Financial Services Review最新文献

{"title":"Does a relationship with a financial service professional overcome a client’s sense of not being in control of achieving their goals?","authors":"Danielle D. Winchester, Sandra J. Huston","doi":"10.61190/fsr.v23i1.3183","DOIUrl":"https://doi.org/10.61190/fsr.v23i1.3183","url":null,"abstract":"\u0000 \u0000 \u0000Although considerable evidence suggests that setting goals increases the odds of behavior changes that lead to goal attainment, less research has been conducted examining what underlying traits allow some to successfully attain their goals when others do not. This study, using the Theory of Planned Behavior, examines the affects of individual control beliefs on financial goal progress. Findings suggest that low control beliefs are significantly associated with less financial-goal progress; however, the receipt of expert financial advice can reduce this negative effect and result in higher levels of goal progress than that of individuals with high control beliefs. \u0000 \u0000 \u0000","PeriodicalId":100530,"journal":{"name":"Financial Services Review","volume":"136 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2014-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73494071","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":"Investor preference for skewness and the incubation of mutual funds","authors":"Philip Gibson, Michael S. Finke","doi":"10.61190/fsr.v23i1.3186","DOIUrl":"https://doi.org/10.61190/fsr.v23i1.3186","url":null,"abstract":"\u0000 \u0000 \u0000Mutual fund companies market the strong performance of funds created through incubation to gain the attention of investors who value recent returns. This creates an incentive for fund families to select highly skewed securities because extreme performance during incubation will increase the likelihood that some funds will outperform before they are sold to the public. Although incubation is as an innovative fund promotion technique, it may harm investors by creating the perception that random prior returns are a signal of fund quality. We find that net new money flow increases with an incubated fund’s skewness. After incubated funds are sold to the public, skewed funds attract more investor dollars and their average performance declines. These results suggest that the use of skewed securities during incubation is an effective method for increasing demand, but may be a poor quality signal of future performance. \u0000 \u0000 \u0000","PeriodicalId":100530,"journal":{"name":"Financial Services Review","volume":"33 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2014-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78491517","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":"Performance and persistence of performance of healthcare mutual funds","authors":"Abhay Kaushik, Lynn K. Saubert, R. W. Saubert","doi":"10.61190/fsr.v23i1.3187","DOIUrl":"https://doi.org/10.61190/fsr.v23i1.3187","url":null,"abstract":"\u0000 \u0000 \u0000This study analyzes 115 actively managed domestic healthcare mutual funds over the period 1/2000 –12/2011. Findings of this study show that, on average, healthcare mutual funds outperform the passive index by roughly 2.97% per year after controlling for the market risk premium, growth and size premiums, and momentum effects. Further, this study documents that the abnormal over- and under-performance does not persist over subsequent periods. In other words, under- and over- performances are mean reverting. \u0000 \u0000 \u0000","PeriodicalId":100530,"journal":{"name":"Financial Services Review","volume":"389 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2014-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76995642","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 new strategy to guarantee retirement income using TIPS and longevity insurance","authors":"Georgeann Portokalis","doi":"10.2469/DIG.V39.N4.10","DOIUrl":"https://doi.org/10.2469/DIG.V39.N4.10","url":null,"abstract":"Abstract Retirees investing their savings in stocks and bonds face the risk of financial ruin even whenwithdrawing as little as 4% annually. This paper proposes a new investment strategy using TreasuryInflation Protected Securities and longevity insurance that would guarantee real annual withdrawalrates in excess of 5% without any risk of financial ruin. The strategy can be implemented at minimalcost by retirees and their financial advisers. Institutional providers can use this strategy to offerproducts that would provide inflation adjusted lifetime incomes and allow retirees to retain controlover most of their savings in retirement. © 2009 Academy of Financial Services. All rights reserved. JEL classification: D14 (personal finance), G22 (Insurance) Keywords: Retirement planning; Withdrawal rates; TIPS; Longevity; Financial ruin 1. Introduction The search for the optimal withdrawal rate, the rate that minimizes the prospect of eitherhaving too small a retirement income or running out of money in retirement, is an ongoingquest for retirees and their financial advisers. The current consensus in the literature suggeststhat retirees can expect to withdraw at a real rate of about 4% of their initial savings byinvesting in portfolios of stocks and bonds, though even at this rate they face a small risk offinancial ruin or running out of money in retirement. The risk of financial ruin increasessignificantly with higher withdrawal rates.","PeriodicalId":100530,"journal":{"name":"Financial Services Review","volume":"32 1","pages":"53"},"PeriodicalIF":0.0,"publicationDate":"2009-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85484195","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":"Drop-Out from Individual Development Accounts: Prediction and Prevention","authors":"Mark Schreiner, Michael Sherraden","doi":"10.7936/K70001N5","DOIUrl":"https://doi.org/10.7936/K70001N5","url":null,"abstract":"Abstract Individual Development Accounts (IDAs) provide matches for savings by the poor used to build assets. But IDAs cannot help if participants drop out. What predicts drop-out? For IDAs in the American Dream Demonstration, drop-out is less likely if participants already own some assets. In contrast, income and welfare receipt are not linked with drop-out. Drop-out is strongly associated with aspects of IDA design such as match rates, time caps, and the use of automatic transfer. Because drop-out can be predicted, IDA programs can keep costs down while targeting preventative assistance to the most at-risk enrollees. © 2005 Academy of Financial Services. All rights reserved. JEL classifications: C53; 138; G21; O16 1. Introduction Development-i.e., sustained improvement in well being-requires saving to build human, financial, social, and physical capital. Many U.S. policies use tax breaks to subsidize saving, but tax breaks are weak incentives for poor people (Woo, Schweke, & Buchholz, 2004; Seidman, 2001; Howard, 1997; Sherraden, 1991). Individual Development Accounts (IDAs) are a new policy instrument designed to help the poor build assets (Sherraden, 1988). Instead of tax breaks, IDAs provide matches for savings used to build human capital (via post-secondary education), physical capital (via home purchase), or business capital (via micro-enterprise). IDAs also build human capital via financial education and social capital via support from program staff. Saving is difficult for anyone, and it is especially difficult for the poor because they already have lower consumption, they have fewer opportunities to increase income, they have fewer existing assets available to shift into IDAs, and they suffer more frequent shocks to income and expenses. Thus, some IDA participants drop-out, saving little or nothing. For example, 48% of the 2,350 participants in the American Dream Demonstration (ADD) \"dropped out\" with net IDA savings of less than $100. Drop-out is costly all around; IDA programs lose their investment in participants, and participants lose potential matches. Drop-outs may also become discouraged with saving in general. Based on the characteristics of participants and on aspects of IDA design, this paper attempts to predict drop-out and to suggest ways to prevent it. Participants are less likely to drop out if they already have assets, whether human (education or age), financial (checking accounts), physical (homes or cars), or social (marriage). In contrast, participants with debt are more likely to drop out. Unlike assets and debt, income and receipt of welfare are not associated with drop-out. Overall, asset poverty-but not income poverty-is linked with greater risk of drop-out. Aspects of IDA design also predict drop-out. This is useful for prevention; even if policy cannot change participant characteristics, it can change IDA design. In particular, drop-out risk can be reduced by setting higher match rates, helping participants set u","PeriodicalId":100530,"journal":{"name":"Financial Services Review","volume":"68 1","pages":"37"},"PeriodicalIF":0.0,"publicationDate":"2002-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83188935","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":"The reliability of the book-to-market ratio as a risk proxy","authors":"Ralph R. Trecartin Jr.","doi":"10.1016/S1057-0810(01)00075-0","DOIUrl":"10.1016/S1057-0810(01)00075-0","url":null,"abstract":"<div><p>This study examines whether the book-to-market ratio consistently explains the cross-section of stock returns through time. The results reveal that the book-to-market ratio is positively and significantly related to return in only 43% of the monthly regressions. Other value/growth variables such as Cash Flow,” “Sales Growth,” and “Size”; perform even more erratically than the book-to-market ratio, and are thus less likely to be viewed as legitimate risk proxies.</p></div>","PeriodicalId":100530,"journal":{"name":"Financial Services Review","volume":"9 4","pages":"Pages 361-373"},"PeriodicalIF":0.0,"publicationDate":"2001-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/S1057-0810(01)00075-0","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74383382","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":"Strategic asset allocation for individual investors: the impact of the present value of Social Security benefits","authors":"Steve P. Fraser ,&nbsp;William W. Jennings ,&nbsp;David R. King","doi":"10.1016/S1057-0810(01)00072-5","DOIUrl":"10.1016/S1057-0810(01)00072-5","url":null,"abstract":"<div><p>This paper demonstrates the dramatic effect of Social Security wealth on individuals’ asset allocation. We first discuss why Social Security wealth should be included in portfolio asset-mix decisions. We then draw parallels between Social Security benefits and inflation-indexed treasury bonds to help quantify the present value of Social Security benefits. Finally, we show the portfolio impact of including Social Security wealth under several asset-mix decision rules. Excluding Social Security wealth from the asset mix decision results in suboptimal portfolios. Including Social Security wealth provides an incentive for including more stock in the asset mix.</p></div>","PeriodicalId":100530,"journal":{"name":"Financial Services Review","volume":"9 4","pages":"Pages 295-326"},"PeriodicalIF":0.0,"publicationDate":"2001-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/S1057-0810(01)00072-5","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84907534","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":"On time: contributions from the social sciences","authors":"Barbara S. Poole","doi":"10.1016/S1057-0810(01)00076-2","DOIUrl":"10.1016/S1057-0810(01)00076-2","url":null,"abstract":"<div><p>This paper provides a brief review of the anthropology and psychology literature as it relates to time, an important variable in finance. First, the paper discusses ways that individuals represent time, and introduces cultural variations in the perception of time. Then the experience of time passing, and behavioral pace, is discussed. The succession of time and the orientation toward past, present, and future, are described. The paper may provide implications for academics whose finance research is related to behavior over time.</p></div>","PeriodicalId":100530,"journal":{"name":"Financial Services Review","volume":"9 4","pages":"Pages 375-387"},"PeriodicalIF":0.0,"publicationDate":"2001-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/S1057-0810(01)00076-2","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90018186","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":"Financial services and the African-American market: what every financial planner should know","authors":"D.Anthony Plath ,&nbsp;Thomas H. Stevenson","doi":"10.1016/S1057-0810(01)00073-7","DOIUrl":"10.1016/S1057-0810(01)00073-7","url":null,"abstract":"<div><p>African-American consumers differ markedly from their Caucasian counterparts in terms of financial product preferences, product research, and investment asset portfolio composition. This study examines some of the principal differences between African-American and Caucasian households in evaluating and purchasing investment assets and explores differences in asset holdings between the two racial groups. This information can help financial planners seeking to market to the African-American community better understand this community, tailor investment information for the unique needs of this community, and render more effective service to individuals and families that comprise this attractive and growing market segment.</p></div>","PeriodicalId":100530,"journal":{"name":"Financial Services Review","volume":"9 4","pages":"Pages 343-359"},"PeriodicalIF":0.0,"publicationDate":"2001-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/S1057-0810(01)00073-7","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83660850","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":"The Equity Index Annuity: an examination of performance and regulatory concerns","authors":"Gregory A Kuhlemeyer","doi":"10.1016/S1057-0810(01)00074-9","DOIUrl":"10.1016/S1057-0810(01)00074-9","url":null,"abstract":"<div><p>The Equity Index Annuity (EIA) is a recent product development in the insurance industry. This paper details EIA design and interest crediting techniques, examines expected performance, and discusses possible regulatory concerns. Results indicate that the EIA is generally expected to perform better than a traditional fixed annuity for contract periods of at least five years, but is substantially below that of a similar direct equity purchase. EIA contracts are not appropriate for shorter-term investors when factors of risk and efficient markets are considered. The SEC is not currently regulating the EIA product, which should raise industry concern.</p></div>","PeriodicalId":100530,"journal":{"name":"Financial Services Review","volume":"9 4","pages":"Pages 327-342"},"PeriodicalIF":0.0,"publicationDate":"2001-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/S1057-0810(01)00074-9","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84671375","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}