Financial Services Review

Articles from Vol. 15, No. 2, Summer

Are Retail S&P 500 Index Funds a Financial Commodity? Insights for Investors
AbstractWe examine whether retail S&P 500 Index funds are a financial commodity by comparing the expense-performance relation for index versus actively managed funds. The presumed commoditylike nature of index funds suggests that price competition...
A Study of For-Credit Introductory Personal Financial Planning Courses
AbstractThe purpose of this study is to ascertain the extent to which certain of the Certified Financial Planning Board of Standards (the Board) prescribed topics are covered in for-credit introductory Personal Financial Planning courses delivered by...
Dynamic Retirement Withdrawal Planning
AbstractThis paper develops a dynamic model of retirement withdrawal planning that allows retirees and financial planners to improve the probability of retirement portfolio success while simultaneously increasing the average withdrawal rate. The key...
Financial Education and Asset Allocation
AbstractWe conduct a clinical study on a firm that restructures its 401(k) plan and simultaneously offers financial education seminars to its employees. The restructuring requires each employee to restate allocation percentages, thus we are able to analyze...
From the Editor
The lead article in this volume is by John Haslem of the University of Maryland, Kent Baker of American University, and David Smith of the University at Albany, SUNY. They investigate the commodity-like nature of retail S&P 500 index funds. The authors...
Tactical Asset Allocation and Presidential Elections
AbstractOver the past 75 years, common stocks performed better under Democrats, while U.S. government bonds and Treasury (T) bills performed better under Republicans. Using a mean-variance framework, we find that Democrats provide better risk-reward...