FINANCIAL PLANNING REVIEW最新文献

{"title":"한국 가계의 재무건강 측정 지표 개발 (Development of Financial Health Indicators for Korean Households)","authors":"Hyuncha Choe, Minjung Kim, Jihyung Han, Sun Kang, Jang Hoon Choi","doi":"10.36029/fpr.2021.08.14.3.1","DOIUrl":"https://doi.org/10.36029/fpr.2021.08.14.3.1","url":null,"abstract":"Korean Abstract: 본 연구는 한국 가계 상황에 맞는 재무건강의 개념을 정립하고 객관적 재무상태, 주관 적 재무상태에 대한 인식, 재무행동 측면에서 손쉽게 재무건강을 자가 검진할 수 있는 지표를 개발하고자 하는 목적으로 수행되었다. 문헌고찰을 통해 재무건강 개념을 정의하 고, 학계 전문가를 대상으로 두 차례의 자문회의 및 FGI를 실시하여 타당성을 검토하였 다. 연구결과는 다음과 같다. 첫째, 본 연구에서는 재무건강을 “가계가 일상적인 지출을 소득으로 감당할 수 있으며, 재무적 위기를 극복할 수 있는 잠재력이 있고, 장기적으로 재무적 성장이 가능한 상태” 로 정의하였다. 둘째, 재무건강은 3개의 건강요소의 충족으로 구성하였으며, 3개의 건강 요소는 가계가 일상적인 지출을 소득으로 감당할 수 있는지의 ‘기초체력’ 요소, 재무적 위기를 극복할 수 있는 잠재력이 있는지의 ‘면역력’ 요소, 장기적으로 재무적 성장을 이 룰 수 있도록 지속가능한 상태인지의 ‘건강지속력’ 요소이다. 셋째, 본 연구에서는 재무 건강의 ‘기초체력’, ‘면역력’, ‘건강지속력’이라는 위계적 개념을 적용하여 가계의 위험성 을 단계별로 판단하고 장단기적 재무 위험도를 생각해볼 수 있도록 함으로써 더욱 체계 적인 진단이 가능하도록 하였다. 넷째, 재무건강은 건강진단과 같이 누구나 이해할 수 있는 진단도구로 활용되도록 구성하였으며, 가계가 스스로 재무진단과 재무상태 구체화 를 통한 실질적인 도움 방안을 마련할 수 있도록 하였다. 본 연구를 통해 개발된 한국 가계의 재무건강 지표가 국내 가계를 대상으로 현재 재 무상태의 문제점과 장기적인 지속가능성 등을 진단하여 재무건강을 판별할 수 있는 평 가 기준으로 널리 활용되기를 기대한다. English Abstract: The purpose of this study was to establish the concept of financial health as it relates to Korean households and to develop indicators that can easily self-examine financial health in terms of objective, subjective, and behavioral aspects. The concept of financial health was defined through a literature review, and its feasibility was reviewed by conducting two advisory meetings and a focus group interview for academic experts. The results are as follows. First, in this study, financial health was defined as “a state in which households can meet their daily expenses with income, have the potential to overcome financial crises, and achieve long-term financial growth.” Second, financial health consisted of the satisfaction of three health factors. The three factors of financial health are 'basic fitness', whether households can afford daily expenses with income, 'immunity' whether they have the potential to overcome financial crises, and 'health persistence', which is their long-term financial growth potential. Third, in this study, the hierarchical concepts of ‘basic fitness,’ ‘immunity,’ and ‘sustainability’ of financial health were applied to determine the risk of households and to consider the short- and long-term financial risk. Therefore, financial health can be diagnosed more systematically. Fourth, financial health was structured to be used as a diagnostic tool that anyone could understand, such as a health checkup, and it was designed so that households could come up with practical strategies through financial diagnosis and materialization of their financial condition. It is expected that the financial health index of Korean households developed through this study will be widely used as an evaluation standard to determine financial health by diagnosing problems of current financial conditions and the long-term sustainability of domestic households.","PeriodicalId":100529,"journal":{"name":"FINANCIAL PLANNING REVIEW","volume":"20 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75113321","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Assessing the relationship between health and household portfolio allocation","authors":"Stephen Wu","doi":"10.1002/cfp2.1128","DOIUrl":"10.1002/cfp2.1128","url":null,"abstract":"<p>This paper surveys the literature on the relationship between health and household portfolio allocation and provides updated empirical analysis based on recent data. Prior research finds robust evidence for cross-sectional correlations between measures of health status and portfolio decisions, but establishing the causal pathways and underlying mechanisms has proven more difficult and complex. Analysis from the most recently available 2016 and 2018 waves of the Health and Retirement Study yields results that are consistent with existing literature. Households with worse self-reported health have a lower probability of holding various types of financial assets and invest a higher share of their portfolios in safe assets, relative to other asset categories. However, there is only weak evidence that new health shocks to a household change portfolio holdings. The paper concludes with a discussion of the implications of this research and directions for future work.</p>","PeriodicalId":100529,"journal":{"name":"FINANCIAL PLANNING REVIEW","volume":"4 4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1002/cfp2.1128","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90846651","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Understanding consumer's adoption of financial robo-advisors at the outbreak of the COVID-19 crisis in Malaysia","authors":"Li Yin Gan,&nbsp;Mohammad Tariqul Islam Khan,&nbsp;Tze Wei Liew","doi":"10.1002/cfp2.1127","DOIUrl":"10.1002/cfp2.1127","url":null,"abstract":"<p>The COVID-19 crisis that resulted in diminished close contact interaction and increased financial volatility could influence consumer's perception toward online automated financial robo-advisor, in order to manage their financial planning. Based on the data collected (i.e., between February [9 reported cases] and March [36 reported cases] 2020) within the developed urban cities in Malaysia just before the nationwide lockdown, the present study examines the antecedents of financial robo-advisor's adoption during the COVID-19 crisis. A variance based analysis shows that consumers with higher financial knowledge and having a greater tendency to rely on robo-advisor tend to adopt financial robo-advisor in times of crisis. In line with the unified theory of acceptance and use of technology model, performance expectancy, social influence, and trust in robo-advisor, in particular during the pandemic, drive consumer's intention to subscribe online financial robo-advisor. The findings imply how consumers, robo-advisory service providers, and regulators could respond to unprecedented crisis such as novel corona virus-19.</p>","PeriodicalId":100529,"journal":{"name":"FINANCIAL PLANNING REVIEW","volume":"4 3","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1002/cfp2.1127","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74636393","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A deeper dive: A mixed methods approach to risk tolerance","authors":"Meghaan R. Lurtz,&nbsp;Kristy Archuleta,&nbsp;Michael Kothakota,&nbsp;Timi Joy Jorgensen","doi":"10.1002/cfp2.1112","DOIUrl":"10.1002/cfp2.1112","url":null,"abstract":"<p>Most risk tolerance studies are quantitative, even though many factors that may affect the manifestation of risk tolerance are qualitative. This study employed a mixed-methods approach to investigate how individuals consider risk tolerance as it relates to their financial situation. Fuzzy-trace theory, a psycholinguistic theory of risk processing rooted in prospect theory that is becoming increasingly popular in the medical field, guided the study. Quantitative results indicate that stated versus revealed measures of risk tolerance are not consistent for most people. However, higher risk literacy increases the likelihood of consistency. Qualitative results reveal that individuals perceive risk tolerance through various lenses, including knowledge, values, emotions, and personal experience.</p>","PeriodicalId":100529,"journal":{"name":"FINANCIAL PLANNING REVIEW","volume":"4 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1002/cfp2.1112","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86730409","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"From the editorial leadership","authors":"Charles R. Chaffin,&nbsp;Vicki L. Bogan,&nbsp;Christopher C. Geczy,&nbsp;John Grable","doi":"10.1002/cfp2.1125","DOIUrl":"https://doi.org/10.1002/cfp2.1125","url":null,"abstract":"","PeriodicalId":100529,"journal":{"name":"FINANCIAL PLANNING REVIEW","volume":"4 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-06-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1002/cfp2.1125","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"137843160","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Occupational boundaries: Gender capital and career progression in the financial planning industry","authors":"Monica O'Dwyer,&nbsp;Daniel W. Richards","doi":"10.1002/cfp2.1123","DOIUrl":"10.1002/cfp2.1123","url":null,"abstract":"<p>Gender inequality and occupational segregation in Australian financial services present a stark disparity, with men working as financial planners and women being over-represented in lower-paid administrative positions. This article uses a gender capital theoretical framework to examine gender segregation between financial planning and paraplanning occupations. Analysis of interviews with 26 financial professionals suggested that masculine capital, including confidence and persuasive soft skills, marked success as a financial planner. Feminine capital, including organizational skills, was aligned with the role of paraplanner. These findings contribute a new perspective on why gender segregation occurs in financial planning. These findings bear relevance as financial planning professionalizes.</p>","PeriodicalId":100529,"journal":{"name":"FINANCIAL PLANNING REVIEW","volume":"4 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-06-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1002/cfp2.1123","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91526550","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Do adverse health shocks induce myopic financial planning?","authors":"Jialu L. Streeter","doi":"10.1002/cfp2.1124","DOIUrl":"10.1002/cfp2.1124","url":null,"abstract":"<p>Health and financial planning have both been found to be crucial to long-term financial stability. However, the impact of a health shock on financial planning horizon was not directly tested. This article traces the trajectories of the financial planning horizon before and after the occurrence of work-limiting health shocks, using longitudinal panel data from the Health and Retirement Study. Results show that, during the 10 years following a health shock, individuals are 20 to 39% more likely to focus on the near term (i.e., the next few months) than baseline levels. Moreover, people with lower socioeconomic status or poor general health are more prone to switching to myopic planning after a health shock.</p>","PeriodicalId":100529,"journal":{"name":"FINANCIAL PLANNING REVIEW","volume":"4 4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-06-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1002/cfp2.1124","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90377707","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A methodological overview to defining and measuring “digital” financial literacy","authors":"Angela C. Lyons,&nbsp;Josephine Kass-Hanna","doi":"10.1002/cfp2.1113","DOIUrl":"10.1002/cfp2.1113","url":null,"abstract":"<p>Researchers and financial practitioners alike recognize the importance of defining and measuring financial literacy (FL) to better understand its relationship to financial behavior and decision-making. Despite many efforts, there is still no widely accepted definition or methodological approach for measuring FL. The rapid expansion of digital financial services (DFS), which promises to enhance financial inclusion and improve personal financial management, has brought to light a new challenge: linking FL to digital literacy (DL) and assessing their dual effect on financial outcomes. Recent research has even proposed a framework to operationalize the emerging concept of digital financial literacy (DFL), as traditional FL definitions and metrics have become insufficient to capture the specificities of financial services within a digital context. This survey article discusses empirical research techniques being used to assess FL, DL, and most recently DFL. It highlights the characteristics and limitations of these approaches and suggests ways to address some of the challenges related to the construction, testing, weighting, and standardization of multidimensional measures, as well as methodological issues related to modeling and estimation. The article is a helpful guide to researchers and practitioners interested in FL in general and in the emerging concept of “digital” financial literacy.</p>","PeriodicalId":100529,"journal":{"name":"FINANCIAL PLANNING REVIEW","volume":"4 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1002/cfp2.1113","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89832756","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"보호예수 해제 시점의 공매도와 주식수익률의 관계 (The Relationship between Short Selling and Stock Returns around Lockup Expiration)","authors":"Sujeong Yu, Youngjoo Lee","doi":"10.36029/FPR.2021.05.14.2.1","DOIUrl":"https://doi.org/10.36029/FPR.2021.05.14.2.1","url":null,"abstract":"<b>Korean Abstract:</b><br>본 연구는 신규상장 기업을 대상으로 최대주주 주식의 보호예수 해제 전후의 공매도 거래량과 주식수익률 간의 관계를 분석하여 공매도 정보거래 가설을 검증하는 것을 목 적으로 한다. 본 연구의 주요 결과를 요약하면 다음과 같다. 첫째, 보호예수 기간 종료일 이후 5일 이내에 해당 주식이 반환된 표본 기업에서만 보호예수 종료일 이후 주가가 하 락하고 종료일 이전 공매도가 증가하는 현상이 발견된다. 둘째, 보호예수 주식 반환일을 기준으로 한 분석에서는 반환일 이전 공매도 거래량이 유의하게 증가하는 것으로 나타 나며 기업규모와 벤처캐피탈 지원 여부에 따라 구성된 하위 표본에서도 유 한 결과가 도출된다. 셋째, 보호예수 주식 반환일 이전 증가한 공매도 거래량이 반환일 이후의 주 식수익률을 예측할 수 있는지를 파악하기 위해 신규상장 기업의 특성을 통제하여 회귀 분석을 실시 결과 보호예수 주식 반환일 이전 20일간의 비정상공매도비율은 반환일 이후 20일간의 주식수익률과 유의한 음(-)의 관계가 있는 것으로 나타난다. 이는 공매도 거래량이 많을수록 이후 주가가 더 크게 하락한다는 공매도 정보거래 가설을 지지하는 결과이다.<br><br><br><b>Eglish Abstract:</b><br>The purpose of this study is to investigate the informed trading of short sellers using the IPO setting. Specifically, we analyze the relationship between short selling and stock returns around lockup expiration dates of IPO firms. In Korea, lockup provision is mandatory, and the locked-up shares must be deposited in the Korea Securities Depository during the lockup period. Since there is a time lag between the date when the mandatory lockup period ends and the date when the locked-up shares are returned to the shareholders for trading, we examine short selling and stock returns around these dates. The main results of this study can be summarized as follows. First, stock prices significantly decline after the return date, and short selling significantly increases before the return date. Second, stock returns after the return date are negatively related to abnormal short selling before the return date. The negative relationship between stock returns and short selling is stronger for larger firms and firms which are not backed by venture capital. The findings of this study support the hypothesis that short sellers are informed traders so that their trading may predict stock returns.","PeriodicalId":100529,"journal":{"name":"FINANCIAL PLANNING REVIEW","volume":"35 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74076694","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"로보어드바이저(Robo-advisor) 서비스의 지각된 가치 및 사용의도에 관한 연구: 혁신성 및 혁신저항의 조절효과 (A Study on the Perceived Value and the Intention to Use of the Robo-advisor: Moderating Effects of Innovativeness and Resistance to Innovation)","authors":"A. Kim, Hae Kyung Yang","doi":"10.36029/FPR.2021.05.14.2.55","DOIUrl":"https://doi.org/10.36029/FPR.2021.05.14.2.55","url":null,"abstract":"<b>Korean Abstract:</b><br>인공지능의 기술이 발전함에 따라 핀테크 분야에 등장한 로보어드바이저는 알고리즘, 빅데이터 분석 기술에 기반을 두어 금융소비자의 투자성향 등을 반영한 포트폴리오를 자문 혹은 운용해주는 온라인 자산관리 서비스를 의미한다. 로보어드바이저 시장이 성장 하는 상황에서 본 연구는 잠재적인 로보어드바이저 사용자인 금융소비자를 대상으로 로 보어드바이저의 지각된 가치와 사용의도 간의 관계를 분석하여 로보어드바이저에 대한 이해를 높이고자 하였다. 신기술 수용이론 중 혜택과 희생에 대한 고려가 동시에 이루어 지는 가치기반수용모델(Value-based Adoption Model, VAM)을 적용하여 로보어드바이 저의 지각된 혜택, 지각된 희생, 지각된 가치와 로보어드바이저 사용의도 간의 관계를 분석하였으며, 혁신성과 혁신저항의 조절효과를 추가로 검증하였다. 분석결과 첫째, 로보어드바이저의 혜택의 수익성 및 전문성을 높게 지각할수록 지각된 가치가 높은 것으로 나타났으며, 지각된 가치가 높을수록 사용의도가 높은 것으로 나타 났다. 또한, 로보어드바이저의 객관성, 수익성을 높게 지각할수록 사용의도가 높았으나 로보어드바이저 기술의 복잡성을 높게 지각할수록 사용의도가 낮은 것으로 나타났다. 둘째, 혁신성의 조절효과는 유의하지 않았으나 혁신저항은 기술의 복잡성과 지각된 가 치와의 관계, 수익성과 사용의도와의 관계를 조절하는 것으로 나타났다. 로보어드바이저 의 수익성을 높게 인식할수록 혁신저항의 부적인 효과가 경감하는 것으로 나타났다. 본 연구는 로보어 바이저 금융소비자에 대한 탐색적인 연구로서 소비자 측면에서 로보어 드바이저 시장에 시사점을 제공한다는 점에서 의의가 있다.<br><br><b>English Abstract:</b><br>This study analyzes the relationship between perceived value and the intention to use robo-advisor, which is an online asset management service using artificial intelligence technology. Using a value-based adoption model (VAM) framework, we analyze the relationships among perceived benefit, perceived sacrifice, perceived value, and the intention to use robo-advisor. We expand VAM by including the moderating effects of innovativeness and resistance to innovation. Our empirical analysis is based on a survey from 400 potential robo-advisor users. Our results are as follow. First, as perceived profitability and expertise of robo-advisor increase, perceived value and intention to use robo-advisor services increase. As perceived objectivity and profitability increase, intention to use increases. However, perceived technical complexity decreases the intention to use. Second, resistance to innovation moderates the relationship between perceived technical complexity and perceived value, as well as perceived profitability and intention to use. Our results provide implications to robo-advisor service providers and regulation of the industry.","PeriodicalId":100529,"journal":{"name":"FINANCIAL PLANNING REVIEW","volume":"38 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85751038","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}