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Procedure to determine the optimal Roth IRA versus deductible IRA allocation 确定最佳罗斯个人退休账户与可扣除个人退休账户分配的程序
Financial Services Review Pub Date : 2023-10-15 DOI: 10.61190/fsr.v25i4.3229
Robert Hull, John Hull
{"title":"Procedure to determine the optimal Roth IRA versus deductible IRA allocation","authors":"Robert Hull, John Hull","doi":"10.61190/fsr.v25i4.3229","DOIUrl":"https://doi.org/10.61190/fsr.v25i4.3229","url":null,"abstract":"We offer a procedure to guide the Roth IRA versus deductible IRA (RVD) allocation decision. We require users to input 10 values to generate outputs that include contribution and withdrawal tax rates; maximum gain; and, optimal amount to allocate between the two major IRA types. By being at their optimal RVD allocation, we find that a modest earning couple can achieve a lifetime wealth gain amounting to about $180,000 in today’s dollars. We provide figures and tables illustrating RVD outcomes when there are changes in key variables such as salary match, adjusted gross income, portfolio returns, and withdrawal years.","PeriodicalId":100530,"journal":{"name":"Financial Services Review","volume":"15 2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136185159","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
Bond laddering and bond indexing 债券阶梯和债券指数
Financial Services Review Pub Date : 2023-10-15 DOI: 10.61190/fsr.v26i2.3307
C. Sherman Cheung, Peter Miu
{"title":"Bond laddering and bond indexing","authors":"C. Sherman Cheung, Peter Miu","doi":"10.61190/fsr.v26i2.3307","DOIUrl":"https://doi.org/10.61190/fsr.v26i2.3307","url":null,"abstract":"Bond laddering and bond indexing have been widely accepted approaches to bond investing among retail investors. However, bond laddering has virtually been ignored in both the academic literature and most of the popular investment textbooks. One thing both approaches have in common is that they are passive strategies with no attempt whatsoever to beat the market. There are many unresolved issues about the two seemingly similar approaches. First, which approach should an investor favor? Is there any room for both to be used at the same time? Second, if an investor decides to use a ladder, what is the appropriate term to maturity for the ladder? There is hardly any theoretical or empirical guidance as to which is a better approach to use and the right term of a ladder. The relative attractiveness of the above two approaches are empirically examined in this study. We identify conditions that favor one over the other. Conditions under which both instruments should be held within an optimal portfolio are also identified. We also identify conditions in which a longer term ladder is more appropriate than a shorter term ladder.","PeriodicalId":100530,"journal":{"name":"Financial Services Review","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136185160","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
Value line quarterly EPS forecast error 价值线季度EPS预测误差
Financial Services Review Pub Date : 2023-10-15 DOI: 10.61190/fsr.v26i1.3295
Philip Baird
{"title":"Value line quarterly EPS forecast error","authors":"Philip Baird","doi":"10.61190/fsr.v26i1.3295","DOIUrl":"https://doi.org/10.61190/fsr.v26i1.3295","url":null,"abstract":"A study of Value Line quarterly earnings forecast errors from 1999 through Q3 2016 shows that the direction of forecast bias and forecast efficiency with respect to earnings news depend on investment rating. Patterns of bias and inefficiency indicate that Value Line analysts are primarily motivated to maintain credibility with investors than to appease company managers. For Buy-rated stocks, forecast bias is pessimistic, and forecasts are inefficient with respect to good earnings news. When news is bad for Buy-rated stocks, forecasts are unbiased and efficient. For Sell-rated stocks, forecast bias is optimistic, and forecasts are inefficient with respect to bad earnings news. When news is good for Sell-rated stocks, forecasts are unbiased and efficient.","PeriodicalId":100530,"journal":{"name":"Financial Services Review","volume":"81 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136185166","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
Anchoring, affect, and efficiency of sports gaming markets around playoff positioning 围绕季后赛定位的体育游戏市场锚定、影响和效率
Financial Services Review Pub Date : 2023-10-15 DOI: 10.61190/fsr.v24i4.3242
Kevin Krieger, R. Daniel Pace, Nicholas Clarke, Clay Girdner
{"title":"Anchoring, affect, and efficiency of sports gaming markets around playoff positioning","authors":"Kevin Krieger, R. Daniel Pace, Nicholas Clarke, Clay Girdner","doi":"10.61190/fsr.v24i4.3242","DOIUrl":"https://doi.org/10.61190/fsr.v24i4.3242","url":null,"abstract":"We consider the wagering market of National Football League (NFL) and National Basketball Association (NBA) games when participating teams have secured playoff positions. We use both the opening and closing lines (analogous to asset prices) of spread bets to examine if potential “letdown” effects, either psychologically or strategically, are priced. Results demonstrate that the initial opening line consistently provides a profitable strategy for those betting against teams that have clinched positions in the post-season. By the close of the betting cycle, closing lines move in the expected direction as the market partially prices the letdown. Many closing lines tighten to the extent that, after paying commissions, the naïve strategy of betting against clinched teams is less profitable. However, certain wagers, for example betting against NFL teams that have clinched top seeds, are statistically significantly economically profitable after paying commissions. These results support the behavioral finance concepts of anchoring, affect, in addition to lines moving towards efficiency.","PeriodicalId":100530,"journal":{"name":"Financial Services Review","volume":"109 3-4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136183493","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
Hedged ETFs 对冲基金
Financial Services Review Pub Date : 2023-10-15 DOI: 10.61190/fsr.v25i2.3220
Srinidhi Kanuri
{"title":"Hedged ETFs","authors":"Srinidhi Kanuri","doi":"10.61190/fsr.v25i2.3220","DOIUrl":"https://doi.org/10.61190/fsr.v25i2.3220","url":null,"abstract":"Hedged Exchange Traded Funds (ETFs) provide individual investors with the opportunity to invest in ETFs that follow strategies similar to those of hedge funds and seek returns uncorrelated with the market. In this article I analyze the performance of six different categories of 49 Hedged ETFs and 539 Hedged Mutual from January 2008 to December 2014, and compared them with five different asset categories of index ETFs. Hedged ETFs and Mutual Funds had highly negative or low correlation with other index ETFs which indicates that they did help investors diversify. Hedged ETFs also had much lower risk compared with other index ETFs with the exception of bond market ETF AGG. However, this did not translate into superior absolute or risk-adjusted performance, and Hedged ETFs underperformed all other asset categories (with the exception of Commodities ETF DBC). The absolute- and risk-adjusted performance of Hedged Mutual Funds was similar to that of Hedged ETFs. Based on these findings investors would have been better off with index fund ETFs.","PeriodicalId":100530,"journal":{"name":"Financial Services Review","volume":"136 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136185165","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
Return-enhancing strategies with international ETFs 与国际etf合作的收益提升策略
Financial Services Review Pub Date : 2023-10-14 DOI: 10.61190/fsr.v31i3.3338
Haiwei Chen, Sang Heon Shin, Xu Sun
{"title":"Return-enhancing strategies with international ETFs","authors":"Haiwei Chen, Sang Heon Shin, Xu Sun","doi":"10.61190/fsr.v31i3.3338","DOIUrl":"https://doi.org/10.61190/fsr.v31i3.3338","url":null,"abstract":"
 
 
 We show that the average return over the four-day period surrounding the turn of the month is significantly positive in eight out of the nine international exchange-traded funds (ETFs). The strategy of buying-and-holding an ETF during turn-of-the-month (TOM) period and switching to holding T-bills during non-TOM period produces significantly positive monthly average returns. This ETF- T-bills switching strategy also has the lowest risk and highest Sharpe ratio and Sortino ratio than the traditional strategy of buying-and-holding either an index fund or an ETF. Investors pursuing this switching strategy generate a terminal value twice larger than the next best strategy of buying-and- holding an ETF.
 
 
","PeriodicalId":100530,"journal":{"name":"Financial Services Review","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135804049","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 performance and market timing ability of Chinese mutual funds 中国共同基金的业绩与择时能力
Financial Services Review Pub Date : 2023-10-14 DOI: 10.61190/fsr.v24i3.3339
Wei He, Bolong Cao, H. Kent Baker
{"title":"The performance and market timing ability of Chinese mutual funds","authors":"Wei He, Bolong Cao, H. Kent Baker","doi":"10.61190/fsr.v24i3.3339","DOIUrl":"https://doi.org/10.61190/fsr.v24i3.3339","url":null,"abstract":"
 
 
 We examine the performance and market timing ability of actively managed Chinese stock mutual funds and investigate how fund characteristics and fund flows relate to performance and market timing ability. Based on daily return data and several four-factor models, only about 7.5% of these funds have statistically significant risk-adjusted abnormal returns and even fewer demonstrate market timing ability. After controlling for fund size, management fees, average amount, and volatility of fund flows, older funds show higher Sharpe ratios. Our evidence also reveals the volatility of fund flows has an inverted-U shape relationship with fund performance.
 
 
","PeriodicalId":100530,"journal":{"name":"Financial Services Review","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135766075","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: 16
How risky is your retirement income risk model? 你的退休收入风险模型风险有多大?
Financial Services Review Pub Date : 2023-10-14 DOI: 10.61190/fsr.v24i3.3335
Patrick J. Collins, Huy Lam, Josh Stampfli
{"title":"How risky is your retirement income risk model?","authors":"Patrick J. Collins, Huy Lam, Josh Stampfli","doi":"10.61190/fsr.v24i3.3335","DOIUrl":"https://doi.org/10.61190/fsr.v24i3.3335","url":null,"abstract":"
 
 
 Adequately sustaining lifetime income is a critical portfolio objective for retired investors. This article provides a brief review of various retirement income modeling approaches including historical back testing, Monte Carlo simulations, and other more advanced risk modeling techniques. Implau- sible assumptions underlying common risk models may mislead investors concerning the risk and return expectations of their retirement investment strategies. We compare risk models, evaluate their credibility, and demonstrate how an oversimplified model may distort the risks retired investors face. Differences in sustainability rates are stark: 4% failure at the low end versus 49% failure at the high end. The article ends with general comments regarding model risk and practitioner investment advice.
 
 
","PeriodicalId":100530,"journal":{"name":"Financial Services Review","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135765928","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 impact of superannuation fund choice legislation and the global financial crisis on Australian retail fund flows 退休基金选择立法和全球金融危机对澳大利亚零售资金流动的影响
Financial Services Review Pub Date : 2023-10-14 DOI: 10.61190/fsr.v24i3.3336
Thadavillil Jithendranathan, Rakesh Gupta
{"title":"The impact of superannuation fund choice legislation and the global financial crisis on Australian retail fund flows","authors":"Thadavillil Jithendranathan, Rakesh Gupta","doi":"10.61190/fsr.v24i3.3336","DOIUrl":"https://doi.org/10.61190/fsr.v24i3.3336","url":null,"abstract":"We examine the extent to which cash flows into the Australian superannuation funds are affected by the past performance of the fund, the riskiness of the fund, the choice of superannuation fund legislation, and the global financial crisis. Both retail and wholesale investors base their investment decisions on the past performance of the funds. There is little evidence that the riskiness of the fund returns has any significance effect on the flow of funds. Legislation has resulted in more inflows into managed funds. There is more inflow into managed funds and equity funds since the period of the global financial crisis.","PeriodicalId":100530,"journal":{"name":"Financial Services Review","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135766074","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
Is a VIX ETP an investment in the VIX? VIX ETP是对VIX的投资吗?
Financial Services Review Pub Date : 2023-09-18 DOI: 10.61190/fsr.v25i1.3266
R. Parker Clowers, Travis L. Jones
{"title":"Is a VIX ETP an investment in the VIX?","authors":"R. Parker Clowers, Travis L. Jones","doi":"10.61190/fsr.v25i1.3266","DOIUrl":"https://doi.org/10.61190/fsr.v25i1.3266","url":null,"abstract":"eturn and risk of these products are not related to the return and risk of the VIX index. The authors note that VIX ETPs do not correlate well to the VIX index. In fact, these funds are not even designed to have a high correlation to the VIX index. Individual investors can often mistake VIX ETPs for an investment in the VIX index itself, which is incorrect and may lead to a costly mistake.","PeriodicalId":100530,"journal":{"name":"Financial Services Review","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135109328","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
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