Patrick Payne
Assistant Professor | Western Carolina University
Cullowhee, NC, UNITED STATES
Patrick Payne's teaching interests include risk management and insurance, estate planning, or any other field within financial planning.
Media
Publications:
Documents:
Videos:
Audio/Podcasts:
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 (2)
Research
Education/Learning
Areas of Expertise (5)
Behavioral Finance
Finance
Personal Financial Planning
Economics
Investor Behavior
Accomplishments (2)
iOme National Retirement Policy Competition Winner (professional)
2013-2014
ATUS-X National Research Scholarship (professional)
2014 Maryland Population Research Center
Education (4)
Texas Tech University: Ph.D., Personal Financial Planning 2015
Utah State University: B.S., Economics 2008
Utah Valley University: M.B.A. 2012
Utah State University: B.S., Finance 2008
Affiliations (5)
- Financial Management Association
- National Association of Personal Financial Advisors
- Financial Planning Association
- Academy of Financial Services
- Association for Financial Counseling and Planning Education
Links (3)
Languages (1)
- English
Event Appearances (5)
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
Market Volatility and Financial Satisfaction: The Role of Financial Self-Efficacy Beliefs
Academy of Financial Services Nashville, TN
2017-10-01
Market Volatility and Financial Satisfaction: The Role of Financial Self-Efficacy Beliefs
Texas Tech University Lubbock, TX
2017-02-24
Articles (5)
Two-factor risk preference for investment market and credit card risk
Financial Planning Review2019 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.
Risk Tolerance and the Financial Satisfaction of Credit Card Users
Journal of Financial Counseling and Planning2019 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.
Market Volatility and Financial Satisfaction: The Role of Financial Self-Efficacy
Journal of Behavioral Finance2019 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.
Financial Self-Efficacy and the Financial Satisfaction of Credit-Card Users
2018 Academic Research Colloquium for Financial Planning and Related Disciplines2017 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.
Public reaction to stock market volatility: evidence from the ATUS
Applied Economics Letters2016 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.
Social