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Financial Services Review Pub Date : 2001-01-01 DOI: 10.1016/S1057-0810(02)00114-2
{"title":"Title index","authors":"","doi":"10.1016/S1057-0810(02)00114-2","DOIUrl":"https://doi.org/10.1016/S1057-0810(02)00114-2","url":null,"abstract":"","PeriodicalId":100530,"journal":{"name":"Financial Services Review","volume":"10 1","pages":"Pages 316-317"},"PeriodicalIF":0.0,"publicationDate":"2001-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/S1057-0810(02)00114-2","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"137081011","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}
引用次数: 0
The Financial Modernization Act: new perspectives for the finance curriculum 金融现代化法案:金融课程的新视角
Financial Services Review Pub Date : 2001-01-01 DOI: 10.1016/S1057-0810(02)00096-3
Erika W. Gilbert, William L. Scott
{"title":"The Financial Modernization Act: new perspectives for the finance curriculum","authors":"Erika W. Gilbert,&nbsp;William L. Scott","doi":"10.1016/S1057-0810(02)00096-3","DOIUrl":"10.1016/S1057-0810(02)00096-3","url":null,"abstract":"<div><p>The Financial Modernization Act (FMA) of 1999 permits banks, securities firms, and insurance companies to combine and compete with each other in all types of financial services. No longer are the names of financial institutions synonymous with their particular products. This suggests moving from an “institutional perspective” that focuses upon the historical specializations of institutions, to a “functional perspective” that focuses upon the value added by financial services. The functional approach offers the finance curriculum a broad and flexible methodology for covering financial services.</p></div>","PeriodicalId":100530,"journal":{"name":"Financial Services Review","volume":"10 1","pages":"Pages 197-208"},"PeriodicalIF":0.0,"publicationDate":"2001-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/S1057-0810(02)00096-3","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79786637","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}
引用次数: 3
The fallacy of cookie cutter asset allocation: some evidence from “New York’s College Savings Program” 一成不变资产配置的谬误:来自“纽约大学储蓄计划”的一些证据
Financial Services Review Pub Date : 2001-01-01 DOI: 10.1016/S1057-0810(01)00079-8
John J. Spitzer, Sandeep Singh
{"title":"The fallacy of cookie cutter asset allocation: some evidence from “New York’s College Savings Program”","authors":"John J. Spitzer,&nbsp;Sandeep Singh","doi":"10.1016/S1057-0810(01)00079-8","DOIUrl":"10.1016/S1057-0810(01)00079-8","url":null,"abstract":"<div><p>In this paper, we establish why “prefabricated” asset allocation schemes mandated by some education savings programs might be suboptimal. Then, using the New York’s College Savings Program as an example, we simulate and then compare end of period wealth accumulated in both a tax preferred but regimented asset allocation plan, and in a nontax protected plan.</p><p>We find, first, that the longer the child participates in the plan, the greater the benefit. Second, participants in higher tax brackets derive greater benefits; adherence to prespecified asset allocation for low tax bracket investors often results in return loss that overshadows the tax benefit.</p></div>","PeriodicalId":100530,"journal":{"name":"Financial Services Review","volume":"10 1","pages":"Pages 101-116"},"PeriodicalIF":0.0,"publicationDate":"2001-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/S1057-0810(01)00079-8","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79129071","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}
引用次数: 7
Portfolio diversification in a highly inflationary emerging market 高通胀新兴市场的投资组合多元化
Financial Services Review Pub Date : 2001-01-01 DOI: 10.1016/S1057-0810(02)00092-6
Michael E. Hanna, Halil Kiymaz, Grady Perdue
{"title":"Portfolio diversification in a highly inflationary emerging market","authors":"Michael E. Hanna,&nbsp;Halil Kiymaz,&nbsp;Grady Perdue","doi":"10.1016/S1057-0810(02)00092-6","DOIUrl":"10.1016/S1057-0810(02)00092-6","url":null,"abstract":"<div><p>This study applies modern portfolio theory to the individual asset allocation decision of an investor in an emerging market. The study utilizes data from January 1991 to January 1999. Turkey’s experience with high inflation, depreciation in its currency, and a relatively fast growing economy provide a unique financial environment to examine personal portfolio asset allocation. Seven investments are considered for inclusion in the portfolio, including the Turkish, German and American stock markets, gold, and 12-month bank deposits denominated in Turkish liras, German marks, and U.S. dollars. The findings indicate that the lira-denominated bank deposit is the dominant investment vehicle.</p></div>","PeriodicalId":100530,"journal":{"name":"Financial Services Review","volume":"10 1","pages":"Pages 303-314"},"PeriodicalIF":0.0,"publicationDate":"2001-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/S1057-0810(02)00092-6","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81628397","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}
引用次数: 4
The decision to defer: factors affecting employee deferral incentives 延期决策:影响员工延期激励的因素
Financial Services Review Pub Date : 2001-01-01 DOI: 10.1016/S1057-0810(01)00084-1
M.Kabir Hassan , Shari Lawrence
{"title":"The decision to defer: factors affecting employee deferral incentives","authors":"M.Kabir Hassan ,&nbsp;Shari Lawrence","doi":"10.1016/S1057-0810(01)00084-1","DOIUrl":"10.1016/S1057-0810(01)00084-1","url":null,"abstract":"<div><p>The purpose of this study is to examine employee participation and contribution incentives among defined contribution retirement plans. Using data from the 1995 Survey of Consumer Finances, probit and tobit analysis indicates no significant relationship between employer contributions and an employee’s decision to make contributions into his or her retirement plan. However, of those employees who are contributing to their pension plans, the employer contribution percentage has a significant positive effect on employee contribution rates. Therefore, the findings support our hypothesis of a direct relationship between the average employee deferral percentage and the existence of an employer matching contribution.</p></div>","PeriodicalId":100530,"journal":{"name":"Financial Services Review","volume":"10 1","pages":"Pages 45-54"},"PeriodicalIF":0.0,"publicationDate":"2001-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/S1057-0810(01)00084-1","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81620407","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}
引用次数: 3
Federal Open Market Committee meetings and stock market performance 联邦公开市场委员会会议和股票市场表现
Financial Services Review Pub Date : 2001-01-01 DOI: 10.1016/S1057-0810(01)00087-7
Cynthia Royal Tori
{"title":"Federal Open Market Committee meetings and stock market performance","authors":"Cynthia Royal Tori","doi":"10.1016/S1057-0810(01)00087-7","DOIUrl":"10.1016/S1057-0810(01)00087-7","url":null,"abstract":"<div><p>This paper examines an interesting calendar effect—a relationship between contemporaneous stock market returns and Federal Open Market Committee (FOMC) meeting dates. Examining S&amp;P 500 stock market returns between 1960 and 2000, the study finds that there is a positive and significant calendar effect associated with FOMC meeting dates. The data reveal that while FOMC meeting dates only accounted for 4.42% of the trading days, FOMC meeting date returns accounted for over 13% of the cumulative returns over the time period. Using a dummy variable for FOMC meeting dates, regression results find that the FOMC meeting dates have a significantly positive effect on overall market returns.</p></div>","PeriodicalId":100530,"journal":{"name":"Financial Services Review","volume":"10 1","pages":"Pages 163-171"},"PeriodicalIF":0.0,"publicationDate":"2001-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/S1057-0810(01)00087-7","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73199180","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}
引用次数: 2
Does loss aversion explain dollar-cost averaging? 损失厌恶能解释美元成本平均吗?
Financial Services Review Pub Date : 2001-01-01 DOI: 10.1016/S1057-0810(02)00090-2
Karyl B. Leggio , Donald Lien
{"title":"Does loss aversion explain dollar-cost averaging?","authors":"Karyl B. Leggio ,&nbsp;Donald Lien","doi":"10.1016/S1057-0810(02)00090-2","DOIUrl":"10.1016/S1057-0810(02)00090-2","url":null,"abstract":"<div><p>Some studies find the dollar-cost averaging investment strategy to be sub-optimal from a mean variance expected utility of wealth perspective. Statman [The Journal of Portfolio Management (1995) fall] introduces a behavioral rationale for the persistence of dollar-cost averaging. Using prospect theory to create an alternative utility function that does not require investors to be strictly risk averse, we empirically test Statman’s conjecture for four investment strategies and for alternative stock investments. We find loss aversion still does not explain the existence of the dollar-cost averaging investment strategy.</p></div>","PeriodicalId":100530,"journal":{"name":"Financial Services Review","volume":"10 1","pages":"Pages 117-127"},"PeriodicalIF":0.0,"publicationDate":"2001-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/S1057-0810(02)00090-2","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88179657","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}
引用次数: 18
Retirement planning guidelines: a Delphi study of financial planners and educators 退休计划指南:财务规划师和教育工作者的德尔菲研究
Financial Services Review Pub Date : 2000-09-01 DOI: 10.1016/S1057-0810(01)00069-5
Sue Alexander Greninger , Vickie L. Hampton , Karrol A. Kitt , Susan Jacquet
{"title":"Retirement planning guidelines: a Delphi study of financial planners and educators","authors":"Sue Alexander Greninger ,&nbsp;Vickie L. Hampton ,&nbsp;Karrol A. Kitt ,&nbsp;Susan Jacquet","doi":"10.1016/S1057-0810(01)00069-5","DOIUrl":"10.1016/S1057-0810(01)00069-5","url":null,"abstract":"<div><p>Retirement planning guidelines were determined using a Delphi research design among 188 financial planners and educators. Consensus was found for using a 4% inflation rate, an 8.5% rate of return on investments, and a replacement ratio of 70–89% of current income when making retirement projections. Nine-tenths of the experts agreed that families should have achieved 50–60% of their retirement savings goal by age 50 and 85–90% by age 60. Regarding asset allocation, over 60% felt it was prudent to start moving toward more conservative investments about 3–5 years before retirement. Recommendations were developed on the proportion of growth-oriented equities to hold at various points prior to and after retiring. While the level of consensus was high, occupational and gender differences were noted.</p></div>","PeriodicalId":100530,"journal":{"name":"Financial Services Review","volume":"9 3","pages":"Pages 231-245"},"PeriodicalIF":0.0,"publicationDate":"2000-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/S1057-0810(01)00069-5","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78871841","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}
引用次数: 44
Design considerations for large public sector defined contribution plans3☆ 大型公共部门固定缴款计划的设计考虑因素3☆
Financial Services Review Pub Date : 2000-09-01 DOI: 10.1016/S1057-0810(01)00066-X
Kevin W. SigRist , Stewart L. Brown
{"title":"Design considerations for large public sector defined contribution plans3☆","authors":"Kevin W. SigRist ,&nbsp;Stewart L. Brown","doi":"10.1016/S1057-0810(01)00066-X","DOIUrl":"10.1016/S1057-0810(01)00066-X","url":null,"abstract":"<div><p>The paper identifies differences between private (401 (k)) plans, which have evolved under ERISA and existing public plans, which have not. Examination of model legislation reveals that public plans should largely conform to ERISA going forward and reflect best practices in the private sector. Empirical analysis of equity mutual funds with $1.8 trillion in assets and institutional equity accounts with $98 billion in assets demonstrates efficiencies in separately procured institutional investment, administrative and educational services relative to retail investment products. The analysis points to tension between the duties of trustees and the demands of participants requesting large numbers of retail investment options.</p></div>","PeriodicalId":100530,"journal":{"name":"Financial Services Review","volume":"9 3","pages":"Pages 197-218"},"PeriodicalIF":0.0,"publicationDate":"2000-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/S1057-0810(01)00066-X","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85353485","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}
引用次数: 2
Performance persistence and management skill in nonconventional bond mutual funds 非传统债券共同基金的业绩持续性与管理技巧
Financial Services Review Pub Date : 2000-09-01 DOI: 10.1016/S1057-0810(00)00066-4
James Philpot , Douglas Hearth , James Rimbey
{"title":"Performance persistence and management skill in nonconventional bond mutual funds","authors":"James Philpot ,&nbsp;Douglas Hearth ,&nbsp;James Rimbey","doi":"10.1016/S1057-0810(00)00066-4","DOIUrl":"https://doi.org/10.1016/S1057-0810(00)00066-4","url":null,"abstract":"<div><p>Recent empirical research has identified a tendency for equity mutual funds to provide consistent performance relative to other funds over time. Studies of bond funds have centered around investment grade, straight bonds and have concluded that fund managers outperform indexes on a gross (although not net) basis, but that performance is hampered by high expense levels. We examine nonconventional bond funds (high-yield bonds, global issues and convertible bonds) and find that short-term performance persistence is present, but limited to the high-yield bond subsample. Fund managers are unable to distinguish themselves in the long term, despite the diverse nature of the funds they oversee.</p></div>","PeriodicalId":100530,"journal":{"name":"Financial Services Review","volume":"9 3","pages":"Pages 247-258"},"PeriodicalIF":0.0,"publicationDate":"2000-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/S1057-0810(00)00066-4","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91726801","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}
引用次数: 38
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