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Full-Text Articles in Finance and Financial Management
How Long Does Savings Last When Retirees Need More Money (Or Less) Than Conventional Wisdom Suggests?, Steven J. Welch
How Long Does Savings Last When Retirees Need More Money (Or Less) Than Conventional Wisdom Suggests?, Steven J. Welch
Forum Lectures
Popular convention is to initially withdraw approximately 4% of the retirement savings and increase that dollar amount each year by inflation. But, what if 4% isn't enough? How long will retirement funds last if a newly retired person needs 5%, 6%, or even 10%? Modern Portfolio Theory (MPT) suggests that an investor only needs to choose between 2 assets, the risk free rate and an optimal risky portfolio. In this research, five U.S.-based assets are tracked from 1934 until 2015 to see how long they survived independently and in combination with one other asset. Obviously the more a person needs …
Student Debt: Impact On Student Choices, Kelsey Cavanaugh
Student Debt: Impact On Student Choices, Kelsey Cavanaugh
Celebrating Scholarship & Creativity Day (2011-2017)
In 2010 student loans became the second largest portion of US debt. Today, the estimated total is 1.4 trillion. Over the last decade the average debt per student has increased 56%, which is double the inflation rate for that period. The graduating class of 2014 left college with an average of about $29,000 of debt. Lastly, the number of federal borrowers today is 7.5 million and growing. This presentation examines how student debt affects students’ spending choices after college and what has changed in these patterns over the last decade.
Initial Public Offerings (Ipos), Kevin Keller
Initial Public Offerings (Ipos), Kevin Keller
Celebrating Scholarship & Creativity Day (2011-2017)
As an investor, the first rule is to never get caught up in your emotions. There are thousands of different (exciting) investment opportunities in today’s world, and some of them tend to be a bit riskier than others. These consist of stocks, bonds, certificates of deposit, mutual funds, exchange-traded funds, and several others. However, where do most of these investment tools originate? In order for a stock to be publicly traded on the stock exchange, it must undergo what it called an initial public offering (which I will refer to as an IPO). Since the primary objective is to raise …
Happiness & Accounting/Finance Careers, Jacob Shrode
Happiness & Accounting/Finance Careers, Jacob Shrode
Celebrating Scholarship & Creativity Day (2011-2017)
The research question I chose was "Do happiness levels vary among graduates with accounting majors who have chosen different career paths?" The method I used to get my data was a survey. Overall, the average happiness score from my survey was 4.72/6 (see table 4). The average happiness score in the U.S. is only 4.30. I did a t-test for this and got a p value of .00. With this, I can say that there is substantial evidence to suggest that people who graduate with accounting/finance majors tend to be significantly happier than the average U.S. person.
F-35 And Military Spending, Colin J. Charpentier
F-35 And Military Spending, Colin J. Charpentier
Celebrating Scholarship & Creativity Day (2011-2017)
How does the F-35 Lightning II multirole fighter compare to current military airplanes in terms of costs and capabilities? This is a comparison study based around the F-35 and five other planes. The F-35 is chosen because of its status as an ongoing project and due to its controversy as a plane. This study looks at all values. It is completely numeric based allowing for objective analysis. These planes chosen for study are the F-16 C/D, F/A-18 E/F, F-22A, AV-8B Harrier II, and A-10C. These planes are chosen because the F-35 is meant to replace them in the case of …
Accounting Fraud Motivation, Yuquan (Frank) Yu
Accounting Fraud Motivation, Yuquan (Frank) Yu
Celebrating Scholarship & Creativity Day (2011-2017)
Accounting fraud is a hot topic in the 21st century. What are the common themes of these accounting scandals?
Is Manager Gender Important In The Performance Of Mutual Funds?, Steven Welch, Yunqing Wang
Is Manager Gender Important In The Performance Of Mutual Funds?, Steven Welch, Yunqing Wang
Accounting and Finance Faculty Publications
We investigate whether there are differences in characteristics and performance of mutual funds caused by the manager’s gender. Through examining a large sample of U.S. domestic equity mutual fund, we find some evidence that suggests female managers have a lower risk tolerance than males. This leads to the observation that females tend to hold a higher total number of assets (stocks) and fewer assets in their top 10 holdings than do male managers. We then analyze performance within funds over time in order to evaluate the impact of changes in management’s gender composition on funds’ performance. We find some evidence …
Which Students Trade The Most? – Five Years Of Evidence From Simulations In An Introductory Investments Course, Steven Welch
Which Students Trade The Most? – Five Years Of Evidence From Simulations In An Introductory Investments Course, Steven Welch
Accounting and Finance Faculty Publications
In investment literature, overconfidence among male investors has been shown bytheir relatively high trading frequency in spite of the evidence that more trading reduces returns by way of transactions costs. In this study, given the assumption that modern, college-educated students taking an investments class should be better educated than the average investor, we posit that female and male students should not have a significant difference between them in (over)confidence, and therefore, trading frequency. We also introduce a new concept of whether domestic or international students trade more frequently, and posit some possible explanations for the results.
Undergraduate Finance Capstone In A Liberal Arts Setting: An Active Learning Approach, Steven Welch
Undergraduate Finance Capstone In A Liberal Arts Setting: An Active Learning Approach, Steven Welch
Accounting and Finance Faculty Publications
In a liberal arts setting, there are no “schools” or “colleges” in which to neatly group a capstone experience. We have developed a course meant to address a capstone experience, while being true to a focus within our particular major. In this paper, an effort to create a course designed as a capstone experience specific to the finance discipline using an active learning strategy is reviewed. The primary method of instruction is with case studies. However, only the first part of the course is taught using the traditional case teaching method. Most of the rest of the course is taught …
On Performance & Tracking Error In Exchange-Traded Funds And Index Mutual Funds, Steven Welch
On Performance & Tracking Error In Exchange-Traded Funds And Index Mutual Funds, Steven Welch
Accounting and Finance Faculty Publications
Using daily data, we find abnormal returns associated with the ETFs are higher than the alphas of the index funds in most cases. This result is in contrast to previous results that conclude that index funds tend to have higher alphas than ETFs. The results are much more prevalent in funds that follow the S&P 500 than funds that do not. One explanation for the difference in results is the more comprehensive sample of ETFs analyzed here. When looking at the components of abnormal returns, several regressions were performed. We find that market concentration, turnover, and no load are at …