Barclays Bank PLC for data on the Barclays Capital U.S. Intermediate Credit Bond Index. Barclays Capital and the Barclays Capital U.S. Intermediate Credit Bond Index are trademarks of Barclays Bank PLC.
Professor Kenneth R. French for data on risk premiums and stock market returns. Used with permission.
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Morningstar for data on the returns of one-month Treasury bills, used to calculate the equity risk premium and the size and value premiums. Used with permission.
Standard and Poors for data on the returns of the S&P 500 Index. Used with permission.
The Center for Research in Security Prices at the University of Chicago for data on the U.S. stock market returns. The data is calculated or derived based on data from CRSP US Stock Database © 200905 Center for Research in Security Prices (CRSP ®), Graduate School of Business, The University of Chicago, 200905 being the year and month the database was published. Used with permission.
[1] Business Week, September 16, 1996.
[2] Peter L. Bernstein and Aswath Damodaran, eds., Investment Management, (New York: John Wiley & Sons, 1998), p. 379.
[3] David Laster, "Measuring Gains From International Equity Diversification: The Bootstrap Approach," Journal of Investing (Fall 1998).
[4] Dale L. Domain and William Reichenstein, "Returns-Based Style Analysis of High-Yield Bonds," Journal of Fixed Income (Spring 2008).
[5] Gary Baierl, Robert Cummisford, Mark W. Riepe, and updated by James St. Aubin, "Investing in Global Hard Assets: A Diversification Tool for Portfolios," Ibbotson Associates (March 2005), p. 11.
[6] Moshe A. Milevsky and Steven E. Posner, "The Titanic Option: Valuation of the Guaranteed Minimum Death Benefit in Variable Annuities and Mutual Funds," The Journal of Risk and Insurance (March 2001), p. 93.
[7] Jeffrey Brown and James Poterba, "The Household Ownership of Variable Annuities," Working Paper (October 2005), p. 7.
[8] Carolyn T. Geer, "The Great Annuity Rip-Off," Forbes, February 1998.
[9] Gene Amromin, Jennifer C. Huang, and Clemens Sialm, "Responsible Fools? The Tradeoff Between Mortgage Prepayments and Tax-Deferred Retirement Savings," March 15, 2006.
[10] Mark Carhart, "On Persistence in Mutual-Fund Performance," Journal of Finance (March 1997).
[11] Russ Wermers, "Mutual-Fund Performance: An Empirical Decomposition into Stock-Picking Talent, Style, Transaction Costs, and Expenses," Journal of Finance (August 2000).
[12] Rob Bauer, Rik Frehen, Hurber Lum, and Roger Otten, "The Performance of U.S. Pension Plans," April 3, 2007.
[13] Amit Goyal and Sunil Wahal, "The Selection and Termination of Investment Management Firms by Plan Sponsors," May 2005.
[14] Brad Barber and Terrance Odean, "Trading Is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors," Journal of Finance (April 2000).
[15] Brad Barber and Terrance Odean, "Do Investors Trade Too Much?" American Economic Review (December 1999).
[16] Brad Barber and Terrance Odean, "Too Many Cooks Spoil the Profit: The Performance of Investment Clubs," Financial Analysts Journal (January/February 2000).
[17] Jonathan B. Berk, "Five Myths of Active Management."
[18] Ibid.
[19] Roger Edelen, Richard Evans, and Gregory B. Kadlec, "Scale Effects in Mutual Fund Performance: The Role of Trading Costs," March 17, 2007.
[20] William Sherden, The Fortune Sellers (New York: John Wiley & Sons, 1998).
[21] Industry Week, April 20, 1992, p. 76.
[22] Dwight Lee and James Verbrugge, "The Efficient Market Theory Thrives on Criticism," Journal of Applied Corporate Finance (Spring 1996).
[23] David F. Babbel and Craig B. Merrill, "Rational Decumulation," Working Paper (July 2006).
[24] Matthew Goldstein, "Why Death Bonds Look So Frail." Business Week, February 14, 2008.
[25] Stephan R. Leimberg, E. Randolph Whitelaw, Richard M. Weber and Liz Colosimo, "Life Settlements: Tax, Accounting, and Securities Law Issues. Estate Planning, September 2006."
[26] Ibid.
[27] Donald Jay Korn, "You Bet Your Life," Financial Planning, August 1, 2008.
[28] Robert Powell, "It's Settled: Don't Use Life Settlements," Market Watch, June 2, 2005.
[29] "The Strange Saga of STOLI," Kiplinger.com, July 2008.
[30] Cooley, Phillip L., Carl M. Hubbard, and Daniel T. Walz, 1998. "Retirement 'Spending': Choosing a Sustainable Withdrawal Rate," AAII Journal 20: 16–21.
[31] Stephen M. Horan, "Withdrawal Location with Progressive Tax Rates," Financial Analysts Journal (November–December 2006).
[32] William Reichenstein, "Tax-Efficient Sequencing of Accounts to Tap in Retirement," Trends and Issues, TIAA-CREF Institute, October 2006.
[33] Ibid.
[34] Ibid.
[35] Horan.
[36] Reichenstein.
[37] Ibid.
[38] Roy Williams and Vic Preisser, Estate Planning for the Post-Transition Period. Preview Copy, May 2007.
[39] Ibid.
[40] Ibid.
[41] Ibid.
[42] Reverse Mortgages Demystified. Available at http://www.help4srs.org/finance/reverse_mortgages.htm. Accessed May 21, 2010.