Selected Academic Research

These are some of the recent research projects performed by members of the Center for Financial Planning & Investment.


  • Can typical households earn hedge fund returns? An analysis of the Eta replication approach, Journal of Derivatives & Hedge Funds, (J. Chong and G.M. Phillips).
  • Characteristics of Self-Insurers for Workers’ Compensation Losses: Evidence from Manufacturers in Pennsylvania, Chinese-American Professional Society, (M.S. Chang).
  • Characteristics of U.S. Self-Insurers for Workers’ Compensation Losses, Journal of Insurance Regulation/National Association of Insurance Commissioners, (M.S. Chang and M. Weiss).
  • Estimation of dynamic correlations across REIT sub-sectors and the implications for diversification, Applied Financial Economics (J. Chong, A. Krystalogianni, and S. Stevenson.)
  • Eta analysis of portfolios: The economy matters,  Journal of Wealth Management, (J. Chong, W. Jennings, & G.M. Phillips).
  • Five Types of Risk and a Fistful of Dollars: Practical risk analysis for investors, Journal of Financial Service Professionals, 66(3) (J. Chong, W. Jennings, and G.M. Phillips) Click Here to Download (provided with permission of the JFSP)
  • Low- (economic) volatility investing, Journal of Wealth Management, (J. Chong and G.M. Phillips).
  • Measuring risk for cost of capital: The downside beta approach,  Journal of Corporate Treasury Management, (J. Chong and G.M. Phillips).
  • Misleading betas: An educational example, American Journal of Business Education, (J. Chong, D. Halcoussis, G.M. Phillips).
  • Neighbourhood Effects and Asset Allocation,  Journal of Interdisciplinary Economics, (J. Dow, J. Chong, and G.M. Phillips).
  • What’s Good in Theory May Be Flawed in Practice: Potential Legal Consequences of Poor Implementation of a Theoretical Sample, Hastings Business Law Journal, (M. Williams, G.M. Phillips, and A.L. Phillips).


  • Measuring Risk for Cost of Capital: The downside beta approach, Journal of Corporate Treasury Management,4(4) (J. Chong and G.M. Phillips)
  • Beta measures market risk except when it doesn’t: regime switching alpha and errors in beta, Journal of Wealth Management, 14(3), 67-72. (J. Chong and G.M. Phillips)
  • The impact of neighborhood ethnic composition on availability of financial planning services, Journal of Financial Service Professionals 65(6) (J. Chong, A.L. Phillips, and G.M. Phillips). Click Here to Download (provided with permission of the JSFP)
  • Can typical households earn hedge fund returns? An analysis of the Eta® replication approach, Journal of Derivatives and Hedge Funds, forthcoming (J. Chong and G.M. Phillips).
  • When “dartboard investing,” it helps to pick the right dartboard: A comparison of randomly selected stock and fund portfolios, Journal of Wealth Management, 13(4) 60-67 (J. Chong and G.M. Phillips).
  • Neighbourhood effects and asset allocation, Journal of Interdisciplinary Economics, 23, 1, 37-52 (J. Chong, J. Dow, and G.M. Phillips).
  • Does market volatility impact presidential approval? Journal of Public Affairs 11(4)387-394 (J. Chong, D. Halcoussis, and G.M. Phillips).
  • S&P 500 ETFs and index funds: Are fees all there is to it? Journal of Wealth Management, 14, 2, 59-67 (J. Chong, M.M. Hussein, and G.M. Phillips).
  • Can dual beta filtering improve investor performance? Journal of Personal Finance, 10, 1, 63-86 (J. Chong, S. Pfeiffer, and G.M. Phillips).


  • Conditional correlation and volatility in commodity futures and traditional asset markets, Journal of Alternative Investments, 12, 3, 61-75 (J. Chong, and J. Miffre).
  • Interpreting bivariate regression coefficients: Going beyond the average, American Journal of Business Education, 3, 4 (D. Halcoussis, and G.M. Phillips).
  • The persistence of traditional gender stereotypes: Evidence from the distribution of academic honors at a female-majority university, American Journal of Business Education, 3, 10, 45-53 (A.L. Phillips, and G.M. Phillips).