Finance for Academics A Guide to Investment for Income
The purpose of this book is to provide a hands-on guide to finance and investment for academics with an objective of providing strategies to maximize income, minimize fees, and legally minimize taxes. There are many risks in finance and investment
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For further volumes: http://www.springer.com/series/10282
Ronald A. Francisco
Finance for Academics A Guide to Investment for Income
123
Ronald A. Francisco Department of Political Science University of Kansas Lawrence, KS, USA
ISSN 2193-1720 e-ISSN 2193-1739 ISBN 978-1-4614-3243-2 e-ISBN 978-1-4614-3244-9 DOI 10.1007/978-1-4614-3244-9 Springer New York Dordrecht Heidelberg London Library of Congress Control Number: 2012933790 © Ronald A. Francisco 2012 All rights reserved. This work may not be translated or copied in whole or in part without the written permission of the publisher (Springer Science+Business Media, LLC, 233 Spring Street, New York, NY 10013, USA), except for brief excerpts in connection with reviews or scholarly analysis. Use in connection with any form of information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed is forbidden. The use in this publication of trade names, trademarks, service marks, and similar terms, even if they are not identified as such, is not to be taken as an expression of opinion as to whether or not they are subject to proprietary rights. Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)
For Benjamin
Preface
I first learned about finance in 1975 when Professor Allan J. Cigler told me to buy utility stocks because for the next 2 years their dividends would be tax free. I did, and am forever thankful to him for getting me interested in finance and investment. Professor Cigler played another large role about 8 years ago when he came to my office and told me that our assistant professors thought they would be getting a pension from the university. “Oh, dear” said I, “what shall we do?” He suggested writing something that would correct the assistant professors’ views on retirement finance. I asked whether he wanted to do it or if he wanted me to write this document. He was busy at the time, so I started writing Finance for Academics and distributing it to my colleagues. It was not long before the document grew in size and more academics sought it. These were academics from all over, not only from my university, but from many others as well. Over the years Finance for Academics began to spread beyond the academic community. I found out this year that it surfaced in Florida in an investment class run by an economist from the International Monetary Fund. Finance for Academics was the text for this class. That alarmed me. I decided then that I would put the document on my website and thought perhaps I should expand it to provide better and more thorough explanations. The result is this book. I have tried to render the arcane world of finance somewhat simpler to a sophisticated audience. Finance and investment have grown ever more complicated with new sorts of investments and derivatives of old ones. Some of the most successful investors are mathematicians who can understand more easily the high level of mathematics that is today applie
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