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Small and medium-sized enterprises (SMEs) are crucial to South Africa’s economy as they provide employment, contribute to development, reduce poverty, and promote entrepreneurship. However, the COVID-19 pandemic has severely impacted SMEs in the country, posing a threat to their survival. The purpose of the study was to identify the financial planning critical success factors that are essential for SME performance in a post-COVID-19 pandemic environment. The study followed a positivist paradigm, and a quantitative survey approach was employed. South African SMEs across the various sectors of business were targeted to provide a holistic view of the financial planning strategies contributing to performance. A total of 282 questionnaires were completed electronically by the SME owners using Google Forms, which were then analyzed using SPSS and Smart PLS software. The regression model for structural equation modeling revealed a strong and significant link between financial planning and SME performance. Financial planning has a strong, significant positive effect on SME performance, as indicated by the path coefficient (β = 0.227, p = 0.002). The importance of this study lies in its ability to provide valuable insights to businesses regarding financial planning strategies to enhance SME success in a post-COVID-19 environment.

Retirement planning is viewed as one of the cornerstones of long-term household financial security. The responsibility of retirement planning has now been shifted to the individual and is no longer the responsibility of the employer.

The increasing integration of Artificial Intelligence (AI) into areas like financial planning has spurred interest in how various demographic groups, notably older adults, perceive and adopt this technology. This paper aims to identify personas and explore how factors like age, gender, and knowledge impact AI acceptance. The data shows varying levels of willingness to adopt AI in finance across demographics. Younger, more educated individuals demonstrate greater trust and usage of AI-enabled financial tools, raising concerns about inclusivity and potential barriers for older or less educated individuals. The paper will delve into these disparities, exploring the underlying reasons for resistance, such as perceived risks or lack of education about AI. To ensure equitable distribution of AI's benefits, we recommend enhancing AI literacy and designing more inclusive AI, as this approach paves the way for a society in which AI empowers all ages with its potential. [ABSTRACT FROM AUTHOR]

Copyright of Tesla Revista Científica is the property of Puerto Madero Editorial Academica and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of ESPOCH Congresses: The Ecuadorian Journal of S.T.E.A.M. is the property of Knowledge E DMCC and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper quantifies the aggregate effects of financing constraints. We start from a standard dynamic investment model with collateral constraints. In contrast to the existing quantitative literature, our estimation does not target the mean leverage ratio to identify the scope of financing frictions. Instead, we use a reduced‐form coefficient from the recent corporate finance literature that connects exogenous debt capacity shocks to corporate investment. Relative to a frictionless benchmark, collateral constraints induce losses of 7.1% for output and 1.4% for total factor productivity (TFP) (misallocation). We show these estimated losses tend to be more robust to misspecification than estimates obtained by targeting leverage. [ABSTRACT FROM AUTHOR]

Objective: Small and medium enterprises (SMEs) have become a focus of attention by economists until now. Furthermore, their financial planning capacity as reflected in the level of their financial literacy in Central Java province which is 33.51% and this is included in the not-literate category. This paper describes the results of a study investigating the effect of personality, self-control, and financial constraints on SME financial planning in Jepara, Central Java. Research Design & Methods: A quantitative approach is used to determine the effect of personality, self-control, and financial constraints to financial planning by using using software SmartPLS. This study used 285 questionnaires collected from SME owners in Jepara by proportional random sampling. The sample size was determined using the Slovin formula. Measurement of variables was done by the adoption of indicators of previous studies by adjusting it according to current situation. Findings: The results showed that personality, self-control, and financial constraints have a positive and significant effect on financial planning. The positive personality shown by SME owners and their ability to control emotions have a positive impact on the financial planning process. These findings also indicate that financial constraints are not an obstacle for SMEs to remain productive and conducting future financial planning. Implications & Recommendations: SME owners can use the results of this study as they are more enthusiastic to increase productivity. SMEs must begin to develop financial planning in more detail to improve business performance and maintain themselves in the market. Future research can re-examine the concept of this research on a larger scale, nationally or even internationally. Contribution & Value Added: This research contributes to social and financial literature because it involves personality in the financial planning process.

Abstract. Introduction. Adaptive models provide for the possibility to forecast financial and economic indicators in the short term, provided that a small amount of statistical data is available. The most common adaptive forecasting models are Brown, Holt, Holt-Winters, Box-Jenkins, autoregressive and other models. We believe that the use of adaptive forecasting models becomes especially important in the context of constant changes in the external environment and instability of economic and political situation. Purpose. The purpose of this article is to forecast based on basic adaptive models of the level of financial support for regional development in the short term. Results. It is noted that improving the effectiveness of regional development is facilitated by the formation of an optimal model of its financing. In the conditions of environmental variability, it is necessary to approach the issues of development and implementation of financial plans especially carefully. The optimality of financial planning is determined by the degree of achievement of the accuracy of the forecast level of the planned indicators. With the help of the basic adaptive model of Brown the forecasting level of financial provision of regional development for the nearest future is made. One-dimensional time series was selected as the information base of the study, which reflected the results of the implementation of the local budget revenue part of the Mykolaiv area. Conclusions. In the course of the research, the thesis about the optimality of financial planning was substantiated, it was shown that it can be determined by the degree of accuracy of the forecast level of the planned indicators. The effectiveness of Brown's adaptive model for short-term planning of regional development financial support has been proved. The proposed model has been tested for adequacy, and on its basis recommendations for further application in practice of regional development financing planning have been developed.

When the twentieth-century concept of the "sandwich generation" collides with the middle- aging of the baby boom it becomes the "senior" sandwich generation. In the twenty- first century, 60-somethings in the midst of their own old-age planning are now the generation in the middle, with financial responsibilities simultaneously for elder parents (longevity trends) and adult children (family structure changes plus economic factors). This study focuses on the financial attitudes and behavior of older boomers who have at least one living parent and one adult child. While almost twice as many older boomers financially support only their older children (41 percent) as support only their elder parents (23 percent), over a third of them (36 percent) support both. And the challenge continues. Younger boomers now in their early 50s are the senior sandwich generation "in waiting," and so have additional years to plan for themselves--and for their younger and older family members. [ABSTRACT FROM AUTHOR]

In this article, findings from a study designed to evaluate the perceptions of widows in relation to financial advice are reported. Based on a sample of 1,100 widowed respondents, results suggest that working with a financial advisor significantly improved widows' financial confidence in their current and future financial situations. Practical implications for advisors are presented with additional suggestions for further work in this important area. [ABSTRACT FROM AUTHOR]

The insurance-based retirement plan is a well-known device for supplementing retirement income. Split-dollar arrangements are proven methods both to provide inexpensive life insurance to key personnel, and to use an employer's cash flow to fund an insurance- based retirement plan. This article explores both aspects. [ABSTRACT FROM AUTHOR]

Copyright of Retos, Revista de Ciencias Administrativas y Económicas is the property of Universidad Politecnica Salesiana and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The paper examines the influence of supervision on financial stability and profit performance of insurance firms in Nigeria. Time series data spanning from 2011 - 2017 were sourced from structured research questionnaires, financial reports, industry reports, and the Nigerian insurers association (NIA) Digests. The data collected were analyzed using correlation matrix and regression analysis (OLS technique). Results from the data analyzed suggests that Insurance supervision significantly influences profit performance. Based on these findings, it is therefore recommended that Nigeria's insurance regulatory agency should strengthen insurance operational guidelines issued to insurance firms via the execution of efficient and effective enforcement strategies. [ABSTRACT FROM AUTHOR]

For many retirees and preretirees, equity in their personal residence is the largest (or at least a substantial) portion of their total wealth. In addition to its being a significant financial asset, deciding what to do with the family home carries extensive emotional impact for the client. This article analyzes the financial and emotional implications of using equity in the personal residence for retirement income purposes. A variety of strategies are covered to provide a framework for helping the client make informed decisions about using his or her home as a financial asset in retirement. [ABSTRACT FROM AUTHOR]

Copyright of Revista Evidenciação Contábil & Finanças is the property of Revista Evidenciacao Contabil & Financas and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

We consider the problem of computing the credit value adjustment (CVA) of a European option in presence of the wrong way risk in a default intensity setting. Namely we model the asset price evolution as solution to a linear equation that might depend on different stochastic factors and we provide an approximate evaluation of the option's price, by exploiting a correlation expansion approach, introduced in Antonelli and Scarlatti (Finance Stoch 13:269–303, 2009). We also extend our theoretical analysis to include some further value adjustments, for instance due to collateralization and funding costs. Finally, in the CVA case, we compare the numerical performance of our method with the one recently proposed by Brigo and Vrins (Eur J Oper Res 269:1154–1164, 2018) and Brigo et al. (Innovations in insurance, risk and asset management, WSPC proceedings, 2018), in the case of a call option driven by a GBM correlated with a CIR default intensity. We additionally compare with the numerical evaluations obtained by other methods. [ABSTRACT FROM AUTHOR]

Purpose: This paper analyses the relationship between financial sector development (FSD) and life insurance inclusion in India during the period from 1971–1972 to 2016–2017. The study analyses the effect of financial deepening on life insurance inclusion in India. Design/methodology/approach: The study employs augmented Dickey–Fuller (ADF) unit roots test to check the stationarity properties of the time series data. It estimates a life insurance inclusion model using the auto-regressive distributed lag model (ARDL) bounds testing approach to cointegration. Findings: The study finds evidence of a cointegrating relationship between financial deepening and life insurance inclusion in India. A significant error correction coefficient indicates automatic adjustments to short-run disequilibrium, reinforcing the cointegrating relationship between financial sector and life insurance inclusion. Research limitations/implications: A major limitation of the study is that it excludes the first-time sum assured (FSA) contributed by the private sector life insurance companies due to lack of data availability. Practical implications: The results of the study call for faster expansion of the financial sector and provision of a low interest rate regime in the Indian economy. The study invokes the need for sufficient training to the personnel in the banking and non-banking institutions to cater to the complex needs of life insurance buyers. Originality/value: The paper estimates the link between FSD and life insurance inclusion and introduces a new measure of life insurance demand, the life insurance inclusion, measured using the FSA. [ABSTRACT FROM AUTHOR]

Introduction: The demographic transition that Mexico is going through will impose great challenges on this nation, since it is projected that the number of older adults will increase significantly in the coming decades. The economic security of this age group is one of those challenges that could be faced through the financial planning that people have carried out at opportune moments throughout their lives. Method: This research is quantitative, cross-sectional, and correlational. Using four multiple linear regression models, the relationship between the expectations of financial planning for retirement, self-perceived financial knowledge for the retirement stage, clarity of financial goals in the retirement stage, future outlook and influence was analyzed. For this, the questionnaire designed by Koposko, Bojórquez, Pérez and Hershey were used, which consists of five latent variables measured through 16 items with a seven-point Likert scale and which was previously validated in the context in which it was applied in this research. The questionnaire was applied to a nonprobabilistic sample of parents of new university students from the departments of Industrial Engineering and Economic-Administrative Sciences of the National Technological Institute of Mexico in Celaya. Results: Expectations of financial planning for retirement depend on self-perceived financial knowledge and this, in turn, on the clarity of financial goals in the retirement stage. On the other hand, the prospect of the future determines the clarity of financial goals in the retirement stage. The influence of the parents of the participants in this research, on the other hand, positively impacts the perspective of the future. Discussion or Conclusion: Some of the findings of this research coincide with the existing literature, however, it is necessary to deepen the study of this model in different contexts and with other age groups so that it is possible to contribute to the promotion of financial planning for retirement. considering the influence that fathers and mothers exert in this regard, since in this way economic security could be promoted in old age. [ABSTRACT FROM AUTHOR]

Financial Planning gives direction and importance to take decisions about finance. It permits comprehension of what each financial decision an individual makes means for different areas of their funds. Private teachers work hard to earn which they want to save from paying heavy tax. Purpose: The very purpose of this research work to carry is to understand the awareness about financial planning and tax among the teaching community. With this research work, researcher wants to suggest them the importance of Financial Planning, which can help the teachers to meet their financial needs. Objective: This study is undertaken to understand the saving habits of teachers. Another objective of this study is to identify the most popular investment option for tax saving. Methodology: Primary data was collected with structured questionnaire. 87 teachers from primary and secondary schools were selected randomly to achieve the objectives. This sample represents the whole population. The research work was carried in Nagpur region. Data was analyzed using Excel and SPSS. Conclusion: It was concluded that teachers are well aware about the Tax system. Therefore, they start saving money as soon as they get Job. Teachers are well educated about financial planning and saving of tax. The most popular investment option for them is to pay LIC premium. [ABSTRACT FROM AUTHOR]

Copyright of Organizações e Sustentabilidade is the property of Organizacoes e Sustentabilidade / PPGA-UEL and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Divorced or widowed clients have Social Security options that are not available to other clients. Ideally, planning for when these clients should begin claiming Social Security benefits and whether they should claim their own benefits, or benefits as a divorced spouse, or as a widow/widower, or switch, will begin several years before they are eligible to begin benefits. [ABSTRACT FROM AUTHOR]

This study aims to examine the determinants of investors’ behavioral intentions to participate in the stock market. In this attempt, this research investigated the direct and moderating effects of the financial cognitive abilities and the financial considerations on the nexus of attitudes and behavioral intentions of investors. Data for this study were collected from active and potential investors in the Dhaka Stock Exchange of Bangladesh using a structured questionnaire. The partial least squares method was used to examine the nature and extent of the relationships of investors’ behavioral intentions with their attitude, financial cognitive abilities, and financial considerations in making stock market investment-related decisions. The findings of this study suggest that investors’ attitudes, financial planning ability, and perceptions of financial risks and benefits are important factors that influence their decisions in stock market participation. Moreover, financial planning, financial satisfaction, and perceived financial risk moderate the nexus of attitude and behavioral intentions to participate in the stock market. This study, therefore, has significant implications for policymakers, stock market regulators, and financial service providers.

This study aims to measure the level of Islamic Financial Literacy (IFL) in Solo society and to test the effect of IFL on personal financial planning. The socio-demographic variables such as age, gender, marital status, education level, and income are being used as the control variable. 313 respondents are involved in this research directly through survey method and Ordinary Least Square (OLS) is used to analyze the obtained research data. The study uses purposive sampling method and limiting the education level and income of research respondents. Study questionnaire consists of 20 multiple choice questions to measure respondent IFL and 13 questions to measure respondent personal financial planning. The results showed that: (1) the level of IFL in Solo reach 64.66 percent; (2) people with a good level of IFL tends to have better management in their personal finances; and (3) people with a good level of IFL tends to prefer investing on Islamic asset. Last, this paper will contribute to the scientific development of behavioral finance and financial inclusion which had been highly discussed in the financial literature. This study also became an early research in examining the influence of IFL on personal financial planning.

Copyright of Journal of Management Analysis / Revista Gestão em Análise is the property of Revista Gestao em Analise and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The combination of a Roth conversion and a long-term "stretch" strategy is a powerful estate planning tool and may be more appealing to a client than a lifetime Roth conversion. Advisors who recognize the planning issues and pitfalls can help their clients make a real difference with their retirement assets. Life insurance can help facilitate these strategies. [ABSTRACT FROM AUTHOR]

Individuals experiencing a disability of any kind are more likely to make financial decisions that are ill-reasoned or based on fear and misinformation. Without expert guidance, it might seem reasonable to an ordinary person that if he or she is eligible for disability income payments, a distribution would be eligible for the disability exception to the 10% penalty. Whether the disability is temporary or long term, sound guidance is critical to avoid unnecessary penalties, especially for those who can least afford them. This article examines the application of the disability exception and the circumstances that permit individuals to use it. [ABSTRACT FROM AUTHOR]

The investment boundaries defined by Grenadier (2002) for an oligopoly investment game determine equilibria in open-loop strategies. As closed-loop strategies, they are not equilibria, because any firm by investing sooner can preempt the investments of other firms and expropriate the growth options. The perfectly competitive outcome is produced by closed-loop strategies that are mutually best responses. In this equilibrium, the option to delay investment has zero value, and the simple NPV rule is followed by all firms. [ABSTRACT FROM PUBLISHER]

Accelerator mortgages are distinctly different from traditional methods of shortening the mortgage payment period for homeowners. They have only recently been introduced in the United States, but they account for a substantial portion of all mortgages in some large countries and they could become a major force in the United States. This article describes accelerator mortgages in some detail and explores their possible advantages and disadvantages. Financial advisors may want to be aware of the pros and cons of accelerator mortgages because they are a tool that can possibly offer a number of specific financial planning advantages. [ABSTRACT FROM AUTHOR]

The article discusses generational differences in the U.S. in the post-World War II era from the point of view of personal finance. The "GI Generation" was born before 1932, experienced the Great Depression, and may have served in World War II. The "Silent Generation" was born between 1932 and 1945, and is relatively small because of the high number of men away from home serving in the military. The author then discusses the "Leading-Edge Boomers" born between 1946 and 1954, and the "Younger Boomers" born between 1956 and 1964. "Generation X" was born between 1965 and 1976, while "Generation Y" was born between 1977 and 1994. The social attitudes and financial expectations of these generations is discussed.

Retirement is often implicitly assumed in the American life cycle, especially when planning for it financially. This article explores the history of retirement and the history of attitudes toward work and the design of work and jobs--without which retirement would not exist. The author concludes that retirement, as it is institutionalized, is a relic of an earlier era and is mismatched with work today, which has implications for advising both preretirees and retirees. [ABSTRACT FROM AUTHOR]

This paper provides direct evidence supporting the tax-loss selling hypothesis as an explanation of the January effect. Examining turn-of-the-year return and volume patterns for municipal bond closed-end funds, which are held mostly by tax-sensitive individual investors, we document a January effect for these funds, but not for their underlying assets. We provide evidence that this effect can be largely explained by tax-loss selling activities at the previous year-end. Moreover, we find that funds associated with brokerage firms display more tax-loss selling behavior, suggesting that tax counseling plays a role. [ABSTRACT FROM AUTHOR]

Financial planning for nontraditional families requires creative application of a broad range of financial strategies and an understanding of how to apply these techniques when working with an unmarried same-sex or heterosexual couple who has joint financial goals. This article provides a survey of some key techniques and points to consider when working with these clients. [ABSTRACT FROM AUTHOR]

Financial service professionals and personal finance educators can help more consumers plan better for their retirement and later life by learning the trade secrets of advertisers. This article describes how many people make financial decisions and what sparks their desire to become more financially savvy, a necessary precondition for them to tackle spending issues and then to plan, save and invest for future financial security. Consumer-financial decisions involve psychological, physical, and social values that are rooted in feelings and emotions. Consumer behaviors can appear as irrational and even irresponsible, except to marketers. But what if finance professionals and educators could tap into the same values channels that advertisers have been stimulating and mining for years? [ABSTRACT FROM AUTHOR]

This article focuses on how financial advisers might use or misuse technology to improve the quality of the advice he or she provides in the determination of how much life insurance a person needs. There are at least three recognized conceptual bases for determining life insurance need. These are multiple earnings approach, needs approach and human life value approach. A case study was presented which illustrated how the calculation of the life insurance need, using electronic spreadsheet and manual calculation methods, would produce different results. The greatest source of variation in results appears to originate from user error.

The average cost of attending a four year college or university is increasing at two to three times the rate of inflation. With costs averaging $11,976 per year for an in-state four-year college and $26,070 per year at a private four-year college, it is no surprise that saving for college is the most significant savings goal for many adults facing college costs in the future. Advisers who can help their clients understand the options bring a significant value added to the relationship. [ABSTRACT FROM AUTHOR]

Middle-income clients may need them w relieve a financial crisis. Wealthier clients may use them to fund a private foundation or build a vacation home. The possibilities for planning with periodic payments under 72(t) are endless. An adviser who has a thorough understanding of this exception and knows the best planning techniques and pitfalls to avoid can offer clients a tremendous tool for saving taxes and meeting their goals. [ABSTRACT FROM AUTHOR]

A key element of financial planning should be the protection of savings against the ever-increasing costs of long-term care services. This article examines the importance of proper structure in creating the insurance plan. Structure of an insurance plan includes both the choice of a particular insurance company's policy and the choice of variables within that policy. The article also underscores the important role of the agent/financial planner in asking the right questions of clients and using the answers to help them choose options wisely. [ABSTRACT FROM AUTHOR]

Fee-based financial advising is a model of professional service that has gained rapid popularity with large life insurance and securities firms. Financial professionals see this method as perhaps a way to satisfy the public's desire to separate advice from products. Characteristics of a fee-based adviser are reviewed, along with the process of the adviser/client relationship. Problems inherent to fee-based planning are discussed, and future trends and issues are considered. [ABSTRACT FROM AUTHOR]

Background: Open Payments is a United States federal program mandating reporting of medical industry payments to physicians, increasing transparency of physician conflicts of interest (COI). Study objectives were to assess industry payments to physician-editors, and to compare their financial COI rate to all physicians within the specialty. Methods and findings: We performed a retrospective analysis of prospectively collected data, reviewing Open Payments from August 1, 2013 to December 31, 2016. We reviewed general payments (“… not made in connection with a research agreement”) and research funding to “top tier” physician-editors of highly-cited medical journals. We compared payments to physician-editors and physicians-by-specialty. In 35 journals, 333 (74.5%) of 447 “top tier” US-based editors met inclusion criteria. Of these, 212 (63.7%) received industry-associated payments in the study period. In an average year, 141 (42.3%) of physician-editors received any direct payments to themselves including general payments and research payments, 66 (19.8%) received direct payments >$5,000 (National Institutes of Health threshold for a Significant Financial Interest) and 51 (15.3%) received >$10,000. Mean annual general payments to physician-editors was $55,157 (median 3,512, standard deviation 561,885, range 10–10,981,153). Median general payments to physician-editors were mostly higher compared to all physicians within their specialty. Mean annual direct research payment to the physician-editor was $14,558 (median 4,000, range 15–174,440). Mean annual indirect research funding to the physician-editor’s institution (highly valued by academic leaders such as departmental chairs and deans) was $175,282 (median 49,107, range 0.18–5,000,000). The main study limitation was difficulty identifying physician-editors primarily responsible for making manuscript decisions. Conclusions: A substantial minority of physician-editors receive payments from industry within any given year, sometimes quite large. Most editors received payment of some kind during the four-year study period. Given the extent of editors’ influences on the medical literature, more robust and accessible editor financial COI declarations are recommended. [ABSTRACT FROM AUTHOR]

The present study analyzes the relationship between three distal antecedents—financial literacy, confidence in retirement, and economic well-being—and financial planning for retirement evaluated at two different times. We used longitudinal data with repeated measures of financial planning for retirement obtained from a sample (N = 269) of active Spanish workers aged 45–62 years. The results confirm that self-perceived financial knowledge, confidence in retirement, and economic well-being are associated with financial planning for retirement at three and six months. The stability of financial planning for retirement over time was a relevant finding in the present research, even though different measures have been employed in the two waves and financial planning decreases slightly at three months. While the first step of planning, at three months, has predictive power over the second, at six months, there are possible moderators in the relationship between financial planning for retirement at time 1 and time 2, which were not explored. The implications of the results both for financial education and Policy-makers are discussed. Future lines of research can explore these relationships including objective measures of income, as wealth accumulation. [ABSTRACT FROM AUTHOR]

The article reports on excess holding period returns and the composition of outstanding federal debt in the U.S. Research on this topic examines the impact of maturity composition of federal debt on financial markets when that debt is outstanding. The U.S. Treasury decided to institute a policy in 1993 where they finance more of their debt through short-term financial instruments and that policy came from their desire to lower financing costs. Average maturity in federal debt has changed drastically in the past which demonstrates that debt policy affects the structure of asset returns.