Academic journal article Financial Services Review

From the Editor

Academic journal article Financial Services Review

From the Editor

Article excerpt

As the year 2004 begins, I enter my third year as Editor of Financial Services Review. I am very grateful to the Academy of Financial Services Board, the journal's associate editors, reviewers, and authors for their continued support. For those who may not know, the Academy owns and publishes Financial Services Review directly. We contract with Cadmus Professional Communications to do copyediting and printing for the journal, and they do a great job. Financial Services Review is a very unusual situation; most of the major businessrelated academic journals are in a close contractual relationship with one of the large publishers (Blackwell publishes the Journal of Finance, for example). These major publishers control the journal title, manage the association membership list, institutional subscriptions, and remove the financial risk from the association in the event that subscriptions do not meet expectations. This is not the way that Financial Services Review operates. Being the residual claimant of Financial Services Review brings the Academy of Financial Services both opportunity and risk, as students of finance will quickly recognize. As owners of our title, the leaders of the Academy have worked hard to grow its value.

The lead article in issue one of Volume 13 is by Laurence Booth of the University of Toronto. Professor Booth examines target incomes for retirement in a probabilistic setting using a chance-constrained programming model. He finds support for asset allocation rules similar to those used in practice, namely that bond allocation increases with age.

The second paper is by two authors from the University of Alabama, Professor Robert Brooks and Doctoral Candidate Brandon Cline. They study the options embedded in "Flex" certificates of deposit, finding that banks are willing to include valuable options in these CDs that are not priced. The third article is by Professor Matthew Morey of Pace University. Professor Morey examines compositional trends and multiclass structure in mutual funds. …

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