Academic journal article Financial Services Review

From the Editor

Academic journal article Financial Services Review

From the Editor

Article excerpt

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 would also like to thank Conrad for six great years as editor of FSR. We appreciate his excellence in working with our authors and reviewers to bring high quality articles to our journal. He's also done everything possible to make the transition between editors as easy as possible. I am proud to continue Conrad's work in broadening the scope of articles, while still focusing on individual financial management and personal financial planning.

The lead article in this volume is by R. Gene Stout of Central Michigan University. Dr. Stout uses stochastic optimization to identify the asset allocation that minimizes the probability of exhausting the retirement portfolio, which minimizes the risk from unmanaged and optimally managed withdrawals over the retirement life span. The second article, by John J. Spitzer at SUNY College at Brockport, offers a contrasting view of withdrawal strategies from retirement portfolios. Dr. Spitzer's research uses withdrawal amounts and, optionally, asset allocations that are modified every 5 years over a 30-year withdrawal horizon. Both papers find that optimally managing withdrawal rates minimizes the risk of running out of money, as well as allowing higher overall withdrawal rates.

The third article, by Terrance Jalbert of University of Hawaii at HiIo and Jonathan Stewart of Abilene Christian University, offers an interesting look at the opportunity to earn arbitrage profits by taking advantage of introductory interest rate offers by credit card companies. …

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