My Research

Some of my research is related to Personal Finance, some of it isn't.  Here are a just a few  of my papers you might find interesting.  I post many (but not all) of my articles at ResearchGate. 

Emergency Fund Shortfall Risk: The Case for Stock Allocation 

Revise and Resubmit -- Financial Services Review

Link to Full Paper 

This paper challenges the conventional recommendation that households should maintain emergency funds in low-risk liquid accounts, such as high-yield savings accounts. Using simulations from 1958–2025, we show that stock-based funding strategies reach standard emergency fund thresholds faster in approximately three-quarters of cases. While stock investing introduces volatility risk, we identify a previously undocumented tradeoff—emergency fund shortfall risk—whereby conservative savings strategies increase the likelihood that households lack sufficient funds during financial shocks. This newly defined risk is greatest for households that have low rates of savings; thus, these households may be best served investing emergency savings in stocks. Based on our analysis, we argue that prevailing emergency fund guidance i) does not account for emergency fund shortfall risk; ii) overlooks the specific needs of investors; and iii) does not align with historical outcomes.

Is the Stock Market Game leading to bad habits? An analysis of prior research and strategies of former participants 

Under Review -- Journal of Economics and Finance Education

Link to Full Paper 

Each year, roughly 600,000 kids compete in the Stock Market Game, a biannual competition where

students, typically in grades four through twelve, manage a theoretical $100,000 portfolio in hopes of

outpacing their competitors. Prior research offers some evidence that the game increases financial

literacy, boosts attendance, and improves students’ scores on standardized math tests. Alternatively,

some have criticized the game as it incentivizes players to buy individual stocks and build a portfolio with

low diversification. Furthermore, short-sales and trading on margin, activities that are inadvisable for

real-world investing, are viable strategies for participants in the SMG. In this paper, I analyze prior

research on the stock market game, compare strategic play in the stock market game vs. real world

investing, and find evidence of questionable financial tactics from regional and national winners of past

iterations of the content. Finally, I propose alternative simulations and contests that teachers could use

to replace—or to use in conjunction with—the stock market game.

A theoretical examination of cash-back credit cards and their effect on consumer spending 

Published -- Financial Servieces Review

Link to Full Paper

The role of cash-back credit cards in personal financial strategies is highly debated. For example, Dave Ramsey (Ramsey, 2019) urges consumers to avoid even the most lucrative cash-back cards, while others argue that these cards offer significant savings. Herein, we construct models to analyze the use of cash-back cards by rational consumers, demonstrating that cash-back cards increase spending (and, thus, reduce savings) for some consumers. While prior research focuses on behavioral issues related to credit cards, our research is the first to show that some consumers will rationally increase spending when using a cash-back credit card in lieu of cash.