Announcements

AFS Annual Conference

Join us in Phoenix this September

The Academy of Financial Services is proud to have academic, student, and practitioner members and Board of Directors members from multiple countries – USA, Canada, Australia, New Zealand, United Kingdom, and more. In respect of our international membership and concerns about climate change, we are excited to announce our intention to make this the first “hybrid research conference” supporting face-to-face attendance in Phoenix and virtual attendance of both presenters and attendees.

With the Phoenix location, AFS hopes to schedule academic presentations from New Zealand and Australia at 8:00am local-Sydney/3PM Phoenix time and presentations from the UK at 3:00pm local (GMT) and 8:00am Phoenix time. Sessions will be recorded to allow attendees to access sessions that are not streamed at suitable times in their location, at their own convenience.  As a result of the hybrid format, we welcome submissions and participation from our colleagues globally. The Steering Committee is working with CFP® affiliates in Canada, Australia and elsewhere to ensure maximum exposure of research to practitioners. 

For more information go to: https://academyfinancial.org/2023-Annual-Conference

 

Since 1991, Financial Services Review has published more than 430 articles. The top five cited papers are: 

#1: An analysis of personal financial literacy among college students
Haiyang Chen, Ronald P. Volpe
31 Dec 1997-Financial Services Review
 
In this paper, the authors surveyed 924 college students to examine their personal financial literacy; the relationship between the literacy and students' characteristics; and impact of the This study surveys 924 college students to examine their personal financial literacy; the relationship between the literacy and students' characteristics; and impact of the literacy on students' opinions and decisions. Results show that participants answer about 53% of questions correctly. Non-business majors, women, students in the lower class ranks, under age 30, and with little work experience have lower levels of knowledge. Less knowledgeable students tend to hold wrong opinions and make incorrect decisions. It is concluded that college students are not knowledgeable about personal finance. The low level of knowledge will limit their ability to make informed decisions.
 
#2: Gender Differences in Personal Financial Literacy Among College Students
Haiyang Chen, Ronald P. Volpe
30 Sep 2002-Financial Services Review
 
This article found that women generally have less enthusiasm for, lower confidence in, and less willingness to learn about personal finance topics than men do, while men rate English and humanity courses more important.
 
#3: An empirical investigation of personal financial risk tolerance
Terrence Hallahan, Robert W. Faff, Michael McKenzie
31 Mar 2004-Financial Services Review
 
We analyze a large database of psychometrically derived financial risk tolerance scores (RTS) and associated demographic information. We find that people's self-assessed risk tolerance generally accords with RTS. Furthermore, we find that gender, age, number of dependents, marital status, income, and wealth are significantly related to the RTS. Notably, the relationship between age and risk tolerance exhibits a significant nonlinear structure.
 
#4: Financial risk tolerance revisited: the development of a risk assessment instrument☆☆
John E. Grable, Ruth H. Lytton
31 Dec 1998-Financial Services Review
This paper explores conceptual, methodological, and empirical issues related to the development of a financial risk-tolerance assessment instrument. Financial risk tolerance is a significant factor in a number of household financial decisions, yet few recognized, valid, and reliable methods of assessment are available for use by financial service providers and educators. Empirical results from a multistage development of a 13-item risk assessment instrument are discussed. The multidimensional instrument is presented as the foundation for the development of a more widely used and accepted index. Future use by practitioners and researchers is encouraged to further validate the usefulness of the instrument.
 
#5: The effects of mutual fund managers' characteristics on their portfolio performance, risk and fees
Joseph H. Golec
31 Dec 1995-Financial Services Review
 
The purpose of this study is to test whether a mutual fund managers' characteristics help to explain fund performance, risk and fees. The statistical tests consider performance, risk and fees simultaneously to avoid biased results produced by earlier studies that ignore simultaneity. Results show that a fund's performance, risk and fees are significantly impacted by its manager's characteristics. All else equal, investors can expect better risk-adjusted performance from younger managers with MBA degrees who have longer tenure at their funds. Also, funds with low fees and more diversified portfolios perform better. The most significant predictor of performance is the length of time a manager has managed his or her fund (tenure). Funds that keep administrative expenses low also perform relatively well, but large management fees do not necessarily imply poorer performance. Apparently, a large management fee signals superior investment skill which leads to better performance.