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Financial Services Review Pub Date : 2001-12-01 DOI: 10.1016/S1057-0810(01)00081-6
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引用次数: 0
Hedonic investment 享乐的投资
Financial Services Review Pub Date : 2001-12-01 DOI: 10.1016/S1057-0810(01)00077-4
Douglas E. Allen , Elton G. McGoun
{"title":"Hedonic investment","authors":"Douglas E. Allen ,&nbsp;Elton G. McGoun","doi":"10.1016/S1057-0810(01)00077-4","DOIUrl":"10.1016/S1057-0810(01)00077-4","url":null,"abstract":"<div><p>Investing and consuming may not be so different as traditional economic theory has understood them. The consumer research literature has begun to view consumption not simply as rational decisionmaking, but as a more multisensory activity in which emotion and fantasy play important, if not essential, roles. This new perspective has been extended by <span>Holt (1995</span>) in a matrix of metaphors in which consumption can be viewed as an interaction with objects and/or other persons as an end in itself and/or a means toward toward other ends. This paper theorizes how this matrix might apply to investment and uses a literary analysis of the best-selling <em>The Motley Fool Investment Guide</em> to examine whether or not our knowledge of consumers might in this way inform our understanding of investors.</p></div>","PeriodicalId":100530,"journal":{"name":"Financial Services Review","volume":"9 4","pages":"Pages 389-403"},"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)00077-4","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"102321581","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
From the Editor 来自编辑
Financial Services Review Pub Date : 2001-12-01 DOI: 10.1016/S1057-0810(01)00080-4
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引用次数: 0
Analysis of investment choices for retirement: a new approach and perspective 退休投资选择分析:一个新的方法和视角
Financial Services Review Pub Date : 2001-01-01 DOI: 10.1016/S1057-0810(01)00083-X
V.Sivarama Krishnan , Shari Lawrence
{"title":"Analysis of investment choices for retirement: a new approach and perspective","authors":"V.Sivarama Krishnan ,&nbsp;Shari Lawrence","doi":"10.1016/S1057-0810(01)00083-X","DOIUrl":"10.1016/S1057-0810(01)00083-X","url":null,"abstract":"<div><p>This paper evaluates deductible individual retirement accounts (IRAs), Roth IRAs, non-deductible IRAs, and open taxable investments using equal initial after-tax investments for the different choices. The concept of a break-even tax rate at the time of withdrawal of funds is used to analyze optimal choice between the deductible IRA and the Roth IRA. The break-even tax rate is seen to be a decreasing function of rate of return on the investment and the investment horizon. Regarding non-deductible IRAs, and open taxable investments, the findings indicate that the non-deductible IRA is the optimal choice for individuals with long investment horizons.</p></div>","PeriodicalId":100530,"journal":{"name":"Financial Services Review","volume":"10 1","pages":"Pages 75-86"},"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)00083-X","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80062663","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: 11
A comparison of state university defined benefit and defined contribution pension plans: a Monte Carlo simulation 州立大学固定收益和固定缴款养老金计划的比较:蒙特卡洛模拟
Financial Services Review Pub Date : 2001-01-01 DOI: 10.1016/S1057-0810(01)00085-3
Ken Johnston, Shawn Forbes, John Hatem
{"title":"A comparison of state university defined benefit and defined contribution pension plans: a Monte Carlo simulation","authors":"Ken Johnston,&nbsp;Shawn Forbes,&nbsp;John Hatem","doi":"10.1016/S1057-0810(01)00085-3","DOIUrl":"10.1016/S1057-0810(01)00085-3","url":null,"abstract":"<div><p>This paper examines investment risk in comparing defined benefit (DB) and defined contribution (DC) plans by employing a Monte Carlo simulation. Using a bivariate normal distribution, two general types of risk are associated with a DC-plan. The first is that not enough is being earned by an allocation rule to cover DB-plan outflows. Secondly the portfolio may experience runs of losses that can’t be overcome by waiting for a better year because the money runs out. The general result is that higher stock allocations allow the higher earning potential of stocks, even if the losses are occasionally experienced, to accumulate enough wealth to see a DC portfolio match the promised benefits of a DB-plan.</p></div>","PeriodicalId":100530,"journal":{"name":"Financial Services Review","volume":"10 1","pages":"Pages 37-44"},"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)00085-3","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83005398","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: 12
Evaluating a stock market timing strategy: the case of RTE Asset Management 评估股票市场择时策略:以RTE资产管理公司为例
Financial Services Review Pub Date : 2001-01-01 DOI: 10.1016/S1057-0810(01)00082-8
Ahmet Tezel, Ginette McManus
{"title":"Evaluating a stock market timing strategy: the case of RTE Asset Management","authors":"Ahmet Tezel,&nbsp;Ginette McManus","doi":"10.1016/S1057-0810(01)00082-8","DOIUrl":"10.1016/S1057-0810(01)00082-8","url":null,"abstract":"<div><p>Market timing is a popular active investment strategy that promises to beat the market. However, the evidence on the ability of timers to outperform the market is mixed. This paper provides strong supporting evidence of the timing ability of RTE Asset Management by investigating the implemented buy and sell recommendations derived from its proprietary computerized model over the 1979–1999 period and several subperiods. We use various performance-evaluation methodologies that investors can easily implement. The evidence obtained on market timing skills is essentially invariant to the evaluation method used if the analysis is performed over a long time period.</p></div>","PeriodicalId":100530,"journal":{"name":"Financial Services Review","volume":"10 1","pages":"Pages 173-186"},"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)00082-8","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78052103","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: 8
The value of retirement income streams: the value of military retirement 退休收入流的价值:军人退休的价值
Financial Services Review Pub Date : 2001-01-01 DOI: 10.1016/S1057-0810(02)00097-5
William W. Jennings , William Reichenstein
{"title":"The value of retirement income streams: the value of military retirement","authors":"William W. Jennings ,&nbsp;William Reichenstein","doi":"10.1016/S1057-0810(02)00097-5","DOIUrl":"10.1016/S1057-0810(02)00097-5","url":null,"abstract":"<div><p>We examine issues surrounding the value of military retirement income. We then provide estimates of the expected present value of this income stream after taxes for singles, married couples, widows and widowers of military retirees. Finally, we contend that individuals should treat the after-tax present value of military retirement income as a bond in their family portfolio. When so considered, it can dramatically affect the family’s asset allocation.</p></div>","PeriodicalId":100530,"journal":{"name":"Financial Services Review","volume":"10 1","pages":"Pages 19-35"},"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)00097-5","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82487124","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: 12
Intertemporal risk–return relationship in the Asian markets around the Asian crisis 亚洲金融危机前后亚洲市场的跨期风险收益关系
Financial Services Review Pub Date : 2001-01-01 DOI: 10.1016/S1057-0810(02)00094-X
Eric Girard , Hamid Rahman , Tarek Zaher
{"title":"Intertemporal risk–return relationship in the Asian markets around the Asian crisis","authors":"Eric Girard ,&nbsp;Hamid Rahman ,&nbsp;Tarek Zaher","doi":"10.1016/S1057-0810(02)00094-X","DOIUrl":"10.1016/S1057-0810(02)00094-X","url":null,"abstract":"<div><p>This study investigates the risk–return relationship in nine Asian capital markets and the U.S. before, during, and after the Asian financial crisis. Using a state-dependent approach in a TGARCH(1,1)-M framework, we investigate a contemporaneous version of the CAPM by accounting for negative and positive market price of variance risk. We find a significant positive relationship between risk premium and variance in all markets in upstate, as well as a significant negative relationship in downstate. Also, we validate our findings by showing that implied state-dependent market prices of variance risk explain risk premia across markets. Finally, we investigate how the model can be used to uncover overreaction and improve the number of correct directional calls in a tactical asset allocation strategy. Our results provide support for a contrarian strategy that individual investors can follow.</p></div>","PeriodicalId":100530,"journal":{"name":"Financial Services Review","volume":"10 1","pages":"Pages 249-272"},"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)00094-X","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90469451","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: 17
A guide to building a university trading room 大学交易室建设指南
Financial Services Review Pub Date : 2001-01-01 DOI: 10.1016/S1057-0810(02)00099-9
John C. Alexander Jr. , Charles C. Heck , Robert B. McElreath
{"title":"A guide to building a university trading room","authors":"John C. Alexander Jr. ,&nbsp;Charles C. Heck ,&nbsp;Robert B. McElreath","doi":"10.1016/S1057-0810(02)00099-9","DOIUrl":"10.1016/S1057-0810(02)00099-9","url":null,"abstract":"<div><p>Many business schools are currently considering investing in trading rooms to help educate their students relative to capital markets. This article summarizes the benefits, costs, and alternatives associated with building a financial information or trading room. The benefits include; quick and easy access to a large amount of financial data, increased exposure to real-time financial market activity, and reputational capital for the school. We discuss the current databases available, and introduce software and hardware solutions. We also provide tips on room design, how to raise money, and potential uses of the room.</p></div>","PeriodicalId":100530,"journal":{"name":"Financial Services Review","volume":"10 1","pages":"Pages 209-220"},"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)00099-9","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87749706","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: 13
A stock selection model using Morningstar’s style box 使用晨星风格盒的选股模型
Financial Services Review Pub Date : 2001-01-01 DOI: 10.1016/S1057-0810(02)00091-4
Frederick P. Schadler, Stanley G. Eakins
{"title":"A stock selection model using Morningstar’s style box","authors":"Frederick P. Schadler,&nbsp;Stanley G. Eakins","doi":"10.1016/S1057-0810(02)00091-4","DOIUrl":"10.1016/S1057-0810(02)00091-4","url":null,"abstract":"<div><p>In this paper, we place firms in the Morningstar’s style box cells and test whether selecting firms from these cells allows investors to compile a portfolio consistent with their risk tolerance. We confirm that the risk of those cells is consistent with the risk expectations published by Morningstar. Firms assigned to the upper left cells are lower risk than those assigned to the lower right cells. When we test for risk-adjusted returns we do not find that investing in high risk cells results in greater returns. Our results suggest higher returns are possible by investing in lower risk value cells.</p></div>","PeriodicalId":100530,"journal":{"name":"Financial Services Review","volume":"10 1","pages":"Pages 129-144"},"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)00091-4","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84152848","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: 13
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