The Role of Sex in the Assessment of Return and Downside Risk in Decumulation Financial Planning

This paper aims to assess the return and downside risk of a decumulation portfolio established at the retirement age of a senior, with a determined lifetime horizon differentiated by the sex of the citizen. To measure the portfolio’s return and downside risk, two ratios conditioned by seniors’ risk...

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Detalhes bibliográficos
Autores: Betzuen Álvarez, Amaia Jone, Betzuen Zalbidegoitia, Amancio
Formato: artículo
Fecha de publicación:2024
País:España
Recursos:Universidad del País Vasco
Repositorio:Addi. Archivo Digital para la Docencia y la Investigación
OAI Identifier:oai:addi.ehu.eus:10810/69613
Acesso em linha:http://hdl.handle.net/10810/69613
Access Level:acceso abierto
Palavra-chave:downside risk
senior
financial planning
decumulation portfolio
retirement
sex
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spelling The Role of Sex in the Assessment of Return and Downside Risk in Decumulation Financial PlanningBetzuen Álvarez, Amaia JoneBetzuen Zalbidegoitia, Amanciodownside riskseniorfinancial planningdecumulation portfolioretirementsexThis paper aims to assess the return and downside risk of a decumulation portfolio established at the retirement age of a senior, with a determined lifetime horizon differentiated by the sex of the citizen. To measure the portfolio’s return and downside risk, two ratios conditioned by seniors’ risk attitude towards portfolio failure are employed: the downside Sortino ratio and the downside risk–return ratio. Unlike other research in the field, this manuscript provides three portfolio compositions catering to different senior investment profiles: aggressive, moderate, and conservative. Additionally, it offers a decumulation horizon conditioned by the sex-specific life expectancy of the individual, instead of offering different scenarios for conducting a sensitivity analysis. Lastly, this study was conducted across three socioeconomically distinct countries: the US, Spain, and Japan. The results clearly demonstrate that both sex and nationality significantly influence the selection of the optimal decumulation portfolio composition aimed at exhausting funds by the senior’s demise.MDPI2024202420242024info:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10810/69613reponame:Addi. Archivo Digital para la Docencia y la Investigacióninstname:Universidad del País VascoIngléshttps://www.mdpi.com/2227-9091/12/9/142info:eu-repo/semantics/openAccesshttp://creativecommons.org/licenses/by/4.0/es/© 2024 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (https://creativecommons.org/licenses/by/ 4.0/).oai:addi.ehu.eus:10810/696132026-06-18T09:23:17Z
dc.title.none.fl_str_mv The Role of Sex in the Assessment of Return and Downside Risk in Decumulation Financial Planning
title The Role of Sex in the Assessment of Return and Downside Risk in Decumulation Financial Planning
spellingShingle The Role of Sex in the Assessment of Return and Downside Risk in Decumulation Financial Planning
Betzuen Álvarez, Amaia Jone
downside risk
senior
financial planning
decumulation portfolio
retirement
sex
title_short The Role of Sex in the Assessment of Return and Downside Risk in Decumulation Financial Planning
title_full The Role of Sex in the Assessment of Return and Downside Risk in Decumulation Financial Planning
title_fullStr The Role of Sex in the Assessment of Return and Downside Risk in Decumulation Financial Planning
title_full_unstemmed The Role of Sex in the Assessment of Return and Downside Risk in Decumulation Financial Planning
title_sort The Role of Sex in the Assessment of Return and Downside Risk in Decumulation Financial Planning
dc.creator.none.fl_str_mv Betzuen Álvarez, Amaia Jone
Betzuen Zalbidegoitia, Amancio
author Betzuen Álvarez, Amaia Jone
author_facet Betzuen Álvarez, Amaia Jone
Betzuen Zalbidegoitia, Amancio
author_role author
author2 Betzuen Zalbidegoitia, Amancio
author2_role author
dc.subject.none.fl_str_mv downside risk
senior
financial planning
decumulation portfolio
retirement
sex
topic downside risk
senior
financial planning
decumulation portfolio
retirement
sex
description This paper aims to assess the return and downside risk of a decumulation portfolio established at the retirement age of a senior, with a determined lifetime horizon differentiated by the sex of the citizen. To measure the portfolio’s return and downside risk, two ratios conditioned by seniors’ risk attitude towards portfolio failure are employed: the downside Sortino ratio and the downside risk–return ratio. Unlike other research in the field, this manuscript provides three portfolio compositions catering to different senior investment profiles: aggressive, moderate, and conservative. Additionally, it offers a decumulation horizon conditioned by the sex-specific life expectancy of the individual, instead of offering different scenarios for conducting a sensitivity analysis. Lastly, this study was conducted across three socioeconomically distinct countries: the US, Spain, and Japan. The results clearly demonstrate that both sex and nationality significantly influence the selection of the optimal decumulation portfolio composition aimed at exhausting funds by the senior’s demise.
publishDate 2024
dc.date.none.fl_str_mv 2024
2024
2024
2024
dc.type.none.fl_str_mv info:eu-repo/semantics/article
format article
dc.identifier.none.fl_str_mv http://hdl.handle.net/10810/69613
url http://hdl.handle.net/10810/69613
dc.language.none.fl_str_mv Inglés
language_invalid_str_mv Inglés
dc.relation.none.fl_str_mv https://www.mdpi.com/2227-9091/12/9/142
dc.rights.none.fl_str_mv info:eu-repo/semantics/openAccess
http://creativecommons.org/licenses/by/4.0/es/
eu_rights_str_mv openAccess
rights_invalid_str_mv http://creativecommons.org/licenses/by/4.0/es/
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv MDPI
publisher.none.fl_str_mv MDPI
dc.source.none.fl_str_mv reponame:Addi. Archivo Digital para la Docencia y la Investigación
instname:Universidad del País Vasco
instname_str Universidad del País Vasco
reponame_str Addi. Archivo Digital para la Docencia y la Investigación
collection Addi. Archivo Digital para la Docencia y la Investigación
repository.name.fl_str_mv
repository.mail.fl_str_mv
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score 15,811543

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