item: #1 of 566
          id: fsr-3129
      author: Kanuri, Srinidhi; McLeod, Robert W.
       title: Performance of alternative mutual funds: The average investor’s hedge fund
        date: 2014
       words: 14752
      flesch: 77
     summary: Following Ferson and Schadt (1996), the conditional market timing and selectivity of these funds is given by: Conditional Treynor and Mazuy Ri,t � Rf,t � �s � �1 (Rm,t � Rf,t) ��1{zt-1*(Rm,t � Rf,t) } � �2 (Rm,t � Rf,t)2 � ei,t (10) Conditional Henriksson and Merton Ri,t � Rf,t � �s � �1 (Rm,t � Rf,t) ��1{zt-1*(Rm,t � Rf,t) } The modified model is as follows: Ri,t – Rf,t � �1 � �2 (Dt) � �1 (Rm,t � Rf,t) � �2 (Dt) (Rm,t � Rf,t)
    keywords: alpha; amfs; bear; bond; expense; factor; funds; market; model; performance; returns; review; t �; � rf; � �
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        item: #2 of 566
          id: fsr-3131
      author: DiLellio, James A.; Hesse, Rick; Stanley, Darrol J.
       title: Portfolio performance with inverse and leveraged ETFs
        date: 2014
       words: 13128
      flesch: 58
     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.
    keywords: allocation; bond; fund; index; inverse; ratio; returns; sharpe; statistics; stock; table; wealth; year
       cache: fsr-3131.pdf
  plain text: fsr-3131.txt

        item: #3 of 566
          id: fsr-3132
      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
       words: 11642
      flesch: 60
     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.
    keywords: aversion; equity; glide; investor; lifecycle; risk; risk aversion; strategies; strategy; utility; � �
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        item: #4 of 566
          id: fsr-3133
      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
       words: 7072
      flesch: 60
     summary: Jensen alpha Alpha � � � ri � �rf � �i�rm � rf�� (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) 151–167 May 2001 to February 2008 in the United States.
    keywords: faith; financial; funds; index; investing; investment; journal; performance; returns; review; risk; ssd; � �
       cache: fsr-3133.pdf
  plain text: fsr-3133.txt

        item: #5 of 566
          id: fsr-3134
      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
       words: 8999
      flesch: 67
     summary: This yields Eq. (5), which quantifies the portion of an asset’s value created by cash flows to be received after year t. PV�t � 1 to ��/PV�0 to �� � �1 � g 1 � r� t (5) Table 1 uses Eq. %Overstatement �p � 0; finite growth� � 1 1 � �1 � g 1 � r� t� b 1 � b��RN r � 1� � 1 (12) 198 M.G. Danielson, J.L. Heck / Financial Services Review 23 (2014) 189–206 Table 3 reports potential valuation errors using Eq.
    keywords: g �; growth; model; p �; r �; t �; value; � �
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        item: #6 of 566
          id: fsr-3146
      author: Guillemette, Michael; Nanigian, David
       title: What determines risk tolerance?
        date: 2014
       words: 5589
      flesch: 63
     summary: �Mkt � Rf �0.88 if �Mkt � Rf � � 0, else w���1��Mkt � Rf ��0.88 (2) Shumway (1997) develops an asset pricing model based on loss averse investors. INVCt � ���Ct�1� � �0.9 � Ct�2� � �0.92 � Ct�3� � . . .
    keywords: aversion; consumption; formation; habit; journal; loss; returns; risk; sentiment; tolerance
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  plain text: fsr-3146.txt

        item: #7 of 566
          id: fsr-3148
      author: Deng, Geng; Dulaney, Tim; Husson, Tim; McCann, Craig
       title: Structured certificates of deposit: Introduction and valuation
        date: 2014
       words: 8171
      flesch: 60
     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.
    keywords: average; cds; deng; fdic; investors; market; minimum; products; return; sample; structured; value; � �
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        item: #8 of 566
          id: fsr-3158
      author: Martin, Terrance
       title: About AFS and FSR
        date: 2023
       words: 1443
      flesch: 27
     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’s 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.
    keywords: academy; financial; journal; martin; services; state; university; winston
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        item: #9 of 566
          id: fsr-3159
      author: Martin, Terrance
       title: From the Editor
        date: 2023
       words: 365
      flesch: 29
     summary: Tsung-Ming Yeh’s study titled “Financial Teaching by parents and financial education at School or workplace: Evidence from Japan” 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.
    keywords: financial; retirement
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        item: #10 of 566
          id: fsr-3160
      author: DiLellio, James A.; Simon, Andreas
       title: Seeking tax alpha in retirement income
        date: 2023
       words: 10933
      flesch: 59
     summary: Because there may also be retiree income tax due to their social security and pension benefits received, Ttax�deferred;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.
    keywords: account; fig; income; retiree; retirement; rule; services; spouse; strategy; table; tax; taxes; withdrawal; years
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        item: #11 of 566
          id: fsr-3161
      author: Starr, Brian T.
       title: The effects of health, family, and altruism on retirement savings
        date: 2023
       words: 9015
      flesch: 56
     summary: B. T. Starr / Financial Services Review 30 (2022) 251–271 255 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.
    keywords: children; family; health; income; parents; plan; retirement; retirement savings; review; save; savings; variables
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        item: #12 of 566
          id: fsr-3162
      author: Yeh, Tsung-Ming
       title: Financial teaching by parents and financial education at school or workplace: Evidence from Japan
        date: 2023
       words: 13239
      flesch: 62
     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.
    keywords: behaviors; e 0; education; financial; literacy; parents; results; school; services; teaching; term
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        item: #13 of 566
          id: fsr-3163
      author: Copeland, C. W.; Young, John H.; Hudson, Crystal R.
       title: Exploring differences in African-Americans’ financial well-being based on financial security factors
        date: 2023
       words: 8327
      flesch: 53
     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.
    keywords: african; americans; financial; group; level; low; savings; wealth; white
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        item: #14 of 566
          id: fsr-3164
      author: Mussa, Abeba; Rogers, Meeghan; Zhang, Xu
       title: Financial capability across generations and technology
        date: 2023
       words: 13768
      flesch: 56
     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.
    keywords: behavior; ce 0; financial; gen; individuals; mobile; savvy; tech; technology; term; use; variable
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        item: #15 of 566
          id: fsr-3174
      author: Oehler, Andreas; Horn, Matthias
       title: Households’ Decision on Capital Market Participation: What Are the Drivers? A Multi-Factor Contribution to the Participation Puzzle
        date: 2023
       words: 11946
      flesch: 51
     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.
    keywords: analysis; attitude; aversion; capital; et al; financial; households; journal; life; literacy; market; model; oehler; participation; risk; risk aversion; variables
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  plain text: fsr-3174.txt

        item: #16 of 566
          id: fsr-3177
      author: Brayman, Shawn; Potts, Nicki; Brayman, Kira; Komissarov, Yegor
       title: Profile to Portfolio: Where is the Missing Link?
        date: 2023
       words: 7730
      flesch: 48
     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.
    keywords: bands; class; equity; financial; investor; mapping; methodology; portfolios; return; risk; var
       cache: fsr-3177.pdf
  plain text: fsr-3177.txt

        item: #17 of 566
          id: fsr-3178
      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
       words: 9356
      flesch: 53
     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.
    keywords: et al; extraversion; financial; journal; model; neuroticism; openness; personality; personality traits; psychology; research; risk; traits
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        item: #18 of 566
          id: fsr-3181
      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
       words: 11703
      flesch: 51
     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).
    keywords: assets; decisions; demand; financial; households; insurance coverage; insurance ownership; life insurance; portfolio; results; risk; term life; variables
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        item: #19 of 566
          id: fsr-3182
      author: Michelson, Stuart
       title: Masthead V 23 No 1
        date: 2023
       words: 2492
      flesch: 35
     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’s 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’s 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’s 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.
    keywords: academy; financial; journal; michelson; planning; president; review; services; state; stuart; university
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        item: #20 of 566
          id: fsr-3183
      author: Winchester, Danielle D.; Huston, Sandra J.
       title: Does a relationship with a financial service professional overcome a client’s sense of not being in control of achieving their goals?
        date: 2014
       words: 10325
      flesch: 54
     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.
    keywords: advice; behavior; beliefs; control; controllability; e 0; efficacy; expert; goal; goal progress; personality; progress; self; services
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        item: #21 of 566
          id: fsr-3184
      author: Hudson, Crystal R.; Palmer, Lance
       title: Low-income employees: the relationship between information from formal advisors and financial behaviors
        date: 2014
       words: 8546
      flesch: 44
     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.
    keywords: advisors; behaviors; cash; education; financial; flow; income employees; information; relationship; savings; services; study
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        item: #22 of 566
          id: fsr-3185
      author: Johnson, Mark A.; Naka, Atsuyuki
       title: Downside risk: what the consumer sentiment index reveals
        date: 2014
       words: 8842
      flesch: 61
     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.
    keywords: age; changes; consumer; csi; downside; horizon; market; returns; risk; sentiment; stock
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        item: #23 of 566
          id: fsr-3186
      author: Gibson, Philip; Finke, Michael
       title: Investor preference for skewness and the incubation of mutual funds
        date: 2014
       words: 5589
      flesch: 57
     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.
    keywords: flow; funds; incubation; investors; net; ratio; returns; skewness
       cache: fsr-3186.pdf
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        item: #24 of 566
          id: fsr-3187
      author: Kaushik, Abhay; Saubert, Lynn K.; Saubert, R. Wayne
       title: Performance and persistence of performance of healthcare mutual funds
        date: 2014
       words: 7298
      flesch: 62
     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.
    keywords: financial; funds; healthcare; market; performance; persistence; ratio; returns; sector; year
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        item: #25 of 566
          id: fsr-3188
      author: Michelson, Stuart
       title: Masthead V.23 No.2
        date: 2023
       words: 2316
      flesch: 38
     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’s 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’s 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’s 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.
    keywords: academy; financial; journal; michelson; planning; president; review; services; state; stuart; university
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        item: #26 of 566
          id: fsr-3189
      author: Martin, Terrance
       title: Vol 31 No 1 Masthead
        date: 2023
       words: 1454
      flesch: 27
     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’s 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
    keywords: academy; financial; journal; martin; planning; services; state; university; winston
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        item: #27 of 566
          id: fsr-3190
      author: Martin, Terrance
       title: Vol 31 No 1 Letter from the Editor
        date: 2023
       words: 727
      flesch: 39
     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.
    keywords: literacy; research; services
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        item: #28 of 566
          id: fsr-3191
      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
       words: 10397
      flesch: 55
     summary: Another potential retention cost relates to firms’ 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).
    keywords: 401(k; advice; assets; cost; employer; fees; funds; investment; ira; iras; mitchell; options; participants; plans; retirement; services
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        item: #29 of 566
          id: fsr-3192
      author: Liu, Yi; James III, Russell N.
       title: Gratitude, finance, and financial gratitude reminders in charitable giving: A repeated experiment over time
        date: 2023
       words: 5701
      flesch: 51
     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 79409–1210, 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–posttest ex- perimental longitudinal survey to determine if positive psychology interventions, including gratitude and financial/money reminders, effectively influence charitable giving intentions.
    keywords: day; giving; gratitude; group; intentions; money; reminders; things
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        item: #30 of 566
          id: fsr-3193
      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
       words: 9899
      flesch: 55
     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?
    keywords: behaviors; education; financial; households; knowledge; mean; military; retirement; services; term; term behaviors
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        item: #31 of 566
          id: fsr-3195
      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
       words: 7742
      flesch: 55
     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 “unsure” option.
    keywords: financial; gender; journal; knowledge; literacy; questions; research; review; risk; services; west; women
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        item: #32 of 566
          id: fsr-3196
      author: Mulholland, Barry S.; Finke, Michael S.
       title: Cognitive ability impact on life insurance lapsation
        date: 2023
       words: 12935
      flesch: 63
     summary: 73–96 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.
    keywords: ability; financial; insurance; lapse; life; policy; ti o
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        item: #33 of 566
          id: fsr-3197
      author: ; Martin, Terrance
       title: Vol 31 No 1 CE Quiz
        date: 2023
       words: 399
      flesch: 66
     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.
    keywords: 401(k; plans
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        item: #34 of 566
          id: fsr-3198
      author: Michelson, Stuart
       title: Vol 23 No 3 Masthead
        date: 2023
       words: 2230
      flesch: 36
     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’s 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’s 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’s 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.
    keywords: academy; financial; journal; michelson; planning; president; review; services; state; university; vice president
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        item: #35 of 566
          id: fsr-3199
      author: De’Armond, De’Arno; Pulliam, Darlene; Patterson, Robin
       title: Using the new portability election of deceased spouses: A pedagogical example
        date: 2014
       words: 17081
      flesch: 65
     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.
    keywords: assets; average; consumer; estate; etf; etfs; funds; period; return; review; sample; sector; sector funds; select; services; spouse; spy; tax; yes
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        item: #36 of 566
          id: fsr-3200
      author: Simms, Kathryn
       title: Investor profiles: Meaningful differences in women’s use of investment advice?
        date: 2014
       words: 6161
      flesch: 52
     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).
    keywords: advice; investment; knowledge; odds; participants; profile; seeking; services; women
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        item: #37 of 566
          id: fsr-3201
      author: Michelson, Stuart
       title: Vol 23 No 4 Masthead
        date: 2023
       words: 1380
      flesch: 32
     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’s 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’s 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’s 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.
    keywords: academy; financial; journal; planning; president; services; state; university
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        item: #38 of 566
          id: fsr-3202
      author: Michelson, Stuart
       title: Vol 23 No 4 From the Editor
        date: 2023
       words: 1136
      flesch: 40
     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
    keywords: authors; financial; funds; john; services; state; university; value
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        item: #39 of 566
          id: fsr-3203
      author: Scott, Janine K.; Gilliam, John
       title: Boomers’ life insurance adequacy pre & post the 2008 financial crisis
        date: 2014
       words: 7986
      flesch: 55
     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.
    keywords: adequacy; boomers; financial; households; income; insurance; insurance adequacy; life; life insurance; risk
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        item: #40 of 566
          id: fsr-3204
      author: Balasubramnian, Bhanu; Brisker, Eric R.; Gradisher, Suzanne
       title: Financial adviser background checks
        date: 2014
       words: 9720
      flesch: 46
     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 (% �1 Adviser), and that did both (Do Both) in each demographic characteristic.
    keywords: adviser; adviser background; adviser users; background; check; financial; making; trust
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        item: #41 of 566
          id: fsr-3205
      author: Varum, Celeste; Kolyban, Alla
       title: Wealth and credit compliance: does economic literacy matter?
        date: 2014
       words: 5697
      flesch: 50
     summary: This article provides empirical evidence on the importance of financial literacy, for both individuals’ 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.
    keywords: debt; economic; group; income; knowledge; levels; literacy; services
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        item: #42 of 566
          id: fsr-3206
      author: Pettengill, Glenn; Chang, George; Hueng, C. James
       title: Choosing between value and growth in mutual fund investing
        date: 2014
       words: 9687
      flesch: 60
     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.
    keywords: factor; firm; funds; growth; growth funds; portfolios; returns; risk; value; value funds
       cache: fsr-3206.pdf
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        item: #43 of 566
          id: fsr-3212
      author: Anderson, Jason; Stuart Heckman; Jeffrey Furlong
       title: Altruistic Bequests: Giving Motive and Receipt Expectation Using the 2019 Survey of Consumer Finances
        date: 2024
       words: 7427
      flesch: 53
     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.
    keywords: assets; bequest; children; expectation; financial; gift; income; inheritance; measures; motive; odds; status; study
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        item: #44 of 566
          id: fsr-3213
      author: Letkiewicz, Jodi; Robinson, Chris; Domian, Dale
       title: Behavioral and wealth considerations for seeking professional financial planning help
        date: 2016
       words: 10921
      flesch: 58
     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.
    keywords: efficacy; financial; help; hypothesis; planner; planning; review; seeking; self; services; stress; use; variables; � �
       cache: fsr-3213.pdf
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        item: #45 of 566
          id: fsr-3217
      author: Balasubramnian, Bhanu; Brisker, Eric
       title: Financial adviser users and financial literacy
        date: 2016
       words: 15162
      flesch: 46
     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 �3.33*** -1.50 1.24 �3.79*** �3.28*** 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.
    keywords: advisers; debt; education; insurance; literacy; loan; mortgage; savings; types; use; � �
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        item: #46 of 566
          id: fsr-3218
      author: Ryack, Kenneth; Sheikh, Aamer
       title: The relationship between time perspective and financial risk tolerance in young adults
        date: 2016
       words: 11911
      flesch: 60
     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�a,*, Aamer Sheikh, Ph.D., CPA, CBM, CCS, DABFA, CFC�, CGMA�a 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.
    keywords: frt; frt score; future; gender; income; perspective; risk; scale; score �; step; stkgame; time; tolerance; variable
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        item: #47 of 566
          id: fsr-3220
      author: Kanuri, Srinidhi
       title: Hedged ETFs: Do they add value?
        date: 2016
       words: 7783
      flesch: 65
     summary: Average monthly Median returns Standard deviation Cumulative returns (January 2008 through December p value of average returns Hedged ETFs �0.12% �0.22% 3.51% �13.94% 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% �2.87% 0.014** IYR (real estate) 0.87% 2.02% 7.93% 57.78% 0.017** DBC (commodities) �0.42% �0.30% 6.20% �40.56% 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) �0.072 �0.092 �0.033 0.826 65% IVV/35% AGG 0.177 0.253 0.071 1.580 45% IVV/10% VEU/5% IYR/5%
    keywords: categories; etfs; funds; hedge; index; market; performance; portfolio; ratio; returns; review; risk
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        item: #48 of 566
          id: fsr-3221
      author: Shank, Todd; Shockey, Benjamin
       title: Investment strategies when selecting sustainable firms
        date: 2016
       words: 8039
      flesch: 46
     summary: Measures of performance1 Jensen’s Alpha: �p � rp � �rf � �p�rm � rf�� (1) M-Square: M2 � (Sp � SM) � �M (2) Treynor’s Measure: Tp � rp � rf �p (3) Sharpe’s Measure: Sp � rp � rf �p (4) Fig. While there are many established metrics for financial performance, including the market price of a firm’s stock or financial ratio analyses of historical performance, the metrics for non-financial corporate financial performance are still in the early stages of development.
    keywords: djsi; financial; firms; leader; market; performance; portfolio; supersector; sustainability
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        item: #49 of 566
          id: fsr-3222
      author: Muller, Leslie; Turner, John A.
       title: Strategic complexity in investment management fee disclosures
        date: 2016
       words: 9233
      flesch: 55
     summary: 229L.A. Muller, J.A. Turner / Financial Services Review 25 (2016) 215–234 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.
    keywords: companies; complexity; disclosures; fee; fee disclosures; fees; financial; information; level; sample; services; use; words
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        item: #50 of 566
          id: fsr-3223
      author: Singh, Sandeep
       title: The evidence on target-date mutual funds
        date: 2016
       words: 15637
      flesch: 62
     summary: Dynamic lifecycle strategies for target date retirement funds, Journal of Portfolio Management, 37, 83–96. An optimizing framework for the glide paths of life cycle asset allocation funds.
    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
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        item: #51 of 566
          id: fsr-3226
      author: Seay, Martin; Kim, Kyoung Tae; Heckman, Stuart
       title: Exploring the demand for retirement planning advice: : The role of financial literacy
        date: 2016
       words: 8814
      flesch: 51
     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.
    keywords: advice; behavior; confidence; knowledge; literacy; planner; planning; retirement; seeking; services; use
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        item: #52 of 566
          id: fsr-3227
      author: Harrington, Christine; Smith, Walter
       title: College student interest in personal finance education
        date: 2016
       words: 11449
      flesch: 53
     summary: The regression function is: dj � b0 � b1 incomej � b2 patiencej � b3 costj � b4 stockj � b5 returnj � b6 netj � b7 genj � 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 � strongly disagree, 7 � strongly agree). The regression function is: dj � b0 � b1 incomej � b2 returnj � b3 netj � b4 genj � b5 mathj � ej (2) Because the dependent variables are categorical in Eqs.
    keywords: ability; college; credit; demand; education; finance; income; interest; literacy; math; students; topics
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  plain text: fsr-3227.txt

        item: #53 of 566
          id: fsr-3229
      author: Hull, Robert; Hull, John
       title: Procedure to determine the optimal Roth IRA versus deductible IRA allocation
        date: 2016
       words: 23704
      flesch: 71
     summary: Using (12) with $46,396.83 for DP1, we have: marginal gain � �T1DP1 � (0.30 � 0)$46,396.83 � $13,919.049 (line 58). Compute the marginal gain (using marginal tax rates) � �T1DP1 � �T2(DP2�DP1) � � � �T8(DP8�DP7) replacing DPs and dropping components as prescribed by the five-step procedure.
    keywords: contribution; financial; gain; hull; income; ira; line; match; maximum; panel; roth ira; rvd; tax; tax rate; tc �; values; withdrawal; � �
       cache: fsr-3229.pdf
  plain text: fsr-3229.txt

        item: #54 of 566
          id: fsr-3230
      author: Chrétien, Stéphane; Kammoun, Manel
       title: Performance Evaluation Disagreement: Determinants and Impact on Fund Flows
        date: 2024
       words: 15360
      flesch: 54
     summary: Nanda et al. (2000) show a dividend clientele effect since liquidity demands differ across fund investors. Behavioral biases and mutual fund investors.
    keywords: characteristics; chrétien; disagreement; disck; expenses; financial; flows; fund; fund characteristics; index; investor; journal; management; model; performance; portfolios; relation; returns; size; variables
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  plain text: fsr-3230.txt

        item: #55 of 566
          id: fsr-3232
      author: Fisher, Patti; Hayhoe, Celia; Lown, Jean
       title: Gender differences in saving behaviors among low- to moderate-income households
        date: 2015
       words: 6712
      flesch: 57
     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.
    keywords: behaviors; data; differences; gender; households; income; nc1172; risk; sample; saving; scf; women
       cache: fsr-3232.pdf
  plain text: fsr-3232.txt

        item: #56 of 566
          id: fsr-3236
      author: Tokar Asaad, Colleen
       title: Financial literacy and financial behavior: Assessing knowledge and confidence
        date: 2015
       words: 7594
      flesch: 48
     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.
    keywords: average; behaviors; confidence; day; individuals; knowledge; literacy; low; review; risk; services; table
       cache: fsr-3236.pdf
  plain text: fsr-3236.txt

        item: #57 of 566
          id: fsr-3237
      author: Tang, Ning; Peter, Paula
       title: Financial knowledge acquisition among the young: The role of financial education, financial experience, and parents’ financial experience
        date: 2015
       words: 8108
      flesch: 44
     summary: Both individual and parents’ 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’ financial experience in reducing the gap in financial knowledge.
    keywords: college; education; experience; financial; knowledge; parents; respondents; school; services; young
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  plain text: fsr-3237.txt

        item: #58 of 566
          id: fsr-3238
      author: Kima, Kyoung Tae; Hanna, Sherman
       title: Do U.S. households perceive their retirement preparedness realistically?
        date: 2015
       words: 7993
      flesch: 49
     summary: The SCF variable of the respondent’s 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.
    keywords: ability; adequacy; age; hanna; households; income; objective; plan; retirement; retirement adequacy; review; risk
       cache: fsr-3238.pdf
  plain text: fsr-3238.txt

        item: #59 of 566
          id: fsr-3239
      author: North, David; Stevens, Jerry
       title: Investment performance of AAII stock screens over diverse markets
        date: 2015
       words: 11410
      flesch: 63
     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.
    keywords: aaii; costs; factor; financial; investment; investors; journal; market; performance; portfolios; price; returns; review; risk; screens; services; stocks; transaction
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  plain text: fsr-3239.txt

        item: #60 of 566
          id: fsr-3240
      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
       words: 6759
      flesch: 61
     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.
    keywords: grable; investment; reliability; review; risk; scale; services; tolerance; validity; � �
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  plain text: fsr-3240.txt

        item: #61 of 566
          id: fsr-3242
      author: Krieger, Kevin; Pace, R. Daniel; Clarke, Nicholas; Girdner, Clay
       title: Anchoring, affect, and efficiency of sports gaming markets around playoff positioning
        date: 2015
       words: 9095
      flesch: 57
     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.
    keywords: clinching; closing; games; line; nba; nfl; opening; panel; playoff; results; season; teams
       cache: fsr-3242.pdf
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        item: #62 of 566
          id: fsr-3243
      author: Suarez, E. Dante; Suarez, Antonio; Walz, Daniel
       title: The perfect withdrawal amount:: A methodology for creating retirement account distribution strategies
        date: 2015
       words: 10623
      flesch: 64
     summary: (3):9 342 E.D. Suarez et al. / Financial Services Review 24 (2015) 331–357 w� � �Rn (KS � w*) � KE� � �i�2 n �j�i n (1 � rj) (8) where w’ 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 � RnKS � 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).
    keywords: balance; distribution; fig; financial; pwa; retirement; review; services; strategy; withdrawal; year; � �
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        item: #63 of 566
          id: fsr-3244
      author: Haensly, Paul; Pai, K. Prakash
       title: A new strategy to guarantee retirement income using TIPS and longevity insurance: A second look
        date: 2015
       words: 14751
      flesch: 58
     summary: We calculate the realized utility for a given simulated investor as U�C���, B���; �, D� � �1 � D� � t�1 T��� 1 tU�Ct���; �, �C� D T���U�B���; �, �B�, (6) 364 P.J. Haensly, K.P. Pai / Financial Services Review 24 (2015) 359–386 where D is the strength of the bequest motive, 0 � D � 1; � is the one-month time discount factor for utility; T(�) is time of death in months after retirement for simulated life �; Ct(�) is the consumption in month t after retirement, expressed in dollars at retirement (and C(�) is a vector of these values); and B(�) is the bequest at time T(�) in retirement year dollars. That is, the utility function for consumption in period t is U�C; �, �� � � exp��1 � ��ln� C �C �� � 1 1 � � , C � �C exp� �1 � ��ln��C �C �� � 1 1 � � , C �C (C1) when risk aversion � � 1, and 384 P.J. Haensly, K.P. Pai / Financial Services Review 24 (2015) 359–386 U�C; �, �� � � ln� C �C � , C � �C ln��C �C � , C � �C (C2) when � � 1.
    keywords: annuity; annuity payout; d �; inflation; payout; payout rate; rate; retirement; risk; tips ladder; u �; year; yield; � c; � m; � �
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        item: #64 of 566
          id: fsr-3245
      author: Ryack, Kenneth
       title: The time perspective of financial advisors and its effect on their decision-making
        date: 2015
       words: 12116
      flesch: 55
     summary: Impact of TP on financial planning decisions An important question is whether TP biases affect professional financial planners’ 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.
    keywords: advisors; case; decision; future; option; planners; planning; preference; present; professional; ryack; scale; services; time; ztpi
       cache: fsr-3245.pdf
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        item: #65 of 566
          id: fsr-3246
      author: Terry, Andy; Elder, Erick
       title: A further examination of equity indexed annuities
        date: 2015
       words: 9283
      flesch: 54
     summary: For example, most annual cap rates are currently in the 3–4% range. As indicated in Table 4, for 14 and 15-year holding periods, EB portfolio returns were never less than 0.
    keywords: annuities; cap; eia; eias; equity; period; portfolio; returns; time; value; year
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        item: #66 of 566
          id: fsr-3248
      author: Michelson, Stuart
       title: Vol 24 No 4 Masthead
        date: 2023
       words: 1187
      flesch: 37
     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’s 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’s 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.
    keywords: academy; financial; president; services; state; university
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        item: #67 of 566
          id: fsr-3249
      author: Michelson, Stuart
       title: Vol 24 No 4 From Editor
        date: 2023
       words: 987
      flesch: 44
     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).
    keywords: financial; review; services; university
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        item: #68 of 566
          id: fsr-3250
      author: Michelson, Stuart
       title: Vol 24 No 4 Close
        date: 2023
       words: 1057
      flesch: 60
     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.
    keywords: author; page; submission
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        item: #69 of 566
          id: fsr-3251
      author: Michelson, Stuart
       title: Vol 24 No 1 Masthead
        date: 2015
       words: 1380
      flesch: 32
     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’s 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’s 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’s 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.
    keywords: academy; financial; journal; planning; president; services; state; university
       cache: fsr-3251.pdf
  plain text: fsr-3251.txt

        item: #70 of 566
          id: fsr-3252
      author: Michelson, Stuart
       title: Vol 24 No 1 From the Editor
        date: 2015
       words: 868
      flesch: 41
     summary: They find that the likelihood of Financial Services Review 24 (2015) v–vi 1057-0810/15/$ – see front matter © 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.
    keywords: financial; services; university
       cache: fsr-3252.pdf
  plain text: fsr-3252.txt

        item: #71 of 566
          id: fsr-3253
      author: Michelson, Stuart
       title: Vol 24 No 1 Closing
        date: 2015
       words: 1377
      flesch: 56
     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.
    keywords: financial; journal; papers; submission
       cache: fsr-3253.pdf
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        item: #72 of 566
          id: fsr-3254
      author: Michelson, Stuart
       title: Vol 24 No 2 Masthead
        date: 2015
       words: 1380
      flesch: 32
     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’s 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’s 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’s 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.
    keywords: academy; financial; journal; planning; president; services; state; university
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  plain text: fsr-3254.txt

        item: #73 of 566
          id: fsr-3255
      author: Michelson, Stuart
       title: Vol 24 No 2 From the Editor
        date: 2015
       words: 874
      flesch: 41
     summary: Financial Services Review 24 (2015) v–vi 1057-0810/15/$ – see front matter © 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.
    keywords: financial; knowledge; services
       cache: fsr-3255.pdf
  plain text: fsr-3255.txt

        item: #74 of 566
          id: fsr-3256
      author: Michelson, Stuart
       title: Vol 24 No 2 Closing
        date: 2015
       words: 1057
      flesch: 60
     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.
    keywords: author; page; submission
       cache: fsr-3256.pdf
  plain text: fsr-3256.txt

        item: #75 of 566
          id: fsr-3258
      author: Dobni, Dawn; Racine, Marie
       title: Investors’ images of the stock market: : Antecedents and consequences
        date: 2016
       words: 14312
      flesch: 56
     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.
    keywords: 1–28; dimensions; dobni; financial; image; information; investing; investor; journal; m.d; market image; money; racine; research; review; risk; services; stock market; trust; variables; wealth; � �
       cache: fsr-3258.pdf
  plain text: fsr-3258.txt

        item: #76 of 566
          id: fsr-3259
      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
       words: 10606
      flesch: 56
     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’s 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).
    keywords: expense; family; fund; holdings; management; multi; portfolio; ratio; return; stock
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        item: #77 of 566
          id: fsr-3260
      author: Tang, Ning
       title: The overlooked momentum traders in 401(k) plans
        date: 2016
       words: 11320
      flesch: 60
     summary: These traders do not follow a deliberate strategy of selectively investing in momentum funds. Ri,t � Rf,t � �i 3 � �i,Rm 3 �Rm,t � Rf,t� � �i,SMB 3 SMBt � �i,HML 3 HMLt � �i,t (5) �p,t � ���i � �i,t�* �i,t��i,t (6) where Ri,t indicates the rate of return of fund i in month t; �p,t is the excess return of individual portfolio in month t; �i and �i,t, which are used to calculate �p,t, are from Eqs.
    keywords: 401(k; buyers; fund; momentum; month; period; portfolio; returns; sellers; traders; trading; � �
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        item: #78 of 566
          id: fsr-3262
      author: Cline, Brandon N.; Brooks, Robert
       title: Spread options and risk management: Lognormal versus normal distribution approach
        date: 2015
       words: 9123
      flesch: 56
     summary: Normal spread option pricing model (NSOPM) If we assume that the spread follows ABM with geometric drift, then dS � �SSdt �SdzS , (14) where �� � �S � � denotes the mean growth rate of the spread, �S � � denotes the SD of the spread (same units of measure as S), and �� � dzS � � denotes the standard Wiener process associated with the spread. If we assume indexes follow GBM with geometric drift, then dIj � ��̂j � �j�Ijdt � �̂jIjdzj; j � 1,2, (3) where �� � �̂j � � denotes the mean growth rate of index j, �� � �j � denotes the carry costs related to index j, �j � � denotes the SD of index j, and �� � dzj � � denotes the standard Wiener process associated with index j. The value of spread option today can be expressed generically as, SO0 � PV�E0�SOT� , (4) where the expectation is taken under the equivalent martingale measure (standard finance assumptions are made; see Appendix A).
    keywords: correlation �; error factor; factor; financial; model; option; parameters; risk; significance; significance factor; spread; t �; � error; � �
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        item: #79 of 566
          id: fsr-3263
      author: Guillemette, Michael; Hussein, M. Monica; Phillips, G. Michael; Martin, Terrance
       title: Minority household size and the life insurance purchase decision
        date: 2015
       words: 5707
      flesch: 58
     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 (�15.9366) � (�127.156)*(1) � �143.092.
    keywords: cash; face; family; household; household size; insurance; life; life insurance; size; value
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        item: #80 of 566
          id: fsr-3264
      author: Miu, Peter; Cheung, C. Sherman
       title: Home ownership decision in personal finance: some empirical evidence
        date: 2015
       words: 15632
      flesch: 61
     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.
    keywords: home; ownership; portfolio; risk; � �
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        item: #81 of 566
          id: fsr-3265
      author: Park, Youngkyun; Chung, Yunhyung
       title: Do financial networks matter in retirement investment decisions? : Evidence from Generation Yers
        date: 2015
       words: 10366
      flesch: 46
     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.
    keywords: allocation; decisions; default; individual; information; intensity; investment; knowledge; literacy; network; network intensity; respondents; retirement; stock
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        item: #82 of 566
          id: fsr-3266
      author: Clowers, R. Parker; Jones, Travis
       title: Is a VIX ETP an investment in the VIX?
        date: 2016
       words: 6468
      flesch: 67
     summary: All rights reserved. may include: the spot “VIX index,” VIX-based Exchange Traded Products (“ETPs” or “funds”), VIX futures or options, and the S&P 500 VIX Short-Term Futures Index (“S&P ST Index”), among others. JEL classifications: G11; G12 Keywords: VIX index; ETFs; ETPs 1.
    keywords: etps; futures; index; s&p; term; vix; vix index
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        item: #83 of 566
          id: fsr-3267
      author: Musumeci, Jim
       title: A marginal cash flow analysis of mortgagors’ choices
        date: 2016
       words: 9471
      flesch: 66
     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 � 2.75%, 30-year rate � 3.5% House sold in No taxes Tax rate � 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 � 3.75%, 30-year rate � 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 � 4.75%, 30-year rate � 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 � 5.75%, 30-year rate � 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.
    keywords: apr; borrower; cash; financial; mortgage; rate; risk; tax; year; year mortgage
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        item: #84 of 566
          id: fsr-3268
      author: Michelson, Stuart
       title: Vol 25 No 1 Masthead
        date: 2023
       words: 1380
      flesch: 31
     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’s 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’s 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’s 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.
    keywords: academy; financial; journal; planning; president; services; state; university
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        item: #85 of 566
          id: fsr-3269
      author: Michelson, Stuart
       title: Vol 25 No 1 From the Editor
        date: 2023
       words: 1647
      flesch: 58
     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–vi In Memory of Jean Louis Heck - (February 6, 1944 - February 5, 2016)
    keywords: financial; fund; jean; review; services; stock
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        item: #86 of 566
          id: fsr-3271
      author: Michelson, Stuart
       title: Vol 25 No 1 Closing
        date: 2023
       words: 1057
      flesch: 60
     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.
    keywords: author; page; submission
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        item: #87 of 566
          id: fsr-3276
      author: Michelson, Stuart
       title: Vol 24 No 2 Masthead
        date: 2023
       words: 1365
      flesch: 30
     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’s 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.
    keywords: academy; financial; journal; planning; president; services; state; university
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        item: #88 of 566
          id: fsr-3277
      author: Michelson, Stuart
       title: Vol 24 No 2 From the Editor
        date: 2023
       words: 889
      flesch: 43
     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.
    keywords: etfs; financial; planning
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        item: #89 of 566
          id: fsr-3278
      author: Michelson, Stuart
       title: Vol 24 No 2 Closing
        date: 2023
       words: 1057
      flesch: 60
     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.
    keywords: author; page; submission
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        item: #90 of 566
          id: fsr-3279
      author: Hanna, Sherman; Kim, Kyoung Tae
       title: Household ratio guidelines for the amount of investments
        date: 2016
       words: 6889
      flesch: 58
     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.
    keywords: age; assets; financial; investments; net; ratio; retirement; worth
       cache: fsr-3279.pdf
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        item: #91 of 566
          id: fsr-3280
      author: Hurst, Matt; Mendoza, Monica
       title: The behavior heuristics responsible for formation and liquidation of tax holding accounts
        date: 2016
       words: 10199
      flesch: 56
     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.
    keywords: average; capital; capital gains; gains; liability; march; rate; tax; volume; year; � �
       cache: fsr-3280.pdf
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        item: #92 of 566
          id: fsr-3281
      author: Kish, Richard
       title: Catastrophe (CAT) bonds:: risk offsets with diversification and high returns
        date: 2016
       words: 14183
      flesch: 60
     summary: 37 % � 1. 14 % 0. 14 % � 2. 21 % � 1. 16 % � 0. 89 % � 3. 07 % 20 13 3. 20 % 0. 62 % 1. 49 % 2. 15 % 0. 74 % � 1. 92 % 1. 90 % 0. 45 % 0. 75 % 1. 90 % 1. 18 % 0. 62 % 20 12 4. 14 % 3. 63 % 0. 59 % 0. 98 % � 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 % � 1. 29 % 0. 49 % � 6. 54 % � 6. 38 % 7. 98 % � 3. 89 % 2. 59 % 20 10 2. 65 % 0. 58 % 4. 85 % 3. 23 % � 4. 45 % 0. 92 % 2. 87 % � 1. 00 % 3. 14 % 3. 58 % � 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 � 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.
    keywords: bond; cat; cat bond; catastrophe; fee; fund; index; insurance; load; losses; market; n.a; performance; returns; risk; services; table; year; � �
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        item: #93 of 566
          id: fsr-3282
      author: Michelson, Stuart
       title: Vol 25 No 3 Masthead
        date: 2023
       words: 1370
      flesch: 30
     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’s 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.
    keywords: academy; financial; journal; planning; president; services; state; university
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        item: #94 of 566
          id: fsr-3283
      author: Michelson, Stuart
       title: Vol 25 No 3 From the Editor
        date: 2023
       words: 859
      flesch: 42
     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).
    keywords: financial; services; tax
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        item: #95 of 566
          id: fsr-3285
      author: Michelson, Stuart
       title: Vol 25 No 3 Closing
        date: 2023
       words: 1057
      flesch: 60
     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.
    keywords: author; page; submission
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        item: #96 of 566
          id: fsr-3287
      author: Ott, Robert; Zimmer, Timothy
       title: Determining the return-maximizing portfolio leverage and its limitations
        date: 2016
       words: 4848
      flesch: 57
     summary: R�T�n � RB � 1⁄2 ���2��n2���T-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 � 8%, RB � 2%, and � � 18%, the leveraged return of Eq.
    keywords: investment; leverage; portfolio; return; ri �; risk; � rb; � �
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        item: #97 of 566
          id: fsr-3288
      author: Heckman, Stuart; Seay, Martin; Kim, Kyoung Tae; Letkiewicz, Jodi
       title: Household use of financial planners: Measurement considerations for researchers
        date: 2016
       words: 9939
      flesch: 53
     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 “often work as a team to assist financial planners in helping clients make saving and investment decisions” (p. 6).
    keywords: financial; heckman; investment; journal; measures; planner; planner use; planning; professional; questions; retirement; review; services; survey; use; validity
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        item: #98 of 566
          id: fsr-3289
      author: Michelson, Stuart
       title: Vol 25 No 4 Masthead
        date: 2023
       words: 1375
      flesch: 30
     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’s 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.
    keywords: academy; financial; journal; planning; president; services; state; university
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        item: #99 of 566
          id: fsr-3290
      author: Michelson, Stuart
       title: Vol 25 No 4 From the Editor
        date: 2023
       words: 1046
      flesch: 32
     summary: The lead article “Exploring the Demand for Retirement Planning Advice: The Role of Financial Literacy” 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, “Household Use of Financial Planners: Measurement Considerations for Researchers” 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.
    keywords: financial; journal; planning; review; services; university
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        item: #100 of 566
          id: fsr-3292
      author: Michelson, Stuart
       title: Vol 25 No 4 Closing
        date: 2023
       words: 1057
      flesch: 60
     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.
    keywords: author; page; submission
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        item: #101 of 566
          id: fsr-3293
      author: Lawson, Derek; Heckman, Stuart
       title: Individual estimates of life expectancy and consumption patterns
        date: 2017
       words: 8898
      flesch: 57
     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’ remaining life expectancy into two periods—remaining 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 � �0.01, SE � 0.00, p � 0.01).
    keywords: age; assets; consumption; expectancy; financial; life; life expectancy; retirement; years
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        item: #102 of 566
          id: fsr-3294
      author: Hudson, Crystal; Heo, Wookjae; Park, Heejung; Palmer, Lance
       title: Employees’ financial behaviors following the 2007–2009 financial crisis
        date: 2017
       words: 8341
      flesch: 56
     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.
    keywords: behavior; cash; crisis; employees; financial; flow; income; income employees; management; savings; services; � �
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        item: #103 of 566
          id: fsr-3295
      author: Baird, Philip
       title: Value line quarterly EPS forecast error: Analyst credibility or management appeasement?
        date: 2017
       words: 8938
      flesch: 56
     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 “middle” asymmetry) and the preponderance of large negative versus large positive forecast errors (the “tail” 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’ forecasts.
    keywords: analysts; bias; earnings; error; forecast; news; sell; stocks; value; � �
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        item: #104 of 566
          id: fsr-3296
      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’s borrowing decisions
        date: 2017
       words: 18496
      flesch: 56
     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.
    keywords: arousal; attitude; behavior; borrowing; credit; household; individuals; intention; journal; loans; material; need; personality; research; resources; review; score; services; traits; � �
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        item: #105 of 566
          id: fsr-3297
      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
       words: 12317
      flesch: 69
     summary: The two terms on the right-hand side of the equation, %Benefit_3 � � 1 m � 1 1� IRR 12 � m and %Benefit_4 � � 1 n � 1 1� IRR 12 � n , represent the present value of initiating receipt of benefits at retirement age 2; the two second terms on the right-hand side, � 1 1 � IRR 12 � N3�N1 and � 1 1� IRR 12 � N4�N2 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 � spouse age, spouse and spouse retire at same time Now, assume Angela was born in 1952 and is four years younger than Michael.
    keywords: age; ir r; m al; r �; � irr; � �
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        item: #106 of 566
          id: fsr-3298
      author: Michelson, Stuart
       title: Vol 26 No 1 Masthead
        date: 2023
       words: 1377
      flesch: 30
     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’s 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.
    keywords: academy; financial; journal; planning; president; services; state; university
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        item: #107 of 566
          id: fsr-3299
      author: Michelson, Stuart
       title: Vol 26 No 1 From the Editor
        date: 2023
       words: 1033
      flesch: 39
     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–vi 1057-0810/17/$ – see front matter © 2017 Academy of Financial Services.
    keywords: behavior; employees; financial; university
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        item: #108 of 566
          id: fsr-3301
      author: Michelson, Stuart
       title: Vol 26 No 1 Closing
        date: 2023
       words: 1057
      flesch: 60
     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.
    keywords: author; page; submission
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        item: #109 of 566
          id: fsr-3302
      author: Michelson, Stuart
       title: Vol 26 No 2 From the Editor
        date: 2023
       words: 983
      flesch: 42
     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.
    keywords: bond; financial; review; services
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        item: #110 of 566
          id: fsr-3303
      author: Michelson, Stuart
       title: Vol 26 No 2 Masthead
        date: 2023
       words: 1375
      flesch: 30
     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’s 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.
    keywords: academy; financial; journal; planning; president; services; state; university
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        item: #111 of 566
          id: fsr-3304
      author: Warshawsky, Mark
       title: Retirement income strategies designed in an expected utility framework
        date: 2017
       words: 12685
      flesch: 47
     summary: Its lifetime utility in retirement is expressed as follows: V� � �t�0 ��1 ��thtu�ct ht �� � ��v�b��, where the realized lifetime utility V� depends on the survival from t � 0 (retirement age 65) through � (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� is monetary wealth as bequest upon death, and � � 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 � � 4, � � 30, and � � 10.
    keywords: ace; age; alda; annuities; annuity; balance; financial; income; life; percentage; real; retirement; strategies; strategy; warshawsky; wealth; withdrawal; � �
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        item: #112 of 566
          id: fsr-3305
      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
       words: 10146
      flesch: 52
     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 �0.008 (0.044) 0.089 (0.053) �0.015 (0.048) �0.034 (0.066) �0.087 (0.073) �0.054 (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.
    keywords: canada; generation; individuals; level; literacy; lusardi; personality; research; review; scores; services; survey; traits; � �
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        item: #113 of 566
          id: fsr-3306
      author: Clinebell, John; Kahl, Douglas; Stevens, Jerry
       title: Active asset allocation for retirement funds using the fed model
        date: 2017
       words: 7055
      flesch: 60
     summary: A likelihood ratio test statistic with a �2 distribution provides a test of the null hypothesis (� � 0), which implies that the coefficient of the model (l) is constant. Again, when � � one the strict Fed model holds.
    keywords: data; fed; fed model; investment; market; model; multiplier; period; time; vanguard; � t; � �
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        item: #114 of 566
          id: fsr-3307
      author: Cheung, C. Sherman; Miu, Peter
       title: Bond laddering and bond indexing: An empirical comparison
        date: 2017
       words: 13103
      flesch: 63
     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.
    keywords: bond index; ladder portfolio; mtm ladder; portfolio; rate; return; risk; sharpe; term; year bond; year ladder; year mtm; � �
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        item: #115 of 566
          id: fsr-3308
      author: Trifts, Jack; Porter, Gary
       title: The impact of the capitalization of operating leases: A guide for individual investors
        date: 2017
       words: 12218
      flesch: 67
     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’Amore-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.
    keywords: debt; leases; operating; t ra
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        item: #116 of 566
          id: fsr-3310
      author: Michelson, Stuart
       title: FSR Vol 26 #2 Closing
        date: 2023
       words: 1268
      flesch: 56
     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.
    keywords: financial; papers; services; submission
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        item: #117 of 566
          id: fsr-3311
      author: DeLibero, Russell; Pfau, Wade
       title: Life insurance as a retirement income tool
        date: 2017
       words: 11358
      flesch: 49
     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.
    keywords: accumulation; benefit; cash; distribution; income; insurance; life; life insurance; policy; rate; retirement; tax
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        item: #118 of 566
          id: fsr-3321
      author: Anthony, Andrea; Beck, Kristine; Chira, Inga
       title: Does the source of money determine retirement investment choices?
        date: 2017
       words: 7006
      flesch: 56
     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) 241–254 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.
    keywords: 403(b; choices; employees; fidelity; investment; participants; plan; retirement; risk; tier
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        item: #119 of 566
          id: fsr-3322
      author: Shin, Serah; Kim, Hyungsoo
       title: Marital status, health, and retirement wealth for middle aged and older women
        date: 2017
       words: 8092
      flesch: 61
     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.
    keywords: disease; health; kim; morbidity; net; patterns; period; retirement; sequence; status; women; worth; years
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        item: #120 of 566
          id: fsr-3323
      author: Camarda, Jeffrey
       title: Relation between financial advisory designations and FINRA misconduct FSR201714
        date: 2017
       words: 8158
      flesch: 52
     summary: The Tobit and OLS regression models specifications are: DIS � �1 � �Yr � �A � �G � �IC � �RR&IAR � �Ins � �AnyDes � � (1) ADIS � �1 � �Yr � �A � �G � �IC � �RR&IAR � �Ins � �AnyDes � � (2) CAD � �1 � �Yr � �A � �G � �IC � �RR&IAR � �Ins � �AnyDes � � (3) Table 5 DIS, ADIS, CAD, and binary analog misconduct by designation, gender, employment status, and insurance and IAR licensure Independent variable � B-CAD � B-ADIS � B-DIS � CAD � ADIS � 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) 271–290 The logit regression models specifications are: B-DIS � �1 � �Yr � �A � �G � �IC � �RR&IAR � �Ins � �AnyDes � � (4) B-ADIS � �1 � �Yr � �A � �G � �IC � �RR&IAR � �Ins � �AnyDes � � (5) B-CAD � �1 � �Yr � �A � �G � �IC � �RR&IAR � �Ins � �AnyDes � � (6) Where YR � Years registered A � Age G � Gender IC � Independent contractor RR&IAR � dual registration as RR and IAR Ins � RR is life insurance sales licensed Anydes � RR holds any of CFA, CFP, or ChFC designations 9.
    keywords: adis; advisory; cad; cfa; cfp; designation; dis; disclosure; financial; iar; insurance; misconduct; study; � �
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        item: #121 of 566
          id: fsr-3324
      author: Chambers, Valrie; Bland, Eugene; Spencer, Marilyn
       title: Does the source of a cash flow affect spending versus saving?
        date: 2017
       words: 11446
      flesch: 63
     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 � Pr � �t� At the 1% significance level Game show vs. tax rebate �0.110 0.001 At the 5% significance level Game show vs. lottery �0.067 0.047 Game show vs. inheritance �0.065 0.045 At the 10% significance level Bonus vs. tax rebate �0.066 0.056 B. Total savings, lump sum payment � Pr � �t� At the 10 % significance level Game show vs. tax rebate �0.056 0.063 C. Longer-term savings, monthly payment � Pr � �t� At the 1% significance level Game show vs. tax rebate �.1058 .005 At the 5% significance level Game show vs. lottery �.079 .036 At the 10% significance level Game show vs. bonus �.068 .065 Inheritance vs. tax rebate �.069 .066 D. Total savings, monthly payment � Pr � �t� At the 1% significance level Game show vs. lottery �.096 .008 Game show vs. bonus �.108 .002 At the 5% significance level Game show vs. tax rebates �.076 .033 Inheritance vs. bonus �.077 .033 At the 10% significance level Inheritance vs. Lottery �.065 .072 306 V. Chambers et al. / Financial Services Review 26 (2017) 291–313 payments for one year, Game Show winnings were saved at a lower rate than Bonus payments at the p � 0.0024 significance level, and an Inheritance was saved at a lower level than a bonus at the 0.00325 significance level.
    keywords: bonus; game; income; level; lottery; payment; review; savings; source; sum; table; tax; variable
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        item: #122 of 566
          id: fsr-3326
      author: Pilote, Pierre-Etienne; Boulianne, Emilio; Magnan, Michel
       title: Impact of the Financial Advisor on Clients’ Financial Outcomes: An Integrative Model
        date: 2024
       words: 15184
      flesch: 44
     summary: Choice of self-serving recommendations Variation of advisors’ 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’ wealth Kickbacks offered by portfolio managers to financial advisors negatively affect clients’ 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)
    keywords: advice; advisor; archival; clients; data; et al; financial; impact; individuals; information; journal; knowledge; model; recommendations; review; services; theory; title; trust
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        item: #123 of 566
          id: fsr-3333
      author: Michelson, Stuart
       title: Vol 24 No 3 Masthead
        date: 2023
       words: 1380
      flesch: 32
     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’s 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’s 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’s 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.
    keywords: academy; financial; journal; planning; president; services; state; university
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        item: #124 of 566
          id: fsr-3334
      author: Michelson, Stuart
       title: Vol 24 No 3 Letter from the Editor
        date: 2023
       words: 980
      flesch: 45
     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).
    keywords: authors; financial; fund
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        item: #125 of 566
          id: fsr-3335
      author: Collins, Patrick J.; Lam, Huy; Stampfli, Josh
       title: How risky is your retirement income risk model?
        date: 2015
       words: 11269
      flesch: 45
     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.
    keywords: asset; collins; distribution; income; inflation; investment; investor; model; monte; planning; portfolio; rates; regime; retirement; returns; review; risk; risk model; series; services; sustainability
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        item: #126 of 566
          id: fsr-3336
      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
       words: 27226
      flesch: 80
     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.
    keywords: ar te; funds; investors; r �; rs �; superannuation; t �; ta t; � �
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        item: #127 of 566
          id: fsr-3337
      author: Kanuri, Srinidhi; McLeod, Robert W.
       title: Does it pay to diversify? U.S. vs. international ETFs
        date: 2015
       words: 9354
      flesch: 65
     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) � as follows: �RETF, t � Rf, t� � �i � �i*�RBenchmark, t � Rf, t� � �i,t (7) where R ETF, t and R Benchmark, t are monthly returns on the ETF and their benchmark index, respectively. If � � 1, it indicates that ETF is very consistent with the benchmark index movements.
    keywords: diversification; etfs; index; international; months; period; returns; review; s&p; total; u.s; world
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        item: #128 of 566
          id: fsr-3338
      author: Chen, Haiwei; Shin, Sang Heon; Sun, Xu
       title: Return-enhancing strategies with international ETFs: Exploiting the turn-of-the-month effect
        date: 2015
       words: 7422
      flesch: 65
     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. �Return is the difference between ETF returns and the corresponding stock index returns.
    keywords: etf; index; month; period; returns; strategy; tom; tom period
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        item: #129 of 566
          id: fsr-3339
      author: He, Wei; Cao, Bolong; Baker, H. Kent
       title: The performance and market timing ability of Chinese mutual funds
        date: 2015
       words: 12212
      flesch: 60
     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.
    keywords: characteristics; chinese; factor; financial; flows; fund; fund performance; market; net; performance; returns; size; stock; table; timing
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        item: #130 of 566
          id: fsr-3340
      author: Michelson, Stuart
       title: Vol 24 No 3 Closing
        date: 2023
       words: 1057
      flesch: 60
     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.
    keywords: author; page; submission
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        item: #131 of 566
          id: fsr-3341
      author: Kruger, Michelle; Palmer, Lance; Goetz, Joseph
       title: Financial Satisfaction: The Role of Shared Financial Responsibilities and Shared Financial Values Among Couples
        date: 2023
       words: 7548
      flesch: 46
     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.
    keywords: agreement; couple; financial; income; journal; level; satisfaction; saving; spending; variables
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        item: #132 of 566
          id: fsr-3343
      author: Rand, Christopher; McCrae, Melisande; Martin, Jason
       title: Retail Investors and Investment Fraud Victims: Is There a Connection?
        date: 2025
       words: 8194
      flesch: 41
     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).
    keywords: adults; age; financial; fraud; investment; investment fraud; investors; knowledge; level; overconfident; research; risk; study; victims
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        item: #133 of 566
          id: fsr-3346
      author: Jeong, Danah; Hampton, Benjamin; Archuleta, Kristy
       title: How Are You Doing? Financial Well-being During COVID-19 
        date: 2024
       words: 7481
      flesch: 45
     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.
    keywords: behavior; covid-19; financial; income; knowledge; satisfaction; score; study; time; wellbeing
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        item: #134 of 566
          id: fsr-3355
      author: Qing, Di; Reiter, Miranda
       title: Racial/Ethnic Disparities in Financial Advice Seeking: A Decomposition Analysis
        date: 2024
       words: 11730
      flesch: 48
     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.
    keywords: advice; black; consumers; decisions; decomposition; differences; financial; groups; hispanic; knowledge; planner; respondents; risk; seeking; use; white
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        item: #135 of 566
          id: fsr-3358
      author: Grace, Chuck; Metzler, Adam; Miao, Yang; Feng, Longlong; Fazeli, Alireza
       title: Unveiling the Winning Contribution Patterns for Enhanced Financial Health
        date: 2024
       words: 11617
      flesch: 53
     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.
    keywords: accumulation; canada; canadian; cluster; clustering; dataset; financial; impact; income; investment; investors; journal; portfolio; rates; research; retirement; returns; risk; savings; time; wealth
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        item: #136 of 566
          id: fsr-3359
      author: Grable, John
       title: From the Editor
        date: 2023
       words: 832
      flesch: 64
     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.
    keywords: financial; fsr
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        item: #137 of 566
          id: fsr-3364
      author: Michelson, Stuart
       title: Vol 26 No 3 Masthead
        date: 2023
       words: 1375
      flesch: 30
     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’s 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.
    keywords: academy; financial; journal; planning; president; services; state; university
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        item: #138 of 566
          id: fsr-3365
      author: Michelson, Stuart
       title: Vol 26 No 3 Letter
        date: 2023
       words: 829
      flesch: 42
     summary: Using data from 2,476 women age 50 or older from the 1992–2014 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–vi 1057-0810/17/$ – see front matter © 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.
    keywords: financial; review; services
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        item: #139 of 566
          id: fsr-3366
      author: Michelson, Stuart
       title: Vol 26 No 3 Closing
        date: 2023
       words: 1057
      flesch: 60
     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.
    keywords: author; page; submission
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        item: #140 of 566
          id: fsr-3368
      author: Michelson, Stuart
       title: Vol 26 No 4 Masthead
        date: 2023
       words: 1322
      flesch: 29
     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–Rio 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’s 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.
    keywords: academy; financial; journal; planning; president; services; state; university
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        item: #141 of 566
          id: fsr-3369
      author: Michelson, Stuart
       title: Vol 26 No 4 Letter from the Editor
        date: 2023
       words: 1531
      flesch: 28
     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
    keywords: advice; authors; financial; journal; process; review; risk; services; state; tolerance; university
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        item: #142 of 566
          id: fsr-3370
      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
       words: 11306
      flesch: 57
     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’s willingness to take financial risk.
    keywords: changes; commodity; factors; frt; gdp; grable; individuals; market; review; risk; score; services; study; support; test; time; tolerance; variables
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        item: #143 of 566
          id: fsr-3371
      author: Bachmann, Kremena; Hens, Thorsten; Stossel, Remo
       title: Which measures predict risk taking in a multi-stage controlled investment decision process?
        date: 2017
       words: 13170
      flesch: 60
     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.
    keywords: asset; decision; experience; financial; individuals; investment; process; questions; return; risk; risk taking; risk tolerance; taking; tolerance
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        item: #144 of 566
          id: fsr-3372
      author: Sindelar, Jiri; Budinsky, Petr
       title: Evaluating the relationship between IFA remuneration and advice quality: An empirical study
        date: 2017
       words: 11502
      flesch: 62
     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.
    keywords: advice; co m; e pr; effect; ra m; uc t
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        item: #145 of 566
          id: fsr-3373
      author: George, Jeffrey; Trainor, Jr., William J.
       title: Portfolio insurance using leveraged ETFs
        date: 2017
       words: 9251
      flesch: 65
     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 �4.82% 50.00% $0.98 �14.12% 16.67% $0.98 1/7-1/13 �2.69% 39.00% $0.97 �8.16% 13.12% $0.97 1/13-1/29 2.59% 34.26% $0.98 7.29% 11.52% $0.98 1/29-2/5 �2.98% 38.75% $0.96 �9.15% 12.99% $0.96 2/5-2/11 �2.71% 33.91% $0.96 �7.71% 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 0–1% 17.41% 34.46%b 53.96%b 74.70%b 10.21% 9.81% 9.99% 10.09% 1–2% 17.92% 35.14%b 55.24%b 77.22%b 11.31% 11.05% 11.27% 11.39% 2–3% 6.62% 11.54%b 19.84%b 31.19%b 6.06% 6.03% 6.28% 6.44%a 3–4% 6.87% 11.64%b 19.02%b 28.32%b 6.36% 6.60% 6.97%a 7.22%a 4–5% 8.39% 13.59%b 20.55%b 28.08%b 7.05% 7.38% 7.80%a 8.06%a 5–6% 8.62% 12.45%b 16.97%b 20.99%b 6.92% 7.37% 7.84%a 8.15%a 6–7% 13.49% 23.08%b 34.69%b 47.07%b 10.90% 11.65% 12.26%a 12.62%a �7% 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 �0% 23.47% 47.97%b 79.43%b 117.76%b 17.03% 16.32% 16.51% 16.65% 0–1% 12.55% 23.08%b 35.23%b 47.77%b 7.61% 7.42% 7.64% 7.76% 1–2% 10.39% 17.51%b 26.64%b 36.83%b 8.18% 8.43% 8.83%a 9.08%a 2–3% 10.48% 17.26%b 26.23%b 36.41%b 9.41% 10.01% 10.54%a 10.86%a �3% 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.
    keywords: cppi; cppi s&p; letfs; portfolio; results; returns; risk; s&p; strategies; � �
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        item: #146 of 566
          id: fsr-3374
      author: Alyousif, Maher H.; Kalenkoski, Charlene M.
       title: Who seeks financial advice?
        date: 2017
       words: 17369
      flesch: 65
     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?
    keywords: advice; e 0; ild 0; le 0; literacy; seeking; services
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        item: #147 of 566
          id: fsr-3375
      author: Michelson, Stuart
       title: Vol 26 No 4 Closing
        date: 2023
       words: 1019
      flesch: 60
     summary: Page proofs will be sent to the corresponding author. Note that journal titles should not be abbreviated.
    keywords: financial; page; submission
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        item: #148 of 566
          id: fsr-3376
      author: Michelson, Stuart
       title: Vol 27 No 1 Masthead
        date: 2023
       words: 1322
      flesch: 29
     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–Rio 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’s 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.
    keywords: academy; financial; journal; planning; president; services; state; university
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        item: #149 of 566
          id: fsr-3377
      author: Michelson, Stuart
       title: Vol 27 No 1 Letter form the Editor
        date: 2023
       words: 906
      flesch: 43
     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–vi 1057-0810/18/$ – see front matter © 2018 Academy of Financial Services.
    keywords: financial; review; services; university
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        item: #150 of 566
          id: fsr-3378
      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
       words: 13698
      flesch: 58
     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.
    keywords: consumer; credit; errors; factors; household; income; individuals; information; models; reports; review; scores; services; smith; yes
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        item: #151 of 566
          id: fsr-3379
      author: Kim, Hyungsoo; Shin, Serah; Zhang, Qun; Gillen, Martie
       title: Age when first employed and retirement wealth of baby boomers
        date: 2018
       words: 9007
      flesch: 68
     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.
    keywords: age; college; group; retirement; retirement savings; review; savings; school; services; wealth; years; � �
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        item: #152 of 566
          id: fsr-3380
      author: Shen, Sally; Turner, John A.
       title: Conflicted advice about portfolio diversification
        date: 2018
       words: 24088
      flesch: 71
     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 �FF3 � �FF3 � �FF3 �f �FF3 � �FF3�f�FF3� � �FF3 where �FF3 � ��1 · · · �N�� and �FF3 � ��M, �SMB, �HML� is a N � 3 matrix with �f � ��1F · · · �NF�� for f � M, SMB and HML, respectively. �N)�, and the N � N covariance matrix � is given by � � � �1 2 · · · �1N··· · · · ··· �N1 · · · �N 2 �.
    keywords: b �; e t; investment; l �; m ea; om �; pm �; � c; � co; � r; � �
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        item: #153 of 566
          id: fsr-3381
      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
       words: 7467
      flesch: 58
     summary: We argue that an additional benefit of personal service is that it influences the determi- nants of customers’ 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.
    keywords: bank; benevolence; carlander; competence; customers; journal; marketing; quality; research; review; satisfaction; service; transparency; trust
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        item: #154 of 566
          id: fsr-3383
      author: Kaushik, Abhay; Boisvert, Raymond
       title: Expense ratios and net alphas of large cap funds: Do expenses add value?
        date: 2018
       words: 8274
      flesch: 63
     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?
    keywords: alpha; cap; expense; funds; market; percent; performance; ratio; returns; value; year
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        item: #155 of 566
          id: fsr-3384
      author: Michelson, Stuart
       title: Vol 27 No 1 Closing
        date: 2023
       words: 1019
      flesch: 60
     summary: Page proofs will be sent to the corresponding author. Note that journal titles should not be abbreviated.
    keywords: financial; page; submission
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        item: #156 of 566
          id: fsr-3385
      author: Michelson, Stuart
       title: Vol 27 No 2 Masthead
        date: 2023
       words: 1332
      flesch: 28
     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–Rio 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’s 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.
    keywords: academy; financial; journal; planning; president; services; state; university
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        item: #157 of 566
          id: fsr-3386
      author: Michelson, Stuart
       title: Vol 27 No 2 Letter from the Editor
        date: 2023
       words: 959
      flesch: 40
     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–vi 1057-0810/18/$ – see front matter © 2018 Academy of Financial Services.
    keywords: financial; planning; services; university
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        item: #158 of 566
          id: fsr-3387
      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
       words: 6511
      flesch: 50
     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.
    keywords: analysis; board; cfp; consumers; facebook; financial; fpa; media; napfa; news; organization; planning; website; words
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        item: #159 of 566
          id: fsr-3388
      author: Davis, Kevin; Fraser, Steve P.; Jennings, William W.
       title: An examination of the Federal Employee Retirement System (FERS) survivor annuity benefit
        date: 2018
       words: 5332
      flesch: 57
     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.
    keywords: annuity; benefit; female; fers; insurance; male; retiree; retirement; spouse; survivor; year
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        item: #160 of 566
          id: fsr-3389
      author: Jennings, William W.; Merrell, Jeffrey C.; O’Malley, Thomas C.; Payne, Brian C.
       title: A framework for analyzing defined benefit pension insurance: The survivor benefit plan for veterans
        date: 2018
       words: 11756
      flesch: 52
     summary: If the officer’s equivalent-aged spouse then lives to age 70, she collects 20 years’ 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
    keywords: benefit; financial; insurance; invest; life; military; payout; pension; premiums; retiree; retirement; review; sbp; services; spouse; strategy; term
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        item: #161 of 566
          id: fsr-3390
      author: Fulk, Martha; Grable, John E.; Watkins, Kimberly; Kruger, Michelle
       title: Who uses robo-advisory services, and who does not?
        date: 2018
       words: 7893
      flesch: 52
     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.
    keywords: advisor; help; net; planner; planning; robo; seeking; services; use; worth
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        item: #162 of 566
          id: fsr-3391
      author: Krause, Timothy A.
       title: Risk and uncertainty in style rotation
        date: 2018
       words: 13366
      flesch: 62
     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 �0.17 8.31 �0.12 0.09 Small growth IJT 2,728 0.047 0.0015 �0.23 7.80 �0.10 0.09 Mid value IJJ 2,728 0.043 0.0146 �0.20 10.89 �0.11 0.11 Mid growth IJK 2,728 0.046 0.0140 �0.38 8.61 �0.10 0.09 Large value IVE 2,728 0.034 0.0133 �0.17 11.50 �0.09 0.11 Large growth IVW 2,728 0.043 0.0119 �0.14 12.61 �0.09 0.11 This table presents summary statistics for the variables under study.
    keywords: growth; index; results; returns; risk; t �; uncertainty; value; vix; volatility; vvix; � v; � �
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        item: #163 of 566
          id: fsr-3392
      author: Michelson, Stuart
       title: Vol 27 No 2 Closing
        date: 2023
       words: 1019
      flesch: 60
     summary: Page proofs will be sent to the corresponding author. Note that journal titles should not be abbreviated.
    keywords: financial; page; submission
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        item: #164 of 566
          id: fsr-3393
      author: Michelson, Stuart
       title: Vol 27 No 3 Masthead
        date: 2023
       words: 1333
      flesch: 28
     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–Rio 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’s 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.
    keywords: academy; financial; journal; planning; president; services; state; university
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        item: #165 of 566
          id: fsr-3394
      author: Michelson, Stuart
       title: Vol 27 No 3 Letter from the Editor
        date: 2023
       words: 948
      flesch: 45
     summary: In theory the charity is indifferent to the donation method, and the investor receives Financial Services Review 27 (2018) v–vi 1057-0810/18/$ – see front matter © 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.
    keywords: financial; risk; services; university
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        item: #166 of 566
          id: fsr-3395
      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
       words: 12003
      flesch: 53
     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 � � � � Education � � Income � � � Value of investments � � � � � � � � Risk tolerance � � Long-term market confidence � � Confidence in fairness of markets � � � � Over-confidence (knowledge) � � � � Active fee help � � � � � Active free help � Media help � � � Network help � � AFeexOverConf � AFreexOverConf � MediaxOverConf � � NetworksxOverConf � � � � AFeexUnderConf � AFreexUnderConf � NetworksxUnderConf � 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 � �ea�bdxd�bvxv�brxr�bcxc�boxo�buxu�bhxh�bixi� �1 � ea�bdxd�bvxv�brxr�bcxc�boxo�buxu�bhxh�bixi� (1) where: p � the probability of asset ownership, e � the base of natural logarithms, a � the equation constant, bs � beta coefficients Xs � set of independent variables (d � demographic variables, v � value of investments, r � risk tolerance, c � market confidence, o � over-confidence, u � under-confidence, h � help-seeking sources, i � interactions) 4.
    keywords: asset; confidence; help; information; insurance; investment; investors; knowledge; ownership; review; risk; seeking; services; sources; value; � �
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        item: #167 of 566
          id: fsr-3396
      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
       words: 13387
      flesch: 51
     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.
    keywords: advisor; advisor compensation; characteristics; clients; commission; compensation; compensation method; fee; knowing; knowledge; professional; respondents; services; use
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        item: #168 of 566
          id: fsr-3397
      author: Whitworth, Jeff
       title: Improving long-term portfolio risk and return by using appreciated stocks for charitable donations
        date: 2018
       words: 10353
      flesch: 55
     summary: For stock investors who are regular charitable donors, the tax code provides a way—in addition to the usual charitable deduction—to 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’s dependence on its largest stock. 8
    keywords: capital; diversification; gains; investor; losses; portfolio; risk; stock; tax; wealth; years
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        item: #169 of 566
          id: fsr-3398
      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
       words: 13231
      flesch: 60
     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.
    keywords: average; chfs; china; et al; hanna; households; investment; respondents; risk; risk aversion; risk tolerance; scf; scf risk; survey
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        item: #170 of 566
          id: fsr-3399
      author: Loviscek, Anthony; Broder, Adam
       title: Perspectives on “sell in May and go away”: A look at recent evidence and implications
        date: 2018
       words: 9908
      flesch: 66
     summary: Today, according to the Stock Trader’s 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 2008–2009) and heavy-tail distributions than the “t” test.
    keywords: approach; buy; cap; cap fund; fund; hold; october; results; return; strategy; switching
       cache: fsr-3399.pdf
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        item: #171 of 566
          id: fsr-3400
      author: Michelson, Stuart
       title: Vol 27 No 3 Closing
        date: 2023
       words: 1019
      flesch: 60
     summary: Page proofs will be sent to the corresponding author. Note that journal titles should not be abbreviated.
    keywords: financial; page; submission
       cache: fsr-3400.pdf
  plain text: fsr-3400.txt

        item: #172 of 566
          id: fsr-3401
      author: Michelson, Stuart
       title: Vol 27 No 4 Masthead
        date: 2023
       words: 1346
      flesch: 28
     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–Rio 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’s 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.
    keywords: academy; financial; journal; planning; president; services; state; university
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        item: #173 of 566
          id: fsr-3402
      author: Michelson, Stuart
       title: Vol 27 No 4 Letter from the Editor
        date: 2023
       words: 875
      flesch: 42
     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.
    keywords: financial; services; university
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        item: #174 of 566
          id: fsr-3403
      author: Tao, Ran; Yuan, Yuan
       title: The importance of debt for household risky asset allocation and portfolio structure
        date: 2018
       words: 10236
      flesch: 58
     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* � x�� � � (1) where the error term ��N The conditional means are given by E� y�x� � Pr�� � � x��� x�� � E���� � � x��� � � x��/ x�� � x��/ (6) where (.) and �(.) are the standard normal distribution pdf and cdf, respectively.
    keywords: age; allocation; asset; debt; decision; household; model; portfolio; review; risky; structure; variable; � �
       cache: fsr-3403.pdf
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        item: #175 of 566
          id: fsr-3404
      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
       words: 14245
      flesch: 59
     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 � Future Value of Taxable Investment � Future Value of Roth IRA or if (1 � r)n �1 � tw� � tc�1 � r�1 � tc�� n � �1 � r�n (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 591⁄2 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.
    keywords: consumption; income; ira; retirement; return; roth; roth ira; tax; traditional; years
       cache: fsr-3404.pdf
  plain text: fsr-3404.txt

        item: #176 of 566
          id: fsr-3405
      author: Ucar, Erdem; Staer, Arsenio
       title: Local creative culture and dividend policy
        date: 2018
       words: 12634
      flesch: 53
     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.
    keywords: creativeshare; culture; dividend; dividend payer; financial; firm; local; risk; taking; tests; ucar; variables; year
       cache: fsr-3405.pdf
  plain text: fsr-3405.txt

        item: #177 of 566
          id: fsr-3406
      author: Scott, Janine K.; Vu, Nghia Nguyen; Cheng, Yuanshan; Gibson, Philip
       title: Financial capability: Literacy, behavior, and distress
        date: 2018
       words: 11811
      flesch: 61
     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.
    keywords: behavior; capability; distress; e �; income; k 0; knowledge; literacy; mortgage; respondents; retirement; services
       cache: fsr-3406.pdf
  plain text: fsr-3406.txt

        item: #178 of 566
          id: fsr-3407
      author: DiLellio, James
       title: Risk and reward of fractionally leveraged ETFs in a stock/bond portfolio
        date: 2023
       words: 8038
      flesch: 57
     summary: (9) to � � 0.062 � 1.125�2. Fig. � � � f2 � 1� 2� f � 1� �2 � f �ẽ � �Libori � X�� f � 1�� � e f � 1 .
    keywords: bond; etf; etfs; leverage; ratio; returns; sharpe; stock; table; volatility; � �
       cache: fsr-3407.pdf
  plain text: fsr-3407.txt

        item: #179 of 566
          id: fsr-3408
      author: Michelson, Stuart
       title: Vol 27 No 4 Closing
        date: 2023
       words: 1019
      flesch: 60
     summary: Page proofs will be sent to the corresponding author. Note that journal titles should not be abbreviated.
    keywords: financial; page; submission
       cache: fsr-3408.pdf
  plain text: fsr-3408.txt

        item: #180 of 566
          id: fsr-3410
      author: Michelson, Stuart
       title: Vol 28 No 1 Masthead
        date: 2020
       words: 1326
      flesch: 28
     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’s 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.
    keywords: academy; financial; journal; planning; president; services; state; university
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        item: #181 of 566
          id: fsr-3411
      author: Michelson, Stuart
       title: Vol 28 No 1 Letter from the Editor
        date: 2020
       words: 951
      flesch: 49
     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).
    keywords: financial; funds; insurance; review; services; university
       cache: fsr-3411.pdf
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        item: #182 of 566
          id: fsr-3412
      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
       words: 8046
      flesch: 56
     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.
    keywords: cash; cash value; households; income; insurance ownership; life insurance; ownership; term; term life; value; value life
       cache: fsr-3412.pdf
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        item: #183 of 566
          id: fsr-3413
      author: Bland, Eugene; Chambers, Valrie
       title: Are “fun” sources of windfalls destined to be spent hedonistically?
        date: 2020
       words: 9183
      flesch: 62
     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.
    keywords: bonus; chambers; fun; game; income; money; rebate; review; services; source; spending; tax; use; windfall
       cache: fsr-3413.pdf
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        item: #184 of 566
          id: fsr-3414
      author: Trainor, Jr., William J.; Chhachhi, Indudeep; Brown, Christopher L.
       title: A portfolio of leveraged exchange traded funds
        date: 2020
       words: 7347
      flesch: 55
     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 �0.85%. 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).
    keywords: exposure; letf; leverage; portfolio; return; standard
       cache: fsr-3414.pdf
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        item: #185 of 566
          id: fsr-3415
      author: Handy, Jonathan; Smythe, Thomas
       title: Are multiple share class funds poorly governed?
        date: 2020
       words: 9161
      flesch: 62
     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).
    keywords: board; culture; financial; fund; governance; investors; non; quality; rate; ratings
       cache: fsr-3415.pdf
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        item: #186 of 566
          id: fsr-3416
      author: Michelson, Stuart
       title: Vol 28 No 1 Closing
        date: 2020
       words: 1006
      flesch: 60
     summary: Page proofs will be sent to the corresponding author. Note that journal titles should not be abbreviated.
    keywords: financial; page; submission
       cache: fsr-3416.pdf
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        item: #187 of 566
          id: fsr-3417
      author: Michelson, Stuart
       title: Vol 28 No 2 Masthead
        date: 2020
       words: 1326
      flesch: 29
     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’s 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.
    keywords: academy; financial; journal; planning; president; services; state; university
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        item: #188 of 566
          id: fsr-3418
      author: Michelson, Stuart
       title: VOl 28 No 2 Letter from the Editor
        date: 2020
       words: 699
      flesch: 45
     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).
    keywords: financial; services
       cache: fsr-3418.pdf
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        item: #189 of 566
          id: fsr-3419
      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
       words: 15613
      flesch: 66
     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: • While the algorithm works to optimally determine how much a retiree should spend each year from their TDA, Roth, and taxable stock accounts – that is, these are the three decision var- iables to be determined each year – it also accommodates, as indicated above, two other sources of external, fixed, annual income.
    keywords: accounts; bracket; case; consumption; heir; money; retiree; roth; stock; tax; tda; time; year
       cache: fsr-3419.pdf
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        item: #190 of 566
          id: fsr-3420
      author: Suarez, E. Dante
       title: The perfect withdrawal amount over the historical record
        date: 2020
       words: 14820
      flesch: 66
     summary: Possible range of withdrawal rates for balance protection. Determining withdrawal rates using historical data.
    keywords: balance; bequest; fig; horizon; periods; portfolio; pwr; rate; retirement; return; review; services; stocks; suarez; withdrawal; year
       cache: fsr-3420.pdf
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        item: #191 of 566
          id: fsr-3421
      author: Richards, D. W.; Morton, E. F.
       title: Conceptualizing financial advice in Australia: The impact of business models and external stakeholders on client’s best interest practice
        date: 2020
       words: 13222
      flesch: 50
     summary: This is summed up succinctly by this quote: The Corporations Act 2001 defines ‘personal advice’ 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’s objectives, financial situation and needs . . . “General advice” is defined in Section 766B(4) as financial product advice that is not “personal advice.”
    keywords: advice; advisors; business; client; interest; interest practice; licensee; model; practice; product; providers; review; services
       cache: fsr-3421.pdf
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        item: #192 of 566
          id: fsr-3422
      author: Fan, Yuhong; Lin, Crystal Yan
       title: Active vs. passive, the case of sector equity funds
        date: 2020
       words: 10421
      flesch: 66
     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.
    keywords: equity; etfs; funds; period; sector
       cache: fsr-3422.pdf
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        item: #193 of 566
          id: fsr-3423
      author: Michelson, Stuart
       title: Vol 28 No 2 Closing
        date: 2023
       words: 1483
      flesch: 56
     summary: In light of recent events, we have restructured pricing for this year’s virtual annual meeting: $199 for academics and prac��oners and $99 for students. Submission Informa�on: Research papers and abstracts covering all aspects of individual financial management and education are sought for inclusion in the program.
    keywords: financial; papers; program; services
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        item: #194 of 566
          id: fsr-3424
      author: Michelson, Stuart
       title: Vol 28 No 3
        date: 2020
       words: 1326
      flesch: 29
     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’s 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.
    keywords: academy; financial; journal; planning; president; services; state; university
       cache: fsr-3424.pdf
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        item: #195 of 566
          id: fsr-3425
      author: Michelson, Stuart
       title: Vol 28 No 3 Letter to the Editor
        date: 2020
       words: 720
      flesch: 45
     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).
    keywords: financial; services
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        item: #196 of 566
          id: fsr-3426
      author: Timmerman, Inga; Volkov, Nikanor
       title: Career and education choice as central elements of long- term financial planning
        date: 2020
       words: 14496
      flesch: 53
     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.
    keywords: capital; career; degree; earnings; education; human; individual; portfolio; value; wealth
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        item: #197 of 566
          id: fsr-3427
      author: Cobb, Barry R.; Smith, Jeffrey S.
       title: Selecting a Social Security age to balance consumption and risk
        date: 2020
       words: 17666
      flesch: 57
     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.
    keywords: age; consumption; o n; security; wealth
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        item: #198 of 566
          id: fsr-3428
      author: MacDonald, Noah; Evans, Brent
       title: A theoretical examination of cash-back credit cards and their effect on consumer spending
        date: 2020
       words: 9280
      flesch: 63
     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.
    keywords: card; cash; consumer; consumption; cost; credit; credit card; demand; rewards; services; spending; use
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        item: #199 of 566
          id: fsr-3429
      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
       words: 12874
      flesch: 60
     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.
    keywords: attitude; behavior; education; literacy; lusardi; planner; race; respondents; results; retirement; review; services; willows
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        item: #200 of 566
          id: fsr-3430
      author: Michelson, Stuart
       title: Vol 28 No 3 Closing
        date: 2023
       words: 1487
      flesch: 54
     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.
    keywords: financial; papers; program; services; submission
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        item: #201 of 566
          id: fsr-3431
      author: Michelson, Stuart
       title: Vol 28 No 4 Masthead
        date: 2023
       words: 1325
      flesch: 30
     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’s 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
    keywords: academy; financial; journal; planning; president; services; state; university
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        item: #202 of 566
          id: fsr-3432
      author: Michelson, Stuart
       title: Vol 28 No 4 Letter from the Editor
        date: 2023
       words: 834
      flesch: 42
     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.
    keywords: financial; issue; literacy
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        item: #203 of 566
          id: fsr-3433
      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
       words: 15083
      flesch: 64
     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: “Financial 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.”
    keywords: attitude; behavior; card; card debt; credit; credit card; debt; e 0; financial; literacy; savings; taking
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        item: #204 of 566
          id: fsr-3434
      author: Al-Bahrani, Abdullah; Patel, Darshak; Weathers, Jamie
       title: Can financial literacy education reduce the use of Medicaid and SNAP?
        date: 2020
       words: 6004
      flesch: 56
     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.
    keywords: education; literacy; participation; program; school
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        item: #205 of 566
          id: fsr-3435
      author: Filbeck, Greg; Pettner, Jason; Zhao, Xin
       title: Financial literacy: profiling a successful high school outreach program
        date: 2020
       words: 17140
      flesch: 68
     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.
    keywords: h o; o n; o u; u d
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        item: #206 of 566
          id: fsr-3436
      author: Pearson, Blain; Guillemette, Michael
       title: The Association Between Financial Risk and Retirement Satisfaction
        date: 2020
       words: 4477
      flesch: 58
     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.
    keywords: assets; capital; income; retirees; retirement; risk; satisfaction; variable; wealth
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        item: #207 of 566
          id: fsr-3437
      author: Michelson, Stuart
       title: Vol 28 No 4 Closing
        date: 2023
       words: 1491
      flesch: 58
     summary: AFS and FPA offer Financial Services Review CE online only—paper 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.
    keywords: financial; retirement; risk; satisfaction; services
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        item: #208 of 566
          id: fsr-3439
      author: Michelson, Stuart
       title: Vol 29 No 1 Masthead
        date: 2023
       words: 1316
      flesch: 30
     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’s 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.
    keywords: academy; financial; journal; planning; president; services; state; university
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        item: #209 of 566
          id: fsr-3440
      author: Michelson, Stuart
       title: Vol 29 No 1 Letter from the Editor
        date: 2023
       words: 980
      flesch: 38
     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 “The Impact of Using Financial Technology on Positive Financial Behaviors” 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’ positive financial behaviors.
    keywords: authors; filers; financial; journal; review; risk; services; university
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        item: #210 of 566
          id: fsr-3441
      author: Coats, Jennifer; Bajtelsmit, Vickie
       title: Optimism, overconfidence, and insurance decisions
        date: 2021
       words: 14516
      flesch: 51
     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*** �0.35*** 1 Risk seeking 0.08 0.02 0.06 1 Male 0.19 �0.14 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.
    keywords: bias; insurance; loss; mistakes; optimism; overconfidence; participants; performance; probability; risk; treatments
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        item: #211 of 566
          id: fsr-3442
      author: Bi, Qianwen; Dean, Lukas R.; Guo, Tao; Sun, Xu
       title: The impact of using financial technology on positive financial behaviors
        date: 2021
       words: 15515
      flesch: 59
     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) 29–54 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.
    keywords: behaviors; e o; h o; households; m o; n d; o ld; o n; o o; o r; se h; ti o
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        item: #212 of 566
          id: fsr-3443
      author: Feng, Wei; Jones, Travis L.; Allen, Marcus T.
       title: Using investor utility to determine portfolio choice with REITs
        date: 2021
       words: 5357
      flesch: 64
     summary: The benefit of adding REITs to a portfolio is inversely related to investor risk aversion. Investor’s risk preference To explain the role of risk preference over the portfolio choice, we model an investor’s utility function as: U ¼ m� :05us 2 (1) where m is the average portfolio return, and s is the standard deviation of portfolio returns.
    keywords: allocation; benchmark; bonds; investors; portfolio; preference; reits; risk; stock
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        item: #213 of 566
          id: fsr-3444
      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
       words: 11579
      flesch: 71
     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.
    keywords: bankruptcy; filers; filing; non; variables
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        item: #214 of 566
          id: fsr-3445
      author: Michelson, Stuart
       title: Vol 29 No 1 Closing
        date: 2023
       words: 1407
      flesch: 60
     summary: AFS and FPA offer Financial Services Review CE online only—paper 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.
    keywords: financial; page; reits; risk; services
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        item: #215 of 566
          id: fsr-3446
      author: Michelson, Stuart
       title: Vol 29 No 2 Masthead
        date: 2023
       words: 1316
      flesch: 30
     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’s 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.
    keywords: academy; financial; journal; planning; president; services; state; university
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        item: #216 of 566
          id: fsr-3447
      author: Michelson, Stuart
       title: Vol 29 No 2 Letter to the Editor
        date: 2023
       words: 980
      flesch: 38
     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 “The Impact of Using Financial Technology on Positive Financial Behaviors” 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’ positive financial behaviors.
    keywords: authors; filers; financial; journal; review; risk; services; university
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        item: #217 of 566
          id: fsr-3448
      author: Hussein, Reem; James III, Russell N.
       title: Encouraging living will completion using social norms and family benefit
        date: 2021
       words: 7023
      flesch: 54
     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).
    keywords: advance; base; benefit; family; james; life; living; norms; planning
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        item: #218 of 566
          id: fsr-3449
      author: Heo, Wookjae; Lee, Jae Min; Park, Narang
       title: Who demands which type of life insurance? : various factors in life insurance ownership
        date: 2021
       words: 10390
      flesch: 54
     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.
    keywords: cash; cash value; characteristics; financial; insurance ownership; level; life insurance; life satisfaction; ownership; satisfaction; self; term life; value life
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        item: #219 of 566
          id: fsr-3450
      author: Liu, Zhikun; Blanchett, David M.
       title: Focusing on both sides of the balance sheet: the potential benefit of liability management
        date: 2021
       words: 12458
      flesch: 64
     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?
    keywords: assets; credit; debt; household; income; interest; liability; loans; planning; rate; review; services
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        item: #220 of 566
          id: fsr-3451
      author: Nourallah, Mustafa; Strandberg, Christer; Ohman, Peter
       title: Mobile bank applications: loyalty of young bank customers
        date: 2021
       words: 9086
      flesch: 53
     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?
    keywords: banking; customer; customer satisfaction; financial; journal; loyalty; mba; mobile; reliability; responsiveness; satisfaction; services; study; usability; ybcs
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        item: #221 of 566
          id: fsr-3452
      author: Michelson, Stuart
       title: Vol 29 No 2 Closing
        date: 2023
       words: 1966
      flesch: 59
     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—paper continuing education will not be processed.
    keywords: afs; conference; financial; planning; services
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        item: #222 of 566
          id: fsr-3453
      author: Michelson, Stuart
       title: Vol 29 No 3 Masthead
        date: 2023
       words: 1316
      flesch: 30
     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’s 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.
    keywords: academy; financial; journal; planning; president; services; state; university
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        item: #223 of 566
          id: fsr-3454
      author: Michelson, Stuart
       title: Vol 29 No 3 Letter from the Editor
        date: 2023
       words: 807
      flesch: 36
     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.
    keywords: financial; services; university
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        item: #224 of 566
          id: fsr-3455
      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
       words: 7194
      flesch: 46
     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.
    keywords: african; american; education; efficacy; financial; journal; knowledge; literacy; management; review; self; services; students
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        item: #225 of 566
          id: fsr-3456
      author: West, Tracey; Cull, Michelle; Johnson, Dianne
       title: Income more important than financial literacy for improving wellbeing
        date: 2021
       words: 10211
      flesch: 56
     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.
    keywords: education; financial; future; income; journal; literacy; management; money; review; services; stress; students; university; wellbeing; west
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        item: #226 of 566
          id: fsr-3457
      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
       words: 7464
      flesch: 51
     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.
    keywords: cfp; decision; literacy; planners; planning; portfolio; retamero; risk; risk literacy; visual
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        item: #227 of 566
          id: fsr-3458
      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
       words: 11221
      flesch: 61
     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.
    keywords: advisors; aum; cdfs; client; fee; fees; planning; services; structure; value
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        item: #228 of 566
          id: fsr-3459
      author: Michelson, Stuart
       title: Vol 29 No 3 Closing
        date: 2023
       words: 1509
      flesch: 58
     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—paper continuing education will not be processed.
    keywords: cdfs; financial; page; services
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        item: #229 of 566
          id: fsr-3460
      author: Michelson, Stuart
       title: Vol 29 No 4 Masthead
        date: 2023
       words: 1316
      flesch: 30
     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’s 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.
    keywords: academy; financial; journal; planning; president; services; state; university
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        item: #230 of 566
          id: fsr-3461
      author: Michelson, Stuart
       title: Vol 29 No 4 Letter from the Editor
        date: 2023
       words: 978
      flesch: 36
     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 “Financial (il)literacy versus Individual’s behavior; evidence on credit card repayment patterns” 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.
    keywords: authors; financial; literacy; review; services; university
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        item: #231 of 566
          id: fsr-3462
      author: Barboza, Gustavo; Bongini, Paola; Rossolini, Monica
       title: Financial (il)literacy vs. individual’s behavior: evidence on credit card repayment patterns
        date: 2021
       words: 17851
      flesch: 56
     summary: If financial literacy does affect individuals’ 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.
    keywords: behavior; card; credit; individuals; knowledge; literacy; o n; repayment; review; students
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        item: #232 of 566
          id: fsr-3463
      author: Yan, Ying; James III, Russell N.
       title: Framing the Annuity as Bequest Protection: An Experimental Test
        date: 2021
       words: 8112
      flesch: 56
     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) “solve” the desire for bequests.
    keywords: annuities; annuitization; annuity; argument; bequest; framing; life; mortality; motive; protection; review; risk
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        item: #233 of 566
          id: fsr-3464
      author: Martin, Terrance; Sam, Janine K.; Gibson, Philip
       title: Financial Literacy to Prevent Poor Borrowing Choices
        date: 2021
       words: 11107
      flesch: 66
     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.
    keywords: borrowing; cost; financial; income; individuals; likelihood; literacy; loan; plan; retirement
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        item: #234 of 566
          id: fsr-3465
      author: Handy, Jonathan; Pontari, Beth; Smythe, Thomas; Summers, Suzy
       title: Improving collegiate financial literacy via financial education seminars
        date: 2021
       words: 14656
      flesch: 54
     summary: We now make an effort to gauge the “calibration” between student financial knowledge and confidence in their financial future. Our findings demon- strate that financial knowledge and confidence improve.
    keywords: confidence; control; dummy; future; group; knowledge; participants; pfp; post; program; results; seminar; services; student; survey; treatment
       cache: fsr-3465.pdf
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        item: #235 of 566
          id: fsr-3466
      author: Michelson, Stuart
       title: Vol 29 No 4 Closing
        date: 2023
       words: 1009
      flesch: 61
     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.
    keywords: financial; page; submission
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        item: #236 of 566
          id: fsr-3467
      author: Michelson, Stuart
       title: Vol 30 No 1 Masthead
        date: 2023
       words: 1399
      flesch: 31
     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’s 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.
    keywords: academy; financial; journal; planning; president; services; state; university
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        item: #237 of 566
          id: fsr-3468
      author: Michelson, Stuart
       title: Vol 30 No 1 Letter from the Editor
        date: 2023
       words: 792
      flesch: 39
     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.
    keywords: financial; planning; services
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        item: #238 of 566
          id: fsr-3469
      author: Murguia, Alejandro; Pfau, Wade D.
       title: Retirement income beliefs and financial advice seeking behaviors
        date: 2022
       words: 12117
      flesch: 49
     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.
    keywords: .0001; advisor; efficacy; estimate; income; numeracy; retirement; retirement income; scale; score; self; usefulness
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        item: #239 of 566
          id: fsr-3470
      author: Scholl, Brian; Fontes, Angela
       title: Mutual fund knowledge assessment for policy and decision problems
        date: 2022
       words: 13337
      flesch: 54
     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.
    keywords: decision; education; fee; fees; financial; fontes; fund; index; investment; investor; knowledge; literacy; lusardi; making; questions; respondents; review; scholl; services
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        item: #240 of 566
          id: fsr-3471
      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
       words: 4269
      flesch: 61
     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.
    keywords: advisors
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        item: #241 of 566
          id: fsr-3473
      author: Michelson, Stuart
       title: Vol 30 No 1 Closing
        date: 2023
       words: 1341
      flesch: 61
     summary: AFS and FPA offer Financial Services Review CE online-only—paper 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.
    keywords: author; financial; page; services
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        item: #242 of 566
          id: fsr-3474
      author: Martin, Terrance
       title: Vol 30 No 2 Masthead
        date: 2023
       words: 1410
      flesch: 28
     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’s 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.
    keywords: academy; financial; journal; planning; president; services; state; university
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        item: #243 of 566
          id: fsr-3475
      author: Martin, Terrance
       title: Vol 30 No 2 Letter from the Editor
        date: 2023
       words: 791
      flesch: 46
     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–vi retirement planning and retirement income management.
    keywords: authors; financial; services
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        item: #244 of 566
          id: fsr-3476
      author: Beierlein, Jaclyn J.; Launsby, Kaleigh; Forbes, Haley Smith
       title: Why are women less motivated to become financially literate?
        date: 2022
       words: 9726
      flesch: 65
     summary: Motivation to learn personal finance is positively related to one’s 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.
    keywords: decisions; finance; financial; future; motivation; parents; questions; respondent; women
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        item: #245 of 566
          id: fsr-3477
      author: Ricaldi, Laura C.; Martin, Terrance K.; Huston, Sandra J.
       title: Financial literacy and its impact on the credit card debt puzzle
        date: 2022
       words: 8196
      flesch: 56
     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.
    keywords: accounts; card; convenience; credit; credit card; debt; households; revolvers; self; solvent; users
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        item: #246 of 566
          id: fsr-3478
      author: Athavale, Manoj; Avila, Stephen; Goebel, Joseph
       title: Your mileage may vary
        date: 2022
       words: 10475
      flesch: 48
     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.
    keywords: allocation; horizon; journal; planning; portfolio; portfolio success; probability; rate; retiree; retirement; retirement portfolio; returns; success; withdrawal; year
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        item: #247 of 566
          id: fsr-3479
      author: Heller, Jason E.; Cummings, Benjamin F.; Martin, Jason
       title: Distribution channel effects on advisor managed investment performance
        date: 2022
       words: 8922
      flesch: 55
     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.
    keywords: advisor; average; ibds; investment; load; management; portfolio; rias; risk; time; year
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        item: #248 of 566
          id: fsr-3480
      author: Martin, Terrance
       title: Vol 30 No 2 Closing
        date: 2023
       words: 1425
      flesch: 61
     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—paper continuing education will not be processed.
    keywords: author; credit; financial; page; services
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        item: #249 of 566
          id: fsr-3481
      author: Martin, Terrance
       title: Vol 30 No 3 Masthead
        date: 2023
       words: 1442
      flesch: 27
     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’s 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.
    keywords: academy; financial; journal; martin; services; state; university; winston
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        item: #250 of 566
          id: fsr-3482
      author: Martin, Terrance
       title: Vol 30 No 3 Letter from the Editor
        date: 2023
       words: 723
      flesch: 39
     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, “Financial professionals and financial well-being: Evidence from the national financial well-being survey” examined the association between fi- nancial professional use and financial well-being using the 2016 National Financial Well- Being Survey.
    keywords: financial; services
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        item: #251 of 566
          id: fsr-3483
      author: Ouyang, Congrong; Hanna, Sherman D.
       title: The effect of racial/ethnic differences on the financial obligations ratio of renters
        date: 2022
       words: 5492
      flesch: 56
     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.
    keywords: consumer; debt; discrimination; hanna; households; income; obligations; payments; ratio; renters; review
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        item: #252 of 566
          id: fsr-3484
      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
       words: 5495
      flesch: 49
     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’s (20%), the CFP Board (23%), and the Bureau of Labor Statistics (31%; Nair, 2021) suggest *Corresponding author.
    keywords: advisor; corruption; female; gender; industry; journal; likelihood; perceptions; review; services
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        item: #253 of 566
          id: fsr-3485
      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
       words: 5866
      flesch: 54
     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.
    keywords: advice; age; financial; professional; respondents; results; review; scale; services; use
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        item: #254 of 566
          id: fsr-3486
      author: Augustin, Lua A. V.; Martin, Terrance K.
       title: Financial literacy and the level of financial planning individuals use
        date: 2022
       words: 7892
      flesch: 58
     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.
    keywords: financial; income; individuals; level; literacy; planning; retirement; sample; services; use
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        item: #255 of 566
          id: fsr-3487
      author: Martin, Terrance
       title: Vol 30 No 3 Closing
        date: 2023
       words: 1675
      flesch: 57
     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.
    keywords: advisors; financial; households; obligations; services
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        item: #256 of 566
          id: fsr-3489
      author: Lin, Crystal Y.
       title: Does active management work? : Evidence from equity sector funds
        date: 2014
       words: 12132
      flesch: 67
     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.
    keywords: average; consumer; etf; etfs; funds; period; return; sample; sector; select; spdr; spy; yes
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        item: #257 of 566
          id: fsr-3513
      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
       words: 10389
      flesch: 45
     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.
    keywords: african; americans; behavior; control; et al; european; financial; fmbeh; fskills; fsoc; journal; knowledge; literacy; model; self; socialization; young
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        item: #258 of 566
          id: fsr-3526
      author: Martin, Terrance
       title: Summer-Fall 2023
        date: 2023
       words: 1457
      flesch: 26
     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’s 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.
    keywords: academy; financial; journal; martin; planning; services; state; university; winston
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        item: #259 of 566
          id: fsr-3527
      author: Martin, Terrance
       title: Vol 31 No 2&3 Letter from the Editor
        date: 2023
       words: 578
      flesch: 39
     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.
    keywords: review; services; study
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        item: #260 of 566
          id: fsr-3528
      author: Beck, Kristine L.; Chiu, Hsin-Hui; Timmerman, Inga
       title: The changing assessment of risk for young investors
        date: 2023
       words: 4681
      flesch: 53
     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.
    keywords: finance; investment; knowledge; risk; risk tolerance; tolerance; variables
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        item: #261 of 566
          id: fsr-3529
      author: Liu, Zhikun; James III, Russell; Sun, Qi
       title: Financial planning time horizon and end-of-life mortality expectations
        date: 2023
       words: 6091
      flesch: 61
     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.
    keywords: age; expectancy; financial; horizon; level; life; planning; self; time
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        item: #262 of 566
          id: fsr-3530
      author: Kim, Kyoung Tae; Hanna, Sherman D.; Lee, Sunwoo T.
       title: Investment literacy, overconfidence and cryptocurrency investment
        date: 2023
       words: 14862
      flesch: 57
     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’s investment literacy more comprehensively than commonly used meas- ures of financial literacy (Lusardi & Mitchell, 2014).
    keywords: al 0; cryptocurrency; debt; education; et al; graduate; interest; investment; investment literacy; investors; journal; literacy; overconfidence; review; self; services; students; survey
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        item: #263 of 566
          id: fsr-3531
      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
       words: 8410
      flesch: 56
     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.
    keywords: debt; education; graduate; interest; literacy; review; self; services; students; survey
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        item: #264 of 566
          id: fsr-3532
      author: Augustin, Lua A. V.; Martin, Terrance K.
       title: Timing and frequency of financial education and positive financial behaviors
        date: 2023
       words: 7816
      flesch: 62
     summary: Financial education versus financial literacy Financial literacy is not to be confused with financial education. Against financial literacy education.
    keywords: behaviors; education; frequency; individuals; ira; journal; literacy; needs; respondents; retirement; yes
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        item: #265 of 566
          id: fsr-3538
      author: Filbeck, Greg; Zhao, Xin
       title: Financial literacy during a pandemic: Does modality matter?
        date: 2023
       words: 14947
      flesch: 61
     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.
    keywords: behavior; education; female; financial; knowledge; literacy; objective; post; programs; questions; results; review; sample; school; students; survey; total
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        item: #266 of 566
          id: fsr-3540
      author: McClatchey, Christine
       title: Refinance, pay additional principal, or recast? A home borrower’s dilemma
        date: 2023
       words: 6993
      flesch: 61
     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’s individual circumstances, the forecast for future mortgage rates, lender-specific rules and requirements, and consideration of future changes to the U.S. tax code.
    keywords: borrower; home; interest; loan; mortgage; new; payment; principal; rate; recast; refinancing
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        item: #267 of 566
          id: fsr-3541
      author: Chawla, Isha; Russell, Mia B.; White, Kenneth J.; DeVaney, Sharon A.
       title: Fear and trust in financial institutions: A content analysis
        date: 2023
       words: 8413
      flesch: 53
     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’ daily lives. As such, trust between financial institutions and the consumers they serve is of paramount impor- tance.
    keywords: age; banking; banks; consumers; et al; gender; institutions; journal; research; respondents; review; services; trust
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        item: #268 of 566
          id: fsr-3542
      author: Martin, Terrance
       title: Vol 31 No 2&3 CE and Closing
        date: 2023
       words: 1452
      flesch: 59
     summary: AFS and FPA offer Financial Services Review CE online-only—paper 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?
    keywords: education; financial; literacy; page; services
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        item: #269 of 566
          id: fsr-3549
      author: Grable, John
       title: Vol 31 No 4 Masthead
        date: 2023
       words: 1251
      flesch: -5
     summary: Editor John E. Grable, Ph.D., CFP®, University of Georgia Editorial Advisory Board • Vickie Bajtelsmit, Ph.D., Colorado State University (Emeritus) • Shawn Brayman, M.E.S., SB Research Consulting • Sherman Hanna, Ph.D., The Ohio State University • Terrance Martin, Ph.D., Winston-Salem State University • Tom Potts, Ph.D., CFP®, Baylor University (Emeritus) • Martin Seay, Ph.D., CFP®, Kansas State University • Meir Statman, Ph.D., Santa Clara University • Tom Warschauer, Ph.D., CFP®, 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’s 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
    keywords: cfp ®; financial; georgia; ph.d; services; state; state university; university
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        item: #270 of 566
          id: fsr-3555
      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
       words: 7277
      flesch: 30
     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.
    keywords: attitudes; availability; efficacy; et al; financial; journal; money; planning attitude; planning intention; retirement planning; risk; risk tolerance; self; tolerance
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        item: #271 of 566
          id: fsr-3570
      author: Grable, John
       title: Vol 31 No 4 CE Quiz
        date: 2023
       words: 404
      flesch: 62
     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’s profile, Terry should a. encourage the client to relax their conscientiousness when contemplating the implementation on financial planning recommendations.
    keywords: client
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        item: #272 of 566
          id: fsr-3578
      author: Lynn, Christina; Heckman, Stuart; Kothakota, Michael; Lawson, Derek
       title: Does Overspending Harm Retirement Preparation?
        date: 2025
       words: 8358
      flesch: 56
     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’s overspending behavior does not necessarily reflect one’s retirement preparation behavior.
    keywords: account; data; degree; financial; income; nfcs; overspending; preparation; retirement; retirement account; retirement preparation; scf; shed
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        item: #273 of 566
          id: fsr-3584
      author: Zhang, Zezhong; Hanna, Sherman D.; Xu, Lei
       title: The Effect of Financial Knowledge on Workers’ Expectation of Never Retiring
        date: 2024
       words: 5764
      flesch: 53
     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.
    keywords: category; financial; hanna; knowledge; reference; response; retire; retirement
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        item: #274 of 566
          id: fsr-3591
      author: Zhang, Yu
       title: ESG Perceptions: Investigating Investor Motivations and Characteristics
        date: 2024
       words: 10148
      flesch: 43
     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).
    keywords: age; esg; esg factors; financial; importance; investing; investment; investment knowledge; investors; knowledge; motivation; study; variables; years
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        item: #275 of 566
          id: fsr-3595
      author: Grable, John
       title: Volume 32 Issue 1 Masthead
        date: 2024
       words: 1551
      flesch: 18
     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’s 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®, University of Georgia Editorial Advisory Board • 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®, Baylor University (Emeritus) Martin Seay, Ph.D., CFP ® , Kansas State University Meir Statman, Ph.D., Santa Clara University Tom Warschauer, Ph.D., CFP ® , 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 ® , Texas Tech University William W. Jennings, Ph.D., CFA®, 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 ® , CPA®, University of Georgia Abed Rabbani, Ph.D., CFP ® , 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.
    keywords: cfp ®; financial; georgia; ph.d; services; state; state university; university
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        item: #276 of 566
          id: fsr-3596
      author: Grable, John
       title: From the Editor
        date: 2024
       words: 948
      flesch: 57
     summary: Let’s 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’s new management system, the number of submitted papers has increased.
    keywords: financial; paper; review
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        item: #277 of 566
          id: fsr-3597
      author: Grable, John
       title: CE Quiz
        date: 2024
       words: 432
      flesch: 70
     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.
    keywords: level
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        item: #278 of 566
          id: fsr-3598
      author: Lei, Shan; Fan, Lu
       title: Cognitive Ability and Stock Investment among Chinese Middle-aged and Older Population
        date: 2024
       words: 8404
      flesch: 49
     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.
    keywords: ability; decisions; financial; health; household; investment; memory; ownership; relationship; stock; stock investment; stock ownership; study; variable
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        item: #279 of 566
          id: fsr-3608
      author: Qi, Jia; Yu Zhang; Worthy, Sheri
       title: Social Determinants of Health and Desirable Financial Behaviors: The Mediation Effect of Financial Knowledge
        date: 2024
       words: 11037
      flesch: 37
     summary: In this paper, desirable financial behavior was measured based on the respondents’ 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.
    keywords: access; behavior; consumers; context; economic; education; effect; financial; health; healthcare; knowledge; pandemic; sdh; stability; study
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        item: #280 of 566
          id: fsr-3615
      author: Ouyang, Congrong; Crandall, Thomas; Chatterjee, Swarn
       title: The Impact of the COVID-19 Income Shock on Debt Management: A Mediation Analysis
        date: 2025
       words: 11872
      flesch: 50
     summary: Household financial decision making amidst the COVID-19 pandemic. Moreover, this relationship was significantly mediated by an individual’s perceived lack of financial control.
    keywords: checks; control; covid-19; debt; debt payments; economic; et al; financial; households; income; journal; knowledge; lack; odds; pandemic; payments; stimulus; study
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        item: #281 of 566
          id: fsr-3628
      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
       words: 8969
      flesch: 45
     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).
    keywords: covid-19; et al; factors; financial; framework; health; journal; pandemic; personality; resilience; resilience framework; resources; services; social; study
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        item: #282 of 566
          id: fsr-3633
      author: Liu, Yi; Guo, Tao; Cheng, Yuanshan
       title: Global Perspectives on Determinants of Older Adults’ Subjective Well-being: A Comprehensive Longitudinal Study
        date: 2024
       words: 7034
      flesch: 46
     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.
    keywords: age; countries; country; economic; financial; happiness; income; journal; level; states; study; united
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        item: #283 of 566
          id: fsr-3640
      author: Koochel, Emily; McCoy, Megan; Lutter, Sonya
       title: Protecting Well-Being through Financial Shocks
        date: 2025
       words: 8729
      flesch: 45
     summary: Financial resources objectively increase an individual’s 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’ ability to be resilient in light of financial shocks.
    keywords: appraisal; control; experience; financial; income; model; resources; self; shocks; socialization; stress; stressors
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        item: #284 of 566
          id: fsr-3649
      author: Mandell, Lewis
       title: Masthead V.1 No.1
        date: 2024
       words: 144
      flesch: 3
     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
    keywords: university
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        item: #285 of 566
          id: fsr-3650
      author: Mandell, Lewis
       title: Letter from the Editor
        date: 2024
       words: 769
      flesch: 42
     summary: The “pluralism” 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.
    keywords: article; financial; individual
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        item: #286 of 566
          id: fsr-3651
      author: Markowitz, Harry M.
       title: Individual versus Institutional Investing
        date: 1991
       words: 3711
      flesch: 54
     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~‘s 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.
    keywords: analysis; family; financial; game; life; markowitz; mean; model; portfolio
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        item: #287 of 566
          id: fsr-3652
      author: Potts, Tom L.; Reichenstein, William
       title: The Optimal Allocation of Pension Fund Assets: An Individual’s Perspective
        date: 1991
       words: 5774
      flesch: 59
     summary: What is the optimal allocation of pension fund assets? I The Optimal Allocation of Pension Fund Assets: An Individual’s 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.
    keywords: assets; capital; gains; nonpension; pension; returns; stocks; tax; yield
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        item: #288 of 566
          id: fsr-3653
      author: Kleiman, Robert T.; Sahu, Anandi P.
       title: Life Insurance Companies as Investment Managers: New Implications for Consumers
        date: 1991
       words: 4687
      flesch: 49
     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.
    keywords: bull; companies; funds; insurance; investment; life; market; mutual; performance; risk
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        item: #289 of 566
          id: fsr-3654
      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
       words: 3795
      flesch: 59
     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.
    keywords: check; household; number; payments; pricing; services; variables; writing
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        item: #290 of 566
          id: fsr-3655
      author: Chinloy, Peter
       title: Real Estate Income and Relocation
        date: 1991
       words: 5402
      flesch: 61
     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.
    keywords: capital; estate; estate income; income; individual; job; owner; rate; return; tax
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        item: #291 of 566
          id: fsr-3656
      author: Cox, Larry A.
       title: Disability Income Insurance and the Individual
        date: 1991
       words: 7684
      flesch: 45
     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?
    keywords: benefits; compensation; disability; income; individual; insurance; loss; ltd; percent; plans; private; risk; security; social; ssdi; u.s; workers
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        item: #292 of 566
          id: fsr-3674
      author: Mandell, Lewis
       title: From the Editor
        date: 1991
       words: 837
      flesch: 43
     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.
    keywords: article; individual; planning
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        item: #293 of 566
          id: fsr-3675
      author: Puelz, Amy v.; Puelz, Robert
       title: Personal Financial Planning and the Allocation of Disposable Wealth
        date: 1991
       words: 4800
      flesch: 52
     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.
    keywords: asset; consumption; financial; goal; individual; model; planning; portfolio; term
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        item: #294 of 566
          id: fsr-3676
      author: Mann, Steven V.; Solberg, Donald P.
       title: Should Individual Investors Avoid the Stock Market Outside of January?
        date: 1991
       words: 3396
      flesch: 58
     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.
    keywords: january; month; premia; return; risk; standard
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        item: #295 of 566
          id: fsr-3677
      author: Plath, D. Anthony; Nunnally, Bennie H.
       title: Effective Credit Costs in Retail Financial Markets: Leasing Versus Borrowing
        date: 1991
       words: 7778
      flesch: 49
     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.
    keywords: borrowing; consumer; cost; credit; data; financial; financing; lease; leasing; lessors; loan; market; tax; value
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        item: #296 of 566
          id: fsr-3678
      author: Yohannes, Arefaine G.
       title: Comparing Mortgages with Different Payment Frequencies
        date: 1991
       words: 4110
      flesch: 65
     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.
    keywords: biweekly; bpm; choice; home; mortgage; mpm; payment
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        item: #297 of 566
          id: fsr-3679
      author: Crabb, Ronald R.
       title: Probabilistic Estate Planning
        date: 1991
       words: 5987
      flesch: 60
     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.
    keywords: age; child; death; estate; estate planning; life; net; tax; value
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        item: #298 of 566
          id: fsr-3680
      author: Madura, Jeff; O’Brien, Thomas J.
       title: International Diversification for the Individual: A Review
        date: 1991
       words: 7307
      flesch: 46
     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’s study found that correlations among market returns are intertemporally unstable over a short-term invest- ment horizon.
    keywords: currency; diversification; financial; funds; hedging; investment; journal; market; portfolio; rate; returns; review; risk; stock; u.s
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        item: #299 of 566
          id: fsr-3700
      author: Mandell, Lewis
       title: INDEX
        date: 1991
       words: 448
      flesch: -5
     summary: “Personal Financial Planning and the Allocation of Disposable Wealth,” Amy v. Puelz and Robert Puelz, l(2): 87-99 “Probabilistic Estate Planning,” Ronald R. Crabb, l(2): 143-157 “Real Estate Income and Relocation,” Peter Chinloy, I( 1): 45-59 “Review: Disability Income Insurance and the Individual,” Larry Cox, I( I): 61-78 “Should Individual Investors Avoid the Stock Market Outside of January?” Puelz, Amy v., and Robert Puelz, “Personal Financial Planning and the Allocation of Disposable Wealth,” 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., “Comparing Mortgages with Different Payment Frequencies,” l(2): 131-142 ARTICLETITLES ‘Comparing Mortgages with Different Payment Frequencies,” Arefaine G. Yohannes, l(2): 131-142 “Determinants of Household Check Writ- ing: The Impacts of the Use of Elec- tronic Banking Services and Alternative Pricing of Services,” Neil B. Murphy, l(1): 35-44 FINANCIAL SERVICES REVIEW, l(2) 1991 “Effective Credit Costs in Retail Financial Markets: Leasing versus Borrow- ing,” D. Anthony Plath and Bennie H. Nunnally, Jr., l(2): 109-129 “Individual versus Institutional Invest- ing,” Harry M. Markowitz, l(1): 1-8 “International Diversification for the Individual: A Review,” Jeff Madura and Tom O’Brien, l(2): 159-175 “Life Insurance Companies as Investment Managers: New Implications for Consumers,” Robert T. Kleinman and Anadi P Sahu, l(1): 23-34 “Optimal Allocation of Pension Fund Assets: An Individual’s Perspective, The,” Tom L. Potts and William Reichenstein, I( 1): 9-22.
    keywords: individual; l(2
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        item: #300 of 566
          id: fsr-3701
      author: Mandell, Lewis
       title: Masthead Vol.2 No.1
        date: 1992
       words: 145
      flesch: -95
     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
    keywords: connecticut; university
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        item: #301 of 566
          id: fsr-3702
      author: Mandell, Lewis
       title: From the Editor Vol 2 No 1
        date: 1992
       words: 652
      flesch: 49
     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.
    keywords: article; fund; portfolio
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        item: #302 of 566
          id: fsr-3703
      author: Cook, Wade D.; Hebner , Kevin J.
       title: A Multicriteria Approach to Mutual Fund Selection
        date: 1992
       words: 7262
      flesch: 59
     summary: However, the most popular approach for evaluating mutual funds employs only a single criterion, thefinds’ mean, n’sk-adjusted, rate of return (Jensen’s 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’s level of diversification, and so on.
    keywords: approach; constraint; criteria; criterion; fund; investor; jensen; rank; set
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        item: #303 of 566
          id: fsr-3704
      author: Radcliffe, Robert; Brook, Robert; Levy, Hah
       title: Active Timing Decisions of Equity Mutual Funds
        date: 1992
       words: 7437
      flesch: 60
     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’s equity risk exposure.
    keywords: allocation; asset; beta; end; equity; exposure; fund; managers; portfolio; quarter; returns; risk
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        item: #304 of 566
          id: fsr-3705
      author: Butler, Kirt C.; Domian, DaleL.
       title: Long-Run Returns on Stock and Bond Portfolios: Implications for Retirement Planning
        date: 1992
       words: 3472
      flesch: 62
     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.
    keywords: accumulation; asset; bonds; distributions; period; retirement; returns; stock; wealth; years
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        item: #305 of 566
          id: fsr-3706
      author: Knight, John R.; Mandell, Lewis
       title: Nobody Gains from Dollar Cost Averaging Analytical, Numerical and Empirical Results
        date: 1992
       words: 3995
      flesch: 69
     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.
    keywords: assets; averaging; aversion; cost; dollar; investor; risk; strategy; utility; wealth
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        item: #306 of 566
          id: fsr-3707
      author: Myers, Phyllis Schiller
       title: Abstracts of Articles on Individual Financial Management
        date: 1992
       words: 3191
      flesch: 45
     summary: The difference between self- selection models a la Leland-Pyle (1977) and market models a la Grossman-Stiglitz (1980) hinges on whether “insiders” 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.
    keywords: economic; insurance; journal; literature; market; permission; risk; saving; stock; university
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        item: #307 of 566
          id: fsr-3708
      author: Mandell, Lewis
       title: Letter from the Editor Vol 2 No 2
        date: 1992
       words: 708
      flesch: 49
     summary: The first, “What Strategies are Estate Planners Recommending? Evidence From Survey Data,” 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.
    keywords: article; financial; review
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        item: #308 of 566
          id: fsr-3709
      author: Cain, Michael M.
       title: Letter to the Editor
        date: 1992
       words: 837
      flesch: 59
     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 “optimum” is different for every individual, and what is optimal today is never optimal tomorrow.
    keywords: article; financial; individual
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        item: #309 of 566
          id: fsr-3710
      author: Woerheide, Walt; Persson, Don
       title: An Index of Portfolio Diversification
        date: 1992
       words: 5446
      flesch: 51
     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.
    keywords: diversification; e&a; index; indices; number; portfolio; securities; size; standard
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        item: #310 of 566
          id: fsr-3711
      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
       words: 3828
      flesch: 60
     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.
    keywords: bounds; investors; market; price; risk; security; tests; value; variance
       cache: fsr-3711.pdf
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        item: #311 of 566
          id: fsr-3712
      author: Lang, Larry R.; Niendorf , Robert M.
       title: Performance and Risk Exposure of International Mutual Funds
        date: 1992
       words: 6012
      flesch: 49
     summary: Rather than adjust an index with some “average” or “typical” 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.
    keywords: benchmark; funds; global; index; international; market; measure; performance; return; risk
       cache: fsr-3712.pdf
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        item: #312 of 566
          id: fsr-3713
      author: Prestopino, Chris J.
       title: What Strategies Are Experienced Estate Planners Recommending? : Evidence From Survey Data
        date: 1992
       words: 7805
      flesch: 58
     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.
    keywords: attorneys; bypass; clients; death; estate; percent; planning; range; spouse; tax; trust
       cache: fsr-3713.pdf
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        item: #313 of 566
          id: fsr-3714
      author: McLeod, Robert W.; Moody, Sharon; Phillips, Aaron
       title: The Risks of Pension Plans
        date: 1992
       words: 11941
      flesch: 52
     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.
    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
       cache: fsr-3714.pdf
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        item: #314 of 566
          id: fsr-3715
      author: Myers, Phyllis Schiller
       title: Abstracts of Articles on Individual Financial Management
        date: 1992
       words: 4335
      flesch: 43
     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.
    keywords: capital; company; debt; economics; financial; holland; journal; north; paper; permission; portfolio; publishing; tax; university
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        item: #315 of 566
          id: fsr-3716
      author: Mandell, Lewis
       title: Index
        date: 1992
       words: 425
      flesch: -129
     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, “Long-Run Returns on Stock and Bond Portfolios: Implications for Re- tirement Planning,” 2( 1): 4149 Cook, Wade D., see Hebner, Kevin J. Domain, Dale L., see Butler, Kirt C. Hebner, Kevin J., and Wade D. Cook, “A Multicriteria Approach to Mutual Fund Selection,” 2( 1): l-20 Knight, John R., and Lewis Mandell, “Nobody Gains from Dollar Cost Averaging: Analytical, Numerical, and Empirical Results,” 2( 1): 5 141 Lang, Larry R., and Robert M. Niendorf, “Performance and Risk Exposure of International Mutual Funds,” 2(2): 97-l 10 Levy, Hiam, see Radcliffe, Robert Mandell, Lewis, see Knight, John R. McLeod, Robert W.. Sharon Moody, and Aaron Phillips, ‘The Risks of Pension Plans;’ 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, ‘The Individual In- vestor in the Market: Forming a Belief Regarding Market Efficiency,” 2(2): 87-96 Persson, Don, see Woerheide, Walt Phillips, Aaron, see McLeod, Robert W. Prestopino, Chris, “What Strategies Are Estate Planners Recommending?- Evidence From Survey Data,” 2(2): 111-130 Radcliffe, Robert, Haim Levy, and Robert Brooks, “Active Timing Decisions of Equity Mutual Funds,” 2(l): 21-39 Uselton, G. C., see Peevey, Robert M. Woerheide, Walt, and Don Persson, “An Index of Portfolio Diversification,” 2(2): 73-85 ARTICLETITLES “Active Timing Decisions of Equity Mu- tual Funds,” Robert Radcliffe, Haim Levy, and Robert Brooks, 2( 1): 21-39 171 172 FINANCIAL SERVICES REVIEW, 2(2) 1993 “Index of Portfolio Diversification, An,” Walt Woerheide and Don Persson, 2(2): 73-85 “Individual Investor in the Market: Form- ing a Belief Regarding Market Efti- ciency, The” Robert M. Peevey, G. C. Uselton, and John R. Moroney, 2(2): 87-96 “Long-Run Returns on Stock and Bond Portfolios: Implications for Retire- ment Planning,” Kirt C. Butler and Dale L. Domain, 2( 1): 41-49 “Multicriteria Approach to Mutual Fund Selection, A” Kevin J. Hebner, and Wade D. Cook, 2( 1): l-20 “Nobody Gains from Dollar Cost Averag- ing: Analytical, Numerical, and Em- pirical Results,” John R. Knight and Lewis Mandell, 2( 1): 51-61 “Performance and Risk Exposure of Inter- national Mutual Funds,” Larry R. Lang and Robert M. Niendorf, 2(2): 97-110 “Risks of Pension Plans, The,” Robert W. McLeod, Sharon Moody, and Aaron Phillips, 2(2): 131-156 “What Strategies Are Estate Planners Rec- ommending?-Evidence From Sur- vey Data,” Chris Prestopino, 2(2): 111-130
    keywords: john r.; robert m.
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        item: #316 of 566
          id: fsr-3717
      author: Mandell, Lewis
       title: Masthead V.3 No.1
        date: 1993
       words: 140
      flesch: 7
     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’OOLE 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
    keywords: connecticut; university
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        item: #317 of 566
          id: fsr-3718
      author: Mandell, Lewis
       title: From the Editor Vol 3 No 1
        date: 1993
       words: 783
      flesch: 49
     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.
    keywords: authors; income; individual
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        item: #318 of 566
          id: fsr-3719
      author: Crabb, Ronald R.
       title: Efficient Frontiers in Estate Planning
        date: 1993
       words: 9337
      flesch: 65
     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 “Com- parative Analysis-Male and Female, Both Age 45Various Estate Plans,” has an alphabetic code at the bottom which refers to the different types of estate plans.
    keywords: assets; estate; estate plan; exemption trust; frontier; gifts; life; mortgage; plan; simple; term; term life
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        item: #319 of 566
          id: fsr-3720
      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
       words: 5444
      flesch: 64
     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.
    keywords: benchmark; market; portfolio; premium; returns; risk; stock; timing
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        item: #320 of 566
          id: fsr-3721
      author: Fan, Jessie X.; Chang, Y. Regina; Hanna, Sherman
       title: Real Income Growth and Optimal Credit Use
        date: 1993
       words: 5709
      flesch: 59
     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.
    keywords: aversion; borrowing; consumer; consumption; credit; growth; income; rate; risk; utility
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        item: #321 of 566
          id: fsr-3722
      author: Puelz, Amy v.
       title: The Individual’s Tax-Exempt Bond Portfolio Decision Under Income Uncertainty
        date: 1993
       words: 7072
      flesch: 61
     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.’
    keywords: activity; activity bonds; allocation; bonds; decision; income; individual; median; portfolio; tax; yield
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        item: #322 of 566
          id: fsr-3723
      author: Daniels, Kenneth N.; Murphy , Neil B.; O’Toole , Dennis M.
       title: An Empirical Analysis of the Use of Money Orders, the Payment System of the Poor
        date: 1993
       words: 2825
      flesch: 63
     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.
    keywords: money; money orders; orders; states; variable
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        item: #323 of 566
          id: fsr-3724
      author: Myers, Phyllis Schiller
       title: Abstracts of Articles on Individual Financial Management
        date: 1993
       words: 3451
      flesch: 47
     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).
    keywords: behavior; changes; financial; funds; journal; management; permission; research; results; study; tax; university
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        item: #324 of 566
          id: fsr-3725
      author: Mandell, Lewis
       title: From the Editor Vol 3 No 2
        date: 1994
       words: 1412
      flesch: 48
     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.
    keywords: financial; paper; retirement; tax
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        item: #325 of 566
          id: fsr-3726
      author: Ragsdale, Cliff T.; Seila, Andrew F.; Little, Philip L.
       title: An Optimization Model for Scheduling Withdrawals from Tax-Deferred Retirement Accounts
        date: 1994
       words: 7022
      flesch: 58
     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.
    keywords: account; estate; model; tax; taxpayer; tdras; withdrawals; year
       cache: fsr-3726.pdf
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        item: #326 of 566
          id: fsr-3727
      author: Ho, Kwok; Milevsky, Moshe Arye; Robinson, Chris
       title: Asset Allocation, Life Expectancy and Shortfall
        date: 1994
       words: 9506
      flesch: 68
     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’s 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’s life.
    keywords: asset; bills; consumption; equation; equity; portfolio; probability; rate; return; risk; wealth
       cache: fsr-3727.pdf
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        item: #327 of 566
          id: fsr-3728
      author: Randolph, William Lewis
       title: The Impact of Mutual Fund Distributions on After-Tax Returns
        date: 1994
       words: 8124
      flesch: 64
     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.
    keywords: capital; distributions; fund; gains; growth; investor; percent; return; tax; turnover
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        item: #328 of 566
          id: fsr-3729
      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
       words: 6946
      flesch: 63
     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.
    keywords: bonds; coupon; event; event risk; poison; protection; provisions; reset; risk; risk protection; rjr; sample; takeover
       cache: fsr-3729.pdf
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        item: #329 of 566
          id: fsr-3730
      author: Poole, Barbara S.
       title: A Practitioner’s Perspective: Comments on “Asset Allocation, Life Expectancy and Shortfall”
        date: 1994
       words: 1024
      flesch: 49
     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.
    keywords: client; income; model
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        item: #330 of 566
          id: fsr-3731
      author: Myers, Phyllis Schiller
       title: Abstracts of Articles on Individual Financial Management
        date: 1994
       words: 2872
      flesch: 42
     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).
    keywords: estate; financial; investment; journal; model; permission; research; review; risk; university
       cache: fsr-3731.pdf
  plain text: fsr-3731.txt

        item: #331 of 566
          id: fsr-3732
      author: Mandell, Lewis
       title: Masthead Vol 4 No 1
        date: 1995
       words: 137
      flesch: -20
     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
    keywords: connecticut; university
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        item: #332 of 566
          id: fsr-3733
      author: Mandell, Lewis
       title: From the Editor Vol 4 No 1
        date: 1995
       words: 963
      flesch: 47
     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.
    keywords: article; financial; value
       cache: fsr-3733.pdf
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        item: #333 of 566
          id: fsr-3734
      author: Boldin, Robert; Leggett , Keith
       title: Bank Dividend Policy as a Signal of Bank Quality
        date: 1995
       words: 3611
      flesch: 53
     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.
    keywords: bank; dividend; earnings; market; payout; policy; quality; ratio
       cache: fsr-3734.pdf
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        item: #334 of 566
          id: fsr-3735
      author: Hamill, James R.; Sternberg , Joel S.
       title: Tax Savings Opportunities in Estate Freeze Transactions: An Application of the Black Scholes Model
        date: 1995
       words: 6461
      flesch: 58
     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.
    keywords: dividend; interest; life; opm; option value; tax; value; value rule; volatility
       cache: fsr-3735.pdf
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        item: #335 of 566
          id: fsr-3736
      author: Mangiero , George A.; Mangiero, Susan M.
       title: Quantifying Time Value Errors
        date: 1995
       words: 2731
      flesch: 68
     summary: [I 00 x (1 .Ol + z-t>-“], 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.
    keywords: error; interpolation; rate; value
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        item: #336 of 566
          id: fsr-3737
      author: Heck, Jean L.; Zivney, Terry L.; Modani, Naval K.
       title: A Simplified Approach to Measuring Bond Duration
        date: 1995
       words: 3787
      flesch: 68
     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.
    keywords: bond; change; duration; price; yield
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        item: #337 of 566
          id: fsr-3739
      author: Potts, Tom L.; Reichenstein , William
       title: Analysis of U.S. Savings Bonds
        date: 1995
       words: 7497
      flesch: 74
     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.
    keywords: bond; interest; option; savings; savings bond; value; year
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        item: #338 of 566
          id: fsr-3740
      author: Poole, Barbara S.
       title: A Practitioner’s Perspective: Comments on “Analysis of U.S. Savings Bonds”
        date: 1995
       words: 1383
      flesch: 64
     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, “Demographic Characteristics of Individual Savings Bond Holders,” indicates, the holding of savings bonds is not exclusive to any particular age group or income level (Federal Reserve Bulletin, 1994).
    keywords: bonds; changes; interest; rate; savings
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        item: #339 of 566
          id: fsr-3771
      author: Lahey, Karen Eikers
       title: New Directions
        date: 1995
       words: 487
      flesch: 39
     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.
    keywords: financial; services
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        item: #340 of 566
          id: fsr-3772
      author: Mandell, Lewis
       title: From the Editor Vol 4 No 2
        date: 1995
       words: 1023
      flesch: 50
     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.
    keywords: article; financial; review; services
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        item: #341 of 566
          id: fsr-3773
      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
       words: 4213
      flesch: 60
     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.
    keywords: closing; fund; investment; investors; new; performance; returns
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        item: #342 of 566
          id: fsr-3774
      author: Benson, Earl D.; Rystrom, David S.; Smersh, Greg T.
       title: Commission-Motivated Brokers Across The Production Month
        date: 1995
       words: 7048
      flesch: 63
     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.
    keywords: brokers; commission; day; days; month; production; production month; trading; volume
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        item: #343 of 566
          id: fsr-3776
      author: Cox, Larry A.; Gustavson , Sandra G.
       title: The Market Pricing of Disability Income Insurance for Individuals
        date: 1995
       words: 6601
      flesch: 55
     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).
    keywords: benefit; data; dii; disability; elimination; insurance; insurers; life; market; period; policies; prices; risk; selection
       cache: fsr-3776.pdf
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        item: #344 of 566
          id: fsr-3777
      author: Sullivan, A. Charlene; Worden, Debra Drecnik
       title: Credit Cards and The Option to Default
        date: 1995
       words: 6694
      flesch: 53
     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’ search and switching costs.
    keywords: bankruptcy; card; chapter; charge; credit; debtor; default; default option; option; states; value
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        item: #345 of 566
          id: fsr-3778
      author: DeVaney, Sharon A.; Lytton, Ruth H.
       title: Household Insolvency: A Review of Household Debt Repayment, Delinquency, and Bankruptcy
        date: 1995
       words: 9943
      flesch: 52
     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.
    keywords: analysis; assets; bankruptcy; consumer; credit; creditors; data; debt; debtors; families; household; income; insolvency; net; payments; ratios; repayment; review; scoring; worth
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        item: #346 of 566
          id: fsr-3779
      author: Myers, Phyllis Schiller
       title: Abstracts of Articles on Individual Financial Management
        date: 1995
       words: 2314
      flesch: 41
     summary: Specifically, the research empirically tests whether an individual’s 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.
    keywords: consumption; credit; journal; money; mortgage; permission; stock; tax; university
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        item: #347 of 566
          id: fsr-3780
      author: Mandell, Lewis
       title: Index: Vol 3 and 4
        date: 1995
       words: 1115
      flesch: 26
     summary: Murphy, Neil B. see Daniels, Kenneth N. G’Toote, Dennis M. see Daniels, Kenneth N. Poofe, Barbara S., “‘A Pm~t~t~o~r?s Perspee- tive: Comments on ‘Analysis of U,S. Sav- ings Bonds,“’ 4( 1): 57-60 Poole, Barbara S., “A Practitioner’s hrspec- tive: Comments on *Asset Allocation, Life ~pe~~n&y and ShortfaR,“’ 3(2): lSW58 166 FINANCIAL SERVICES REVIEW. Kenueth N., Neil B. Murphy, andDen- nis M. G’Toole, “An Empirical Analysis of the Use of Money Orders, the Payment Sys- tem of the Poor,” 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,, ‘i*, Regina Char& and Sherman Hanna, “‘Real Income Grow&h and Opti& Credit Use,” 311 f : 45-58 Fields, Joseph A,, David S. Kidwel, and Linda S. Klein, ‘%oupon Resets Versus Poison Puts: An ~~d~vidua1.s Valuation of Event Risk Provisions in Corporate Deb&” 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.
    keywords: william
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        item: #348 of 566
          id: fsr-3784
      author: Lahey, Karen Eilers
       title: Masthead Vol 5 No 1
        date: 1996
       words: 163
      flesch: 30
     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’s 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
    keywords: state; university
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        item: #349 of 566
          id: fsr-3785
      author: Lahey, Karen Eilers
       title: From the Editor Vol 5 No 1
        date: 1996
       words: 979
      flesch: 45
     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, “Professional Stock Analysts’ Recom- mendations: Implications for Individual Investors.”
    keywords: article; financial; research; services
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        item: #350 of 566
          id: fsr-3786
      author: Ciccotello, Conrad S.; Grant, C. Terry
       title: Equity Fund Size and Growth: Implications for Performance and Selection
        date: 1996
       words: 5344
      flesch: 61
     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.
    keywords: asset; funds; growth; investment; investors; objective; performance; quartile; returns; size; year
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        item: #351 of 566
          id: fsr-3787
      author: Walker, M. Mark; Hatfield , Gay B.
       title: Professional Stock Analysts’ Recommendations: Implications for Individual Investors
        date: 1996
       words: 8273
      flesch: 60
     summary: Our findings also support the results in Barber and Loeffler (1993), who examined the recommendations in the monthly “Dartboard” 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 ‘Market Highlights” section of USA Today (even before transaction costs are inch&d).
    keywords: analysts; buy; estimation; event; investors; market; performance; period; recommendations; results; returns; stock; study
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        item: #352 of 566
          id: fsr-3788
      author: Brooks, Robert
       title: Computing Yields on Enhanced CDs
        date: 1996
       words: 4847
      flesch: 64
     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.
    keywords: bank; cds; depositors; floor; interest; products; rate; value; withdrawal; year
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        item: #353 of 566
          id: fsr-3789
      author: Brown, Stewart L.
       title: Churning: Excessive Trading in Retail Securities Accounts
        date: 1996
       words: 7268
      flesch: 62
     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.
    keywords: account; average; cases; commission; costs; investment; ratio; securities; trading; turnover; turnover ratio
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        item: #354 of 566
          id: fsr-3790
      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
       words: 6117
      flesch: 54
     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.
    keywords: assets; debt; educators; expenses; income; inflation; mean; median; net; planners; planning; ratios; tax; total
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        item: #355 of 566
          id: fsr-3791
      author: Pahl, Dede
       title: An Emerging Partnership: AFS and the CFP Board
        date: 1996
       words: 5090
      flesch: 40
     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.
    keywords: analysis; board; certification; cfp; cfp board; client; college; examination; financial; job; planning; practice; review; university
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        item: #356 of 566
          id: fsr-3792
      author: Kahl, Douglas
       title: Book, Software, and Web Site Reviews
        date: 1996
       words: 1761
      flesch: 50
     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’s fourth edition of Employee Benefits has just been published by Real Estate Education Company, a division of Dearborn Financial publishing, Inc.
    keywords: benefits; book; chapter; discussion; finance; topics
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        item: #357 of 566
          id: fsr-3793
      author: Lahey, Karen Eilers
       title: FSR Referees
        date: 1996
       words: 392
      flesch: -336
     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
    keywords: alabama; college; illinois; james; state; university
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        item: #358 of 566
          id: fsr-3794
      author: Lahey, Karen Eilers
       title: From the Editor Vol 5 No 2
        date: 1996
       words: 895
      flesch: 51
     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.
    keywords: issue; journal; review; risk
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        item: #359 of 566
          id: fsr-3795
      author: Schooley, Diane K.; Worden, Debra Drecnik
       title: Risk Aversion Measures: Comparing Attitudes and Asset Allocation
        date: 1996
       words: 6073
      flesch: 53
     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.
    keywords: assets; average; aversion; capital; head; household; mean; risk; rra; value; wealth
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        item: #360 of 566
          id: fsr-3796
      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
       words: 6323
      flesch: 64
     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.
    keywords: advantage; arm; borrowers; cost; discount; frm; mortgage; rate; simulation; value cost; year
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        item: #361 of 566
          id: fsr-3797
      author: Vihtelic, Jill Lynn
       title: Personal Finance: An Alternative Approach to Teaching Undergraduate Finance
        date: 1996
       words: 6521
      flesch: 49
     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.
    keywords: business; course; curriculum; discipline; education; experiences; finance; financial; knowledge; learning; management; new; planning; structure; students; teaching; undergraduate
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        item: #362 of 566
          id: fsr-3798
      author: Golec, Joseph H.
       title: The Effects of Mutual Fund Managers’ Characteristics on Their Portfolio Performance, Risk and Fees
        date: 1996
       words: 7160
      flesch: 55
     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.
    keywords: alpha; beta; fees; fund; growth; management; managers; performance; risk; tenure; turnover; years; yield
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        item: #363 of 566
          id: fsr-3799
      author: Kahl, Douglas
       title: Association for investment management and research (AIMR) web site
        date: 1996
       words: 967
      flesch: 50
     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.
    keywords: cboe; finance; financial; options
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        item: #364 of 566
          id: fsr-3800
      author: Eyssell, Thomas
       title: The New York Stock Exchange (NYSE), the Chicago Board Options Exchange (CBOE), and the Financial Management Association Websites
        date: 1996
       words: 715
      flesch: 50
     summary: One can search the “Positions Available” 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.
    keywords: cboe; finance; options
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        item: #365 of 566
          id: fsr-3801
      author: Lahey, Karen Eilers
       title: Index Vol 5
        date: 1996
       words: 583
      flesch: -69
     summary: Performance, Risk and Fees,” 5(2): 133- 148 Grant, C. Terry. see Ciccotello, Conrad S. Greninger, Sue A., “Ratios and Benchmarks for Measuring the Financial Well-Being of Families and Individuals,” 5( 1): 57-70 Hampton, Vickie L. see Greninger, Sue A. Hatfield, Gay B. see Walker, M. Mark Kahl, Douglas R., Review of “Employee Bene- fits,” 5( 1): 83-84 Kahl, Douglas R., Review of “LIFFE on the Internet,” 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, “An Emerging Partnership: AFS and the CFP Board,” 5(l): 71-81 Schooley, Diane K., “Risk Aversion Measures: Comparing Attitudes and Asset Allocation,” 5(2): 87-99 Smaby, Timothy R., Review of “Associations for Investment Management and Research (AIMR) Web Site,” 5(2): 149-150 Templeton, William K., “A Simulation Approach to the Choice Between Fixed and Adjustable Rate Mortgages,” 5(2): 101-l 17 Vihtelic, Jill, “Personal Finance: An Alternative Approach to Teaching Undergraduate Finance,” 5(2): 119-131 Walker, M. Mark, “Professional Stock Ana- lysts’ Recommendations: Implications for Individual Investors,” 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, “Computing Yields on Enhanced CDs,” 5( 1): 3 l-42 Brown, Stewart L., “Churning: Excessive Trad- ing in Retail Securities Accounts,” 5( 1): 43- 56 Ciccotello, Conrad S., “Equity Fund Size and Growth: Implications for Performance and Selection,” 5(l): 1-12 Clinebell, John, Review of “Personal Finance,” 5( 1): 84-85 Eyssell, Thomas, Review of “New York Stock Exchange (NYSE), the Chicago Board Options Exchange (CBOE), and the Finan- cial Management Association Websites,” 5(2): 150-151 Golec, Joseph H., “The Effects of Mutual Fund Managers’ Characteristics on Their Portfo- lio
    keywords: review
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        item: #366 of 566
          id: fsr-3802
      author: Lahey, Karen Eilers
       title: Editorial Board
        date: 1997
       words: 177
      flesch: 18
     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
    keywords: james; state; university
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        item: #367 of 566
          id: fsr-3803
      author: Lahey, Karen Eilers
       title: From the Editor Vol 6 No 1
        date: 1997
       words: 519
      flesch: 58
     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.
    keywords: article; rates; selling
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        item: #368 of 566
          id: fsr-3804
      author: Reilly, Frank K.
       title: The Impact of Inflation on ROE, Growth and Stock Prices
        date: 1997
       words: 5969
      flesch: 73
     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.
    keywords: figure; growth; inflation; period; rate; return; roe; stock
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        item: #369 of 566
          id: fsr-3805
      author: Lamb, Reinhold P.; Ma, K.C.; Pace, R. Daniel; Kennedy, William F.
       title: The Congressional Calendar and Stock Market Performance
        date: 1997
       words: 3011
      flesch: 65
     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 .
    keywords: congress; effect; market; returns; session; stock
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        item: #370 of 566
          id: fsr-3806
      author: Albert, Robert L.; Smaby, Timothy R.; Robison, H. David
       title: Short Selling and Trading Abuses on Nasdaq
        date: 1997
       words: 5991
      flesch: 60
     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.
    keywords: amex; compilation; date; interest; market; nasdaq; nyse; returns; sellers; selling; short; stocks
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        item: #371 of 566
          id: fsr-3807
      author: Eyssell, Thomas H.
       title: Financial Planning and College Saving Recommendations: Let's Set Things Straight
        date: 1997
       words: 5129
      flesch: 62
     summary: Note: The exhibit assumes a 7% inflation rate for college costs, an 8% after-tax return on investments, and current college costs of $10,000 annually. First, we construct a table of compound- ing factors which allows us to obtain an estimate of future college costs given a child's cur- rent age and the expected annual rate of increase in college costs.
    keywords: college; cost; financial; investment; percent; savings; table; years
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        item: #372 of 566
          id: fsr-3808
      author: Ayadi, O. Felix
       title: Adverse Selection, Search Costs and Sticky Credit Card Rates
        date: 1997
       words: 7350
      flesch: 65
     summary: I Adverse Selection, Search Costs and Sticky Credit Card Rates O. Felix Ayadi Several scholars of financial economics observed that during the 1980s, market interest rates declined continuously with little or no impact on credit card rates. This study represents an attempt to determine the sensitivity of credit card rates to the costs of funds in the U.$. economy.
    keywords: card; card rates; cost; credit; credit card; funds; interest; market; rates; results; series; test; time
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        item: #373 of 566
          id: fsr-3810
      author: Kahl, Douglas
       title: Personal Financial Planning, 7th Edition
        date: 1997
       words: 1644
      flesch: 49
     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.
    keywords: chapter; financial; information; review; students; web
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        item: #374 of 566
          id: fsr-3811
      author: Kahl, Douglas
       title: The Merrill Lynch Web Site (www.ml.com)
        date: 1997
       words: 1072
      flesch: 43
     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.
    keywords: information; site; users; web
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        item: #375 of 566
          id: fsr-3812
      author: Kahl, Douglas
       title: Charter Media's Briefing.com Web Site
        date: 1997
       words: 1042
      flesch: 48
     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.
    keywords: book; briefing.corn; finance; information
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        item: #376 of 566
          id: fsr-3813
      author: Kahl, Douglas
       title: The Money Book of Personal Finance
        date: 1997
       words: 798
      flesch: 53
     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.
    keywords: book; finance; money
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        item: #377 of 566
          id: fsr-3814
      author: Lahey, Karen Eilers
       title: Erratum
        date: 1997
       words: 607
      flesch: 62
     summary: Mutual fund performance: An analysis of quarterly portfolio holdings. The persistence of mutual fund performance.
    keywords: fund; journal; performance
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        item: #378 of 566
          id: fsr-3815
      author: Lahey, Karen Eilers
       title: From the Editor Vol 6 No 2
        date: 1997
       words: 493
      flesch: 41
     summary: “An Overview of Financial Services Resources on the Internet” 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.
    keywords: article; bankruptcy; services
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        item: #379 of 566
          id: fsr-3816
      author: Ang, James S.; Fatemi , Ali M.
       title: Personal Bankruptcy Costs: Their Relevance and Some Estimates
        date: 1997
       words: 8638
      flesch: 61
     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.
    keywords: assets; bankruptcy; bankruptcy costs; capital; cases; costs; debt; firm; income; individual; journal; rate; structure; tax; value
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        item: #380 of 566
          id: fsr-3817
      author: Tarrazo, Manuel
       title: An Application of Fuzzy Set Theory to the Individual Investor Problem
        date: 1997
       words: 5225
      flesch: 60
     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.
    keywords: composition; example; fuzzy; matrix; model; problem; relationships; sets; smith; theory; variables
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        item: #381 of 566
          id: fsr-3818
      author: Nelson , Susan Logan; Nelson , Theron R.
       title: The Use of Professional Designations in the Real Estate Industry
        date: 1997
       words: 7228
      flesch: 53
     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.
    keywords: brokerage; certification; designation; estate; individuals; industry; marketing; professional; programs; public; real; services; survey
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        item: #382 of 566
          id: fsr-3819
      author: Grinder, Brian
       title: An Overview of Financial Services Resources on the Internet
        date: 1997
       words: 6704
      flesch: 44
     summary: The CorpFiNetSOO offers links to both company and information web sites. However, the best search engine for finding financial services information is Yahoo!
    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
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        item: #383 of 566
          id: fsr-3820
      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
       words: 4650
      flesch: 50
     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.
    keywords: banks; conversion; institutions; ipos; mutual; offer; returns; stock; thrifts; underpricing
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        item: #384 of 566
          id: fsr-3821
      author: Lahey, Karen Eilers
       title: Book, Software and Web Site Reviews
        date: 1997
       words: 1920
      flesch: 55
     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.
    keywords: fund; insurance; management; risk; services; site; text
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        item: #385 of 566
          id: fsr-3822
      author: Lahey, Karen Eilers
       title: From the Editor Vol 6 No 3
        date: 1997
       words: 433
      flesch: 48
     summary: “Performance and Persistence in Money Market Fund Returns” 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’s choice between national municipal bond portfolios and state specific bond mutual funds in two states with high taxes, New York and California.
    keywords: fund; investment
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        item: #386 of 566
          id: fsr-3823
      author: Pritchett , S. Travis
       title: Incorporating Historical Investment Performance in Projecting Life Insurance Cash Values
        date: 1997
       words: 5998
      flesch: 46
     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 “on an entirely retrospective basis considering only assets to be supporting the block” (Actuarial Standards Board, 1995, p. 7).
    keywords: experience; insurance; insurers; investment; life; percent; performance; portfolio; projections; rates; returns; scale; years
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        item: #387 of 566
          id: fsr-3824
      author: Domian , Dale L.; Reichenstein , William
       title: Performance and Persistence in Money Market Fund Returns
        date: 1997
       words: 7433
      flesch: 68
     summary: Consequently, we do not suspect fund managers’ 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.
    keywords: average; expense; funds; government; money; net; percent; portfolio; returns; year
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        item: #388 of 566
          id: fsr-3825
      author: Singh, Sandeep; Dresnack, William H.
       title: Market Knowledge in Managed Municipal Bond Portfolios
        date: 1997
       words: 5685
      flesch: 56
     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.
    keywords: bond; funds; income; index; municipal; national; performance; ratio; returns; risk; state
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        item: #389 of 566
          id: fsr-3826
      author: Kahl , Douglas R.
       title: The Challenges and Opportunities of Student-Managed Investment Funds at Metropolitan Universities
        date: 1997
       words: 1812
      flesch: 47
     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.
    keywords: funds; investment; management; proposal; students
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        item: #390 of 566
          id: fsr-3827
      author: Smith, Keith V.
       title: Asset Allocation and Investment Horizon
        date: 1997
       words: 10413
      flesch: 63
     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.
    keywords: allocation; asset; brokerage; firms; horizon; investment; investors; period; portfolio; quarter; recommendations; stocks; time
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        item: #391 of 566
          id: fsr-3828
      author: Kahl, Douglas
       title: The Millionaire Next Door.
        date: 1997
       words: 362
      flesch: 64
     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.
    keywords: millionaire; services
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        item: #392 of 566
          id: fsr-3829
      author: Kahl, Douglas; Kahl, Douglas
       title: The Financial Services Revolution
        date: 1997
       words: 1452
      flesch: 48
     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 “401(k) plan,” a market in which banks, insurance companies, and mutual funds vigorously compete.
    keywords: book; financial; funds; insurance; services
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        item: #393 of 566
          id: fsr-3830
      author: Kahl, Douglas
       title: Wealth Management
        date: 1997
       words: 912
      flesch: 48
     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’s Wealth Management provides a comprehensive and informative guide to financial planning.
    keywords: book; management; wealth
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        item: #394 of 566
          id: fsr-3831
      author: Lahey, Karen Eilers
       title: Addendum
        date: 1997
       words: 124
      flesch: 38
     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.
    keywords: services
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        item: #395 of 566
          id: fsr-3832
      author: Lahey, Karen Eilers
       title: From the Editor Vol 6 No 4
        date: 1997
       words: 514
      flesch: 50
     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.
    keywords: investors; iras; tax
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        item: #396 of 566
          id: fsr-3833
      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
       words: 8159
      flesch: 61
     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.
    keywords: capital; funds; gain; income; income tax; investment; ira; nondeductible; outright; roth ira; tax; tax rate
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        item: #397 of 566
          id: fsr-3834
      author: Horan, Stephen M.; Peterson, Jeffrey H.; McLeod, Robert
       title: An Analysis of Nondeductible IRA Contributions and Roth IRA Conversions
        date: 1997
       words: 6239
      flesch: 57
     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).
    keywords: investment; investors; ira; iras; nondeductible; rate; tax; value; withdrawal
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        item: #398 of 566
          id: fsr-3835
      author: Manakyan , Herman; Liano, Kartono
       title: Performance of Mutual Funds Before and After Closing to New Investors
        date: 1997
       words: 8197
      flesch: 72
     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.
    keywords: closing; funds; index; investors; new; performance; sample
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        item: #399 of 566
          id: fsr-3836
      author: Milevsky, Moshe Arye; Kim , Sharon
       title: The Optimal Choice of Index-Linked GICs: Some Canadian Evidence
        date: 1997
       words: 5849
      flesch: 65
     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’s Information Sys- tems which is the de-facto standard for market values in the derivatives trading industry.
    keywords: ilgic; index; market; payoff; products; rate; value
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        item: #400 of 566
          id: fsr-3837
      author: Prather , Laurie; Bertin, William J.
       title: A Simple and Effective Trading Rule for Individual Investors
        date: 1997
       words: 4869
      flesch: 62
     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.
    keywords: buy; changes; discount; investors; market; period; returns; strategy; trading; trading strategy
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        item: #401 of 566
          id: fsr-3838
      author: Kahl, Douglas
       title: Risk Management and Insurance 
        date: 1997
       words: 788
      flesch: 49
     summary: Part I is titled “Fundamentals of Risk Management and Insurance,” 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.
    keywords: insurance; management; risk
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        item: #402 of 566
          id: fsr-3839
      author: Lahey, Karen Eilers
       title: Index Vol 6
        date: 1997
       words: 1145
      flesch: -34
     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 “Charter Media’s Briefing.com Web Site,” 6( 1): 72- 73 Albert, Robert L., Jr., “Short Selling and Trad- ing Abuses on Nasdaq,” 6(l): 27-39 Ang, James S., “Personal Bankruptcy Costs: Their Relevance and Some Estimates,” 6(2): 77-96 Austin, Jeffrey R. see Cram, Terry L. Ayadi, 0. Stephen 299 Milevsky, Moshe Arye, ‘The Optimal Choice Query, J. Tim, Review of ‘The Financial Ser- of Index-Linked GICs: Some Canadian Evi- vices Revolution,” 6(3): 221-223 dence,” 6(4): 27 l-284 Query, J. Tim see Lee, Ryan B. Nelson, Susan Logan, “The Use of Professional Designations in the Real Estate Industry,” 6(2): 109-124 Nelson, Theron R. see Nelson, Susan Logan Reichenstein, William see Domian,
    keywords: douglas r.; review; robert l.
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        item: #403 of 566
          id: fsr-3840
      author: Lahey, Karen Eilers
       title: Editorial Board 1998
        date: 1998
       words: 168
      flesch: 4
     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
    keywords: james; state; university
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        item: #404 of 566
          id: fsr-3841
      author: Lahey, Karen Eilers
       title: From the Editor Vol 7 No 1
        date: 1998
       words: 436
      flesch: 51
     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.
    keywords: fund; performance
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        item: #405 of 566
          id: fsr-3842
      author: Crutehley, Claire E.; Hudson, Carl D.; Jensen, Marlin R.H.
       title: Shareholder Wealth Effects of CalPERS' Activism
        date: 1998
       words: 4461
      flesch: 60
     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.
    keywords: activism; calpers; firms; investors; period; returns; shareholder; stock; target; time; year
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        item: #406 of 566
          id: fsr-3843
      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
       words: 6718
      flesch: 64
     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.
    keywords: account; average; effect; journal; market; month; period; return; stock; strategy; switching; trading
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        item: #407 of 566
          id: fsr-3844
      author: Domian, Dale L.; Reiehenstein, William
       title: Term Spreads and Predictions of Bond and Stock Excess Returns
        date: 1998
       words: 11992
      flesch: 76
     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.
    keywords: bonds; def; fama; l l; regressions; results; returns; spread; term; term spread; treasury; year; yield
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        item: #408 of 566
          id: fsr-3845
      author: Detzel, F. Larry; Weigand, Robert A.
       title: Explaining Persistence in Mutual Fund Performance
        date: 1998
       words: 5746
      flesch: 56
     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.
    keywords: fund; fund returns; market; persistence; returns; size; stocks; year
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        item: #409 of 566
          id: fsr-3846
      author: Porter, Gary E.; Trifts, Jack W.
       title: Performance Persistence of Experienced Mutual Fund Managers
        date: 1998
       words: 5722
      flesch: 55
     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?
    keywords: average; funds; managers; mpr; performance; period; persistence; year
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        item: #410 of 566
          id: fsr-3847
      author: Kahl, Douglas
       title: Personal Financial Planning (2nd edition)
        date: 1998
       words: 559
      flesch: 55
     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.
    keywords: planning; text
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        item: #411 of 566
          id: fsr-3848
      author: Lahey, Karen Eilers
       title: Erratum
        date: 1998
       words: 113
      flesch: 73
     summary: Erratum The following are corrected equations for the article, “A Simple and Effective Trading Rule for Individual Investors,” 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.
    keywords: page
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        item: #412 of 566
          id: fsr-3849
      author: Lahey, Karen Eilers
       title: From the Editor Vol 7 No 2
        date: 1998
       words: 371
      flesch: 44
     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.
    keywords: article; investors
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        item: #413 of 566
          id: fsr-3850
      author: Ridge , Jenny; Young, Martin
       title: Innovations in Savings Schemes: The Bonus Bonds Trust in New Zealand
        date: 1998
       words: 4210
      flesch: 63
     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.
    keywords: bonus; bonus bonds; march; new; new zealand; prize; trust; zealand
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        item: #414 of 566
          id: fsr-3851
      author: Reichert, Carolyn; Timmons, J. Douglas
       title: Closed-End Investment Companies: Historic Returns and Investment Strategies
        date: 1998
       words: 5699
      flesch: 74
     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.
    keywords: costs; end; funds; market; returns; s&p; strategies; trading; transaction
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        item: #415 of 566
          id: fsr-3852
      author: Russell, Judson W.
       title: The International Diversification Fallacy of Exchange-Listed Securities
        date: 1998
       words: 6113
      flesch: 64
     summary: One way for investors to participate in overseas markets is through international index funds. The case for international index funds.
    keywords: adrs; country; diversification; exchange; funds; index; new; return; securities; stock; u.s; york
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        item: #416 of 566
          id: fsr-3853
      author: Chen, Haiyang; Volpe, Ronald P.
       title: An Analysis of Personal Financial Literacy Among College Students
        date: 1998
       words: 11403
      flesch: 73
     summary: The predictive ability of personal finance knowledge shows that improving college students' knowledge is important. Personal financial survey of high school seniors.
    keywords: business; finance; financial; insurance; knowledge; participants; personal; section; students; survey; years
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        item: #417 of 566
          id: fsr-3854
      author: Beal, Diana; Goyen, Michelle
       title: 'Putting Your Money Where Your Mouth Is' A Profile of Ethical Investors
        date: 1998
       words: 7503
      flesch: 52
     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.
    keywords: asx; australian; conservation; esl; ethical; funds; investment; investors; managers; research; respondents; sample; services; shareholders; shares; survey; trust
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        item: #418 of 566
          id: fsr-3855
      author: Lahey, Karen Eilers
       title: From the Editor Vol 7 No 3
        date: 1998
       words: 342
      flesch: 50
     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, “Credit Union Structure: An Examination of Potential Risks.” Financial Services Review 7 (1998) v 1057-0810/98/$ – see front matter © 1998 Elsevier Science Inc.
    keywords: award; presentation
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        item: #419 of 566
          id: fsr-3856
      author: Domian, Dale L.; Louton, David A.; Mossman, Charles E.
       title: The rise and fall of the “Dogs of the Dow”
        date: 1998
       words: 6215
      flesch: 66
     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.
    keywords: average; dividend; dow; market; period; portfolios; stocks; yield
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        item: #420 of 566
          id: fsr-3857
      author: Robinson, Chris; McGoun, Elton G.
       title: The sociology of personal finance
        date: 1998
       words: 6565
      flesch: 59
     summary: Thus, there is only one kind of money— 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.
    keywords: cash; families; family; finance; form; income; market; money; review; services; utility; value
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        item: #421 of 566
          id: fsr-3858
      author: Yuh, Yoonkyung; Hanna, Sherman; Montalto, Catherine Phillips
       title: Mean and pessimistic projections of retirement adequacy
        date: 1998
       words: 8643
      flesch: 51
     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.
    keywords: adequacy; age; households; income; mean; needs; portfolio; rates; ratio; retirement; retirement wealth; return; wealth
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        item: #422 of 566
          id: fsr-3859
      author: Reichenstein, William
       title: Calculating a family’s asset mix
        date: 1998
       words: 6513
      flesch: 70
     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.
    keywords: asset; bonds; family; mortgage; pension; portfolio; tax; value; view
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        item: #423 of 566
          id: fsr-3860
      author: Boldin, Robert J.; Leggett, Keith; Strand, Robert
       title: Credit union industry structure: an examination of potential risks
        date: 1998
       words: 4298
      flesch: 48
     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.
    keywords: assets; capital; corporate; credit; industry; npcus; risk; u.s; union
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        item: #424 of 566
          id: fsr-3861
      author: Kahl, Douglas
       title: Money Logic: Financial Strategies for the Smart Investor
        date: 1998
       words: 311
      flesch: 42
     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.
    keywords: book; canadian
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        item: #425 of 566
          id: fsr-3862
      author: Kahl, Douglas
       title: The Wall Street Journal Interactive Edition internet site
        date: 1998
       words: 1604
      flesch: 53
     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.
    keywords: business; course; journal; site; students
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        item: #426 of 566
          id: fsr-3863
      author: Lahey, Karen Eilers
       title: Masthead Vol 7 No 4
        date: 1998
       words: 713
      flesch: 48
     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.
    keywords: article; plans; results
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        item: #427 of 566
          id: fsr-3864
      author: Lahey, Karen Eilers
       title: Letter from the Editor Vol 7 No 4
        date: 1998
       words: 437
      flesch: -160
     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.
    keywords: florida; illinois; robert; state; university
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        item: #428 of 566
          id: fsr-3865
      author: Bigel, Kenneth S.
       title: The correlations of professionalization and compensation sources with the ethical development of personal investment planners
        date: 1998
       words: 6539
      flesch: 50
     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’s “P-score”) assess the framework which people bring to solving moral problems; the higher one’s 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).
    keywords: cfp; commission; development; ethical; fee; investment; planners; professional; rest; score; services; study; table
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        item: #429 of 566
          id: fsr-3866
      author: Goss, Robert P.
       title: Comment on Kenneth S. Bigel’s Paper
        date: 1998
       words: 7709
      flesch: 34
     summary: A CFP designee also has an obligation to cooperate with fellow CFP designees to enhance and maintain the profession’s 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.
    keywords: cfp; cfp designee; client; designee; planning; professional; rule; services; shall
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        item: #430 of 566
          id: fsr-3867
      author: Russell, Judson W.; Brooks, Robert
       title: Managing college tuition inflation using a surplus framework methodology
        date: 1998
       words: 6450
      flesch: 49
     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.
    keywords: allocation; asset; college; framework; inflation; liability; plan; portfolio; prepaid; return; risk; savings; surplus; tuition
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        item: #431 of 566
          id: fsr-3868
      author: Saporoschenko, Andrew
       title: Do dividend reinvestment plans contribute to industrial firm value and efficiency?
        date: 1998
       words: 8966
      flesch: 66
     summary: No difference in valuation is found between DRIP firms and the other industry-matched firms using a Tobin’s q proxy. Several cash flow measures are found not to be higher for DRIP firms.
    keywords: cash; debt; dividends; drip firms; drips; financial; firms; flow; issue; market; sample; value
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        item: #432 of 566
          id: fsr-3869
      author: Gibler, Karen M.; Moschis, George P.; Lee, Euehun
       title: Planning to move to retirement housing
        date: 1998
       words: 4276
      flesch: 57
     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.
    keywords: age; care; community; housing; living; people; retirement; seniors; services
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        item: #433 of 566
          id: fsr-3870
      author: Alexander, Gordon J.; Jones, Jonathan D.; Nigro, Peter J.
       title: Mutual fund shareholders: characteristics, investor knowledge, and sources of information
        date: 1998
       words: 7765
      flesch: 53
     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.
    keywords: bank; broker; distribution; fund; information; investors; money; mutual; purchasers; respondents; survey
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        item: #434 of 566
          id: fsr-3871
      author: Kahl, Douglas
       title: Book Reviews
        date: 1998
       words: 1068
      flesch: 46
     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.
    keywords: report; review; section
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        item: #435 of 566
          id: fsr-3872
      author: Lahey, Karen Eilers
       title: Index Vol 7
        date: 1998
       words: 1124
      flesch: -156
     summary: PII: S1057-0810(99)00018-9 AUTHORS Alexander, Gordon J., “Mutual Fund Shareholders: Characteristics, Investor Knowledge, and Sources of Information,” 7(4): 301–316 Beal, Diana, “‘Putting Your Money Where Your Mouth Is’ A Profile of Ethical Investors,” 7(2): 129–143 Bieker, Richard F., Review of “The Wall Street Jour- nal Interactive Edition internet site,” 7(3): 218– 221 Bigel, Kenneth S., “The Correlations of Professional- ization and Compensation Sources with the Ethical Development of Personal Investment Planners,” 7(4): 223–236 Boldin, Robert J., “Credit Union Structure: An Exam- ination of Potential Risks,” 7(3): 207–215 Brooks, Robert, “Managing College Tuition Inflation Using Surplus Framework Methodology,” 7(4): 257–271 Chen, Haiyang, “An Analysis of Personal Financial Literacy Among College Students,” 7(2): 107–128 Compton, William S., “A Tax-Free Exploitation of the Turn-of-the-Month Effect: C.R.E.F.,” 7(1): 11–23 Crutchley, Claire E., “Shareholder Wealth Effects of CalPERS’ Activism,” 7(1): 1–10 Detzel, F. Larry, “Explaining Persistence in Mutual Fund Performance,” 7(1): 45–55 Domian, Dale L., “Term Spreads and Predictions of Bond and Stock Excess Returns,” 7(1): 25–44 Domian, Dale L., “The Rise and Fall of the ‘Dogs of the Dow,’” 7(3): 145–159 Gibler, Karen M., “Planning to Move to Retirement Housing,” 7(4): 291–300 Goss, Robert P., “Comment on Kenneth S. Bigel’s Paper,” 7(4): 237–256 Goyen, Michelle, “‘Putting Your Money Where Your Mouth Is’ A Profile of Ethical Investors,” 7(2): 129–143 Hanna, Sherman, “Mean and Pessimistic Projections of Retirement Adequacy,” 7(3): 175–193 Hudson, Carl D., “Shareholder Wealth Effects of CalPERS’ Activism,” 7(1): 1–10 Jensen, Marlin R.H., “Shareholder Wealth Effects of CalPERS’ Activism,” 7(1): 1–10 Jones, Jonathan D., “Mutual Fund Shareholders: Characteristics, Investor Knowledge, and Sources of Information,” 7(4): 301–316 Kahl, Douglas R., Review of “Money Logic: Finan- cial Strategies for the Smart Investor,” 7(3): 217 Kahl, Douglas R., Review of “Personal Financial Planning,” 7(1): 69–70 Kunkel, Robert A., “A Tax-Free Exploitation of the Turn-of-the-Month Effect: C.R.E.F.,” 7(1): 11–23 Lee, Euehun, “Planning to Move to Retirement Hous- ing,” 7(4): 291–300 Leggett, Keith, “Credit Union Structure: An Exami- nation of Potential Risks,” 7(3): 207–215 Louton, David A., “The Rise and Fall of the ‘Dogs of the Dow,’” 7(3): 145–159 McGoun, Elton G., “The Sociology of Personal Fi- nance,” 7(3): 161–173 323 FINANCIAL SERVICES REVIEW The Journal of Individual Financial Management Index Volume 7, 1998 Mochis, George P., “Planning to Move to Retirement Housing,” 7(4): 291–300 Montalto, Catherine Philips, “Mean and Pessimistic Projections of Retirement Adequacy,” 7(3): 175– 193 Mossman, Charles E., “The Rise and Fall of the ‘Dogs of the Dow,’” 7(3): 145–159 Nigro, Peter J., “Mutual Fund Shareholders: Charac- teristics, Investor Knowledge, and Sources of In- formation,” 7(4): 301–316 Porter, Gary E., “Performance Persistence of Experi- enced Mutual Fund Managers,” 7(1): 57–68 Reichenstein, William, “Calculating a Family’s Asset Mix,” 7(3): 195–206 Reichenstein, William, “Term Spreads and Predic- tions of Bond and Stock Excess Returns,” 7(1): 25–44 Reichert, Carolyn, “Closed End Investment Compa- nies: Historic Returns and Investment Strategies,” 7(2): 83–93 Ridge, Jenny, “Innovations in Savings Schemes: The Bonus Bonds Trust in New Zealand,” 7(2): 73–81 Robinson, Chris, “The Sociology of Personal Fi- nance,” 7(3): 161–173 Russell, Judson W., “Managing College Tuition Infla- tion Using Surplus Framework Methodology,” 7(4): 257–271 Russell, Judson W., “The International Diversification Fallacy of Exchange-Listed Securities,” 7(2): 57–68 Volpe, Ronald P., “An Analysis of Personal Financial Literacy Among College Students,” 7(2): 107–128 Weigand, Robert A., “Explaining Persistence in Mu- tual Fund Performance,” 7(1): 45–55 Young, Martin, “Innovations in Savings Schemes: The Bonus Bonds Trust in New Zealand,” 7(2): 73–81 Yuh, Yoonkyung, “Mean and Pessimistic Projections of Retirement Adequacy,” 7(3): 175–193 TITLES “A Tax-Free Exploitation of the Turn-of-the-Month Effect: C.R.E.F.,” Robert A. Kunkel, William S. Compton, 7(1): 11–23 “An Analysis of Personal Financial Literacy Among College Students,” Haiyang Chen, Ronald P. Volpe, 7(2): 107–128 “Calculating a Family’s Asset Mix,” William Reichenstein, 7(3): 195–206 “Closed End Investment Companies: Historic Returns and Investment Strategies,” Carolyn Reichert, J. Douglas Timmons, 7(2): 83–93 “Comment on Kenneth S. Bigel’s Paper,” Robert P. Goss, 7(4): 237–256 “Credit Union Structure: An Examination of Potential Risks,” Robert J. Boldin, Keith Leggett, Robert Strand, 7(3): 207–215 “Do Dividend Reinvestment Plans Contribute to In- dustrial Firm Value and Efficiency?,” Andy Sapo- roschenko, 7(4): 273–289 “Explaining Persistence in Mutual Fund Perfor- mance,” F. Larry Detzel, Robert A. Weigand, 7(1): 45–55 “Innovations in Savings Schemes: The Bonus Bonds Trust in New Zealand,” Jenny Ridge, Martin Young, 7(2): 73–81 324 Index / Financial Services Review 7 (1998)
    keywords: fund; retirement; review; robert
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        item: #436 of 566
          id: fsr-3873
      author: Lahey, Karen Eilers
       title: From the Editor Vol 8 No 1
        date: 1999
       words: 615
      flesch: 51
     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.
    keywords: article; journal; review
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        item: #437 of 566
          id: fsr-3874
      author: Bajtelsmit, Vickie L.; Bernasek, Alexandra; Jianakoplos, Nancy A.
       title: Gender differences in defined contribution pension decisions
        date: 1999
       words: 4574
      flesch: 56
     summary: Eq. (4) forms the basis for estimating the coefficient of relative risk aversion when we consider an individual’s invest- ment in risky pension assets. Empirical methodology Based on Eq. (4), that is the theoretical basis for the allocation of an individual’s 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.
    keywords: allocation; assets; aversion; dcps; differences; individual; pension; risk; sample; wealth; women
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        item: #438 of 566
          id: fsr-3876
      author: Aiello, Scott; Chieffe, Natalie
       title: International index funds and the investment portfolio 
        date: 1999
       words: 3729
      flesch: 55
     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).
    keywords: 500; funds; index; indexes; international
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        item: #439 of 566
          id: fsr-3878
      author: Ho, Kwok; Milevsky, Moshe Arye; Robinson, Chris
       title: International equity diversification and shortfall risk
        date: 1999
       words: 7059
      flesch: 59
     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.
    keywords: allocation; bills; bonds; diversification; equity; international; milevsky; portfolio; risk; shortfall
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        item: #440 of 566
          id: fsr-3879
      author: Hanna, Michael E.; McCormack, Joseph P.; Perdue, Grady
       title: A nineties perspective on international diversification
        date: 1999
       words: 4094
      flesch: 53
     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.
    keywords: diversification; market; portfolio; states; united
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        item: #441 of 566
          id: fsr-3880
      author: Preece, Dianna C.; Filbeck, Greg
       title: Family friendly firms: does it pay to care?
        date: 1999
       words: 6281
      flesch: 60
     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.
    keywords: benefits; family; firms; index; market; match; portfolio; returns; risk; sample; work; year
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        item: #442 of 566
          id: fsr-3881
      author: Lahey, Karen Eilers
       title: From the Editor Vol 8 No 2
        date: 1999
       words: 375
      flesch: 44
     summary: The Steven C. Gold and Paul Lebowitz article entitled, “Computerized Stock Screening Rules for Portfolio Selection,” 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’s satisfaction with retirement.
    keywords: article; retirement
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        item: #443 of 566
          id: fsr-3882
      author: Gold, Steven C.; Lebowitz, Paul
       title: Computerized stock screening rules for portfolio selection
        date: 1999
       words: 4737
      flesch: 58
     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.
    keywords: average; earnings; market; model; portfolio; price; returns; screening; stocks
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        item: #444 of 566
          id: fsr-3883
      author: Brooks, Robert
       title: Municipal bonds: a contingent claims perspective
        date: 1999
       words: 6045
      flesch: 59
     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.
    keywords: bonds; debt; financial; market; municipal; option; rate; review; tax; value; yield
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        item: #445 of 566
          id: fsr-3884
      author: MacDonald, John A.; Smith, David M.
       title: Investor partitioning of the components of value in corporate earnings announcements
        date: 1999
       words: 6296
      flesch: 55
     summary: This study’s results contribute to the corporate earnings literature by showing the precise nature of investors’ 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.
    keywords: announcements; dividend; earnings; market; primes; quarter; returns; scores; stock; surprises; trust; value
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        item: #446 of 566
          id: fsr-3885
      author: Zivney, Terry L.; Luft, Carl F.
       title: Hedging individual mortgage risk
        date: 1999
       words: 7933
      flesch: 63
     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.
    keywords: contract; futures; futures contract; hedge; hedging; interest; interest rates; mortgage; option; rates; smiths
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        item: #447 of 566
          id: fsr-3886
      author: Elder, Harold W.; Rudolph, Patricia M.
       title: Does retirement planning affect the level of retirement satisfaction?
        date: 1999
       words: 4656
      flesch: 52
     summary: In this paper, the relationship between an individual’s 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.
    keywords: health; level; meetings; model; planning; retirement; review; satisfaction; services
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        item: #448 of 566
          id: fsr-3887
      author: Lahey, Karen Eilers
       title: From the Editor Vol 8 No 3
        date: 1999
       words: 480
      flesch: 44
     summary: The second article, “Racial Differences in Investor Decision Making” 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.
    keywords: differences; risk
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        item: #449 of 566
          id: fsr-3888
      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
       words: 9349
      flesch: 58
     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.
    keywords: assets; black; credit; differences; financial; households; income; liability; net; portfolio; risk; wealth; white; worth
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        item: #450 of 566
          id: fsr-3889
      author: Gutter, Michael S.; Fox, Jonathan J.; Montalto, Catherine P.
       title: Racial differences in investor decision making
        date: 1999
       words: 6265
      flesch: 47
     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.
    keywords: assets; differences; financial; households; investment; model; ownership; risk; variables; white
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        item: #451 of 566
          id: fsr-3890
      author: Grable, John; Lytton, Ruth H.
       title: Financial risk tolerance revisited: the development of a risk assessment instrument
        date: 1999
       words: 9488
      flesch: 57
     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.
    keywords: assessment; factor; grable; instrument; item; lytton; measure; review; risk; risk tolerance; services; tolerance; validity
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        item: #452 of 566
          id: fsr-3891
      author: Lewis, Danielle; Anderson, Randy I.; Zumpano, Leonard V.
       title: An analysis of affinity programs: the case of real estate brokerage participation
        date: 1999
       words: 7135
      flesch: 48
     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.
    keywords: affinity; brokerage; cost; efficiency; estate; firms; frontier; industry; lewis; programs; sample; scale; services
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        item: #453 of 566
          id: fsr-3892
      author: Johnson, Robert R.; Buetow, Gerald W.; Jensen, Gerald R.
       title: International mutual fund returns and Federal Reserve policy
        date: 1999
       words: 5278
      flesch: 43
     summary: International index funds and the investment portfolio. The benefits of international diversification rest largely on the correlation structure of international market returns.
    keywords: diversification; funds; indexes; international; johnson; periods; policy; rate; returns; stock
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        item: #454 of 566
          id: fsr-3893
      author: Vihtelic, Jill Lynn
       title: From the Special Issue Editor
        date: 1999
       words: 568
      flesch: 44
     summary: Designed as a “spire,” 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 “Learning by doing: offering a university practicum in personal financial planning,” Tom Eyssell Financial Services Review 8 (1999) ix–x 1057-0810/99/$ – see front matter © 1999 Elsevier Science Inc.
    keywords: finance; financial; teaching
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        item: #455 of 566
          id: fsr-3894
      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
       words: 5124
      flesch: 52
     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.
    keywords: activities; club; course; finance; fund; investment; learning; members; portfolio; students
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        item: #456 of 566
          id: fsr-3895
      author: Fogarty, Ellie; Mayo, Herbert
       title: Undergraduate research: the senior thesis in finance
        date: 1999
       words: 5541
      flesch: 53
     summary: JEL classification:A220 Keywords:Senior thesis; Undergraduate research 1. While traditional courses have 25–30 students, enrollment in a section of senior thesis is capped at ten students.
    keywords: business; courses; faculty; finance; skills; students; thesis; topic
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        item: #457 of 566
          id: fsr-3896
      author: Fox, Jonathan; Bartholomae, Suzanne
       title: Student learning style and educational outcomes: evidence from a family financial management course
        date: 1999
       words: 7774
      flesch: 47
     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.
    keywords: class; course; education; information; kolb; learning; management; performance; review; students; style; term; time
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        item: #458 of 566
          id: fsr-3897
      author: Alexander, John C.; McElreath, Robert B.
       title: Does education affect how well students forecast the market?
        date: 1999
       words: 3104
      flesch: 59
     summary: The prerequisite course for junior investments students is “Fundamentals of Corporate Finance” and the prerequisite course for senior investments students is “Fundamentals of Investments.” Conclusions Using student forecasts of the DJIA, we find that students fail to outperform a random walk forecast over the entire sample period.
    keywords: expectations; forecast; grade; level; prerequisite; students
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        item: #459 of 566
          id: fsr-3898
      author: Chieffe, Natalie; Rakes, Ganas K.
       title: An integrated model for financial planning
        date: 1999
       words: 3666
      flesch: 59
     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.
    keywords: credit; emergency; finance; goals; management; model; money; planning; students; term
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        item: #460 of 566
          id: fsr-3899
      author: Crabb, Ronald R.
       title: Cash flow: a quick and easy way to learn personal finance
        date: 1999
       words: 7046
      flesch: 71
     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.
    keywords: cash; cell; flow; interest; loan; retirement; spreadsheet; students; year
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        item: #461 of 566
          id: fsr-3900
      author: Payne, Thomas H.; Finch, J. Howard
       title: Effective teaching and use of the constant growth dividend discount model
        date: 1999
       words: 3104
      flesch: 59
     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.
    keywords: estimate; growth; model; price; value
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        item: #462 of 566
          id: fsr-3901
      author: Eyssell, Thomas H.
       title: Learning by doing: offering a university practicum in personal financial planning
        date: 1999
       words: 4924
      flesch: 44
     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.
    keywords: client; course; financial; instructor; planner; planning; practicum; program; services; students
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        item: #463 of 566
          id: fsr-3902
      author: Woerheide, Walt
       title: The Internet in the personal finance course
        date: 1999
       words: 6516
      flesch: 63
     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.
    keywords: chapter; course; finance; integration; internet; personal; sites; student; text; web
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        item: #464 of 566
          id: fsr-3903
      author: Michelson, Stuart; Smith, Stanley D.
       title: Applications of WWW technology in teaching finance
        date: 1999
       words: 5133
      flesch: 61
     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.
    keywords: class; information; internet; links; page; project; services; students; use; web; web page
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        item: #465 of 566
          id: fsr-3904
      author: Lahey, Karen Eilers
       title: Index Vol 8
        date: 1999
       words: 1213
      flesch: -86
     summary: Offering a university practicum in personal financial plan- ning,” 8(4): 293–303 Filbeck, Greg, “Family Friendly Firms: Does it Pay to Care?,” 8(1): 47–60 Finch, J. Howard, “Effective teaching and use of the constant growth dividend model,” 8(4): 283–291 Fogarty, Ellie, “Undergraduate research: The senior thesis in finance,” 8(4): 223–234 Fox, Jonathan J., “Racial differences in investor deci- sion making,” 8(3): 149–162 Fox, Jonathan, “Student learning style and educational outcomes: Evidence from a family financial man- agement course,” 8(4): 235–251 Gold, Steven C., “Computerized stock screening rules for portfolio selection,” 8(2): 61–70 Grable, John, “Financial risk tolerance revisited: The development of a risk adjusted instrument,” 8(3): 163–181 Grinder, Brian, “An integrative approach to using student investment clubs and student investment funds in the finance curriculum,” 8(4): 211–221 Gutter, Michael S., “Racial differences in investor decision making,” 8(3): 149–162 Hanna, Michael, “A nineties perspective on interna- tional diversification,” 8(1): 37–46 329 FINANCIAL SERVICES REVIEW The Journal of Individual Financial Management Index Volume 8, 1999 Ho, Kwok, “International equity diversification and shortfall risk,” 8(1): 11–26 Jensen, Gerald R., “International mutual fund returns and federal reserve policy,” 8(3): 199–210 Jianakoplos, Nancy A., “Gender Differences in de- fined contribution pension decisions,” 8(1): 1–10 Johnson, Robert R., “International mutual fund re- turns and federal reserve policy,” 8(3): 199–210 Lebowitz, Paul, “Computerized stock screening rules for portfolio selection,” 8(2): 61–70 Lewis, Danielle, “An analysis of affinity programs: PII: S1057-0810(00)00050-0 AUTHORS Aiello, Scott, “International index funds and the in- vestment portfolio,” 8(1): 27–36 Alexander Jr., John C., “Does education affect how well students forecast the market?,” 8(4): 253–260 Anderson, Randy I., “An analysis of affinity pro- grams: The case of real estate brokerage participa- tion,” 8(3): 183–197 Badu, Yaw A., “An empirical analysis of differences in black and white asset and liability combina- tions,” 8(3): 129–147 Bajtelsmit, Vickie L., “Gender Differences in defined contribution pension decisions,” 8(1): 1–10 Bartholomae, Suzanne, “Student learning style and educational outcomes: Evidence from a family fi- nancial management course,” 8(4): 235–251 Bernasek, Alexandra, “Gender Differences in defined contribution pension decisions,” 8(1): 1–10 Britt, Michael, “An integrative approach to using stu- dent investment clubs and student investment funds in the finance curriculum,” 8(4): 211–221 Brooks, Robert, “Municipal bonds: a contingent claims perspective,” 8(2): 71–86 Buetow, Gerald W., “International mutual fund re- turns and federal reserve policy,” 8(3): 199–210 Chieffe, Natalie, “An integrated model for financial planning,” 8(4): 261–268 Chieffe, Natalie, “International index funds and the investment portfolio,” 8(1): 27–36 Cooper, Dan W., “An integrative approach to using student investment clubs and student investment funds in the finance curriculum,” 8(4): 211–221 Crabb, Ronald R., “Cash flow: A quick and easy way to learn personal finance,” 8(4): 269–282 Daniels, Kenneth N., “An empirical analysis of dif- ferences in black and white asset and liability com- binations,” 8(3): 129–147 Elder, Harold W., “Does retirement planning affect the level of retirement satisfaction?,” 8(2): 117– 127 Eyssell, Thomas H., “Learning by doing:
    keywords: finance; finance curriculum; investment funds; student investment
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        item: #466 of 566
          id: fsr-3905
      author: Bajtelsmit, Vickie L.
       title: From the Special Issue Editor Vol 9 No 1
        date: 2000
       words: 1074
      flesch: 29
     summary: The topic of this issue “Ensuring Retirement Income Ade- quacy in the Next Century” 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.
    keywords: individuals; retirement; savings; security
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        item: #467 of 566
          id: fsr-3906
      author: Montalto, Catherine Phillips; Yuh, Yoonkyung; Hanna, Sherman
       title: Determinants of planned retirement age
        date: 2000
       words: 6741
      flesch: 47
     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’ plans are not achieved, or that there is a generational change in planned retirement ages.
    keywords: age; health; montalto; probability; respondent; retirement; retirement age; security; survey; time; variables; working; years
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        item: #468 of 566
          id: fsr-3907
      author: Woerheide, Walt
       title: The impact of the Pension Fund on the decision to work one more year
        date: 2000
       words: 7250
      flesch: 70
     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 “final” 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 “final” 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.
    keywords: coefficient; employee; pension; rate; salary; year
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        item: #469 of 566
          id: fsr-3908
      author: Elder, Harold W.; Rudolph, Patricia M.
       title: Beliefs and actions: expectations and savings decisions by older Americans
        date: 2000
       words: 6081
      flesch: 50
     summary: 1.75 (12.51) STANDRD Coded response to the question, ‘‘Do 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)?’’ 1.60 (0.750) 37H.W. Elder, P.M. Rudolph / Financial Services Review 9 (2000) 33–45 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.
    keywords: expectations; income; individuals; living; participation; pension; retirement; savings; standard
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        item: #470 of 566
          id: fsr-3909
      author: Waggle, Doug; Englis, Basil
       title: Asset allocation decisions in retirement accounts: an all-or-nothing proposition?
        date: 2000
       words: 6695
      flesch: 57
     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.
    keywords: accounts; age; allocation; asset; bonds; cash; equity; individuals; net; retirement; worth
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        item: #471 of 566
          id: fsr-3910
      author: VanDerhei, Jack L.; Olsen, Kelly A.
       title: Social Security investment accounts: lessons from participant-directed 401(k) data
        date: 2000
       words: 7194
      flesch: 55
     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.
    keywords: 401(k; account; age; benefit; individual; investment; participants; plan; security; vanderhei
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        item: #472 of 566
          id: fsr-3911
      author: Vora, Premal P.; McGinnis, John D.
       title: The asset allocation decision in retirement: lessons from dollar-cost averaging
        date: 2000
       words: 8431
      flesch: 57
     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.
    keywords: annuity; bond portfolio; bonds; consumption; horizon; portfolio; retiree; retirement; stock; stock portfolio; wealth
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        item: #473 of 566
          id: fsr-3912
      author: Elder, Erick; Holland, Larry
       title: Social Security reform: the effect of investing in equities
        date: 2000
       words: 6480
      flesch: 58
     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.
    keywords: bond; equities; funds; individuals; market; reform; returns; risk; security
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        item: #474 of 566
          id: fsr-3913
      author: Query, J. Tim
       title: An analysis of the Medical Savings Account as an alternative retirement savings Vehicle
        date: 2000
       words: 8629
      flesch: 59
     summary: 5. MSAs vs. Roth IRAs There are a number of similarities in the legislative structure of MSA accounts and Roth IRAs—and 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.
    keywords: account; care; claims; contributions; health; insurance; ira; medical; msa; msas; plans; roth; savings; tax; year
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        item: #475 of 566
          id: fsr-3915
      author: Lahey, Karen Eilers
       title: From the Editor Vol 9 No 2
        date: 2000
       words: 475
      flesch: 51
     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’s article, “Stock Selection Based on Morning- star’s Ten-Year, Five-Star General Equity Mutual Funds” continues the theme of timing the market.
    keywords: article; market
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        item: #476 of 566
          id: fsr-3916
      author: Chung, Richard; Kryzanowski, Lawrence
       title: Market timing using strategists’ and analysts’ forecasts of S&P 500 earnings per share
        date: 2000
       words: 10365
      flesch: 55
     summary: A reexamination of analysts earnings forecasts for takeover targets. 137R. Chung, L. Kryzanowski / Financial Services Review 9 (2000) 125–144 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)
    keywords: analysts; consensus; consensus forecasts; earnings; earnings forecasts; forecasts; market; month; number; performance; portfolio; return; s&p; share; strategists; timing
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        item: #477 of 566
          id: fsr-3917
      author: Loviscek, Anthony L.; Jordan, W. John
       title: Stock selection based on Morningstar’s ten-year, five-star general equity mutual funds
        date: 2000
       words: 6496
      flesch: 61
     summary: PII: S1057-0810(00)00062-7 Stock selection based on Morningstar’s 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.
    keywords: excess; funds; investor; market; performance; portfolio; returns; risk; s&p; selection; stock; year
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        item: #478 of 566
          id: fsr-3918
      author: Hariharan, Govind; Chapman, Kenneth S.; Domian, Dale L.
       title: Risk tolerance and asset allocation for investors nearing retirement
        date: 2000
       words: 5571
      flesch: 57
     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’s propensity to purchase risk-free assets; and (2) higher risk tolerance does not affect the composition of an individual’s portfolio of risky assets.
    keywords: assets; bonds; capm; portfolio; review; risk; stocks; tolerance; variable
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        item: #479 of 566
          id: fsr-3919
      author: Richard, John E.; Wiggins, James B.
       title: The information content of closed-end country fund discounts
        date: 2000
       words: 5006
      flesch: 57
     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) 171–181 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.
    keywords: cecf; end; funds; future; market; nav; premium; return; week
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        item: #480 of 566
          id: fsr-3920
      author: Bost, John C.; Cherin, Tony
       title: Liquidating a remainder interest: simplifying personal finance
        date: 2000
       words: 6374
      flesch: 53
     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.
    keywords: beneficiaries; beneficiary; corpus; income; income beneficiaries; interest; power; remaindermen; trust; value
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        item: #481 of 566
          id: fsr-3921
      author: Lahey, Karen Eilers
       title: From the Editor Vol 9 No 3
        date: 2000
       words: 514
      flesch: 55
     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.
    keywords: funds; plans
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        item: #482 of 566
          id: fsr-3923
      author: SigRist, Kevin W.; Brown, Stewart L.
       title: Design considerations for large public sector defined contribution plans
        date: 2000
       words: 9894
      flesch: 40
     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.
    keywords: advisory; assets; brown; cap; cost; fees; financial; funds; institutional; investment; options; participants; plans; sector; services; trustees
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        item: #483 of 566
          id: fsr-3924
      author: Miller, Edward M.; Prather, Larry J.
       title: Exploitable patterns in retirement annuity returns: evidence from TIAA/CREF
        date: 2000
       words: 5792
      flesch: 56
     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.
    keywords: asset; class; cref; fund; granger; index; retirement; returns; risk; trading
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        item: #484 of 566
          id: fsr-3925
      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
       words: 7101
      flesch: 50
     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.
    keywords: age; educators; experts; financial; mean; needs; planners; planning; rate; research; retirement; round; years
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        item: #485 of 566
          id: fsr-3926
      author: Philpot, James; Hearth, Douglas; Rimbey, James
       title: Performance persistence and management skill in nonconventional bond mutual funds
        date: 2000
       words: 4789
      flesch: 56
     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.
    keywords: bond; funds; performance; quintile; returns; sample; year; yield
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        item: #486 of 566
          id: fsr-3927
      author: O’Connor, Matthew; Downe, Edward A.
       title: The effect of country-specific index trading on closed-end country funds: an empirical analysis
        date: 2000
       words: 7006
      flesch: 60
     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.
    keywords: discounts; event; fund; impact; index; percentage; post; results; trading; volume; webs; window
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        item: #487 of 566
          id: fsr-3928
      author: Lee, Jinkook; Hogarth, Jeanne M.
       title: Consumer information search for home mortgages: who, what, how much, and what else?
        date: 2000
       words: 7269
      flesch: 49
     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.
    keywords: consumers; estate; fees; financial; information; loan; mortgage; number; search; sources; terms
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        item: #488 of 566
          id: fsr-3929
      author: Lahey, Karen Eilers
       title: From the Editor Vol 9 No 4
        date: 2000
       words: 534
      flesch: 50
     summary: “How should an investor determine the value of Social Security benefits?” 3. Steven P. Fraser, William W. Jennings, and David R. King in their article entitled, “Strategic Asset Allocation for Individual Investors: The Impact of the Present Value of Social Security Benefits” argue that Social Security benefits should be included in portfolio asset mix decisions.
    keywords: asset; security
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        item: #489 of 566
          id: fsr-3930
      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
       words: 15482
      flesch: 56
     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 (1–17% shifts) from the a priori financial portfolios with the same risk aversion. We rely on the following formula: % Stocksexpanded portfolio � % Stocksfinancial portfolio � Wealthfinancial portfolio Wealthfinancial portfolio � Wealthsocial security (4) Fifty-year-old couples, with more Social Security wealth, are even more underweighted in stocks.
    keywords: age; allocation; asset; benefits; bonds; financial; impact; income; mix; portfolio; retirement; saver; security; security benefits; security wealth; stocks; tips; value
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        item: #490 of 566
          id: fsr-3931
      author: Kuhlemeyer, Gregory A.
       title: The Equity Index Annuity: an examination of performance and regulatory concerns
        date: 2000
       words: 8396
      flesch: 56
     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) (�56.9%, 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) (�59.0%, 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) (�59.0%, 784.2%) Point-to-point 90% 65% n/a 39.2% 43.2% 91.1% (Simple) (3% (4.3%, 405%) (26.8%, n/a) (�59.0%, 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) (�59.0%, 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%)* (�59.0%, 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) (–59.0%, 784.2%) *
    keywords: annuity; contract; eia; equity; financial; index; point; product; rate; return; risk; year
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        item: #491 of 566
          id: fsr-3932
      author: Plath, D. Anthony; Stevenson, Thomas H.
       title: Financial services and the African-American market: what every financial planner should know
        date: 2000
       words: 9433
      flesch: 41
     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.
    keywords: african; age; american; asset; differences; holdings; households; income; investment; mean; property; proportion; white
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        item: #492 of 566
          id: fsr-3933
      author: Trecartin, Ralph R.
       title: The reliability of the book-to-market ratio as a risk proxy
        date: 2000
       words: 6576
      flesch: 66
     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 �0.01% �0.36% �0.24% �0.28% �0.21% T Statistic �0.10 �3.28 �2.36 �2.98 �2.19 P Value 0.918 0.001* 0.020* 0.003* 0.030* % Sign Pos 12% 20% 18% 19% 17% %
    keywords: cash; growth; returns; risk; time; value; variable; year
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        item: #493 of 566
          id: fsr-3934
      author: Poole, Barbara S.
       title: On time: contributions from the social sciences
        date: 2000
       words: 5858
      flesch: 52
     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.
    keywords: clock; experience; future; individuals; orientation; pace; past; present; psychology; researchers; review; time
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        item: #494 of 566
          id: fsr-3935
      author: Allen, Douglas E.; McGoun, Elton G.
       title: Hedonic investment
        date: 2000
       words: 8465
      flesch: 50
     summary: But this does suggest that the consumption of investment books is a practice which itself might be amenable to analysis using Holt’s 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.
    keywords: consumer; consuming; consumption; investing; investment; investors; level; market; mcgoun; people; review; services; value
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        item: #495 of 566
          id: fsr-3936
      author: Lahey, Karen Eilers
       title: Index Vol 9
        date: 2000
       words: 1300
      flesch: -148
     summary: Simplifying Personal Finance,” 9(2): 183–195 Brown, Stewart L., “Design Considerations for Large Public Sector Defined Contribution Plans,” 9(3): 197–219 Chapman, Kenneth S., “Risk Tolerance and Asset Allocation for Investors Nearing Retirement,” 9(2): 159–171 Cherin, Tony, “ Liquidating a Remainder Interest: Simplifying Personal Finance,” 9(2): 183–195 Chung, Richard, “Market Timing Using Strategists’ and Analysts’ Forecasts of S&P 500 Earnings Per Share,” 9(2): 125–145 Domian, Dale L.,“Risk Tolerance and Asset Allocation for Investors Nearing Retirement,” 9(2): 159–171 Downe, Edward A., “The Effect of Country-Specific Index Trading on Closed-End Country Funds: An Empirical Analysis,” 9(3): 259–277 Elder, Erick, “Social Security Reform: The Effect of Investing in Equities,” 9(1): 93–107 Elder, Harold W., “Beliefs and Actions: Expectations and Savings Decisions by Older Americans,” 9(1): 33–47 Englis, Basil, “Asset Allocation Decisions in Retire- ment Accounts: An All-or-Nothing Proposition?,” 9(1): 79–93 Fraser, Steve P., “Strategic Asset Allocation for Indi- vidual Investors: The Impact of the Present Value of Social Security Benefits,” 9(4): 295–326 Greninger, Sue Alexander, “Retirement Planning Guidelines: A Delphi Study of Financial Planners and Educators,” 9(3): 231–247 Hampton, Vickie L., “Retirement Planning Guide- lines: A Delphi Study of Financial Planners and Educators,” 9(3): 231–247 Hanna, Sherman, “Determinates of Planned Retire- ment Age,” 9(1): 1–17 Hariharan, Govind, “Risk Tolerance and Asset Allo- cation for Investors Nearing Retirement,” 9(2): 159–171 Hearth, Douglas, “Performance Persistence and Man- agement Skill in Non-Conventional Bond Mutual Funds,” 9(3): 247–259 Hogarth, Jeanne M., “Consumer Information Search for Home Mortgages: Who, What, How Much, and What Else?,” 9(3): 277–293 Holland, Larry, “Social Security Reform: The Effect of Investing in Equities,” 9(1): 93–107 Jacquet, Susan, “Retirement Planning Guidelines: A Delphi Study of Financial Planners and Educa- tors,” 9(3): 231–247 Jennings, William W., “Strategic Asset Allocation for Individual Investors: The Impact of the Present Value of Social Security Benefits,” 9(4): 295–326 Jordan, W. John, “Stock Selection Based on Morning- star’s Ten-Year, Five-Star General Equity Mutual Funds,” 9(2): 145–159 King, David R., “Strategic Asset Allocation for Indi- vidual Investors: The Impact of the Present Value of Social Security Benefits,” 9(4): 295–326 405 FINANCIAL SERVICES REVIEW The Journal of Individual Financial Management Index Volume 9, 2000 Kitt, Karrol A., “Retirement Planning Guidelines: A Delphi Study of Financial Planners and Educa- tors,” 9(3): 231–247 Kryzanowski, Lawrence, “Market Timing Using Strategists’ and Analysts’ Forecasts of S&P 500 Earnings Per Share,” 9(2): 125–145 Kuhlemeyer, Gregory A., “The Equity Index Annuity: An Examination of Performance and Regulatory Concerns,” 9(4): 327–342 Lee, Jinkook, “Consumer Information Search for Home Mortgages: Who, What, How Much, and What Else?,” 9(3): 277–293 Loviscek, Anthony L., “Stock Selection Based on Morningstar’s Ten-Year, Five-Star General Equity Mutual Funds,” 9(2): 145–159 McGinnis, John D., “The Asset Allocation Decision in Retirement: Lessons from Dollar Cost Averag- ing,” 9(1): 47–65 McGoun, Elton G., “Hedonic Investment,” 9(4): 389– 403 Miller, Edward M., “Exploitable Patterns in Retire- ment Annuity Returns: Evidence from TIAA/ CREF,” 9(3): 219–231 Montalto, Catherine Phillips, “Determinates of Planned Retirement Age,” 9(1): 1–17 O’Connor, Matthew, “The Effect of Country-Specific Index Trading on Closed-End Country Funds: An Empirical Analysis,” 9(3): 259–277 Olsen, Kelly, “Social Security Investment Accounts: Lessons from Participant-Directed 401(k) Data,” 9(1): 65–79 Philpot, James, “Performance Persistence and Man- agement Skill in Non-Conventional Bond Mutual Funds,” 9(3): 247–259 Plath, D. Anthony, “Financial Services and the Afri- can-American Market: What Every Financial Plan- ner Should Know,” 9(4): 343–359 Poole, Barbara, “On Time: Contributions from the Social Sciences,” 9(4): 375–389 Prather, Larry J., “Exploitable Patterns in Retirement Annuity Returns: Evidence from TIAA/CREF,” 9(3): 219–231 Query, J. Tim, “An Analysis of the Medical Savings Account as an Alternative Retirement Savings Ve- hicle,” 9(1): 107–123 Richard, John E., “The Information Content of Closed-End Country Fund Discounts,” 9(2): 171– 183 Rimbey, James, “Performance Persistence and Man- agement Skill in Non-Conventional Bond Mutual Funds,” 9(3): 247–259 Rudolph, Patricia M., “Beliefs and Actions: Expecta- tions and Savings Decisions by Older Americans,” 9(1): 33–47 SigRist, Kevin W., “Design Considerations for Large Public Sector Defined Contribution Plans,” 9(3): 197–219. Stevenson, Thomas H., “Financial Services and the African-American Market: What Every Financial Planner Should Know,” 9(4): 343–359 Trecartin, Ralph R. Jr., “The Reliability of the Book- To-Market Ratio As A Risk Proxy,” 9(4): 361–373 VanDerhei, Jack L., “Social Security Investment Ac- counts: Lessons from Participant-Directed 401(k) Data,” 9(1): 65–79 Waggle, Doug, “Asset Allocation Decisions in Retire- ment Accounts: An All-or-Nothing Proposition?,” 9(1): 79–93 Wiggins, James B., “The Information Content of Closed-End Country Fund Discounts,” 9(2): 171– 183 Woerheide, Walt, “The Impact of the Pension Fund on the Decision to Work One More Year,” 9(1): 17–33 Yuh, Yoonkyung, “Determinates of Planned Retire- ment Age,” 9(1): 1–17 TITLES “An Analysis of the Medical Savings Account as an Alternative Retirement Savings Vehicle,” J. Tim Query, 9(1): 107–123 “Asset Allocation Decisions in Retirement Accounts:
    keywords: asset allocation; end country; funds; retirement
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        item: #496 of 566
          id: fsr-3937
      author: Lahey, Karen Eilers
       title: From the Editor Vol 10 No 1-4
        date: 2001
       words: 8593
      flesch: -500
     summary: � 5� , ����� �� 5 �� �� *� ������ � ��� � ��� ���� 11 �� � ���� �� +� ��� D�� �� ���8 ��# �������� ��� �� ��� 2����� ���� ������44 �6�� �� ��� � ���� �� +� ��� D�� �� ��� � �HHH �� ��# � ������ 2����� ���� ������ �� ������� ����� ���� ��� ��� ����� 2����� ���� ��� �� 11 ��� ��� ���� �������� ��44 ���� ������ ���� ��� � ���� ��� ���� �� D�� ��� � ��� ��� ��� �� � 11 ���� ���� �������� ��44 #� �� ������ �� ��� ����� � � �� 2���� �� ���� ���� 9��� &� ���6�� �� 9��� &������ &� ;��!� �� '����� /� +�������� � 11� � � �� �� � � � �� ���� �� ��� � �����44 ������ D� ��� ����2��� ������ �� �������� ��� ����� ��� # �� �� � � � 2���� �� � ����� �� �� ��� � ����� ��� ���� �� ��� ���� 2�� � ���� � �� ��� ���� �� �� ��������� 9��� �� +���$!�� � �� :���� � ���� *���� �6�� �� ��� ��# � ������� � ��� �� ��� � � ��� � ��� ���� 11� ��� �� ��� �8 �� ���� �� ����������44 �� ������� ���! �� ��� ������� ��# �� ��# � ��� � ���� �� ���� � �� �� � ��� �� ��� � �� ������� �� ���� �� ���� ��� ���� &� �� ������ /� 9�� &������� �� 9� ��� �� /���� � ��� � ��� ���� 11� ������ ���! ����� ������ � ��� ������� ��� ���� ���� +���� ���� + ����!� �� :������ C���������4� ��� ��� 11��� ���� ���� � �� ������ ������ �� �8 � +���� &���� ������ � � ��� ��� ����44 �6�� ��� ��� ����� � ������ ������� ��� #��� ������ � ��� ����� �� ����2�� � ������ �� � # �� ��� ���� ���� � ��� ��� ���� �� ��� ���� � ��63��� ��� �� � � ����� ��� �� ������ � ���� ��� ���� ���� � �� ��� ����� �� �� ������ �� � ���� ��� � �� ��� D��� � �� ����� �� ������ 11�� ���� 7��� +��!�� &��� ���� ���� �� �� ����! ���!�� ��� ��������44 �� &���� � '���� �� ���!� �� ��� ����� ���� � ���#��� ��������������� ����! ���!�� ������� �� �� ���� 7��� +��!�� &��� ���� ��7+&� ���� � ���� ���#��� �H.� �� %���� �� % � �� ��� ����� � ��������� �� ���� �� �� �� ������ ��� ������ ������� ���� ��� �7+& ���� � ���� ���� � � � 2������ ��� � �� � ��� �� ������� ���!�� �������� 11������� � � ����!
    keywords: � �
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        item: #497 of 566
          id: fsr-3938
      author: Ciccotello, Conrad S.; Wood, Russell E.
       title: An investigation of the consistency of financial advice offered by web-based sources
        date: 2001
       words: 24378
      flesch: -314
     summary: �� � ��� &# ������ �� ��� � �� % � � � � �� � �� %���4'����� '� �� � � ����� ����� ���� � ;� ����� � � �� ���� ��� � �� � �� ��� � ���� ����� �� � � �� � �� � ��� ������ ���� �� ��� �� ���� � �������� % ���� ��� ���; �� ���� ���� 3 � �- %'��� �� '��� � ���� �� ��� ���; � ��� � �� � �� � � � ��� G�'������ ������ ��� ���� �� � ;�� � ��� %���4'����� ���� 5 � ' ��� � � ���� ' �� � ��� G�'������ ����8� %���4'����� ����� � �� � �� �� ���� � % ;� '� ��� ����� �� � '�� � �� ��� � �� � � ��� � '� � ����� � %� � ��� � ' � ��� %���4'������ �� ��� ���� �� ���� � '��� � ��,� ��� ��� ��� �� � � �� � �� '� ���� ������ � ������ � �� ������ ��� � ��� � �� �� ����� �� ' ���� � � ��� � �� � �� ���� ��� ��� � � � %���� � �� � ����� � �� � � �� �� ��� � � � ����� ����� 3 � ��� ������ ����� � �� #& �� � !( ����� ���� ������ �� �� �� � ���� ���� %����� ���;� � ��� ������ � ���� 5�������������� ��8� )� ��� �� � ��� %���4'����� ���� �� �� % �� � ��� ����� �� ��� �'��� �� �� � ���� ���� %����� '� ������ ���; � ��� ������ ����� � � � �� � � � � ���� ����� ���� �� ���� � � � � �� ���� � � ��� � �� � � ���; � � ���� ��� �� �������� � ��� � %��� � ��� ' �� � ���������� %� � ��� ����� ���� ������ �� �� �� � ���� ���� � ��� � ����%�%���� �� %��� �� %� 2��� �� ���� �� % %��� � �� � �� � � � �� ! ����� ��� �� � ��� ��� ������ ��� � % �� ����� ��� �� �� �% �� �� �������� ��� �� � �� �� ' ������ ��� '����� �� ���� � �� � ���� � ������� 2�� ���� � ���� '� ����� ����� � � �� �� � � �� �� �' � ��� ��� ��� ��� ������ ��%'�� ��������� ���� �� ��� %�%����� 3 � �- %'��� ���� � � �% �� ����� ��� � % � �� ��%'�� ������ ' ��� =� �� � ����� ��� ����� ��� � � � ���; �� � �� ��� � %������ ��;� .. #& �� � �� � %'�� ��� � ��� �� � � ��% ��� � �� ��� � � ����� �����%� � �� � � � ���� ����� � �������% ������ 2��� ����� �� ��� ����� �� ��� �*� * �;��� ��� � 5�� ��% ��� !8� =�� ����� ��� �� � � ����� ������ 9���� �������� ���� ��� � �� �� � �� ��� ��� � ��% ���� =�� �� � � �� �� � ����� ��� �� ����%� ���� � ��������� ���%'�� �� �� %��� �� � ����� ������� � %� � ����� �� ����%� �������� �� � �� ����� � ��� % ���� � % �� ��� ��� ��������� 3 � �- %'��� ������ � ��� ���� - � �� � � �� � � �� � � �; �� ��� ���>� � �� �������� % ������ =���� �������� �� %���� �� ���� �>� ����Q� %� ������%��� � �� � � ����� ������ ' ��������%��� ��J �� �� ����� ����� � � �� 3 � ���� ��� �� �� �� � � � � ' ����� � � �� � � �� �� �� 1�% � ������ % ;� %��� ;��� =� ��� ���� ���� � ���� � ���� ������ ������� ' ��� �' ��� � �� ���������'� ������%���� ������� ' ��� �' ��� ��� � �� ���� ������ � �� ��� 9����� �� �� �� ��� � '� �� ��� ..���� �����00 � � % �� ��� �% �� �� ����� � �������� ��% �;�� �� � �� � � ���� ��� � ��� ���� � � ��� ����� �� % ������� ��� �% �� � � ��� =�� �������� ��� � �� � ;�� % ��� �� � � �� � ����� '��' �� ��� ������� 1�% � �� � � � ���� �� �� � �� ����� .. �� ��� ��00 C �� � �� � ������������� ���� ���� �� �� % % ����� �� �� � ���� ���� ��� ����� � %������ ���9��� ����� �� �� � ��� � %�� � %��� � � �� ����� ���� �� %���� ��;��� ���� �� �� % ��� �� �� �� � �'�� 5� � �- %'��� ..
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        item: #498 of 566
          id: fsr-3939
      author: Jennings, William W.; Reichenstein, William
       title: The value of retirement income streams: the value of military retirement
        date: 2001
       words: 34700
      flesch: -178
     summary: � �� ���� $�������� (��� �$����� �������� �� ������ ���� ���� ��� ��� #G, ���� ��� (� �����J�� ��� �� �� ���� $������� �� $� ����� #�$$�� ����� #G,� . � ������� ��I������ ��� �� ������� � ��� ���� #�$$��� ��� ���� � � ����� � ��� � ��� �� :� � � ��� � ���� �� ������� ���� ��� $ ����� ����� � �� � �*��' $�� ���� ������� � ��� � ��� � ����� � � :� � 4�� .
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        item: #499 of 566
          id: fsr-3940
      author: Johnston, Ken; Forbes, Shawn; Hatem, John
       title: A comparison of state university de®ned bene®t and de®ned contribution pension plans: a Monte Carlo simulation
        date: 2001
       words: 12112
      flesch: -22
     summary: ���� � *���� �� ��������� � �� ��� �� ��������� (� �� � �� �� �� ���� �� 3� � �� ���� �� ����� * ��� � � �� � � �� � ��� �� �� � �� ���/ '� � � ��� �� (� �� * � ,-1 ��� 3 ������ �� ��� � ��� � �� ��*� ���) ��������� ��� � � =#A<# � � 9#A#% ��������� ���� ����� �� ��*� � �� � * ��� ���� �� ���) � � �� �� �� ���� �� ���� (� �� � �� �� ��������� ��*� � ���� �� �� ��������� �����*�/ �� ����� �� ��*� � ��� � ���� �*�� �� � ������� �� �� �� �� ���� ����������� �� � � �� � * ��� �� �� � �� �� ����� � ��� �� ��� ����� ����� �� ,-1��� � �� �� � �� � ��� � � ����J� ��� ��� � ����/ '��� @ ������ � <@ � �� ���) M @ � �� � ��� � ,� �� � 2�� �� �� � � ,- �� � 2�� �� � � ��� � � � ���� ��������� ���) A�� � ������ ��� G�� � �� ��������� ��� � ��� ��������� ��� +�� . �� ��� � �� � �� ���)� ��� � �� �� ��* ������ �� � �� ��* ��� ��� � � � � �� ������� � � �� � 2���� ��� / '��� $ �� � �� � ��� �� � 2�� ��� �� ��� � ���� / � ���������� ����� ����� H � �� � � �� � �� � 2�� � � � ��� ��� �� � ��� �� �� (� � � � �� ��� � �� ��������� �3 ��� ���� � � �� � � ��� � � � � ,�1��� / ��� ���������3 �) �� � � �� � ���� �� � �� � �� ��� � � ��� �������� % ���) � � ��� � �� � ��������� �� ���* ��������J���� ���) � � �� � � � ��������� �� �� *1� �� � � �� � *��� �������� �� � / '��� $ � ��� �� � 2�� <# � �� ���)� <# � �� � ��� � <@ � �� ���)� @ � �� � ��� � 7 �� �� � 2�� 7 �� �� � 2�� $ ?
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        item: #500 of 566
          id: fsr-3941
      author: Hassan, M. Kabir; Lawrence, Shari
       title: The decision to defer: factors affecting employee deferral incentives
        date: 2001
       words: 20861
      flesch: -43
     summary: �������� 5��1�� �� 2� ;�!! � �� � �� , ������ � �� .
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        item: #501 of 566
          id: fsr-3942
      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
       words: 32452
      flesch: 46
     summary: �� .+ 7�� �� � ��� � � �� � �� � �� �� ������� �� )� � ���� � �� � + 7�� �� ���� � �� � �� ���� ������ �� )� � ���� � �� � �� ����� + -� ��� � �� � �� � ����� �� �� ������� ���� �� )� ����� �� � �� ���*������� � � ������ �� �� � �� ��� ���� �� �� � � + 7���� �� � ��� � ��� � ������ � ���� � � �� ���*������� � � �����+ (� �� ������ ������� �� ��� ���� �� � �� �� ��� �� �� ��� � ������ �� �� �� ���� ����� �� � �)��� �� � �� ���� � �� �� ���*������� � � ����� �� ���� �� �� �� �� � � �� � ��� �� ���� �� � ����� � �� � ���� ���� �� � �� �������+ 7���� �� �� �������� ���� ����� �� � �)��� �� � �� ���� � �� � �� �� � �� � ���� � � ����C � � � ��� � �� ���� ���� �� ��+ 3'1' ���������� �������� (� ��������� � ���� � ? �� � ������ ��� � � �� �� �� ����� �� � ��+ (��� �� ����� �� � ���� �� � �� �� � .>I � � �� 0���� �� �� �� -�2� �� ./I � 0����+ D �� �� ��� �� 3!$$$4 ����� �� �� �� � �� �� ���� ����� �� K��� �� =� � 3 &&64 ��� ) ��� � � � �� � �� ���� � ������� �� � ��� � �� ������� �� (-22:=��7 � ������ ���+ K��� �� =� � ��� ��� �� � >$I �� �� �� �� � � �� ����� �� � ��� �� 9 '�' �)��� �' �� * ����� ��� ����� �� %����# (+ ,&++(- ../01 http://www.umich.edu/�hrswww (-22 �� ��+ 7���� � �� ��� ����� � ��� �� � � � � �������� � �� � �� ��
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        item: #502 of 566
          id: fsr-3943
      author: Krishnan, V. Sivarama; Lawrence, Shari
       title: Analysis of investment choices for retirement: a new approach and perspective
        date: 2001
       words: 25273
      flesch: 39
     summary: ����� ����� ��� �� ����� ���� ��� �� � � ����������� ��� ���,���%������ *�� ����� ��� �� ����.�� 6%������ ��� ��� �� �������� ��� ������� ��� D�-������� � ������� ���� ���� �� ��� ����� (���� ��%�� �0� ��� ���� ��-���� �� ��� ����� � �����%� �������.�� �� ��� ���,���%������ *��� ���������� �� ����� ���� ��%��� ���� ������� �� ��� ��� ����1���� (�� 2����. �������� ��� ��� %� �� �������� �������� ����� ������� .���� ��-����� �� ���� �� ��� ���� (�� 0�� �� ����.
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        item: #503 of 566
          id: fsr-3945
      author: Spitzer, John J.; Singh, Sandeep
       title: The fallacy of cookie cutter asset allocation: some evidence from ``New York's College Savings Program''
        date: 2001
       words: 27969
      flesch: -72
     summary: � /�� /�� �� �� � ���� �� ����� �� ��� � �� �� �� ��� �� ���� �� �� (���/ � ��� �� �� ��� �� � �� ������ �- (��� � � ������ ���� �� (���/ �+ ��������� ��� ���/�� ���� ��� �� � � � � � � �- (��� � ����� �� � �� ����� � �� �� ��� � �� �� ������� �� �� �- (���/ � � )**% 0������� ������� ,��� 1�� ���� � ��������� !� ��� � ����� �# 2%%3� � � �� �� ��� $�%& �� # 1��� + 1�� �� � �+ � �����+ �������+ ������ � �+ 4 � � ���� � ���� ������ ,� ���� ��� ����� ������� � � � ����� �- ����� ���� � � �� �� ����� ����� ���� ������ �-5����� ���� ����� 1 �� ��� � ��� ������ � ��� &* � � �� ���� � ��� �� �� � ���� � ������� ����� � � ������� ���� ������ � �� �� ��� � � &)6 ���� 7���� ����� ������������� �� � � � ������ � � � �� ���� �� � � � ����8� ���� � � � � �� ��� �� � � ������� � ����� � ��� ���� �������� � ������ ��������� ������� � � �������� ,���� ���� � ����� ������� �� � �� ���� ������� ��� �- ������ ���� ���� 7%8 �� � � ����� ������ � � ��(� � �� ��� ����� �(�� �� � � � � �-�(�� ��� �� � � � � � ������� � 7)8 '�������� �������� $����� %* 7)**%8 %*%9%%: %*&;5*<%*=*%=> 9 ��� �� � �� �� � )**% 0������� ������� ,��� 1�� ���� � ��������� �,,� � % * & ; 5 * < % * 7 * % 8 * * * ; 6 5 < # � ���� ����� �� � �� ����� �%5;%:5?6&5&&%6+ ��-� �%5;%:5?6&5)&@)� �'���� ����� # ������A(� � � ���� 7�� �����8� ���� � �� � �-5�������� ��� 7?8 �� �������� ��� �� ��� �- �-�� � �-�� � �� ������� 7 ������(��8 � ��� �- �� � ���� �� ������� ��� �� ��� ��� ��� ��(� �� � � B����/�� ����� � ��� �- ������ 0������ 7%66;8 � ����� � ���(�� � �(��� � � ���� �� ������� � �� ������ �� �� �� � ������ ����� �� � ����� � ��� ' � � � � ��� ��� ������ � � ��� ������ � � � ���� �� � � � ���� ��� �� �� ��� �������� 7)**%8 C �� 7)***8 ��� . �-��& � /� �0 � �1��2 %%& G���� � 2� �� ������ G� I� J G��( ��� 2� M� 7%66&8� I� ������� � � � � �� ��� ������ ,,� 1� � �� �� ,�������� ����% � ! ����� :�7%8 %??9%?<� ������ �� 4�� �� 2� �� J .��� I� �� 7%66;8� 1� ���� ��� �� � � �!!
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        item: #504 of 566
          id: fsr-3946
      author: Leggio, Karyl B.; Lien, Donald
       title: Does loss aversion explain dollar-cost averaging?
        date: 2001
       words: 20558
      flesch: -4
     summary: �(� ���� � �4� ����� ������ � �� � ��� 0� � �� �=: ��� � �� � ���� �� ���%� #% �� � �%������ ����� ��� ����4� ��� ����� ��� B�� �(� &! ����� �# �( � ��% �� �(� � %�� ?� ���%� � #�� ����� ���� �� �� #��� � ��) �# �&�L �� � ( �( �# /DL� 7 �( �������� �(���� ���%� #% �� � �� � �4 ������ �������5 ����� ��� ��� ���� ������� �� ������� 9 � � � � ������ ��� ��� �#���� �� �(� � �4� ����� ���� � �� � ��� �� ��� �� ����� ����� ��� ����4� %� � ��� � � �# ( �( ���%� �� +(� �=: �������� �(%� �� �� ? ����� ��� ����4�0� 7( �� �(� ##��� ��� ���%� #% �� � � #�� �=: � �(� ����� �� �� ���� � ������� �� � �� ���� �� ����� � � '�� � #�� ����� ����4�� �( � ��� �� %� �� �(� ����� � ��� � �� ���� � (�� ?� � +���� : %�� ?� ������ ���%� � � ���%� #% �� � �� ���� � ������ �������� -�� ���� �(���� ��� �� M��%� #% �� � 1�M��%� :����G ����� ����4�� �%�� �%� ��@� �>� @ !�// /�D@ !�&@ �%� � (�� @�>� D�H !�// &��> !�>@ ����������� ������� @��@ �� H !�/& &�/H C M��%� ������� &�H> ��!& !�@� !�>@ !� � :����G ����� ����4�� �%�� �%� � �@@ /�/& !�@� H� D !�!
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        item: #505 of 566
          id: fsr-3947
      author: Schadler, Frederick P.; Eakins, Stanley G.
       title: A stock selection model using Morningstar's style box
        date: 2001
       words: 28067
      flesch: -39
     summary: ������ �� +��� ' �� � ������ ��' ��� C�� � '��&��� �� ���� �� ��� ����� ��� � �� +��� ��� ����� +�� ��� ���� � ��*� �� ������ ��� �� �� �����-��' +���� / �� � ! ��� �� ������ ��' ��� C�� � ��� +��� ��� '����� ��� �'��'� ��� ��� � ����� � ��� � ��������� �� �� �� !�� �� ���*��� �� � ��� � �& ��� !�� �=���*�� ��������� �� ��� 4�� &����� �& ��� ����� ��� � ���* � �� �� ,� �� ���� � '��� � ��� +�� &���� �� �� �� ���� �� &��� ��� ������� *�� � �� 5�6 �� C��� ����� � �� ��� ��� ����� ' �� ��� � �& ��� � ����� ��� &�� � ! � �� +��� � � ���� � ��� � � �� ��� ���'� �� *� �� �� �� �� ���� � �� � � �� ��� ��������� �� �� � &� ��� ���� ���� � +�� +� ��� ���� ������ ��� ����� ' �� ���� � ��� � *�� � �� ��� � ���� 2 � &�� ����� &� � +��� �� ��� ����� �& ��� � ����� ���� ,� �� ��� ������� ) � ��� 5�77<6 5 6 �������� � � �'�� ��� ��� ����� ����������� �� ����� &� +��� �!�� � ���'�� '�� �� ���� � � &��� �7<# �� �77;� ,� ��� �� + �� �� ����� �A ����� � �� ���� ��� ��� ����� �!� ����� � ��� ������� ) � ��� 5�77<6 �������� �� ��� � �� �& '��&��� � �� � ��������� ��� ����� ���� �� ����� &� �!��� +�� � � � � �� ��� '�' ��� � �� ��� ������� :�$$$ +��� ����� � ������ ��' ��� C�� � � 4���� +��� ���� � &�� ��� !��� ��.�� �� �& ��� ����� �2 �� ������ !�� � �& ' �� ��� ������ +���� ���� ����� :�$$$� ��� ��' :L ��� ����� +�� �� � �� �� G��� � �& ��� ������� ����� ���� �9 �()( � ��&���� �(�( ��*��� + ����� ��� ����� �� ,����% -. /�..-0 -�12-33 �����-��' +���� ��� ��� �:L �� � �-��' +���� � � ��� ���� � �� �����-��' +���� 4�� ���� ' �& ��� :�$$$ +��� � � ��� ��� �� � � ���� '� * �� !��� ���� '�� �� �� ������ ��' ��� C�� � ! � ����� ����� � *�� ��� '� ��-��-����� ��� � ��� '��! �� � ���� � ����� �& & � �� ����� '� �� '��&���� ��� � ���� � ���� ��� ����� ��� �� ���� ��� ���� ��� '��+�� � � �� � ��� ��� �� � �� �� �� ' ���� ��� ����� !�� ����� ���� �� ��� �� ��� ���� � ���� �� �� �&&����� �� �����- ���� '�� ��� 4� ��� '� ��-��-����� ��� �� �� �� �� � ���� !
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        item: #506 of 566
          id: fsr-3948
      author: Milevsky, Moshe Arye; Panyagometh, Kamphol
       title: Variable annuities versus mutual funds: a Monte-Carlo analysis of the options
        date: 2001
       words: 33754
      flesch: 38
     summary: #�������� � '����2��� � 3 ��������� � ����� 4����. &� )5��&* &�67&8& !( ' ��(������� ������� ,��� �� ��� �� �� ���� �� ��� ����� �� ����1�� ������ ��� �� �� � ���� �� ������ ��� � �� �� ��� �* �� ���� /��� � � ����� � �� �6 /� � ��� /� �� �� ���� �* �� ���� ��� ����� � ���� � ��� �� � � ����+ ,���� ���/� �� � ������� � ��� ���� � ��� ��� �� � �� ��/�� �� ��� �� ��� �� ��� �� ������ �� ����1�� ������ ��� �� �� � � ������ �� �6+ ,��� �� ����� �� /� � �� ,���� #���� ��� � �������� �� �� ��. � �� �� � ��� ��� �� ������ � � ���� ������ � �� ����� �� �� ��1�� ����� � 1������ �� �� �� 2� �� ��1��� � �� �� � / �; � � ��+ ,/� �� �� �� � �� ���� � ��� �� � � ���� ��� �� ���� ��� ��� � �* �� ��+ �������� �� ��/�� �� �* �� � �� �� ��� �� � � ����� � �� ������ ��� �� �� �� �� ���� �� �� ����9 �� � �������� ��� � �+ ,���� 4 ��9� � �� ��� �� �� ���� �� ��� ������ ��� ���� � ��� ��� �� ��� ��� ���� ���� ��� ��� �� �� ����� ��� �� �* �� �+ 2������ �� ��/�� �� �� �� �� � ����� �� � ��� �� ����� ������ ��� ����������+ ) ���������� �� *��� ����+� ,�� ��� ��-� ��� �� ��� ����� /�� � .
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        item: #507 of 566
          id: fsr-3949
      author: Tori, Cynthia Royal
       title: Federal Open Market Committee meetings and stock market performance
        date: 2001
       words: 18624
      flesch: -271
     summary: (����+ 8� ����� ����� ��2 ��� �� ������� ����#�� ��� �#��� � � � ���������� ��� ���� �� ����� � � ��� �����#� ����� � �� ��� 6 ���� -�����2 � � ��� �#��� � � � ���������� � ��� ���� �� ��� ���� �� ����� � �� ���� ������ �� ��� 6 ���� -����� ��� ���+ ;���� #�� ���� � �������� 2 ��� ���� � ������� �� ��� �� ������� � � �#��� � �� ����� ������ ����� � � ����#���� ��� �� ���������+ ��� �� ��������� ���3�� ��� ������� ������� -����� ��� ������ ���� � � ��� �#���� �� �� � ���� -������� �����( �� )����* �!�<�$� ��0$=�>��?��?@ < ��� ��� � ������ � ���� ,������� -��� �� 7 �+ 8�� ������ ��������+ /77A - � � 0 $ = � > � � ) � � * � � � > $ = $ � ���� ���B��� (�� ��������� �# ��� �� � C������� -���� 6 �������� ���#��� D�������� � � � 7�������� � 9�� �+ � ���+A ��=��1=�40=��4! ��&A ��=��1=�40=��4>+ �+�� � �������( ������E��������+��# ) +�+ ����*+ ��� �#��� � �� ����� ������ ����� � � �������� � � ������� ���#� �������� �#�#�� �� ����� ������ ����� �+ ����� ������ ����� � ������ �����=���� � ������ ����� � � �&������ � F���� �����2 � � #��������� � F#� �� ��� ���� �#��#�2 3�� ���3�� � � ����� ���#��+ ���� ����� �&��� �� ��� ���� ��� � ����� ���������� (��� ��� �� ����� � ����� � � �� ������� ��#� ����� ������ ���#� �+ ��� ����� ��� �� ��� ����� �� ������� � ��#� ������ �+ -����� � �������� � �������#�� �����(+ -����� � ��������� ��� ���� � � �����������+ -����� 4 ����#���� ��� ���#��� � � -����� 0 �������� ��� �� ��#��� � �� ��� �����+ � ���������� ������ 7 ���� � �����2 ��� ������� �� ���� ��� � ������� � ����� ������ ���#� � ���� ������ � ���G#� � ����� � 3 � �� � � ��� ���� �������#���+ � � ���� �� ���� ��� � ����� ���� ��� �������� � ����� ���� �� ���� ��� �� ��� HH(���� � ������II+ 6�� � -./ 0�� ����2 ��� �� )�1>�* (�� � � �� ��� 3��� �� ���#�� � ��� (���� � ������ �� ���� ��� ��� � ��� ���#� �� ��� �3�� ��� ������� � � ��� �3�� ��� ��(�� ��� ��� ���#� � �� ��� ����� ���� �� ��� (���+ J� �� ��#��� ���� ��� ������� ��� � ��� ���#� (�� ����� �� �� ������ � ��3��� ����+ :���� ����� � ������ � ����� ������ � � ���#������ � ������ � ����� � ��� (��� �� ����� ����� ��� ������ �����2 ��� �� )�1>�* �#������� ������ � ������� ��#����� �� ������ �#������� �� � ��� � � ���� � ������� � ��� ����� �� ������ �� � (�� �� �&����� ��� ���� ��� � ����� � � ����� ��� ������ � ��3��� ���� (����#� �� ����� � ������� �� ��� ������ �����+ K��� � � -�����#�� )�1>4*2 -������� � � -����� )�1>!*2 D�� � � ������ )�1>>* � � ����# � )�111* �� 3�� ��� (���� � ������ ���#���+ ���� � � :�����3��� )�1>0*2 � � �#��� � � J���� )�111* 3 � ���� ��� (���� � ������ �� �� # �G#� �� ��� 6 ���� -����� ����� �������+ ���� � � :�����3��� )�1>0* 3 � � (���� � ������ ��� ����� ������� � ��� 6 ���� K� ����2 ��� 2 � ���2 8#������� � � ��� 6 ���� -�����2 ��� �� (���� ����# ��� ��� >$5 �� ��� (���� ����� ������ ���#� �� ��� ���� �� ��� ��#��+ ���� ���� ��# � ���� ��� (���� � ������ � � =6+-+ ������� �� � ���� �� � �� ��� (���� � ������ � ��� 6 ���� -�����+ �#��� � � J���� )�111* ���#�� � � (���� � ������ ��� ��B�� 6 ���� K� ���� � �����2 �#� �� �� ���������� ������� ��� ������ ����#��� ��� ���� �� ������ ��3��� �� �� ��� �� )�1>�* �#�������+ ��� (���� � ������ �������� ��� ���� ���#��� � �&���� � � (�� ��� (���� � ������ �&����+ 8 (����� ���#�� ��� �&��� ���� ��� ��� (���� � ������ �� ��� �������� ���������� ���(�� ��� ������#� ����� � ��� ���#� � � ��� � ��� ���#� + 8������ � � 7�� ����� )�114* 3 � ���� (�� ������I� ������ ���#� �� �������2 � ���I� ������ ���#� �� ������� ����� >�5 �� ��� ����+ 6�� � �����#� ����� ������ � ����� ��� ��� �1!�<�11� ����=������2 :� �2 L#�� � � � ,������ )�11$* ������ ���� ��� (���� � ������ ��������� ���#�� �#�� � ��� ���� � (���� �� ��� �� �� � � ���� ��� ������� � ��� ���#� � ��� �� ����� ��������� �&���� �� �� ������#� ����� ��� ���#� �+ 6�� � -./ 0�� ����2 ��(2 J���� � � -��� )�11$* ������ ���� ��� ���������� ���(�� ������ � � � ��� ���#� � ��������� ��F���� ��� ���������� ���(�� ������ ����� �� � � � ��� ��� � � ���#� �+ ���� � � :�����3��� )�1>1* 3 � ���� ��� �������� ���������� ���(�� ������ � � � ��� ���#� � ��� �� ������� �� 6 ���� -����� ����� �������2 �#� �&�� � �� ������ ����� ������� �� (���+ �!4 ��,� - � . # � ���� �������� �$ %������� ���� �������� ���� ����� �&��� �� � � ������� � ���� ��� ������'� ������� ���� ���(�� �� ������� ��#� ����� ������ ���#� � � � ������� ��� ����� �������� )�� * ����� � �����+ ,&��� � � -./ 0�� ����� ������ ���#� � ���(�� �1!� � � ����2 ��� ��#�� 3 �� ���� ����� �� � �������� � � ��� �3�� � ���� ��� ������ ���������� (��� �� ����� � �����+ ��� ���� ������ ���� (���� �� ����� � ����� � �� ����# ��� ��� 4+4�5 �� ��� ����� � ����2 �� ����� � ���� ���#� � ����# ��� ��� ���� ��5 �� ��� �#�#������ ���#� � ���� ��� ���� ������+ 6�� � � �#��� �������� ��� �� ����� � �����2 ��������� ���#��� 3 � ���� ��� �� ����� � ����� ���� � ��� �3�� ��� �������� ������ � ������� ������ ���#� �+ � ���� ,������� -��� �� 7 �+ 8�� ������ ��������+ ��� ����� ��� �( 9�'9� ���� �� � ���� ������ )��* ���( �� -���� ������ ���#� � :���� � ������ � ���� ������ ��� �� ����� ������ ��� �� ��� ������� ������� -�����2 ��� ������� ��� ����� �������� )�� *2 ����� �����&������� ����� !
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        item: #508 of 566
          id: fsr-3950
      author: Tezel, Ahmet; McManus, Ginette
       title: Evaluating a stock market timing strategy: the case of RTE Asset Management
        date: 2001
       words: 27685
      flesch: -83
     summary: �� ����� &������ 1��( ��� �� �� �� �����( �&' ����� � ��� �( �2 )��* ��( ��� �� ����� # �� 0��3� ��� ����������� ��� ��� # 4������������ ��� ���������� �����������0 ���������� ����� � ���� ������ 1��� ��� ��� ��*�� ������� ��� ���� ����� ����� �� ���� ����� � �� ���������� ��� ��� ��( 5�� ������� ����� �� �������� �� � � �� ��� ������������ �� ��� �� ����� � ������� ������ ���� ����� ������6�� ���� �� �� ������� ����������� '� ������ ���� �� � �� ��� � ���� ��� �+������ �� ���������� ����� � �� ��� � �� ������� �'���0����� � �+������ ������ ( ��� �� ����� ������ 6����������� ����� �� � � �� ��� �������� ������������ �� � �� ��� � � ��� �� ���� �6���� ��������� ������6�� �� �������� ��������� ( 5���� ��� �� ����� ����� ������������ ����� '� �� �� ������ ��������� 7�������� &������ �����* ! 8 !! �� �� 1���,������ #9� :;.,!( /�� ��� �( %( 8,,9( ��� ����������� �� �������� � �� ����������( ����� ��� ������� � ������ ;7� ;�.-( :; - .�/��� 0- 1 1���� 2 ����� ��� ����� �� 3����* #� 45��#6 #7%8#9� 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
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        item: #509 of 566
          id: fsr-3951
      author: Ashby, J. David
       title: The CFP(TM) Certification Examination process: a discussion of the modified Angoff scoring method
        date: 2001
       words: 13866
      flesch: -51
     summary: ��0� � �� ��� ��� ������ �������, �� �- ���� � �� �� ����� ��� � �� �� � � �� �� ��� ������� �� �1�� �� � � ��� � ������ -� � � - �� ����� �� �� �� ����- �� ��� ��� 2� �� -�� � � ��� � � �� �� - ���� �� �1�� �� � �3� � �� ������ ��� ���� � ��� ���� ��� ��� ������� �� � � � ��� � � ���- � �� �� ����-�� �� �� ��� ��� ������ ������� ��, � � � ��- �, ��0 ��- �� � �� ��� ��� � � �� - �- ���� 2� �� �� % �� ��� ��� �� �� �� � � ��� � #&&' �-��� �� %� ���� 4��� �-- � �� � ��������� #$ %�����&�%�����' �&&( �5& (��)��*�' ������( 2��. �1�� ��� � ��� �1�� ��� --�0� ��� �� � � � 1�����B �� � �� � ���� � �� �� � - ���� � � - ����- � �� ���� ������� �� � �� ������ � � 4 ����-� �� ���� � D�� � ���� ������ �� �� ��-�� ��- �� �� �������� �� �� � � - ����� ��� �� �� �� � � �� ����- � �� ���� ���� ) ����������� �*������ �� �� ��6���������� �� � � �� ��������� ���� � �� ������ �� ��� --�0 ��� �� ��� ��-- �� �� ����� - � � ��� � 0��� �� ����� �� ��� ����� � � �� - ����6���������� �� ��� � �� , �� -���- �� � �� � � ���� ������� � � � 0 � ���� ������ �� �� �� �� ���� ��� � � � ����� 4� �� ��, �� � � ����- � � � ���� �� � �� ������ �� �� �� � � �� 3��� ���� ��� ���� -- �� - � ���� � ��� � � �� � � � �� �� �� �� � � �� �� ��� � �� � �� -���- �� � � ��� ��3� ��� ����� ��� � �� � �� � � �� # �� = � �� ��� �� � ��� �� � �� ���� � �� � ��� ��-� ��� ���� � � ��� ���� �� � �� � �� � � �� �3� �� ������ � �� ������� 0����� � � 6�� � � �������� 0 � � �� ���� -- �� � 72�� ��, '++=; �� � � � 6�� � ��� �� 3��� ��� ���� �� ���� ��� �� ��, -�� �� �� ��� � - �- �� � �� ������ �� � � � ���� ��� �� ��� ����� � � 6�� � 3��� ��� �� ������ �� ���� ��� � ���� ��� �� ��� % ��� �� 3��� ��� �� ������ � ���� ��� �� ��, � � ��� � �� � � 6�� � ������ �� - .
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        item: #510 of 566
          id: fsr-3952
      author: Gilbert, Erika W.; Scott, William L.
       title: The Financial Modernization Act: new perspectives for the ®nance curriculum
        date: 2001
       words: 26130
      flesch: -24
     summary: ����� ��� �� �?8 ������ ��������� ( ���� ��� �����2�� :������ /&)))0 ��� ��� ���� ������ < ������ ���� ��� ���! � ���� &)) �����! ���� ( ��������( �����! 2��� �� ���� ������ �� :��� ?� ���2 8�������� ��� ������ �?8� �� � �� �� �6���� � ����� ���� ��2�� �� ����2 �����2� �� ��� ���! � ��2������� � �����2 �� ��� ��������� �� ������� �� ����� � �� ��� ���� 1��=���� ���� ����� ��� ��� ������ �� ������� ������ #�����( /&)))�0 ��� �� ���� ����2 ��� 33$) � 2��� H�#� �����44 � � 8�� �� #����� 8� �� ����� ��� � 2�� #��� �( .��� ����� L���� � �������� ( ���� ����� � ��L�� �� �� ; ������� �������� 8� �� ����� ��� 8����� K�� �������� 8� �� �����L� �������� ( � ���� �� � ���� �� ��� �� #� ��� ,�� �� /$& ,���! &)))0 ��� ����� ���� ���� ��J� ��= ��� � ��� �2� � �� ���� ����� ������2 � ���������� �� ���� ����� ���� ������� ���� � ����2 ���� ������ ����� ��� ��� ��� �� ���!
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        item: #511 of 566
          id: fsr-3953
      author: Alexander, John C.; Heck, Charles C.; McElreath, Robert B.
       title: A guide to building a university trading room
        date: 2001
       words: 26191
      flesch: -361
     summary: ����� ��� ����� �� ,����' �- .�--�/ �-�0��- !�� ,����������� )�� �������� �������� &�� ��������� ��� � ��� ��� ���� ��� �� ��� � �� ����,��� �� ��� � ��� ��� 6 ��������� )��� �� �� 0������� ���� ������ ���� #������� ��&�������� ������� � �,�.������ ������� ����� � �������*�� ��� ���� �������� �� � ���� �� ���#����� )�� ����� ����,��� ��� ������ &�� �� �##�������� � =1�$$$ #�� ����� )��� �� � ��� �� & ��� ������� �� ����#���� ����� � ��������� ���� ������� �#���� �� � �� � � &�� �� ��������� =@�$$$ ����� �� 0& ��� ���� �& ��� 6 �������� �� ��� ����� ��� ���� ����,��� �#���� ��� ���� C��� ��� �������*�� ��� ����� )�� ���� ��#���� � �#���� ��� ���� �� ����,��� �� � � �� ���# � �������� ��� ���� �&& ���� �������� ���#����� )�� ������ )� ����� > �� ��� ��� �� ��� �-����� �������� +��� ������� ����� �������� ����������� ����� &����� ������������ ������ #�������� &������ ��������� ��� &������ ��� �#������ )�� )� ����� ������ #�� ���� � �� ; ����� �& ��������� &�������� ����� )�� ��&�,��� � �� �&&��� � ���� ����� �& &��������� ��� ����� ��#���������� ��� ������ �������*�� ,����#���� � ������*�� ����� ���� ��� �������� ������� � ����� ��� ����� >���� ���� �� � �� � � �� � �������� ���� �������� ��� � �� !$ ������ ��� ��� . ���� ������� ��� ��� � �� ��� � ������ &���� �� ���� �� -���� ��#���� �� ��� #�� � � ��� �� �#���� &�� ����� ,��� ��� ���� �; ������ )�� ������� > �� ����� ���� ��� ��� ��� �� ����� ������ &�� �& =B�;A$ #�� ,����������� )���� ��� ��������� ��� ���� � �� � � ������� ������� ���� ��� � �������� ���� ������� )�� ������� ������ &�� �� ��� �� �������� ����� �� ��� ���� ���� ���� ��������� ,�� � #��� ���#����� ��� ���� ��� ���� �� ��� ����� ��� ���� ������ �� � � �� ,� +�� � �� �& � �� �#� 0� ����� ,����� � ������� ��� � ��� � ��� ��&�������� ���� ,�� � ��#��� � ���� �� �������� �-������ &��� ��� ��� �& ����� ���� ����� /� +�� ���� ��� ���� ��� ��� �& ��� � ��� ��� ��� ������ ��� ���� ���� ����� ���� �� +��� ������� ����������� ����������� ��� ������������ �������� ����� ,���� ��� �� � � �� � � &��� ������� &�� �� ��������� &��� )��� ,�� � ���� �� � ����� ���� ������� ,��� ����� ���� ���#�������� 6������� �& ���� ����� ��� � ���� &�� � �#���+� ��#� �& ����� ���� ��� ��I����� ��� ��������� 6�� ����# �� ��� � ��� ��� # ��&��� �� ��� ������ ,��� �� ����� �� ������������ ����� 6��� �� ,��� �� ����� �� �������� ��� ���� � �� � � �� ��� ���� ��� ����� �� �##���� ���� ��� � ��� ��� ��� ��� ����� �&&�� ��� ������ ����� �& ��� �� ��,� ��� ��������� ��� � ��� � #�������� �� ��� ������� ��� ��� &�� � &��� #���� � �� ��� ��� �#������ ������� ��� ��� ��� ������ ����� �& �������� ��� �� )���� ��� ��&&������� �� ��, ��� ������ ���� ���� � �, ��� ������� �� ������ � ����� 6�� ����# �� ��� ������ ������ ����� �� � ������� ��� ��� ,������ ��� ������� ������ �� ���� ��� ��� )�� ������� ������ ��� ��� ,�*��� ��� ���� ,���� �� � ���� &������� )�� � ��� ��� 6 �������� �������� ��&�������� ������� � ��� ���� ���� �� �#���+� �� ����� #������� ������ ���� ���� ���� ��� ��� �� �,� ���-�� ������� �� ���� ������ � � ,���� ��� � �����#����� �� ������ ��������� �� ,��������� ��#������ �� ��� ��#������� ��� #��&������ �& ��� ��� ����� 0& ��� ��� ���� ��� �� ��#������� ,������ ��� ��� ������� ���� ��� �� ������ ��� � #����� �� �� ��� ������� �� ������� ,��� ��� � ��� ��� 6 �������� ������ #�� ����� ��� �������� ��� ���� ��� �� ��� �������*�� ��� ����� F��# �� ����� � ����� ���� ���� �� � �� # ���� ��� ��.����� �������� � �� � �� �)�) �((��� ��� � 1! �� �������� � (���2���� �&��� �� ������ ���� ���� ��� ��� ��� #�� ������ ����&� � �������� ��, ��� ,� ��� ���� &��� ���� ��� ������ � ���������� ������ ���� ��� +�� ��� ���� �� ��� �� � ����� � �& ��� ��&�������� #�� ����� ���� ���� � �� � � �� �� ��# � ,���� � �� ��� 0�������� �� ��������� �� �#���� ��������� ��� ������� � �, &�� ���������� �� ���� ���#�� ���,���� )��� ��� ���� ���#��.,��� ��������� � �� � � �� ��� &��� ���� �� ,� �� ���� ��� ��� ��� � �� � � &�� ��� �� ������ �� #��#�� � �-��##�� � ��������� ��,� ��� ����� ��� ��&&����� ����� ��� ��#� � ����� ���������� ,��� ���� ��#� �& ����������� H��� �&��� ��� ��#��� ��#�� ����� #��� �& ��� #��C��� �� ���# ���� ��� �#�������� ������� ,� �������� ��� ���� �� ,���� ����&� # ������ ��� �� � ��� ������ )�) ���*��(�� �) �� ��) + ����� ��� ����� �� ,����' �- .�--�/ �-�0��- !�B 0� �������� �� ��� ����� ���� ���� ��������� � � �� ��� ������� ���� ����� � �� ���� # ��� �� ��� ��� ������ �� ���#����� �� ��>� )���� �,� ���� ���� ������� � ��� ��������� ���� ���� �� ��� ���� �� ��� �& ��� ����� ����� ���� ����� )�� ��,����� �& ��� ���#����� �� ��> ���� ���� �� ��� � �� ������ ���������� �� ���� ��� ���� �� ��� �#����� �� &��-���� �� ��� �� ��� � ���� ��&+�� � �� ������� ������ ��� �& ��� ���� ��� ������� ��� �� # ����� � �������� �� � � ,��� �#�� ������ � �& ����� � � #��#���� �� ,���� � �� # ����� 33�� �����44 �� ��## ����� ��� ���� ��&+�� � ����� � #�� ���� ,��� ��� ���� ����� /� �� � ,������ �$:�; #��� ����� � &�� ���� ���� ���� )���� ��� ��� �������� �� ���,�� � ��� -��������� �� ���# � ��� �������� ������� �� ������ ��� ��� ���� ��&��������� )���� ����� � � �� ��� �� � ����� �� ��� ���� ��&+�� � ����� � #�� ���� � ��� ���� ����� �� �������� ����� ���� &��� ��� ,��� ��� ���� ����� ,� �� � ��� ���� ��� �� # ����� � � �� � � �� ��� ����� � ,�� �� ������� ����� �� ������� &�� �� ��# � ���� ����� �& ��� �& ����� ��� #�� ��� ��� ���� � ��#��� ���������� ��� ��-����K ����� �� ���� ��� �& ��� #��#���� �& ��� ������� ���� �� �� �� � ��� �������� � ���#����� � �� ������ ������� ���, ���� �& ������ ��� ���� �� #������ �� ��� ,���# ���� 6��� ��������� ��� ���� ��� �� ������ �& ���#����� �� ��� ����� ,� &���� ���� ��&&����� ���#����� �� ��� ��&&����� ���� ����� 6��� ���� �����#����� �� �� �� #&� &�� ��� �������� �� ���, ��, �� ������ � ���� &��� ���� ���� ��� �& ����� �������� )��� &��� ������ ���� ���� �� � #���� ����� ����� ���� ���� ��� ��� ����#���� �� 5& ������ �� ��� �������� ����� �� ��� ���� ���� ���� �� � ���� � �� � �� ��� ����� ���� ������ ���� ���� ��� ��� ���� ���� � #��&������� �� �� &�� ����� �������� 5�� ,�� �� ���� � ���� �� �� ���# � �� � ��� ���� ���������� �� ,��� ����� ������� ����� ���� ,� �� � ������� ��� �������� ���� ���� � �� ��� �� ���� ����� ��� �� �� )�� ���� �� �� �� ����������� )�� �� ��� �� �� �� �� ���� �& ��� � ���� ��� ��� ,���� � ����� ��� ����� ��� ����� )��� ��&�������� ���� �� ������ ��� ��� ����� ��� ���� ,� � �#��� �)�) ���1����( ���(��!
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        item: #512 of 566
          id: fsr-3954
      author: Matejkovic, John E.; Lahey, Karen Eilers
       title: Identity theft: no help for consumers
        date: 2001
       words: 37808
      flesch: -1157
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        item: #513 of 566
          id: fsr-3955
      author: Anderson, Seth C.; Coleman, B. Jay; Born, Jeffery A.
       title: A closer look at trading strategies for U.S. equity closed-end investment companies
        date: 2001
       words: 20786
      flesch: 63
     summary: ��� �� ����������� 1� �� 2�� �� �� �� � �� ��� �� � �� � � � ����� � ����� �� �+-�� ���� ������ �� 1� ��� 2 � � �� !& ��� ���������� � � ����� ��� � �� � � � �� ��� ����� �/�� � ��0�� ����2��� � �� � �� �� � ���� �� �56 (&& � ��/� �� ����� � ����� �� � ����� ���� ���� 0� �� ���� � � �� �� � 0�� �� �� � ���� ������ ��� � �� �� ��� �2� ���� � �� ������� �� � �� � � � ���� � � ��� ���� �� �� �� �� ��� �2� �� � �� � � � ��� �� � � � �� ��� �� #� �� � � � � ����� 0� � ���� �� �� �� � � ���� � ����� �� ��� �� � ��� � ��� � �� ���� ��� � ��� ��� 0� � ��0 � � � �� ��� �� - ����� ���� �� �� �� � ��� � �� 0� � ���� ������ �� ��� � �� �� � �� ������ �� �� �� I�0����� ��� � ��� ��� 0� � ������ � ���� � � � �� ��� �� �� �� ��� �� � �� � � � ����� 0� � ���0 �� � ����� �� ����� ��� ����� �� � ��� 9�� ����� � ��� ���� � � �� � � ��� ������� �� �� ���� �� � �� ��� �� �� ��H��� ��0� ������ � �� ��� 1 ��������� �������� ����/ +* 2&**+3 &%�4&�5 $= ���������� � ����� � �� ��� ����� � �� ��� <�������� �� ��� 5 � � � ��� �� 1� ,&&!. � �������� � �� � ������ �B � � ��� ��� �� �� ���� ��� �� �� ��� � ���� < �� �� (���������� +5,.
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        item: #514 of 566
          id: fsr-3956
      author: Girard, Eric; Rahman, Hamid; Zaher, Tarek
       title: Intertemporal risk-return relationship in the Asian markets around the Asian crisis
        date: 2001
       words: 39201
      flesch: 70
     summary: ��������� 2��� ��� �(�����( �������� ( ��������� ���������� �� �� ��)��,� �� �� ���� �� � ��� � �� � � ��� �5�������� ��)��,� �� ����� ����� �� ) ��� /�0+ ���� �� �� ���� ��D�� �� � � � &+ ��� �������� �5������� ��������� �� ���� ��� � � � ��� �����) ��� ������ �� ���������� 2��� ��� �� ��$ �� � ������-�� ��� �� �� ��( ���� � ���))�� � ���+ ����������) 0+ ��(������� ��������) ��� ���� �$ �����-����D�� ���� �������@ �� �������� �$ ���� � � �� ������ �����+ *������ �� ���:��# ��� 5����� � (%/<0� =!;�= <+ E � ��� �+ �+� S '� ���� ��� �+ 3+ /88!0+ ���� ������� �� �� �� ��(+ *������ �� 5�������� ��� ;���������� ��������� (%� !&� �+ E� ���� �+� ���� .+� � ���(� .+� S Q�� �� � �+ /88=0+ '����������� �� � ���������� �$ ����)��) � � �� ������� �� ���� �� ����+ *������ �� &�������� <���# ��� (�� !
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        item: #515 of 566
          id: fsr-3957
      author: Clark-Murphy, Marilyn; Gerrans, Paul
       title: Consultation and resource usage in retirement savings decisions: Australian evidence of systematic gender differences
        date: 2001
       words: 33185
      flesch: -29
     summary: PII: S1057-0810(01)00086-5 ��������� �� �� ������ � ����� � ��� ������ ��� ��� � � ���� ������� �� �� �� � �� �������� ��� �� ������ �� ��� ��� �������������� ���� �������� ������ �� �� �� � ��� ��� ��� ������ ����� ��� � ��������� ��� ��� � ��� ������ ��� � ��� �� ! ����� ���)�� �� �� ��� �������� ������ �� ) �� � ������ � ����� �� ����� ������� �� ��� �� � ��� � � �� ��� ��� �� ���������� ��� � � � �������� �� ���������� �� (����� ����� ��������� ��� ������ � � ��� �(��� ��� ������ ��� ���* � ��� ���������� �������������� �� ����� 3���������� �� ��� ���(��� � ������� � ��� (� �� � ��� ������� ������� ( � �� � ��� ���� � �� �� ��� ��������� �������� ��� � ��� � ) �� �����) �� )��� �� � ��� �� � �� ��� �� )� � ���� (�� ��� �� (� �� �� * /�� � � � �� ��� ��� ��� ��)���� (��� � ����� �� ; )* �� �+')������ ,* -��� � .
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        item: #516 of 566
          id: fsr-3958
      author: Pinfold, John F.; Wilson, William R.; Li, Qiuli
       title: Book-to-market and size as determinants of returns in small illiquid markets: the New Zealand case
        date: 2001
       words: 17481
      flesch: 56
     summary: <<); ���� � ���� ��� $�� �(� �� � � � � (����������� �� ���( �� ��'��� ��� �� ������� �� � �� $�� �� � �� �2 � ��� �� 9�� � � � $ � � �� � � / �� ��(��� �� �� �� � � ����� � �� ( � ����� � � �� � ������2� @�� $ �� � � �� � �� ��2 ���� � � �� / ����2 ��� '� � ���� � � � � � � (������� ���� � �� ��� �� � � �� �� � ���� ��� ( ���� ��� $ � �������� �� ��$ /� / (� 1'�� ����2 '�� � � �� � /��� �� ����� � ��� �� .� � � �� �� � / ����2 ��� '� �� (�� � � � �� & �$ � � $ � !* <=; ��� ��/� ���� �� $��� '� � �� � � ���' ��� � ��� � �� � ���� ������ ��� � ���� �� '��'�� � �� ��( ���/ '� � / �� ��2 �� ��� :!<>=;� ���� � � �� ��G� ��� ������ ��� � ���� � �� 1' �� � � ��� �� � '������ � 1� �� �� �� � ����� ��� � ��� �' �� �� 1� �� � ��� � �� ���� � '������ � '��� ������� � ��� � �� � � � � (����������� �� '�/ � � /� � 4 �'�/�� � /� � � � '�&9�� � � '�@9#� :!; ���� � � �� �� :!
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        item: #517 of 566
          id: fsr-3959
      author: Hanna, Michael E.; Kiymaz, Halil; Perdue, Grady
       title: Portfolio diversification in a highly infationary emerging market
        date: 2001
       words: 19999
      flesch: -37
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        item: #518 of 566
          id: fsr-3960
      author: Lahey, Karen Eilers
       title: Author Index 2001
        date: 2001
       words: 5175
      flesch: 10
     summary: ���,��� 7��)���$ � � >�< E������ ������� �� �!#$ %&�!0�% (���� 4������ ��4��� (��� �������� +�/���� 4�����- 8��� ���������C��� �� �!#$ ��1!�%1 7���F)���8� � � + � ��.������� � �*�$ >� ?��/ *�� ������������ �� �!#$ %%�! %1% ���8 �������� ;������� ��� � A���� �* ���������� .
    keywords: � �
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        item: #519 of 566
          id: fsr-3961
      author: Lahey, Karen Eilers
       title: Titles Index
        date: 2001
       words: 4171
      flesch: -14
     summary: PII: S1057-0810(02)001142 (������ @���� � � ��4��� (��� �������� +�/���� 4�����-8��� ���������C��� �� �!#$ ��1!�%1 (�� D����� �����) �� 7��)�� ��� '�=� �� 4����������� �* ������� �� '���� .���,��� 7��)���$ � � >�< E������ ������� �� �!#$ %&�!0�% (���� 4������ ��4��� (��� �������� +�/���� 4�����- 8��� ���������C��� �� �!#$ ��1!�%1 7���F)���8� � � + � ��.������� � �*�$ >� ?��/ *�� ������������ �� �!#$ %%�! %1% ���8 �������� ;������� ��� � A���� �* ���������� .
    keywords: � �
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        item: #520 of 566
          id: fsr-3974
      author: Zhang, Yu; Naveed, Khurram; Qi, Jia
       title: Crypto Investment: The Role of Investment Motivations, Investment Confidence, and Risk Perceptions
        date: 2025
       words: 9716
      flesch: 36
     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.
    keywords: confidence; cryptocurrency; cryptocurrency investment; financial; future; intentions; investing; investment; investment confidence; investors; motivations; odds; risk; study
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        item: #521 of 566
          id: fsr-3978
      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
       words: 8130
      flesch: 48
     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.
    keywords: bonds; cash; et al; financial; gender; investment; investors; journal; males; market; overconfidence; stocks; stress; study; trading
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        item: #522 of 566
          id: fsr-3982
      author: Grable, John
       title: Financial Services Review Masthead
        date: 2024
       words: 1577
      flesch: 15
     summary: Associate Editors • Swarn Chatterjee, Ph.D., University of Georgia • Shinae L. Choi, Ph.D. University of Alabama • Jasmine Fang, Ph.D., Massey University, New Zealand • Mark Fedenia, Ph.D., University of Wisconsin • Stu Heckman, Ph.D., CFP®, Texas Tech University • William W. Jennings, Ph.D., CFA®, 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 • Mustafa Nourallah, Ph.D., Centre for Research on Economic Relations, Mid Sweden University • Wade D. Pfau, Ph.D., CFA, RICP, Retirement Income Style Awareness, LLC • Lance Palmer, Ph.D., CFP®, CPA®, University of Georgia • Abed Rabbani, Ph.D., CFP®, University of Missouri • Chris Robinson, Ph.D., CFP®, 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 Editorial Board • John Anderson, Ph.D., University of Kansas • Kristy Archuleta, Ph.D., University of Georgia • Colleeen Tokar Asaad, Ph.D., Baldwin Wallace University • Rachel Bi, Ph.D., Utah Valley University • Chris Browning, Ph.D., CFP®, Texas Tech University • John Clinebell, Ph.D., University of Northern Colorado (Emeritus) • Michelle Cull, Ph.D., Western Sydney University, Australia • James DeLellio, Ph.D., Pepperdine University • Dale Domian, Ph.D., CFP®, York University, Canada • Lu Fan, Ph.D., CFP®, University of Georgia • Patti Fisher, Ph.D., Virginia Tech • Russell James, Ph.D., CFP®, Texas Tech University • Kyoung Tae Kim, Ph.D., University of Alabama • Norah Feng, Ph.D., Massey University, New Zealand • Giovanni Fernandez, Ph.D. Stetson University, DeLand, FL • Philip Gibson, Ph.D., CFP®, Winthrop University • Jim Gilkeson, Ph.D., CFA, University of Central Florida • Martie Gillen, Ph.D., University of Florida • Chuck Grace, CFP®, Ivy School of Business, Canada • Drew Hanks, Ph.D. The Ohio State University • Wookjae Heo, Ph.D., Purdue University • Stephen M. Horan, Ph.D., Certified Financial Planner Board of Standards, Inc. • Eun Jin Kwak, Ph.D., University of Wisconsin, Green Bay • Derek Lawson, Ph.D., CFP®, Kansas State University • Sunwoo Lee, Ph.D., York University, Canada • Yi Liu, Ph.D., CFP®, St. John Fisher College • Caezilia Loibl, Ph.D., The Ohio State University • Megan McCoy, Ph.D., LMFT, CFT-I®, Kansas State University • Barry Mulholland, Ph.D., CFP®, University of Akron • John Nofsinger, Ph.D., University of Alaska Anchorage • 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’s 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®, University of Georgia Editorial Advisory Board • Vickie Bajtelsmit, Ph.D., Colorado State University (Emeritus)
    keywords: cfp ®; financial; georgia; journal; ph.d; services; state; state university; university
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        item: #523 of 566
          id: fsr-3987
      author: Grable, John
       title: From the Editor
        date: 2024
       words: 1047
      flesch: 52
     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.
    keywords: financial; fsr; paper; planning
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        item: #524 of 566
          id: fsr-3991
      author: Malladi, Rama; Stanoyevitch, Alexander
       title: Assessing the Impact of Rebalancing on Equal-weighted and Value-weighted Portfolios over Five Decades
        date: 2025
       words: 8266
      flesch: 60
     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).
    keywords: costs; ewp; mean; portfolio; returns; stocks; transaction; value; vwp
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        item: #525 of 566
          id: fsr-3996
      author: Whitworth, Jeff
       title: Should Investors Defer Long-Term Gains in Taxable Stock Portfolios?
        date: 2024
       words: 7442
      flesch: 52
     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%)
    keywords: capital; gains; portfolio; smith; stock; tax; terminal; wealth; year
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        item: #526 of 566
          id: fsr-4002
      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
       words: 8012
      flesch: 50
     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.
    keywords: analysis; borrowers; data; debt; et al; financial; keyword; loan; media; sentiment; student; student loan
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        item: #527 of 566
          id: fsr-4009
      author: Ferdous Ahmmed; Kalenkoski, Charlene; Browning, Christopher
       title: Examining the Gender Gap in Participation in Employer-Sponsored Retirement Plans: Oaxaca Decomposition
        date: 2025
       words: 9722
      flesch: 49
     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.
    keywords: differences; employer; financial; gap; gender; literacy; participation; plan; plan participation; retirement; retirement plans; risk; savings; tolerance; variables; women
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        item: #528 of 566
          id: fsr-4014
      author: Grable, John
       title: Financial Services Review Masthead
        date: 2024
       words: 1591
      flesch: 15
     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’s 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®, University of Georgia Editorial Advisory Board • Vickie Bajtelsmit, Ph.D., Colorado State University (Emeritus) • Patti Fisher, Ph.D., Virginia Tech • Russell James, Ph.D., CFP®, Texas Tech University • Kyoung Tae Kim, Ph.D., University of Alabama • Norah Feng, Ph.D., Massey University, New Zealand • Giovanni Fernandez, Ph.D. Stetson University, DeLand, FL • Philip Gibson, Ph.D., CFP®, Winthrop University • Jim Gilkeson, Ph.D., CFA, University of Central Florida • Martie Gillen, Ph.D., University of Florida • Chuck Grace, CFP®, Ivy School of Business, Canada • Drew Hanks, Ph.D. The Ohio State University •
    keywords: cfp ®; financial; georgia; ph.d; services; state; state university; university
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        item: #529 of 566
          id: fsr-4017
      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
       words: 6737
      flesch: 13
     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.
    keywords: accountants; accounting; advisors; clients; data; financial; firms; generative; healthcare; human; planning; potential; services; tasks
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        item: #530 of 566
          id: fsr-4023
      author: Grable, John
       title: Volume 32 Issue 3 From the Editor
        date: 2024
       words: 1127
      flesch: 55
     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.
    keywords: financial; paper; reference; services
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        item: #531 of 566
          id: fsr-4032
      author: Kwak, Eun Jin; Grable, John
       title: A Domain Specific Measure of Investment Risk Preference
        date: 2025
       words: 7148
      flesch: 53
     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.
    keywords: financial; investment; investment risk; measure; model; preference; risk; risk preference; risk tolerance; satisfaction; survey; test; tolerance
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        item: #532 of 566
          id: fsr-4041
      author: Heo, Wookjae; Liu, Yi; Lee, Jae-min
       title: Improving Communication with Financial Consumers: Insights from a Study of Phone Call Phobia 
        date: 2024
       words: 11694
      flesch: 49
     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.
    keywords: anxiety; communication; face; factors; family; financial; friends; job; journal; levels; messaging; number; phobia; phone; phone calls; social; status; stress
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        item: #533 of 566
          id: fsr-4050
      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
       words: 12188
      flesch: 47
     summary: Standardized Estimates for the Proposed SEM Model (Indirect Effect) Standardized Estimate (SE) 95% CI LL UL Attitudes toward adequate emergency fund savings → Intention to use fintech to save → Saving app use → Aadequate emergency fund savings 0.003 (0.003) -0.002 0.008 Subjective norm → Intention to use fintech to save → Saving app use → Aadequate emergency fund savings -0.003 (0.003) -0.009 0.002 Perceived behavioral control → Intention to use fintech to save → Saving app use → Aadequate emergency fund savings -0.005 (0.005) -0.012 0.003 Attitudes toward adequate emergency fund savings → Intention to use fintech to save → Saving website use → 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.
    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
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        item: #534 of 566
          id: fsr-4052
      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
       words: 6606
      flesch: 50
     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.
    keywords: age; ages; data; expectations; factors; financial; gaps; impact; participants; retirement; retirement age; retirement expectations
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        item: #535 of 566
          id: fsr-4057
      author: Birkenmaier, Julie; Stratman, Hope
       title: Consumers’ Basic Bank Account Complaints and Their Financial Hardships: A Content Analysis of Complaints filed with the Consumer Financial Protection Bureau (CFPB)
        date: 2025
       words: 9001
      flesch: 23
     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.
    keywords: account; analysis; bank; bureau; cfpb; complaints; consumer; consumer financial; customer; financial; fraud; hardship; information; institution; issues; problem; protection; service; thought; vulnerability
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        item: #536 of 566
          id: fsr-4060
      author: Heckman, Stuart; Letkiewicz, Jodi ; Lim, HanNa
       title: Student Willingness to Borrow for Higher Education
        date: 2025
       words: 10186
      flesch: 52
     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.
    keywords: borrowing; college; cost; debt; degree; education; financial; income; major; sample; students; support; tuition; willingness; year
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        item: #537 of 566
          id: fsr-4067
      author: Sanders, Kaplan; Olajide, Olamide
       title: Consumer Margin Use: Understanding the Role of Peer Influence, Investment Literacy, and Age
        date: 2025
       words: 8257
      flesch: 53
     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.
    keywords: age; behavior; buy; debt; decision; financial; influence; investment; investors; literacy; margin; peer; purchases; study
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        item: #538 of 566
          id: fsr-4080
      author: Reiter, Miranda; Mielitz, Katherine; Chimbane, Tanaka
       title: Addressing Diversity, Equity, and Inclusion in Financial Planning Education
        date: 2025
       words: 8261
      flesch: 39
     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’s experience in DEI courses including instructor comfort.
    keywords: cfp; class; course; dei; diversity; education; equity; experiences; inclusion; planning; race; research; students; teaching; topics
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        item: #539 of 566
          id: fsr-4081
      author: Griesdorn, Tim; DeVaney, Sharon
       title: A New Approach to Teaching Personal Financial Education
        date: 2025
       words: 6120
      flesch: 60
     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.
    keywords: class; course; education; financial; life; planning; research; services; skills; students; time; values
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        item: #540 of 566
          id: fsr-4082
      author: Fraser, Steve
       title: Utilizing Experiential Learning Techniques in a Financial Planning Program: Allowing Students to Learn from Themselves
        date: 2025
       words: 5751
      flesch: 52
     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.
    keywords: awareness; course; estate; exercise; financial; insurance; interview; learning; planning; review; risk; students
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        item: #541 of 566
          id: fsr-4083
      author: Stebbins, Richard; Quito, Diana
       title: Effective Financial Education Strategies: Empowering Students with Personal Application
        date: 2025
       words: 7789
      flesch: 38
     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.
    keywords: counseling; education; estate; feedback; financial; goals; investment; knowledge; learners; learning; planning; retirement; skills; strategies; students; theories; theory; understanding
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        item: #542 of 566
          id: fsr-4084
      author: Sinnewe, Elisabeth
       title: Elevating Professional Skills Through Authentic, Scaffolded Learning in a Financial Planning Capstone
        date: 2025
       words: 5894
      flesch: 33
     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 2–3 questions on a digital forum → instructor forwards thematically collated pool of questions to advisers → advisers pre-screen questions and provide feedback to help students get a better understanding of how to conduct an effective client meeting.
    keywords: assessment; capstone; client; development; education; industry; learning; planning; redesign; review; skills; students; teamwork; unit
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        item: #543 of 566
          id: fsr-4086
      author: Anderson, Jason; Gray, Blake
       title: A Study of Time Value of Money Educational Interventions
        date: 2025
       words: 5691
      flesch: 54
     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.
    keywords: answer; calculator; excel; financial; intervention; learning; students; time; tvm; value; years
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        item: #544 of 566
          id: fsr-4094
      author: Curnutt, Gary; Smith, David
       title: The Association of Cryptocurrency and the Use of Alternative Financial Services 
        date: 2025
       words: 9807
      flesch: 52
     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.
    keywords: afs; alternative; bank; cryptocurrency; financial; investment; money; percent; respondent; responses; risk; services; survey; use; variable
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        item: #545 of 566
          id: fsr-4096
      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’s Participation Globally
        date: 2025
       words: 12353
      flesch: 27
     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;).
    keywords: advancement; barriers; canada; career; diversity; et al; financial; gap; gender; industry; journal; planning; profession; research; review; richards; role; services; women
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        item: #546 of 566
          id: fsr-4105
      author: Grable, John
       title: Financial Services Review Masthead
        date: 2024
       words: 1614
      flesch: 17
     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’s 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®, University of Georgia Editorial Advisory Board • Vickie Bajtelsmit, Ph.D., Colorado State University (Emeritus) • Patti Fisher, Ph.D., Virginia Tech • Russell James, Ph.D., CFP®, Texas Tech University • Kyoung Tae Kim, Ph.D., University of Alabama • Norah Feng, Ph.D., Massey University, New Zealand • Giovanni Fernandez, Ph.D. Stetson University, DeLand, FL • Philip Gibson, Ph.D., CFP®, Winthrop University • Jim Gilkeson, Ph.D., CFA, University of Central Florida • Martie Gillen, Ph.D., University of Florida • Chuck Grace, CFP®, Ivy School of Business, Canada • Drew Hanks, Ph.D. The Ohio State University •
    keywords: cfp ®; financial; georgia; journal; ph.d; services; state; state university; university
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        item: #547 of 566
          id: fsr-4113
      author: Antonoudi, Efthymia; Kostandini, Genti; Lim, HanNah
       title: Immigration Law Enforcement and Immigrant Homeownership
        date: 2025
       words: 11838
      flesch: 44
     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.
    keywords: 287(g; agreements; communities; economic; effects; enforcement; financial; hispanics; homeownership; hwcc1; immigrants; immigration; level; policies; program; states; u.s.-born; years; years post
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        item: #548 of 566
          id: fsr-4114
      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
       words: 6247
      flesch: 51
     summary: Fraud arrest data are from the FBI’s 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.
    keywords: arrests; consumer; craigslist; data; effects; entry; fraud; msas; online; results; time; variable
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        item: #549 of 566
          id: fsr-4123
      author: Grable, John
       title: From the Editor
        date: 2024
       words: 1046
      flesch: 49
     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.
    keywords: financial; paper; phone
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        item: #550 of 566
          id: fsr-4128
      author: MacDonald, Kirsten; Wildman, Karen; Loy, Ellana; Brimble, Mark
       title: The Value of Financial Advice: A Narrative Review and Conceptual Frameworks
        date: 2025
       words: 13372
      flesch: 39
     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.
    keywords: advice; advisor; benefits; clients; et al; factors; financial; health; impact; journal; literature; measures; outcomes; quality; relationship; research; results; review; services; survey; value; wellbeing
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        item: #551 of 566
          id: fsr-4141
      author: Diab, Sara; Nourallah, Mustafa; Öhman, Peter
       title: Borrowing From Family and Friends: Study of the European Union
        date: 2025
       words: 6107
      flesch: 45
     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.
    keywords: behavior; borrowing; cards; debit; family; financial; friends; households; model; saving
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        item: #552 of 566
          id: fsr-4154
      author: Shekhar, Vidhu; Ramesh, Sanjogita
       title: Central Bank Digital Currency in India: Perspectives on Design Choices and Implications of e-Rupee
        date: 2025
       words: 7954
      flesch: 20
     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.
    keywords: bank; banking; cbdc; central; choices; currency; design; digital; expert; financial; fintech; implementation; india; innovation; payment; research; services; stability; systems; technology
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        item: #553 of 566
          id: fsr-4166
      author: Grable, John
       title: Financial Services Review Masthead
        date: 2025
       words: 1781
      flesch: 27
     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’s 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®, University of Georgia Editorial Advisory Board • 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 ® , Baylor University (Emeritus) Martin Seay, Ph.D., CFP ® , Kansas State University Meir Statman, Ph.D., Santa Clara University Tom Warschauer, Ph.D., CFP ® , 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 ® , University of Georgia Jasmine Fang, Ph.D., Massey University, New Zealand Mark Fedenia, Ph.D., University of Wisconsin Philip Gibson, Ph.D., CFP ® , Winthrop University Stu Heckman, Ph.D., CFP ® , Texas Tech University William W. Jennings, Ph.D., CFA®, 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 ® , CPA ® , University of Georgia Abed Rabbani, Ph.D., CFP ® , 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.
    keywords: cfp; financial; georgia; journal; ph.d; research; services; state; state university; university
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        item: #554 of 566
          id: fsr-4167
      author: Grable, John
       title: From the Editor
        date: 2025
       words: 1194
      flesch: 46
     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.
    keywords: financial; investment; paper; study
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        item: #555 of 566
          id: fsr-4195
      author: Brockbank, Alex; Kalenkoski, Charlene; Browning, Christopher; Guillemette, Michael
       title: Is Using a Financial Advisor Related to Cryptocurrency Investment?
        date: 2025
       words: 7681
      flesch: 57
     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’s use of a financial advisor and the decision to invest in cryptocurrency.
    keywords: advisor; age; cryptocurrency; cryptocurrency investment; education; financial; investment; investors; knowledge; level; risk; study; use; variable
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        item: #556 of 566
          id: fsr-4224
      author: Ahamed, AFM Jalal; Jakubowska, Dominika; Pachołek, Bogdan; Dziewanowska, Katarzyna
       title: Exploring factors affecting young adults' financial management behavior: A hybrid PLS-SEM and fsQCA approach
        date: 2025
       words: 12567
      flesch: 35
     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.
    keywords: analysis; attitude; behavior; efficacy; et al; factors; family; financial; fmb; fsqca; influence; journal; knowledge; management; peer; pls; research; self; socialization
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        item: #557 of 566
          id: fsr-4242
      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
       words: 4733
      flesch: 45
     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® certificate holders across different states.
    keywords: board; business; cfp; college; finance; major; new; planning; programs; schools
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        item: #558 of 566
          id: fsr-4243
      author: Asebedo, Sarah; Gramse, Bryan
       title: Capstone as Project-Led Problem Based Learning: Theory and Application in Personal Financial Planning
        date: 2025
       words: 11100
      flesch: 37
     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).
    keywords: capstone; case; class; client; course; education; financial; instructor; knowledge; learning; planning; problem; process; professional; recommendations; retirement; situation; students; submit; theory
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        item: #559 of 566
          id: fsr-4290
      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
       words: 6864
      flesch: 38
     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.
    keywords: client; data; financial; health; model; outcomes; physiological; planner; planning; practice; psychological; stress; wellness
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        item: #560 of 566
          id: fsr-4316
      author: Grable, John
       title: Financial Services Review Masthead
        date: 2025
       words: 1814
      flesch: 3
     summary: Shawn Brayman Financial Planning Research Consultant IMMEDIATE PAST PRESIDENT EDITOR, FINANCIAL SERVICES REVIEW John E. Grable, Ph.D., CFP® 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’s 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®, University of Georgia Editorial Advisory Board • 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 ® , Baylor University (Emeritus) Martin Seay, Ph.D., CFP ® , Kansas State University Meir Statman, Ph.D., Santa Clara University Tom Warschauer, Ph.D., CFP ® , 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 ® , University of Georgia Jasmine Fang, Ph.D., Massey University, New Zealand Mark Fedenia, Ph.D., University of Wisconsin Philip Gibson, Ph.D., CFP ® , Winthrop University Stu Heckman, Ph.D., CFP ® , Texas Tech University William W. Jennings, Ph.D., CFA®, 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 ® , CPA ® , University of Georgia Abed Rabbani, Ph.D., CFP ® , 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.
    keywords: cfp ®; financial; georgia; ph.d; planning; research; services; state; state university; university
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        item: #561 of 566
          id: fsr-4317
      author: Grable, John
       title: From the Editor
        date: 2025
       words: 1032
      flesch: 28
     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.
    keywords: financial; paper; services; sinnewe
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        item: #562 of 566
          id: fsr-4352
      author: Öhman, Peter; Nourallah, Mustafa; El Kalak, Izidin
       title: Guest Editorial: Navigating Contemporary FinTech Solutions: Revealing Potential and Challenges
        date: 2025
       words: 1872
      flesch: 44
     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.
    keywords: financial; fintech; review; services
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        item: #563 of 566
          id: fsr-4453
      author: Sinnewe, Elisabeth
       title: Financial Services Review Masthead: FinTech Special Issue
        date: 2025
       words: 1758
      flesch: -3
     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 • Vickie Bajtelsmit, Ph.D., Colorado State University (Emeritus) • Shawn Brayman, M.E.S., SB Research Consulting • Conrad Ciccotello, JD., Ph.D., University of Denver • John E. Grable, Ph.D., CFP®, University of Georgia • Sherman Hanna, Ph.D., The Ohio State University • Tom Potts, Ph.D., CFP®, Baylor University (Emeritus) • Martin Seay, Ph.D., CFP®, Kansas State University • Meir Statman, Ph.D., Santa Clara University • Tom Warschauer, Ph.D., CFP®, San Diego State University (Emeritus) Associate Editors • Swarn Chatterjee, Ph.D., University of Georgia • Shinae Choi, Ph.D., University of Alabama • Lu Fan, Ph.D., CFP®, University of Georgia • Jasmine Fang, Ph.D., Massey University, New Zealand • Mark Fedenia, Ph.D., University of Wisconsin • Philip Gibson, Ph.D., CFP®, Winthrop University • Stu Heckman, Ph.D., CFP®, Texas Tech University • Stephen Horan, Ph.D., CFA®, University of North Carolina Wilmington • William W. Jennings, Ph.D., CFA®, U.S. Airforce Academy • So-hyun Joo, Ph.D., Ewha Womans University, South Korea • 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®, Baylor University (Emeritus) Martin Seay, Ph.D., CFP®, Kansas State University Meir Statman, Ph.D., Santa Clara University Tom Warschauer, Ph.D., CFP®, 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®, University of Georgia Jasmine Fang, Ph.D., Massey University, NZ Mark Fedenia, Ph.D., University of Wisconsin Philip Gibson, Ph.D., CFP®, Winthrop University Stu Heckman, Ph.D., CFP®, Texas Tech University Stephen Horan, Ph.D., CFA®, University of North William W. Jennings, Ph.D., CFA®, 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®, CPA®, University of Georgia Abed Rabbani, Ph.D., CFP®, University of Missouri Dan Richards, Ph.D., York University, Canada Chris Robinson, Ph.D., CFP®, 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 Öhman, 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?
    keywords: cfp ®; emeritus; financial; georgia; journal; ph.d; research; services; state; state university; university
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        item: #564 of 566
          id: fsr-4522
      author: Timmerman, Inga
       title: Guest Editorial: Teaching Financial Planning Today - Emerging Practices 
        date: 2025
       words: 1166
      flesch: 25
     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.
    keywords: education; financial; planning; review
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        item: #565 of 566
          id: fsr-4524
      author: Sinnewe, Elisabeth
       title: Teaching Tomorrow’s 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
       words: 1120
      flesch: 27
     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–adviser 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.
    keywords: client; financial; planning; review
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        item: #566 of 566
          id: fsr-4526
      author: Sinnewe, Elisabeth
       title: Financial Services Review Masthead (2025) Volume 3, Issue 4 Special Issue: The Pedagogy of Financial Planning
        date: 2025
       words: 1903
      flesch: 2
     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 • Vickie Bajtelsmit, Ph.D., Colorado State University (Emeritus) • Shawn Brayman, M.E.S., SB Research Consulting • Conrad Ciccotello, JD., Ph.D., University of Denver • John E. Grable, Ph.D., CFP®, University of Georgia • Sherman Hanna, Ph.D., The Ohio State University • Tom Potts, Ph.D., CFP®, Baylor University (Emeritus) • Martin Seay, Ph.D., CFP®, Kansas State University • Meir Statman, Ph.D., Santa Clara University • Tom Warschauer, Ph.D., CFP®, San Diego State University (Emeritus) Associate Editors • Swarn Chatterjee, Ph.D., University of Georgia • Shinae Choi, Ph.D., University of Alabama • Lu Fan, Ph.D., CFP®, University of Georgia • Jasmine Fang, Ph.D., Massey University, New Zealand • Mark Fedenia, Ph.D., University of Wisconsin • Philip Gibson, Ph.D., CFP®, Winthrop University • Stu Heckman, Ph.D., CFP®, Texas Tech University • Stephen Horan, Ph.D., CFA®, University of North Carolina Wilmington • William W. Jennings, Ph.D., CFA®, U.S. Airforce Academy • So-hyun Joo, Ph.D., Ewha Womans University, South Korea • 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®, Baylor University (Emeritus) Martin Seay, Ph.D., CFP®, Kansas State University Meir Statman, Ph.D., Santa Clara University Tom Warschauer, Ph.D., CFP®, 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®, University of Georgia Jasmine Fang, Ph.D., Massey University, NZ Mark Fedenia, Ph.D., University of Wisconsin Philip Gibson, Ph.D., CFP®, Winthrop University Stu Heckman, Ph.D., CFP®, Texas Tech University Stephen Horan, Ph.D., CFA®, University of North William W. Jennings, Ph.D., CFA®, 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®, CPA®, University of Georgia Abed Rabbani, Ph.D., CFP®, University of Missouri Dan Richards, Ph.D., York University, Canada Chris Robinson, Ph.D., CFP®, 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.
    keywords: cfp ®; financial; georgia; ph.d; planning; research; services; state; state university; university
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