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 Stephen Horan of the CFA Institute. Dr. Horan studies alternative approaches for assessing the after-tax valuation for investments. In so doing, he broadens the understanding of the area by incorporating more realistic tax environments. Dr. Horan's research builds on the large asset location literature in Financial Services Review (FSR). In me modern environment where individuals have an increasing number of choices for asset location along with choices about the types of investments, this research linking tax and investment planning is critical. I encourage the readers of FSR to consider work at the tax-investments planning interface and extend the journal's prominence in this emerging research area.

The second article is by Adam Lei of Midwestern State University and Huihua Li of St. Cloud State University. Professors Lei and Li compare automatic investment plans with lump-sum investment plans. They find that over long horizons there is no significant different in shortfall probability but in the intermediate term automatic plans have higher shortfall probabilities. The third article is by Rich Fortin of New Mexico State University, Stuart Michelson of Stetson University, and Stanley Smith and William Weaver from the University of Central Florida. They develop a model of refinancing that incorporates interest rate tax effects, as well as financial metrics to analyze refinancing as an investment decision. …

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