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"Do professional security analysts tend to exhibit ... behavioral tendencies when choosing to buy, sell, or hold stocks in investment portfolios? Can we accurately infer an analyst's underlying decision-making strategy from his or her pattern of behavioral responses to stock price changes over time? If individual analysts exhibit clearly identifiable styles of decision making based on their reaction to stock price changes, are there other characteristics, such as age, experience, thought processes, performance, or risk propensities that differentiate these investor groups? Do analysts ever believe they can beat the market, and how accurate are their self-assessments? Do they remain committed to their decision-making strategies even in the face of lackluster performance, or do they adapt their strategies over time?"

"...analysts that they had seven investment options the six pharmaceutical stocks and an interest-bearing cash account (earning 2% per quarter, compounded quarterly). Their task was to create a portfolio for each period consisting of any combination of the investments. They were informed that the winner would be the person who managed to increase the cumulative return on their investment holdings by the greatest amount by the end of the fourth period."

Read Taking Stock of Stockbrokers: Exploring Momentum versus Contrarian Investor Strategies and Profiles from the University of Chicago at the Journal of Consumer Research

Money Links

American Savings Education Council - We're always told that it's not too late to start saving for retirement. This site demonstrates yet another method to calculate how much of your income needs to be saved in order to maintain the lifestyle desired. The Ballpark Estimate is a one-page worksheet that "takes complicated issues like projected Social Security benefits and earnings assumptions on savings, and turns them into language and mathematics that are easy to understand." There's even a Spanish-language version available. The site has some interesting surveys, too, like the one that compares confidence about living comfortably in retirement based on gender. Which sex is more comfortable? Guess. And, yes, depending on which personality type you are might guide how and how much you save for retirement.

We've been told that each of these methods produces a different figure needed to be saved, but since only 53% of us even tries to figure this amount out, go for it and try them all!

BenefitCheckups.org - Begun June 2001, this site is designed to inform about state and federal benefit programs seniors are entitled to. Organized by the National Council on the Aging, a nonprofit group based in Washington, DC. The WSJ stated that of the 485,200 who completed the screening questionnaire during the June through the December 2001 period, fully 26% were eligible for but weren't receiving food stamps; 17% were qualified but not receiving Medicaid benefits. The site screens for more than 1,000 perks including state pharmacy benefits, property-tax breaks, state veterans' benefits and energy assistance.

BondsOnline - A guide to investing in the more predictable (in terms of return) bond market by Twenty-First Century Municipals, a fixed income on-line information services company. There is a free searchable database of available issues with current price quotes, yield and call features for the bonds. A FAQ section and a glossary helps sort out the instrument characteristics. A number of the items are fee-based as well as are the newsletters.

National Center for Charitable Statistics (NCCS), Urban Institute - a program of the Institute is the national repository of data on the nonprofit sector. At some point it will be possible to search the site for compositive data on hundreds or parameters including exec pay and lobbying expenses.

CBS Market Watch - Styles itself as "delivering the decision making tools an investor needs: reliable delayed quotes, interday and technical charting, top-notch financial news and multiple personal portfolios."

Clear Station - Defines terms and jargon used in economics and business with instructions in the fine art of reading graphs. A portfolio creating feature and chat is included as well as charts to highlight trends.

DividendDiscountModel.com - The DDM theory tests the idea is there is a correct price for stocks and that investors could value dividend payments for the long term. Links to the Zacks database permits an analysis in terms of Dividend Discount models. There's a feature that lists stocks that are projected to pay for themselves with dividends over the next 10 years based on each company's current price, current dividend and projected growth rate.

This site "is particularly useful because it allows investors to determine an absolute or "intrinsic" value of a particular company that is not influenced by current stock market conditions. In contrast, most target prices published by analysts are set on a relative basis, based on the valuation of comparable companies. The DDM is also useful because the measurement of future dividends (as opposed to earnings for example) facilitates an "apples-to-apples" comparison of companies across different industries by focusing on the actual cash investors can expect to receive." The site was programmed under the supervision of Jeffrey D. Fisher, Ph.D. who serves as DDM's technical advisor (Fisher is a professor of Finance and Real Estate and Director of the Center for Real Estate Studies at Indiana U's Kelley School of Business).

Estate Planning by Cornell Law — An overview of this site includes: An estate is the total property, real and personal, owned by an individual prior to distribution through a trust or will. Real property is real estate and personal property includes everything else, for example cars, household items, and bank accounts. Estate planning distributes the real and personal property to an individual's heirs. Estate planning is the process by which an individual or family arranges the transfer of assets in anticipation of death. An estate plan aims to preserve the maximum amount of wealth possible for the intended beneficiaries and flexibility for the individual prior to death. A major concern for drafters of estate plans is federal and state tax law.

FinAid - A college financing service created by a research scientist at Just Research, the US software laboratory for Justsystem Corporation of Japan. Sources and links to loans, government and private scholarships, financial aid application with calculators designed to help with the process. There's a section for educators on dealing with complaints from unhappy students and parents and specific sections dealing with aid from the Business and Professional Women's Foundation and the Displaced Homemakers Network. There are also sections covering aid to women and older students, Canadians, Jewish students, gay and Lesbian students as well as to law and medical school applicants.

Financial Engines - Highly recommended by Walter Mossberg (WSJ) this service, co-founded by a Nobel Prize economist, projects the performance of your 401k investments. The service advises which funds within the 401k should be purchased and sold in proportion to meeting goals. Easy to understand, requiring little input except for basic info, the age you hope to retire and retirement income you desire. The projections are free and for $15 a quarter specific advice is available on arranging your 401k holdings. The service takes no ads, sells no products and receives no commissions from the funds it recommends.

Financial Finesse - The company attempts to educates women about investing and financial planning, through the web site, regional investment seminars, an investing radio show, and partnerships with non-profits. "Financial Finesse volunteers generate grassroots support for Financial Finesse in their communities and raise awareness about the importance of financial security and independence for women. In return, Financial Finesse makes charitable donations and offers free seminars to volunteers' favorite charities and nonprofit organizations, so disadvantaged women in the local community can receive financial education and support that they need to become financially self - sufficient." The site also provides training for beginning an investment club, including an investing dictionary, links and articles.

Five Ways to Save Money Through Marriage - Motley Fool points out a number of ways (banking, insurance, 401k etc) to cut some costs, all reasonable tactics that require little time.

Free Edgar - SEC filings allows 10 Ks and 10 Qs to be viewed for information such as the company's balance sheets, cash flow and income statements. The site is searched by a company's filing's type or date.

Hoover's Online - Business news: both original and from other sources, tax forms, investor resources, company of the day paired with research profiles and an overview, stock ticker, free weekly newsletter. Additional information by subscription.

IRA Online Resource Guide — Guide to traditional and Roth IRAs (individual retirement accounts) and IRA-funded plans such as SEPs (simplified employee pension) and payroll-deduction IRAs. Includes forms and publications, and information for individuals, business owners, and tax professionals. The section for individuals links to a humorous guide, "Ten Reasons to Put Off Saving for Retirement"; the ninth tip is "You never know, I may win the lottery." From the Internal Revenue Service (IRS).

Morningstar.com - Long recognized as being a leader in mutual fund information field for its rating system of funds and another system informing if different funds actually contain the same funds for overlapping sorting. For features such as the screening and asset allocation tool, there is a monthly (or yearly) fee.

Motley Fool - One of the more venerable (and irreverent) sites in terms of investing information. An investment club is a feature as well as a newsletter.

MSN.MoneyCentral - A supermarket of financial services is available with bill paying online, free portfolio managing software and tracking of investments. Automatic calculation of stock splits and reinvested dividends is a feature as well as measurements of employee stock options. Strategy Lab is in a 'beta' stage wherein managers trade stocks in a virtual portfolio; a community will be introduced later.

Quicken.com - Lauded maker of financial software for tracking and organizing expenses, investments and tax concerns.

Muriel Seibert & Co - Muriel Siebert, the first woman to attain a seat on the NYSE in 1967, runs a small but powerful low-price brokerage which was started in 1975. Read SeniorWomen's Interview with Ms. Siebert.

SmartMoney.com - The website of the magazine, produced by one of our favorite newspapers, the Wall Street Journal. A 'full-service' media site, it includes news, an investor calendar, trackers, asset allocation tables, forums, columns, questions that can be submitted and a portfolio to track. Tax time articles are available at the site, too.

TreasuryDirect - Instead of paying a broker or other intermediary, you can now "buy Treasury bills, notes, and bonds directly from the government — without brokers, without hassles, and without a mountain of paperwork." At the moment, the government is " suspending issuance of the 30-year bond: there will be no auction of 30-year securities in February 2002 and we plan no further auctions of either 30-year nominal or inflation-adjusted bonds," and they are continuing a buyback program. You can download forms from the site and apply as a customer of Treasury Direct.

Wife.org - The San Diego, CA based Women’s Institute for Financial Education is a nonprofit organization dedicated to providing financial education to women. Investments and Savings, Taxes, Budgets and Planning, Family Issues and Planning for Your Retirement are the areas that the website explores and provides related articles for the reader. The financial fallout from divorce is a well-covered topic and if you live in the area, it's the subject of a workshop.

WISER.org (Women's Institute for a Secure Retirement) - WISER, created in August 1996 by the Heinz Family Philanthropies, endeavors to improve the long-term economic security of millions of American women and men through education. The site has a free pamphlet that can be downloaded (or ordered by mail) entitled Women & Money Resources for Women Planning for Their Financial Security.

WSJ Personal Research and Tools - Their calculators and worksheets can help you plan for saving for college, buying a home or building up a nest egg for retirement. There is a section that poses the question, Should you Refinance your Mortgage? as well as one that keeps up with rates on IRA CDs, money-market and savings accounts. In addition, there is an Asset-allocation worksheet, a net worth calculator and a retirement worksheet.

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