Academic journal article Financial Services Review

From the Editor

Academic journal article Financial Services Review

From the Editor

Article excerpt

The lead article in this volume is by Glenn Pettengill, Susan Edwards, and Dennis Schmitt. Professors Pettengill and Edwards are from Grand Valley State University. Professor Schmitt is from Emporia State University. The authors examine whether using a strategy of buying stocks that have recently performed well, commonly called "momentum investing," is a viable strategy for individual investors. They find that while professional analysts can succeed using a momentum strategy, such success does not often extend to individuals. By highlighting this difference, the article illustrates why the academic discipline of individual financial management is important and worthy of study.

The second article is by F. Larry Detzel of California State University-San Marcos. Professor Detzel investigates using Momingstar style classifications to determine a mutual fund's equity class. He finds that recent changes in methodology improve classification capability, but that investors should be wary given the drift in style classifications over time. The third article is by Alistair Byrne of the University of Strathclyde, David Blake of the Pensions Institute-Cass Business School, Andrew Cairns of Heriot-Watt University, and Kevin Dowd of Nottingham University. They examine the costs of delaying retirement saving. The authors observe that waiting to begin saving has a large negative impact, and quantify that the levels of saving needed become unattainable if delays are too great. …

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