Open Journals at the University of Georgia Libraries
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Should Investors Defer Long-Term Gains in Taxable Stock Portfolios?
No full textInvestors with taxable portfolios sometimes delay the sale of appreciated stock to defer capital gains taxes. While this strategy does help to reduce taxes, it can cause the portfolio to become more concentrated over time, leading to higher overall volatility and lower long-term returns. This paper evaluates the tradeoff between tax efficiency and diversification via Monte Carlo simulation and finds that diversification is far more important for the investor’s terminal wealth, especially over longer time horizons. Under a reasonable set of assumptions, investors are better off rebalancing almost completely each year, even though it requires selling some recent winners and paying capital gains taxes. While tax efficiency does become somewhat more important for individuals who are taxed more heavily on gains or who expect an eventual step-up in basis, even these investors should tolerate only a modest increase in portfolio concentration
School Engagement Projects as Authentic, Community-Based Learning for STEM Undergraduates
No full textCapstone projects provide key learning opportunities for STEM undergraduates to consolidate knowledge gained over the life of their degree. These projects typically reflect lab- or fieldwork-based research, which can exclude students who do not wish to pursue these career avenues. Here we deployed school engagement projects (SEPs) as an alternative to provide an authentic, community-based learning experience to STEM undergraduates wishing to develop their skills in science education and/or communication. This report aims to highlight the extent to which SEPs can provide such an opportunity, with the opinions of various stakeholders, including STEM undergraduates and participating schoolteachers, gathered by focus groups and surveys. Analysis of transcripts demonstrates an overall positive impact and revealed the benefits of these projects in preparing students for teacher training courses through increased educational knowledge and experience. These projects make for effective alternatives to traditional capstones and present opportunities for local science outreach
The Development and Validation of the Process and Outcomes From Service-Learning (POSL) Questionnaire
No full textThis article reports the development and validation of the new Process and Outcomes from Service-Learning (POSL) questionnaire, a self-report measure that assesses students’ service-learning experiences as well as their attainment of a comprehensive set of intended service-learning outcomes. The study involved three phases: (a) construct identification and item generation, (b) content and face validation of the draft items through expert judgment and cognitive interviews, and (c) construct validation through exploratory factor analysis (EFA), confirmatory factor analysis (CFA), and reliability analysis. The final instrument consists of two parts. Part 1 comprises 18 items that measure students’ service-learning experiences on six dimensions. Part 2 contains 14 items to assess students’ learning outcomes from service-learning grouped under four dimensions. Results show that POSL is a highly reliable and reasonably valid measure of students’ experiences of and outcomes from service-learning with good psychometric properties. Limitations and implications of the study are also discussed
Lessons Learned: Researchers’ Experiences Conducting Community-Engaged Research During the COVID-19 Pandemic
No full textDuring the COVID-19 pandemic, conventional research methods for engaging communities, such as in-person focus groups, were impeded by pandemic-related public health measures, including physical distancing and self-isolation mandates. Researchers were forced to adapt their plans and align with measures to protect themselves and their community partners. To learn about their experiences conducting community-engaged research amid the pandemic, we hosted a roundtable with 10 researchers in British Columbia, Canada. We explored their successes, challenges, and ethical considerations to identify lessons learned. From the roundtable, we found that community-engaged researchers faced several barriers to conducting research in partnership with community, including challenges in building sustainable relationships. However, the pandemic required researchers to find innovative ways to engage with community partners, enhance the reach of their partnership, and center the lived and living experiences of priority populations. We conclude with recommendations to support community-engaged research in future health crises
Impact of the Financial Advisor on Clients’ Financial Outcomes: An Integrative Model
No full textA financial advisor may either act as a consultant or may be delegated the entire financial advising process. In both cases, researchers tend to conclude that advisors have an impact on their clients’ financial outcomes. However, there is no agreement on the nature and extent of this impact. We argue that such discordance in the results being reported in prior research arises from the different theoretical lens used to observe the phenomenon: agency theory, trust theory, and the concept of knowledge. In our view, the complexity of advisors’ contribution to their clients’ outcomes requires a novel approach that extends beyond a single theory. Relying upon a literature review, we propose an integrative multi-theory model that reconciles prior findings and illustrates how financial advisers impact clients’ outcomes at each step within the financial advising process. Practice-grounded, the model also provides a causal mechanism clarifying the opaque and complex services provided by the financial advisor
Racial/Ethnic Disparities in Financial Advice Seeking: A Decomposition Analysis
No full textFinancial advice seeking is associated with many positive benefits for consumers. Yet, most U.S. households are not working with a financial planner and research has pointed to the lack of racial and ethnic diversity among those who do. This study examines racial/ethnic disparities in using a financial planner. Logistic regression analyses show that Black and White consumers are more likely than Asian and Hispanic consumers to use financial planners for saving and investment decisions. A Fairlie decomposition analysis shows racial/ethnic differences among the determinants that are associated with financial advice seeking. The differences in the determinants were large between White and Hispanic consumers and much narrower between Black and Hispanic consumers. Risk tolerance, objective financial knowledge, and income were the most important determinants to explain racial/ethnic differences in financial planner use. This study provides insight into possible barriers to working with financial planners for a diverse group of consumers
Cognitive Ability and Stock Investment among Chinese Middle-aged and Older Population
No full textThis study uses the Wave 2 (2013), Wave 3 (2015) and Wave 4 (2018) released by Harmonized China Health and Retirement Longitudinal Study (CHARLS) to examine the effect of cognitive ability on stock investment in the middle-aged and older populations in China. This study investigates the relationship between subjective and objective aspects of cognitive ability on stock ownership and shares of stock holdings in financial investment over time. We further compare this relationship between subsamples (older adults vs. middle-aged adults). The findings in this study will provide implications for policymakers, financial professionals as well as investors