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Active asset allocation for retirement funds using the fed model
No full textActive asset allocation, also known as market timing, is controversial but potentially effective for individual investors and financial advisors. Many studies support market timing based on the relationship between the aggregate earnings yield on equities and the intermediate Treasury bond yield, known as the Fed model. Nevertheless, skeptics point to common flaws in these studies and challenge the validity of the Fed model. In general, returns from timing models are difficult to adjust for transaction costs and tax effects from short term gains and losses. In almost all cases, there is data mining from reporting results over the same period used to build the timing model. Our study addresses these concerns directly. We control the transaction costs and tax effects by focusing on funds available for retirement accounts within a Vanguard fund family allowing costless monthly transfers. We use a “risk on” or “risk off” approach rather than experiment with arbitrary cutoff rules for switching funds. We first test for the time series properties of the Fed model to build a prediction model and then apply it over a recent five-year holdout of period. Our findings show that the switching portfolio offers attractive performance compared to either of the Vanguard funds, especially with respect to enhancing upside to downside risk ratios
Educating for Civic-Mindedness: Nurturing Authentic Professional Identities Through Transformative Higher Education
Get PDFAdvocacy Through Social Media: Exploring Student Engagement in Addressing Social Issues
Get PDFSocial media have become ubiquitous and are seen as beneficial to society. Although the use of social media for educational purposes has been the subject of recent research, not much is known about their role in higher education civic engagement. Employing critical discourse analysis, this study explored the function of social media as a tool to promote the civic engagement of students through advocacy focused on identified social issues. Findings of this qualitative research are discussed as themes pertaining to the challenges of advocacy, the relative importance of advocacy processes, and the function of social media infrastructure. The authors also discuss the implications for pedagogy and for research in the area of technology-mediated, issue-focused advocacy by university students
Talking About Service-Learning: Product or Process? Reciprocity or Solidarity?
Get PDFThrough an exploration of values of the neoliberal university and critical service-learning, this article explores how associating service-learning with products and relationships based on reciprocity negatively impacts its connection to social justice. By emphasizing the constructs of process and solidarity, instead of products and reciprocity, the understanding of service-learning is more explicitly aligned with social justice outcomes
Employees’ financial behaviors following the 2007–2009 financial crisis
No full textLow- and middle-income employees make up the bulk of potential participants in employer sponsored retirement plans; however, employers find it difficult to alter their savings behavior. Financial crises may have unintended positive effects on low-income employees’ behavior. Therefore, this study examined the effect of the 2007–2009 financial crisis on employees’ financial behaviors; through ordered logistic regression analyses of data from the Survey of Consumer Finances. Following the crisis, all employees’ and low-income employees’ savings behavior significantly improved. Moreover, all employees’ cash flow management behavior improved following the crisis, while it had no effect on low-income employees’ cash flow management behavior
Does the source of a cash flow affect spending versus saving?
No full textThis study examines whether people use different mental accounts for different types of hypothetical revenue windfalls rather than viewing them as fungible in their use consistent with neoclassical economics. This study finds that the income source sometimes influenced the amount spent/saved and a respondent’s general default as a spender or saver was highly significant in all regressions. This article adds to the literature by responding to Epley and Gneezy’s (2007) call for “a broader sample of participants, varying amounts of payment, and alternative frames” to identify moderators of windfall framing effects with implications for behavioral economic theory and financial planning
Improving Mathematics Teaching as Deliberate Practice through Chinese Lesson Study
No full textThis study examined how a ninth grade teacher improved an Algebra I lesson through a lesson study approach. We used multiple data sources to investigate the improvement of the lesson towards student-centered mathematics instruction, perceived benefits of the teacher, and factors associated with the improvement of teaching. The lesson group substantially improved the lesson through appropriately launching and effectively implementing worthwhile mathematical tasks and strategically orchestrating students’ work. The teacher improved his teaching skills and reflection ability, changed his views about mathematics teaching, and acknowledged the importance of repeated teaching, expert feedback, and self-reflection in improving his teaching