The Top 5 FSR Cited Papers

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. read less   #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.