Patrick Payne

Assistant Professor Western Carolina University

  • Cullowhee NC

Patrick Payne's teaching interests include risk management and insurance, estate planning, or any other field within financial planning.

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Biography

Patrick Payne's teaching interests include risk management and insurance, corporate finance, estate planning, or any other field within financial planning. His philosophy on teaching is that students should be treated with respect and held to high standards of responsibility. In his experience, most students rise to the standard established by the instructor.

Patrick's particular field of study is the psychometric evaluation of risk and investor response to risky situations. This is interesting to him because risk and uncertainty surround every aspect of our financial lives. How we manage and react to these risks can greatly affect how satisfied we are with our financial decisions. Patrick seeks to complete useful and relevant research in this area because it contributes to our understanding of how wealth actually produces positive outcomes for families and, by extension, companies and nations.

Patrick's most recent research has examined how loss aversion and cognitive ability affect the perception of investment risk, the mediating effects of risk tolerance on the response to recessionary markets, and how the public views and reacts to day to day volatility in the stock market. His research agenda for the next several years focuses on identifying ways in which behavioral decision theory may be able to predict both ex-post and ex-ante investor responses to risk in financial markets. This agenda includes examining such topics as the role of sentiment in the flow of funds within the market, the role of loss aversion in the investment decision, and utilizing behavioral biases and heuristics to improve investor outcomes.

Industry Expertise

Research
Education/Learning

Areas of Expertise

Behavioral Finance
Finance
Personal Financial Planning
Economics
Investor Behavior

Accomplishments

iOme National Retirement Policy Competition Winner

2013-2014

ATUS-X National Research Scholarship

2014

Maryland Population Research Center

Education

Texas Tech University

Ph.D.

Personal Financial Planning

2015

Utah State University

B.S.

Economics

2008

Utah Valley University

M.B.A.

2012

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Affiliations

  • Financial Management Association
  • National Association of Personal Financial Advisors
  • Financial Planning Association
  • Academy of Financial Services
  • Association for Financial Counseling and Planning Education

Languages

  • English

Event Appearances

Two-Factor Risk Preference for Investment Market and Credit Card Risk

Academy of Financial Services Conference 2018  Chicago, TN

2018-10-02

Two-factor risk preference and credit card risk

Academy of Financial Services Conference 2018  Chicago, TN

2018-10-02

Financial Self-Efficacy and the Financial Satisfaction of Credit-Card Users

2018 Academic Research Colloquium for Financial Planning and Related Disciplines  Washington, DC

2018-02-21

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Articles

Two-factor risk preference for investment market and credit card risk

Financial Planning Review

2019

This study proposes a new “two-factor” risk preference metric and assesses its effectiveness in predicting financial satisfaction under two risk domains: investment market risk and credit card risk. The factors in our two-factor assessment are risk tolerance and financial self-efficacy (FSE), both of which have other theoretical and empirical support as measures of risk attitudes.

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Risk Tolerance and the Financial Satisfaction of Credit Card Users

Journal of Financial Counseling and Planning

2019

This study tests whether risk tolerance mitigates the effects of credit card mismanagement on users' financial satisfaction. We used data from the Health and Retirement Study and found results showing that credit card mismanagement reduces the financial satisfaction of lower-risk-tolerance users only.

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Market Volatility and Financial Satisfaction: The Role of Financial Self-Efficacy

Journal of Behavioral Finance

2019

This study investigates the role of financial self-efficacy (FSE) in moderating the relationship between market volatility and financial satisfaction within a sample of 3,405 adults 50 years old and over from the Health and Retirement Study.

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