Recently added articles from Financial Services Review:
From the Editor
Apr 01, 2008; Michelson, Stuart ... This issue begins Volume 17 and my first year as Editor of Financial Services Review (FSR). I would like to thank the board and members of the Academy of Financial Services for the trust they've placed in me as the fourth editor of FSR (behind Conrad Ciccotello, Karen Lahey, and Lew Mandell). I ...
Stochastic optimization of retirement portfolio asset allocations and withdrawals
Apr 01, 2008; Stout, R Gene ... Abstract Stochastic optimization identifies the asset allocation that minimizes the probability of exhausting the retirement portfolio, thereby minimizing risk, from unmanaged (constant) and optimally managed withdrawals over the retirement life span. Optimal equity compositions and ...
Retirement withdrawals: an analysis of the benefits of periodic "midcourse" adjustments
Apr 01, 2008; Spitzer, John J ... Abstract Much research has addressed the question of how much money can safely be withdrawn from a retirement portfolio without prematurely running out of money (shortfall risk). Instead of constant (inflation adjusted) annual withdrawals, this study uses withdrawal amounts (and ...
Evidence on the profitability of credit card arbitrage
Apr 01, 2008; Jalbert, Terrance; Stewart, Jonathan; Jalbert, Mercedes ... Abstract Financial institutions frequently offer low introductory interest rates to entice individuals to open and use credit accounts with their firm. This paper examines the possibility of earning arbitrage profits by taking advantage of these special offers. We develop a formula to ...
Performance and characteristics of actively managed retail equity mutual funds with diverse expense ratios
Apr 01, 2008; Haslem, John A; Baker, H Kent; Smith, David M ... Abstract We investigate the relation between the performance and characteristics of 1,779 domestic, actively managed retail equity mutual funds with diverse expense ratios. We show that using expense ratio standard deviation classes is an effective method for characterizing fund expenses ...
Optimal asset allocation in the presence of nonfinancial assets
Apr 01, 2008; Kyrychenko, Vladyslav ... Abstract In this paper, a comprehensive mean-variance model, which includes all major nonfinancial assets (housing, human capital, and private business) besides financial ones is calibrated with empirical data to generate optimal asset allocations between stocks, bonds, and cash. The ...