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Welcome to the 2017 AFS Annual Meeing, being held this year, in conjunction with FPA in Nashville!
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Sunday, October 1 • 3:30pm - 4:20pm
F3a An Empirical Evaluation of Dynamic vs. Static Withdrawal Strategies: It’s a Dynamic Small World After All

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This study compares simple dynamic withdrawal strategies with the static withdrawal method, examining not only failure rates and ending wealth but also spending. In addition, the use of small company stocks in place of large company stocks is investigated. Results indicate that use of small stocks is superior to using large stocks in the portfolios. When U.S. historical stock returns are adjusted downward, there is the potential for some dynamic strategies to not ensure income for life. This paper demonstrates that the simplest dynamic strategy is superior to two popular dynamic strategies.

Author(s): Ken Johnston, John Hatem


Ken Johnston

Associate Professor of Finance, Berry College

Sunday October 1, 2017 3:30pm - 4:20pm
Mockingbird 3

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