadequate emergency fund savings -0.005 (0.005) -0.012 0.003 Attitudes toward adequate emergency fund savings \u2192 Intention to use fintech to save \u2192 Saving website use \u2192 Aadequate emergency fund savings -0.005* (0.003) -0.009 -0.001 The results show that attitudes toward adequate emergency fund savings were negatively associated with the intention to use fintech to save.", "mime": "application/pdf"}, {"id": "fsr-4052", "words": "6606", "extension": ".pdf", "flesch": "50", "author": "Liu, Zhikun; Blanchett, David; Sun, Qi; Fink, Naomi", "title": "Retirement Expectations vs. Reality: If COVID-19 Did Not Impact Retirement Expectations Significantly, What Did? Factors that Impact Retirement Decisions", "date": "2025", "keywords": "age; ages; data; expectations; factors; financial; gaps; impact; participants; retirement; retirement age; retirement expectations", "summary": "This dataset is used to better understand the variability of expected retirement age during COVID-19. Prevalent change in expected retirement age during COVID-19 is not observed from Figure 1 above, especially among the older age cohorts.", "mime": "application/pdf"}, {"id": "fsr-4057", "words": "9001", "extension": ".pdf", "flesch": "23", "author": "Birkenmaier, Julie; Stratman, Hope", "title": "Consumers\u2019 Basic Bank Account Complaints and Their Financial Hardships: A Content Analysis of Complaints filed with the Consumer Financial Protection Bureau (CFPB)", "date": "2025", "keywords": "account; analysis; bank; bureau; cfpb; complaints; consumer; consumer financial; customer; financial; fraud; hardship; information; institution; issues; problem; protection; service; thought; vulnerability", "summary": "2. Do consumer problems with basic bank accounts relate to consumer financial hardship? The results of this study highlight the negative financial hardships associated with specific types of financial institution account challenges.", "mime": "application/pdf"}, {"id": "fsr-4060", "words": "10186", "extension": ".pdf", "flesch": "52", "author": "Heckman, Stuart; Letkiewicz, Jodi ; Lim, HanNa", "title": "Student Willingness to Borrow for Higher Education", "date": "2025", "keywords": "borrowing; college; cost; debt; degree; education; financial; income; major; sample; students; support; tuition; willingness; year", "summary": "Student loans: Do college students borrow too much-or not enough? Using college student data from the 2020 Study on Collegiate Financial Wellness, we found that 13% of college students are not willing to borrow to pay for school, 31% are willing to borrow up to $20,000, and 27% are willing to borrow up to $50,000.", "mime": "application/pdf"}, {"id": "fsr-4067", "words": "8257", "extension": ".pdf", "flesch": "53", "author": "Sanders, Kaplan; Olajide, Olamide", "title": "Consumer Margin Use: Understanding the Role of Peer Influence, Investment Literacy, and Age", "date": "2025", "keywords": "age; behavior; buy; debt; decision; financial; influence; investment; investors; literacy; margin; peer; purchases; study", "summary": "For individual and household investors, this study creates and enhances awareness of an inherent peer bias driving investment decisions. Charles et al. (2013) investigated whether age affected investment decisions and the behavior of investors.", "mime": "application/pdf"}, {"id": "fsr-4080", "words": "8261", "extension": ".pdf", "flesch": "39", "author": "Reiter, Miranda; Mielitz, Katherine; Chimbane, Tanaka", "title": "Addressing Diversity, Equity, and Inclusion in Financial Planning Education", "date": "2025", "keywords": "cfp; class; course; dei; diversity; education; equity; experiences; inclusion; planning; race; research; students; teaching; topics", "summary": "In addition, the authors suggest recommendations for others interested in developing and teaching DEI courses in financial planning and related college-level academic programs. To the point of Harlow (2003) and Hearn (2015), professor emotion management, student biases, and power dynamics, among other factors, may influence one\u2019s experience in DEI courses including instructor comfort.", "mime": "application/pdf"}, {"id": "fsr-4081", "words": "6120", "extension": ".pdf", "flesch": "60", "author": "Griesdorn, Tim; DeVaney, Sharon", "title": "A New Approach to Teaching Personal Financial Education", "date": "2025", "keywords": "class; course; education; financial; life; planning; research; services; skills; students; time; values", "summary": "Therefore, there is a need to develop an approach to teaching personal finance to college students that utilizes these tools of the science of learning to make it personal, relevant, and timely to the student. This innovative approach to teaching financial planning to college students aims to engage those Financial Services Review, 33(4) 84 who might otherwise overlook the significance of the subject.", "mime": "application/pdf"}, {"id": "fsr-4082", "words": "5751", "extension": ".pdf", "flesch": "52", "author": "Fraser, Steve", "title": "Utilizing Experiential Learning Techniques in a Financial Planning Program: Allowing Students to Learn from Themselves", "date": "2025", "keywords": "awareness; course; estate; exercise; financial; insurance; interview; learning; planning; review; risk; students", "summary": "One place where we know there is a commitment to financial education is at undergraduate institutions offering financial planning programs. We have found the use of these exercises better prepares students for class, enriches class discussions, and stimulates meaningful conversations between students and family members on the importance of financial planning.", "mime": "application/pdf"}, {"id": "fsr-4083", "words": "7789", "extension": ".pdf", "flesch": "38", "author": "Stebbins, Richard; Quito, Diana", "title": "Effective Financial Education Strategies: Empowering Students with Personal Application", "date": "2025", "keywords": "counseling; education; estate; feedback; financial; goals; investment; knowledge; learners; learning; planning; retirement; skills; strategies; students; theories; theory; understanding", "summary": "These frameworks support differentiated instruction in financial education and inform the design of inclusive, learner-centered pedagogy. By bridging theoretical models with applied learning experiences, the paper offers educators a practical framework for improving financial education.", "mime": "application/pdf"}, {"id": "fsr-4084", "words": "5894", "extension": ".pdf", "flesch": "33", "author": "Sinnewe, Elisabeth", "title": "Elevating Professional Skills Through Authentic, Scaffolded Learning in a Financial Planning Capstone", "date": "2025", "keywords": "assessment; capstone; client; development; education; industry; learning; planning; redesign; review; skills; students; teamwork; unit", "summary": "Innovation #1 Authenticity in assessment and learning is required based on the need for a better transition of financial planning students into the profession by enhancing their learning experience at university (Goetz et al. 2005; Brimble et al. 2012; West et al. 2019). Live critique of student developed client questions during the workshop Each student posts 2\u20133 questions on a digital forum \u2192 instructor forwards thematically collated pool of questions to advisers \u2192 advisers pre-screen questions and provide feedback to help students get a better understanding of how to conduct an effective client meeting.", "mime": "application/pdf"}, {"id": "fsr-4086", "words": "5691", "extension": ".pdf", "flesch": "54", "author": "Anderson, Jason; Gray, Blake", "title": "A Study of Time Value of Money Educational Interventions", "date": "2025", "keywords": "answer; calculator; excel; financial; intervention; learning; students; time; tvm; value; years", "summary": "Second, this study tests the efficacy of student exposure to different technologies (financial calculator and Excel) to aid in the learning of TVM concepts. Second, a data collection of student capabilities and experiences interacting with the various interventions might better explain differences in student scores and engagement.", "mime": "application/pdf"}, {"id": "fsr-4094", "words": "9807", "extension": ".pdf", "flesch": "52", "author": "Curnutt, Gary; Smith, David", "title": "The Association of Cryptocurrency and the Use of Alternative Financial Services ", "date": "2025", "keywords": "afs; alternative; bank; cryptocurrency; financial; investment; money; percent; respondent; responses; risk; services; survey; use; variable", "summary": "At lower levels of risk tolerance, individuals demonstrate a modestly increased likelihood of cryptocurrency investment. Portfolio diversification, hedge and safe-haven properties in cryptocurrency investments and financial economics: A systematic literature review.", "mime": "application/pdf"}, {"id": "fsr-4096", "words": "12353", "extension": ".pdf", "flesch": "27", "author": "Staples, Tanya; Rollins-Koons, Ashlyn; McCoy, Megan", "title": "A Structured Literature Review on Equity in the Financial Services Profession: Unpacking Gender Barriers and Advancing Women\u2019s Participation Globally", "date": "2025", "keywords": "advancement; barriers; canada; career; diversity; et al; financial; gap; gender; industry; journal; planning; profession; research; review; richards; role; services; women", "summary": "Nor did men (45%), as opposed to women (68%), feel that diversity is a key factor to overall industry success (Women in Advice, 2017). The underrepresentation of women in the industry has perpetuated the biases or stereotypes that women do 'not fit in' and are less knowledgeable than men, so they do not join or stay in the profession (Richards et al., 2020; Women in Finance, 2017;).", "mime": "application/pdf"}, {"id": "fsr-4105", "words": "1614", "extension": ".pdf", "flesch": "17", "author": "Grable, John", "title": "Financial Services Review Masthead", "date": "2024", "keywords": "cfp \u00ae; financial; georgia; journal; ph.d; services; state; state university; university", "summary": "Chang Kansas State University PAST PRESIDENTS Inga Timmerman, 2020-22 University of North Florida Janine Sam, 2019-20 Shepherd University Swarn Chatterjee, 2018-19 University of Georgia Robert Moreschi, 2016-18 Virginia Military Institute Thomas Coe, 2015-16 Quinnipiac University William Chittenden, 2014-15 Texas State University Lance Palmer, 2013-14 University of Georgia Frank Laatsch, 2012-13 University of Southern Mississippi Brian Boscaljon, 2011-12 Penn State University-Erie Auburn University, Montgomery Vickie Hampton, 2008-09 Texas Tech University Frank Laatsch 2007-08 University of Southern Mississippi Daniel Walz, 2006-07 Trinity University Anne Gleason, 2005-06 College of Charleston Stuart Michelson, 2004-05 Stetson University Grady Perdue, 2003-04 University of Houston-Clear Lake Vickie Bajtelsmit, 2002-03 Colorado State University Karen Eilers Lahey, 2001-02 University of Akron Tom Eyssell, 2000-01 University of Missouri-St. Louis Jill Lynn Vihtelic, 1999-00 Saint Mary\u2019s College Terry Zivney, 1998-99 Ball State University Don Holdren, 1997-98 Marshall University Robert McLeod, 1996-97 University of Alabama Walt Woerheide, 1995-96 The American College Dixie Mills, 1994-95 Illinois State University Ted Veit, 1993-94 Rollins College Mona Gardner, 1992-93 Illinois Wesleyan University Jean L. Heck, 1991-92 Villanova University Frank K. Reilly, 1990-91 University of Notre Dame Lawrence J. Gitman, 1989-90 San Diego State University Travis S. Pritchett, 1988-89 University of South Carolina Tom Potts, 1987-88 Baylor University Robert F. Bohn, 1986-87 Golden Gate University Tom Warschauer, 1985-86 San Diego State University Financial Services Review is the journal of the Academy of Financial Services Financial Services Review The Journal of Individual Financial Management Vol. 32, No. 4, 2024 Editor John E. Grable, Ph.D., CFP\u00ae, University of Georgia Editorial Advisory Board \u2022 Vickie Bajtelsmit, Ph.D., Colorado State University (Emeritus) \u2022 Patti Fisher, Ph.D., Virginia Tech \u2022 Russell James, Ph.D., CFP\u00ae, Texas Tech University \u2022 Kyoung Tae Kim, Ph.D., University of Alabama \u2022 Norah Feng, Ph.D., Massey University, New Zealand \u2022 Giovanni Fernandez, Ph.D. Stetson University, DeLand, FL \u2022 Philip Gibson, Ph.D., CFP\u00ae, Winthrop University \u2022 Jim Gilkeson, Ph.D., CFA, University of Central Florida \u2022 Martie Gillen, Ph.D., University of Florida \u2022 Chuck Grace, CFP\u00ae, Ivy School of Business, Canada \u2022 Drew Hanks, Ph.D. The Ohio State University \u2022", "mime": "application/pdf"}, {"id": "fsr-4113", "words": "11838", "extension": ".pdf", "flesch": "44", "author": "Antonoudi, Efthymia; Kostandini, Genti; Lim, HanNah", "title": "Immigration Law Enforcement and Immigrant Homeownership", "date": "2025", "keywords": "287(g; agreements; communities; economic; effects; enforcement; financial; hispanics; homeownership; hwcc1; immigrants; immigration; level; policies; program; states; u.s.-born; years; years post", "summary": "Similarly, Sinning (2010) showed a significant gap in homeownership rates between natives and immigrants in Germany, and immigrant homeownership rates converge with those of natives over time, contingent on factors like legal status, length of stay, and access to employment and resources. Immigration law enforcement and immigrant homeownership.", "mime": "application/pdf"}, {"id": "fsr-4114", "words": "6247", "extension": ".pdf", "flesch": "51", "author": "Antonoudi, Efthymia; Seay, Martin; Lim, HanNa; Kiss, Elizabeth", "title": "The impact of the online marketplace on fraud: Evidence from Craigslist from its early adoption in 1995 to its wider expansion in 2006", "date": "2025", "keywords": "arrests; consumer; craigslist; data; effects; entry; fraud; msas; online; results; time; variable", "summary": "Fraud arrest data are from the FBI\u2019s Uniform Crime Reporting (UCR) program, aggregated to the MSA level. These yielded consistent treatment effects, suggesting that the skewness in fraud arrest data does not substantively affect the main results.", "mime": "application/pdf"}, {"id": "fsr-4123", "words": "1046", "extension": ".pdf", "flesch": "49", "author": "Grable, John", "title": "From the Editor", "date": "2024", "keywords": "financial; paper; phone", "summary": "Manuela Faulhaber and Charles Chaffin, Artificial Intelligence in Accounting, Medicine, and Law with Potential Implications for Financial Planning shows that financial planners and financial planning regulators have much to learn from the profession's affiliated fields. Qing and Reiter document that Black and White consumers are more likely than Asian and Hispanic consumers to use financial planners for saving and investment decisions, with significant differences existing between White and Hispanic consumers and narrower differences between Black and Hispanic consumers.", "mime": "application/pdf"}, {"id": "fsr-4128", "words": "13372", "extension": ".pdf", "flesch": "39", "author": "MacDonald, Kirsten; Wildman, Karen; Loy, Ellana; Brimble, Mark", "title": "The Value of Financial Advice: A Narrative Review and Conceptual Frameworks", "date": "2025", "keywords": "advice; advisor; benefits; clients; et al; factors; financial; health; impact; journal; literature; measures; outcomes; quality; relationship; research; results; review; services; survey; value; wellbeing", "summary": "Wildman,2 Ellana Loy, 3 and Mark Brimble4 Abstract Efforts to increase the low global consumer uptake and recognition of financial advice as a trusted profession have been hampered by low financial capability, distrust of financial advisors and soaring costs. We conclude by proposing a conceptual framework of the value of financial advice to support the development of a more consistent, rigorous and coherent body of literature across jurisdictions, with increased transparency for consumers and other stakeholders of financial advice.", "mime": "application/pdf"}, {"id": "fsr-4141", "words": "6107", "extension": ".pdf", "flesch": "45", "author": "Diab, Sara; Nourallah, Mustafa; \u00d6hman, Peter", "title": "Borrowing From Family and Friends: Study of the European Union", "date": "2025", "keywords": "behavior; borrowing; cards; debit; family; financial; friends; households; model; saving", "summary": "In a meta-analysis, Kaiser et al. (2022) concluded that financial education has a positive effect on financial behavior. We further argue that it is vital to focus on factors that can mitigate the negative impact of borrowing from family and friends, in order to support policymakers with insights into household financial conditions in various EU Member States.", "mime": "application/pdf"}, {"id": "fsr-4154", "words": "7954", "extension": ".pdf", "flesch": "20", "author": "Shekhar, Vidhu; Ramesh, Sanjogita", "title": "Central Bank Digital Currency in India: Perspectives on Design Choices and Implications of e-Rupee", "date": "2025", "keywords": "bank; banking; cbdc; central; choices; currency; design; digital; expert; financial; fintech; implementation; india; innovation; payment; research; services; stability; systems; technology", "summary": "The main interview portion explored participants' views on CBDC design choices, Financial Services Review, 33(3) 66 effects on existing payment systems, and implementation considerations. This layer encompasses a range of features that enable efficient processing of transactions, management of digital assets, and integration with existing financial systems, enhancing the overall effectiveness of the CBDC framework.", "mime": "application/pdf"}, {"id": "fsr-4166", "words": "1781", "extension": ".pdf", "flesch": "27", "author": "Grable, John", "title": "Financial Services Review Masthead", "date": "2025", "keywords": "cfp; financial; georgia; journal; ph.d; research; services; state; state university; university", "summary": "Chang Kansas State University PAST PRESIDENTS Inga Timmerman, 2020-22 University of North Florida Janine Sam, 2019-20 Shepherd University Swarn Chatterjee, 2018-19 University of Georgia Robert Moreschi, 2016-18 Virginia Military Institute Thomas Coe, 2015-16 Quinnipiac University William Chittenden, 2014-15 Texas State University Lance Palmer, 2013-14 University of Georgia Frank Laatsch, 2012-13 University of Southern Mississippi Brian Boscaljon, 2011-12 Penn State University-Erie Auburn University, Montgomery Vickie Hampton, 2008-09 Texas Tech University Frank Laatsch 2007-08 University of Southern Mississippi Daniel Walz, 2006-07 Trinity University Anne Gleason, 2005-06 College of Charleston Stuart Michelson, 2004-05 Stetson University Grady Perdue, 2003-04 University of Houston-Clear Lake Vickie Bajtelsmit, 2002-03 Colorado State University Karen Eilers Lahey, 2001-02 University of Akron Tom Eyssell, 2000-01 University of Missouri-St. Louis Jill Lynn Vihtelic, 1999-00 Saint Mary\u2019s College Terry Zivney, 1998-99 Ball State University Don Holdren, 1997-98 Marshall University Robert McLeod, 1996-97 University of Alabama Walt Woerheide, 1995-96 The American College Dixie Mills, 1994-95 Illinois State University Ted Veit, 1993-94 Rollins College Mona Gardner, 1992-93 Illinois Wesleyan University Jean L. Heck, 1991-92 Villanova University Frank K. Reilly, 1990-91 University of Notre Dame Lawrence J. Gitman, 1989-90 San Diego State University Travis S. Pritchett, 1988-89 University of South Carolina Tom Potts, 1987-88 Baylor University Robert F. Bohn, 1986-87 Golden Gate University Tom Warschauer, 1985-86 San Diego State University Financial Services Review is the journal of the Academy of Financial Services Financial Services Review The Journal of Individual Financial Management Vol. 33, No. 1, 2025 Editor John E. Grable, Ph.D., CFP\u00ae, University of Georgia Editorial Advisory Board \u2022 Vickie Bajtelsmit, Ph.D., Colorado State University (Emeritus) Shawn Brayman, M.E.S., SB Research Consulting Conrad Ciccotello, JD, Ph.D., University of Denver Sherman Hanna, Ph.D., The Ohio State University Tom Potts, Ph.D., CFP \u00ae , Baylor University (Emeritus) Martin Seay, Ph.D., CFP \u00ae , Kansas State University Meir Statman, Ph.D., Santa Clara University Tom Warschauer, Ph.D., CFP \u00ae , San Diego State University (Emeritus) Associate Editors: Swarn Chatterjee, Ph.D., University of Georgia Shinae L. Choi, Ph.D., University of Alabama Lu Fan, Ph.D., CFP \u00ae , University of Georgia Jasmine Fang, Ph.D., Massey University, New Zealand Mark Fedenia, Ph.D., University of Wisconsin Philip Gibson, Ph.D., CFP \u00ae , Winthrop University Stu Heckman, Ph.D., CFP \u00ae , Texas Tech University William W. Jennings, Ph.D., CFA\u00ae, U.S. Airforce Academy So-hyun Joo, Ph.D., Ewha Womans University, South Korea Izidin El Kalak, Cardiff University, United Kingdom Thomas Langdon, Ph.D., Roger William University, Bristol, RI Mustafa Nourallah, Ph.D., Centre for Research on Economic Relations, Mid Sweden University, Sweden Lance Palmer, Ph.D., CFP \u00ae , CPA \u00ae , University of Georgia Abed Rabbani, Ph.D., CFP \u00ae , University of Missouri Chris Robinson, Ph.D., York University (Emeritus), Canada Jerry Stevens, Ph.D., University of Richmond Ning Tang, Ph.D., San Diego State University Inga Timmerman, Ph.D., University of North Florida ISSN Online 1057-0810 Print 1873-5673 CONTENTS Grable, John E., From the Editor, i-ii.", "mime": "application/pdf"}, {"id": "fsr-4167", "words": "1194", "extension": ".pdf", "flesch": "46", "author": "Grable, John", "title": "From the Editor", "date": "2025", "keywords": "financial; investment; paper; study", "summary": "First, as you can see from the number of papers in this issue, the journal is in a strong position and growing. As an example, papers from FSR have been cited nearly 1,200 times in Scopus journals.", "mime": "application/pdf"}, {"id": "fsr-4195", "words": "7681", "extension": ".pdf", "flesch": "57", "author": "Brockbank, Alex; Kalenkoski, Charlene; Browning, Christopher; Guillemette, Michael", "title": "Is Using a Financial Advisor Related to Cryptocurrency Investment?", "date": "2025", "keywords": "advisor; age; cryptocurrency; cryptocurrency investment; education; financial; investment; investors; knowledge; level; risk; study; use; variable", "summary": "Abstract Do financial advisors recommend cryptocurrency investment within a household portfolio? The existing literature has examined this relatively new form of investing and found determinants for cryptocurrency investment but has not sufficiently explored the association between the investor\u2019s use of a financial advisor and the decision to invest in cryptocurrency.", "mime": "application/pdf"}, {"id": "fsr-4224", "words": "12567", "extension": ".pdf", "flesch": "35", "author": "Ahamed, AFM Jalal; Jakubowska, Dominika; Pacho\u0142ek, Bogdan; Dziewanowska, Katarzyna", "title": "Exploring factors affecting young adults' financial management behavior: A hybrid PLS-SEM and fsQCA approach", "date": "2025", "keywords": "analysis; attitude; behavior; efficacy; et al; factors; family; financial; fmb; fsqca; influence; journal; knowledge; management; peer; pls; research; self; socialization", "summary": "Parents model financial behavior, while peers contribute through social learning and normative pressure (Goyal et al., 2023; Gudmunson & Danes, 2011). Prior research (Morris et al., 2023) highlights that financial behavior is shaped by a network of factors, including past experiences and attitudes influenced by knowledge.", "mime": "application/pdf"}, {"id": "fsr-4242", "words": "4733", "extension": ".pdf", "flesch": "45", "author": "Elliott, William B.; Zhang, Xianwu", "title": "Launching a CFP Board Registered Program at an AACSB-accredited Business College: A Case Study and Analysis", "date": "2025", "keywords": "board; business; cfp; college; finance; major; new; planning; programs; schools", "summary": "We also provide guidance and strategies for developing and offering financial planning programs in business schools. Considerable variation exists in the concentration of financial planning programs and CFP\u00ae certificate holders across different states.", "mime": "application/pdf"}, {"id": "fsr-4243", "words": "11100", "extension": ".pdf", "flesch": "37", "author": "Asebedo, Sarah; Gramse, Bryan", "title": "Capstone as Project-Led Problem Based Learning: Theory and Application in Personal Financial Planning", "date": "2025", "keywords": "capstone; case; class; client; course; education; financial; instructor; knowledge; learning; planning; problem; process; professional; recommendations; retirement; situation; students; submit; theory", "summary": "Career outcomes of financial planning students. It is insufficient to possess knowledge about financial planning; one must actively apply this knowledge in practice (Brau et al., 2015; Jacob, 2016).", "mime": "application/pdf"}, {"id": "fsr-4290", "words": "6864", "extension": ".pdf", "flesch": "38", "author": "Hanlon, Robert; Leher, Paul; Cohen, Alexander; Miller, Eric; Hancock, Monte; Mitchell, Robert", "title": "Psychophysiological Finance and Intelligent Wellness: A New Financial Planning Practice Model", "date": "2025", "keywords": "client; data; financial; health; model; outcomes; physiological; planner; planning; practice; psychological; stress; wellness", "summary": "Rather than waiting for financial stress to manifest into serious health and financial issues, financial planners can use the practice approach described in this paper to proactively guide clients in adopting behaviors that prevent stress- related diseases and household financial management mistakes. Financial planners must manage their own stress response and anticipate and react to their clients' stress reactions.", "mime": "application/pdf"}, {"id": "fsr-4316", "words": "1814", "extension": ".pdf", "flesch": "3", "author": "Grable, John", "title": "Financial Services Review Masthead", "date": "2025", "keywords": "cfp \u00ae; financial; georgia; ph.d; planning; research; services; state; state university; university", "summary": "Shawn Brayman Financial Planning Research Consultant IMMEDIATE PAST PRESIDENT EDITOR, FINANCIAL SERVICES REVIEW John E. Grable, Ph.D., CFP\u00ae University of Georgia DIRECTORS Norah Feng Massey University Aaron Gilbert Auckland University of Technology Matt Goren Brett Danko Education Center Tom Idzorek Morningstar Eun Jin Kwak University of Wisconsin-Green Bay Dan Moisand Moisand Fitzgerald Tamayo Richard Stebbins University of Alabama Tom Warschauer San Diego State University Dave Yeske Golden Gate University Yu (Yulia) Zhang Kansas State University PAST PRESIDENTS Shawn Brayman, 2023-2025 Financial Planning Research Consultant Inga Timmerman, 2020-22 University of North Florida Janine Sam, 2019-20 Shepherd University Swarn Chatterjee, 2018-19 University of Georgia Robert Moreschi, 2016-18 Virginia Military Institute Thomas Coe, 2015-16 Quinnipiac University William Chittenden, 2014-15 Texas State University Lance Palmer, 2013-14 University of Georgia Frank Laatsch, 2012-13 University of Southern Mississippi Brian Boscaljon, 2011-12 Penn State University-Erie Auburn University, Montgomery Vickie Hampton, 2008-09 Texas Tech University Frank Laatsch 2007-08 University of Southern Mississippi Daniel Walz, 2006-07 Trinity University Anne Gleason, 2005-06 College of Charleston Stuart Michelson, 2004-05 Stetson University Grady Perdue, 2003-04 University of Houston-Clear Lake Vickie Bajtelsmit, 2002-03 Colorado State University Karen Eilers Lahey, 2001-02 University of Akron Tom Eyssell, 2000-01 University of Missouri-St. Louis Jill Lynn Vihtelic, 1999-00 Saint Mary\u2019s College Terry Zivney, 1998-99 Ball State University Don Holdren, 1997-98 Marshall University Robert McLeod, 1996-97 University of Alabama Walt Woerheide, 1995-96 The American College Dixie Mills, 1994-95 Illinois State University Ted Veit, 1993-94 Rollins College Mona Gardner, 1992-93 Illinois Wesleyan University Jean L. Heck, 1991-92 Villanova University Frank K. Reilly, 1990-91 University of Notre Dame Lawrence J. Gitman, 1989-90 San Diego State University Travis S. Pritchett, 1988-89 University of South Carolina Tom Potts, 1987-88 Baylor University Robert F. Bohn, 1986-87 Golden Gate University Tom Warschauer, 1985-86 San Diego State University Financial Services Review is the Journal of the Academy of Financial Services Financial Services Review The Journal of Individual Financial Management Vol. 33, No. 2, 2025 Editor John E. Grable, Ph.D., CFP\u00ae, University of Georgia Editorial Advisory Board \u2022 Vickie Bajtelsmit, Ph.D., Colorado State University (Emeritus) Shawn Brayman, M.E.S., SB Research Consulting Conrad Ciccotello, JD, Ph.D., University of Denver Sherman Hanna, Ph.D., The Ohio State University Tom Potts, Ph.D., CFP \u00ae , Baylor University (Emeritus) Martin Seay, Ph.D., CFP \u00ae , Kansas State University Meir Statman, Ph.D., Santa Clara University Tom Warschauer, Ph.D., CFP \u00ae , San Diego State University (Emeritus) Associate Editors: Swarn Chatterjee, Ph.D., University of Georgia Shinae L. Choi, Ph.D., University of Alabama Lu Fan, Ph.D., CFP \u00ae , University of Georgia Jasmine Fang, Ph.D., Massey University, New Zealand Mark Fedenia, Ph.D., University of Wisconsin Philip Gibson, Ph.D., CFP \u00ae , Winthrop University Stu Heckman, Ph.D., CFP \u00ae , Texas Tech University William W. Jennings, Ph.D., CFA\u00ae, U.S. Airforce Academy So-hyun Joo, Ph.D., Ewha Womans University, South Korea Izidin El Kalak, Cardiff University, United Kingdom Thomas Langdon, Ph.D., Roger William University, Bristol, RI Mustafa Nourallah, Ph.D., Centre for Research on Economic Relations, Mid Sweden University, Sweden Lance Palmer, Ph.D., CFP \u00ae , CPA \u00ae , University of Georgia Abed Rabbani, Ph.D., CFP \u00ae , University of Missouri Chris Robinson, Ph.D., York University (Emeritus), Canada Elisabeth Sinnewe, Ph.D., Queensland University of Technology Jerry Stevens, Ph.D., University of Richmond Ning Tang, Ph.D., San Diego State University Inga Timmerman, Ph.D., University of North Florida ISSN Online 1057-0810 Print 1873-5673 CONTENTS Grable, John E., From the Editor, i-ii.", "mime": "application/pdf"}, {"id": "fsr-4317", "words": "1032", "extension": ".pdf", "flesch": "28", "author": "Grable, John", "title": "From the Editor", "date": "2025", "keywords": "financial; paper; services; sinnewe", "summary": "These researchers used 2021 NFCS data to analyze gender differences in participation in employer-sponsored retirement plans and the role of financial literacy. Findings show that women not only have lower financial literacy on average but also receive less benefit (or return) from that literacy compared to men, contributing to a persistent participation gap.", "mime": "application/pdf"}, {"id": "fsr-4352", "words": "1872", "extension": ".pdf", "flesch": "44", "author": "\u00d6hman, Peter; Nourallah, Mustafa; El Kalak, Izidin", "title": "Guest Editorial: Navigating Contemporary FinTech Solutions: Revealing Potential and Challenges", "date": "2025", "keywords": "financial; fintech; review; services", "summary": "Big data, artificial intelligence and machine learning: A transformative symbiosis in favour of financial technology. The first study by Brockbank et al. used human capital theory to examine whether the use of financial advisors is associated with household investment in cryptocurrencies, using data from the 2018 National Financial Capabilities Study (NFCS) in the United States.", "mime": "application/pdf"}, {"id": "fsr-4453", "words": "1758", "extension": ".pdf", "flesch": "-3", "author": "Sinnewe, Elisabeth", "title": "Financial Services Review Masthead: FinTech Special Issue", "date": "2025", "keywords": "cfp \u00ae; emeritus; financial; georgia; journal; ph.d; research; services; state; state university; university", "summary": "The American College Dixie Mills, 1994-95 Illinois State University Ted Veit, 1993-94 Rollins College Mona Gardner, 1992-93 Illinois Wesleyan University Jean L. Heck, 1991-92 Villanova University Frank K. Reilly, 1990-91 University of Notre Dame Lawrence J. Gitman, 1989-90 San Diego State University Travis S. Pritchett, 1988-89 University of South Carolina Tom Potts, 1987-88 Baylor University Robert F. Bohn, 1986-87 Golden Gate University Tom Warschauer, 1985-86 San Diego State University Financial Services Review is the Journal of the Academy of Financial Services Financial Services Review The Journal of Individual Financial Management Vol. 33, No. 3, 2025 Editor Elisabeth Sinnewe, Ph.D. Queensland University of Technology (QUT) Editorial Advisory Board \u2022 Vickie Bajtelsmit, Ph.D., Colorado State University (Emeritus) \u2022 Shawn Brayman, M.E.S., SB Research Consulting \u2022 Conrad Ciccotello, JD., Ph.D., University of Denver \u2022 John E. Grable, Ph.D., CFP\u00ae, University of Georgia \u2022 Sherman Hanna, Ph.D., The Ohio State University \u2022 Tom Potts, Ph.D., CFP\u00ae, Baylor University (Emeritus) \u2022 Martin Seay, Ph.D., CFP\u00ae, Kansas State University \u2022 Meir Statman, Ph.D., Santa Clara University \u2022 Tom Warschauer, Ph.D., CFP\u00ae, San Diego State University (Emeritus) Associate Editors \u2022 Swarn Chatterjee, Ph.D., University of Georgia \u2022 Shinae Choi, Ph.D., University of Alabama \u2022 Lu Fan, Ph.D., CFP\u00ae, University of Georgia \u2022 Jasmine Fang, Ph.D., Massey University, New Zealand \u2022 Mark Fedenia, Ph.D., University of Wisconsin \u2022 Philip Gibson, Ph.D., CFP\u00ae, Winthrop University \u2022 Stu Heckman, Ph.D., CFP\u00ae, Texas Tech University \u2022 Stephen Horan, Ph.D., CFA\u00ae, University of North Carolina Wilmington \u2022 William W. Jennings, Ph.D., CFA\u00ae, U.S. Airforce Academy \u2022 So-hyun Joo, Ph.D., Ewha Womans University, South Korea \u2022 Ph.D., University of Denver John Grable, Ph.D., University of Georgia Sherman Hanna, Ph.D., The Ohio State University Tom Potts, Ph.D., CFP\u00ae, Baylor University (Emeritus) Martin Seay, Ph.D., CFP\u00ae, Kansas State University Meir Statman, Ph.D., Santa Clara University Tom Warschauer, Ph.D., CFP\u00ae, San Diego State University (Emeritus) Associate Editors: Swarn Chatterjee, Ph.D., University of Georgia Shinae L. Choi, Ph.D., University of Alabama Lu Fan, Ph.D., CFP\u00ae, University of Georgia Jasmine Fang, Ph.D., Massey University, NZ Mark Fedenia, Ph.D., University of Wisconsin Philip Gibson, Ph.D., CFP\u00ae, Winthrop University Stu Heckman, Ph.D., CFP\u00ae, Texas Tech University Stephen Horan, Ph.D., CFA\u00ae, University of North William W. Jennings, Ph.D., CFA\u00ae, U.S. Airforce Academy So-hyun Joo, Ph.D., Ewha Womans University, South Korea Izidin El Kalak, Cardiff University, UK Thomas Langdon, Ph.D., Roger William University, Bristol Claire Matthews, Ph.D., Massey University, NZ Mustafa Nourallah, Ph.D., Centre for Research on Economic Relations, Mid Sweden University, Sweden Lance Palmer, Ph.D., CFP\u00ae, CPA\u00ae, University of Georgia Abed Rabbani, Ph.D., CFP\u00ae, University of Missouri Dan Richards, Ph.D., York University, Canada Chris Robinson, Ph.D., CFP\u00ae, CPA, CA, York University (Emeritus), Canada Jerry Stevens, Ph.D., University of Richmond Ning Tang, Ph.D., San Diego State University Inga Timmerman, Ph.D., University of North Florida Bomikazi Zeka, Ph.D., University of Canberra, Australia ISSN Online 10.61190/fsr.v33i3 CONTENTS \u00d6hman, Peter, Nourallah, Mustafa & El Kalak, Izidin, Guest Editorial, i-v. Special Issue: Financial Technology (FinTech) Brockbank, Alex, Kalenkoski, Charlene, Browning, Christopher & Guillemette, Michael, Is using a financial advisor related to cryptocurrency investment?", "mime": "application/pdf"}, {"id": "fsr-4522", "words": "1166", "extension": ".pdf", "flesch": "25", "author": "Timmerman, Inga", "title": "Guest Editorial: Teaching Financial Planning Today - Emerging Practices ", "date": "2025", "keywords": "education; financial; planning; review", "summary": "Over the past two decades, financial planning education has expanded significantly as universities respond to rising demand for academically trained professionals and increasing expectations for program quality. As regulatory and pedagogical demands continue to shape financial planning education, the articles in this collection show how educators are responding through curriculum development and intentional instructional practice.", "mime": "application/pdf"}, {"id": "fsr-4524", "words": "1120", "extension": ".pdf", "flesch": "27", "author": "Sinnewe, Elisabeth", "title": "Teaching Tomorrow\u2019s Financial Planners: Insights from research into online marketplaces and fraud; behavior of young adults in a post-communist era; and the value of financial advice.", "date": "2025", "keywords": "client; financial; planning; review", "summary": "As digital fraud becomes more prevalent, discussions around online risk, information security, and consumer protection are likely to become part of the broader client\u2013adviser relationship, reinforcing the educational and trust-building dimensions of financial planning. Effective financial decision-making increasingly depends not only on traditional financial skills but also on the capacity to navigate digital financial services and evaluate technology-related risks.", "mime": "application/pdf"}, {"id": "fsr-4526", "words": "1903", "extension": ".pdf", "flesch": "2", "author": "Sinnewe, Elisabeth", "title": "Financial Services Review Masthead (2025) Volume 3, Issue 4 Special Issue: The Pedagogy of Financial Planning", "date": "2025", "keywords": "cfp \u00ae; financial; georgia; ph.d; planning; research; services; state; state university; university", "summary": "The American College Dixie Mills, 1994-95 Illinois State University Ted Veit, 1993-94 Rollins College Mona Gardner, 1992-93 Illinois Wesleyan University Jean L. Heck, 1991-92 Villanova University Frank K. Reilly, 1990-91 University of Notre Dame Lawrence J. Gitman, 1989-90 San Diego State University Travis S. Pritchett, 1988-89 University of South Carolina Tom Potts, 1987-88 Baylor University Robert F. Bohn, 1986-87 Golden Gate University Tom Warschauer, 1985-86 San Diego State University Financial Services Review is the Journal of the Academy of Financial Services Financial Services Review The Journal of Individual Financial Management Vol. 33, No. 4, 2025 Editor Elisabeth Sinnewe, Ph.D. Queensland University of Technology (QUT) Editorial Advisory Board \u2022 Vickie Bajtelsmit, Ph.D., Colorado State University (Emeritus) \u2022 Shawn Brayman, M.E.S., SB Research Consulting \u2022 Conrad Ciccotello, JD., Ph.D., University of Denver \u2022 John E. Grable, Ph.D., CFP\u00ae, University of Georgia \u2022 Sherman Hanna, Ph.D., The Ohio State University \u2022 Tom Potts, Ph.D., CFP\u00ae, Baylor University (Emeritus) \u2022 Martin Seay, Ph.D., CFP\u00ae, Kansas State University \u2022 Meir Statman, Ph.D., Santa Clara University \u2022 Tom Warschauer, Ph.D., CFP\u00ae, San Diego State University (Emeritus) Associate Editors \u2022 Swarn Chatterjee, Ph.D., University of Georgia \u2022 Shinae Choi, Ph.D., University of Alabama \u2022 Lu Fan, Ph.D., CFP\u00ae, University of Georgia \u2022 Jasmine Fang, Ph.D., Massey University, New Zealand \u2022 Mark Fedenia, Ph.D., University of Wisconsin \u2022 Philip Gibson, Ph.D., CFP\u00ae, Winthrop University \u2022 Stu Heckman, Ph.D., CFP\u00ae, Texas Tech University \u2022 Stephen Horan, Ph.D., CFA\u00ae, University of North Carolina Wilmington \u2022 William W. Jennings, Ph.D., CFA\u00ae, U.S. Airforce Academy \u2022 So-hyun Joo, Ph.D., Ewha Womans University, South Korea \u2022 Ph.D., University of Denver John Grable, Ph.D., University of Georgia Sherman Hanna, Ph.D., The Ohio State University Tom Potts, Ph.D., CFP\u00ae, Baylor University (Emeritus) Martin Seay, Ph.D., CFP\u00ae, Kansas State University Meir Statman, Ph.D., Santa Clara University Tom Warschauer, Ph.D., CFP\u00ae, San Diego State University (Emeritus) Associate Editors: Swarn Chatterjee, Ph.D., University of Georgia Shinae L. Choi, Ph.D., University of Alabama Lu Fan, Ph.D., CFP\u00ae, University of Georgia Jasmine Fang, Ph.D., Massey University, NZ Mark Fedenia, Ph.D., University of Wisconsin Philip Gibson, Ph.D., CFP\u00ae, Winthrop University Stu Heckman, Ph.D., CFP\u00ae, Texas Tech University Stephen Horan, Ph.D., CFA\u00ae, University of North William W. Jennings, Ph.D., CFA\u00ae, U.S. Airforce Academy So-hyun Joo, Ph.D., Ewha Womans University, South Korea Izidin El Kalak, Cardiff University, UK Thomas Langdon, Ph.D., Roger William University, Bristol Claire Matthews, Ph.D., Massey University, NZ Mustafa Nourallah, Ph.D., Centre for Research on Economic Relations, Mid Sweden University, Sweden Lance Palmer, Ph.D., CFP\u00ae, CPA\u00ae, University of Georgia Abed Rabbani, Ph.D., CFP\u00ae, University of Missouri Dan Richards, Ph.D., York University, Canada Chris Robinson, Ph.D., CFP\u00ae, CPA, CA, York University (Emeritus), Canada Jerry Stevens, Ph.D., University of Richmond Ning Tang, Ph.D., San Diego State University Inga Timmerman, Ph.D., University of North Florida Bomikazi Zeka, Ph.D., University of Canberra, Australia ISSN Online 10.61190/fsr.v33i4 CONTENTS Editorials Timmerman, Inga, Guest Editorial, i-iii. Sinnewe, Elisabeth, Editorial, iv-vi. Special Issue: The Pedagogy of Financial Planning Elliott, William B. & Zhang, Xianwu, Launching a CFP Board Registered Program at an AACSB-accredited Business College: A Case Study and Analysis, 1-11.", "mime": "application/pdf"}]