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

ATUS-X National Research Scholarship

2014

Maryland Population Research Center

iOme National Retirement Policy Competition Winner

2013-2014

Education

Utah State University

B.S.

Finance

2008

Utah Valley University

M.B.A.

2012

Utah State University

B.S.

Economics

2008

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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

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

Texas Tech University  Lubbock, TX

2017-02-24

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

Academy of Financial Services  Nashville, TN

2017-10-01

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

Public reaction to stock market volatility: evidence from the ATUS

Applied Economics Letters

2016

How does the public react to changes in the stock market? We know from the existing body of research that sentiment can predict future stock-market movements. However, do market movements affect sentiment? This article addresses these questions by testing whether market movements precede changes in the emotional well-being of the general public.

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

2018 Academic Research Colloquium for Financial Planning and Related Disciplines

2017

This study tests whether an individual’s sense of financial self-efficacy mitigates the effects of credit-card mismanagement on users’ financial satisfaction. We first replicate the results of a previous study of credit-card usage and risk tolerance and find that credit-card mismanagement is associated with lower financial satisfaction for only borrowers with low risk tolerance.

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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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