tag:blogger.com,1999:blog-70157945082892459822024-03-05T07:30:48.831-07:00WilliamJennings.comWilliam Jenningshttp://www.blogger.com/profile/13561188858408822083noreply@blogger.comBlogger31125tag:blogger.com,1999:blog-7015794508289245982.post-33359921413889177852018-01-16T11:00:00.000-07:002018-01-15T15:42:42.709-07:00William W. JenningsWilliam W. Jennings is Professor of Finance and Investments at the <a href="http://www.usafa.af.mil/df/dfm/index.cfm">U.S. Air Force Academy</a>. Dr. Jennings is the principal finance educator—overseeing instruction to over 800 students per year—and a senior civilian management instructor. He has won the Outstanding Academy Educator (2001), Heiser Outstanding Senior Teacher (2013, #1 cadet vote-winner across 500+ faculty), and McDermott Research (2012, #1 of 250+ eligible) awards. He recently won a Graham and Dodd Scroll for finance research. He has served in roles analogous to associate dean in a typical business school and led the Management Department's successful <a href="http://www.aacsb.edu/">AACSB</a> accreditation efforts.<br />
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Dr. Jennings serves the community and Air Force via <a href="http://www.williamjennings.com/search/label/Investment%20Boards">various investment committees</a> overseeing over $35 billion in endowment and pension funds. In this capacity he has had both operational and oversight experience across a range of fiduciary investment management activities in both traditional and alternative investments. <span style="font-size: 100%;">His </span><a href="http://www.williamjennings.com/search/label/Research" style="font-size: 100%;">research interests</a><span style="font-size: 100%;"> focus on institutional portfolio management. Recently, he has undertaken research on fees, rebalancing, performance measurement, and pension investing. He has also done significant research on portfolio management for taxable investors, and is co-author of </span><i style="font-size: 100%;"><a href="http://www.williamjennings.com/2003/02/integrating-investments-and-tax-code.html">Integrating Investments and the Tax Code</a></i><span style="font-size: 100%;">. </span></div>
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Dr. Jennings previously worked as a private equity analyst and sports franchise valuation analyst at Arthur Andersen. He is a Chartered Financial Analyst charterholder and is registered as a Certified Public Accountant in Michigan. His doctorate is from the University of Michigan at Ann Arbor.</div>
William Jenningshttp://www.blogger.com/profile/13561188858408822083noreply@blogger.comtag:blogger.com,1999:blog-7015794508289245982.post-42178792555289620192018-01-15T10:00:00.000-07:002018-01-15T15:41:50.787-07:00William Jennings' Scholarly ResearchDr. Jennings generally researches real-world portfolio management problems. Recent research includes:<br />
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<li>Rebalancing</li>
<li><a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2725271" target="_blank">Normal return gaps</a></li>
<li><a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2543031" target="_blank">Fees on alternative investments</a></li>
<li><a href="http://www.williamjennings.com/2010/06/energy-stocks-as-separate-portfolio.html">Energy stocks</a></li>
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Earlier work considered:</div>
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<li><a href="http://www.williamjennings.com/2010/07/this-paper-is-co-authored-with-stephen.html">An updated look at the literature of wealth management</a></li>
<li><a href="http://www.williamjennings.com/2010/02/examining-use-of-investment-policy.html">Comparative Investment Policy Statements</a></li>
<li><a href="http://www.williamjennings.com/2008/10/simple-stock-bond-categorization-of.html">Categorizing alternative investments</a></li>
<li><a href="http://www.williamjennings.com/2004/07/style-de-stijl-or-morningstar-mondrian.html">Equity style</a></li>
<li><a href="http://www.williamjennings.com/2006/03/socially-enhanced-indexing-applying.html">Socially responsible investing</a></li>
<li><a href="http://www.williamjennings.com/2006/06/behavioral-asset-allocation-for.html">Behavioral asset allocation for foundations and endowments</a></li>
<li><a href="http://www.williamjennings.com/2007/11/do-health-care-investments-hedge-health.html">Do health care investments hedge health care liabilities?</a></li>
<li><a href="http://www.williamjennings.com/2009/08/disaggregated-tips-case-for.html">Disaggregated inflation-linked bonds</a></li>
<li><a href="http://williamjenningscom.blogspot.com/2006/12/literature-of-private-wealth-management.html">The literature of private wealth management</a></li>
<li>Institutional investors and corporate value</li>
<li><a href="http://www.williamjennings.com/2002/01/information-advantages-of-large.html">Block-holding investors</a></li>
<li>Valuing Social Security and pension benefits [several articles which were reprised in <a href="http://www.williamjennings.com/search/label/My%20Book">my book</a>]</li>
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Dr. Jennings' research has been published in <i>Strategic Management Journal, Financial Analysts Journal, </i><i>Journal of Investing, Advances in Financial Economics, Journal of Wealth Management, Journal of Pension Economics & Finance</i> and <i>Financial Services Review. </i>His <a href="http://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=50164">SSRN author page</a> includes his latest research.</div>
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William Jenningshttp://www.blogger.com/profile/13561188858408822083noreply@blogger.comtag:blogger.com,1999:blog-7015794508289245982.post-10938893751150019282016-10-20T13:02:00.001-06:002016-10-20T13:06:28.736-06:00Excel Tools for Wealth Management<a href="https://docs.google.com/uc?export=download&id=0B9QtLG7FcB09dVFPb2ZNTEFOWFE" target="_blank">This file</a> contains custom Excel functions that may be of help to wealth managers.William Jenningshttp://www.blogger.com/profile/13561188858408822083noreply@blogger.comtag:blogger.com,1999:blog-7015794508289245982.post-67561630682910515152016-10-01T14:37:00.000-06:002016-10-22T10:49:30.853-06:00Insights on the New Military Retirement SystemIn 2018, servicemembers will choose between the existing Hi-3 Retirement System and a new Blended Retirement System, combining DB and DC elements.<br />
<a href="https://docs.google.com/uc?export=download&id=0B9QtLG7FcB09eHNsaHZwTjRpcDQ" target="_blank"><br /></a>
<a href="https://docs.google.com/uc?export=download&id=0B9QtLG7FcB09eHNsaHZwTjRpcDQ" target="_blank">This slidedeck</a> highlights our views on making the choice. <a href="https://docs.google.com/uc?export=download&id=0B9QtLG7FcB09SVlhV0QyUWxKd3M" target="_blank">This slidedeck</a> does so in a more elementary way. <a href="https://docs.google.com/uc?export=download&id=0B9QtLG7FcB09dzBlOXpqUFhqOEk" target="_blank">This spreadsheet</a> allows you to evaluate particular circumstances.William Jenningshttp://www.blogger.com/profile/13561188858408822083noreply@blogger.comtag:blogger.com,1999:blog-7015794508289245982.post-68921354051793533602016-04-01T14:47:00.000-06:002016-04-19T14:48:21.857-06:00Director of the Caring for Colorado Foundation.Governor Hickenlooper recently reappointed Dr. Jennings to the board of the <a href="http://www.caringforcolorado.org/" target="_blank">Caring for Colorado Foundation</a>. Caring for Colorado is a grantmaking foundation focused on improving health and healthcare for all Coloradans. Dr. Jennings chairs the investment committee, which directs their $170 million portfolio.William Jenningshttp://www.blogger.com/profile/13561188858408822083noreply@blogger.comtag:blogger.com,1999:blog-7015794508289245982.post-23731709287054392262016-02-16T00:30:00.000-07:002016-02-15T17:54:42.376-07:00Wordle<span style="font-size: 85%;">A textual cartograph of this website:</span><br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjAEllO7hqJxR09L8iQDZyneZQThOwGnTsQhFW3NUXO3tUEf1n3x8cn8GRU-Yh4w1IPjAElzJ-NdGaGAYaJqqE0IxsBF8fmge7SCk-O_xsFsMNvdoS9cdOOB3AkX6VO6JCk6XCo1XRtGEY/s1600-h/WJ+Wordle4.jpg"><img alt="" border="0" id="BLOGGER_PHOTO_ID_5365770944980385138" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjAEllO7hqJxR09L8iQDZyneZQThOwGnTsQhFW3NUXO3tUEf1n3x8cn8GRU-Yh4w1IPjAElzJ-NdGaGAYaJqqE0IxsBF8fmge7SCk-O_xsFsMNvdoS9cdOOB3AkX6VO6JCk6XCo1XRtGEY/s400/WJ+Wordle4.jpg" style="display: block; height: 225px; margin: 0px 0px 10px; text-align: left; width: 300px;" /></a><br />
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William Jenningshttp://www.blogger.com/profile/13561188858408822083noreply@blogger.comtag:blogger.com,1999:blog-7015794508289245982.post-76533090290769192012016-02-06T17:51:00.000-07:002016-10-20T12:50:36.077-06:00Fees Eat Diversification's Lunch<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: x-small;">ABSTRACT: </span><span style="background-color: white; font-family: "trebuchet" , "tahoma" , "myriad roman" , "arial" , "helvetica" , sans-serif; font-size: x-small;">Diversification is often spoken of as the only free lunch in investing, yet we show that it is not free and is properly considered only in light of its costs. More-exotic asset classes typically come with a higher price tag. We show that fees on diversifying asset classes are high relative to their risk-adjusted diversification benefit. Because there is meaningful cross-sectional variation, fees need to be part of asset mix decisions and strategic asset allocation.</span><br />
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This paper was <a href="http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2543031" target="_blank">made available on SSRN</a> as of 28 December 2014.</div>
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This paper was presented at the Midwestern Finance Association March 2015 meetings in Chicago.</div>
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The paper was accepted at the Financial Analysts Journal on 7 July 2015.</div>
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The paper was published in the March/April 2016 issue of the <span style="line-height: 20.8px;"><i>Financial Analysts Journal</i></span>. The published version is here.</div>
William Jenningshttp://www.blogger.com/profile/13561188858408822083noreply@blogger.comtag:blogger.com,1999:blog-7015794508289245982.post-13384582715090537482014-07-01T02:00:00.000-06:002016-04-19T14:50:22.873-06:00William Jennings' Investment Committee ServiceDr. Jennings currently serves as member of or counsellor to eight investment committees or boards. <br />
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These boards have oversight of over $25 billion in endowment and pension funds.</div>
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In these capacities, he has:</div>
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<li>conducted an asset-liability study and developed a surplus management policy</li>
<li>conducted and analyzed asset allocation studies</li>
<li>developed and revised <i>Investment Policy Statements</i></li>
<li>conducted manager searches</li>
<li>transitioned endowments to a multi-manager structure, and <i>vice versa</i></li>
<li>formulated watch-list criteria</li>
<li>evaluated general investment consultants</li>
<li>evaluated real estate investment consultants</li>
<li>analyzed enhanced indexing vehicles</li>
<li>analyzed hedge fund of funds</li>
<li>analyzed direct energy investments</li>
<li>analyzed diversifying asset classes</li>
<li>reviewed target date funds</li>
<li>reviewed defined contribution investment menus</li>
<li>... among many other activities</li>
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William Jenningshttp://www.blogger.com/profile/13561188858408822083noreply@blogger.comtag:blogger.com,1999:blog-7015794508289245982.post-72427060994091859122014-06-12T04:00:00.000-06:002016-04-19T14:41:00.968-06:00Trustee of the Air Force Aid SocietyDr. Jennings was recently re-elected to a three-year term on the Board of Trustees of the <a href="http://www.afas.org/">Air Force Aid Society</a>. The Air Force Aid Society is the official charity of the U.S. Air Force. He was originally elected Trustee in 2008. He chairs the finance committee and serves on the budget subcommittee and compensation committee.William Jenningshttp://www.blogger.com/profile/13561188858408822083noreply@blogger.comtag:blogger.com,1999:blog-7015794508289245982.post-86612732128429619032012-02-01T04:00:00.001-07:002012-04-15T17:19:56.328-06:00Energy Stocks as a Separate Portfolio Allocation<div><br /></div><div>ABSTRACT: I examine energy stocks in the context of a diversified investment portfolio. Several factors—the importance of the energy sector, their potential to hedge energy risks, growing interest in real assets, as well as anecdotes of sophisticated investors focusing on energy investments—motivate this look at energy stocks. I demonstrate that a separate allocation to energy stocks enhances portfolio efficiency and hedges against inflation and inflation surprises.</div><div><br /></div><div>This paper was made <a href="http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1626535">available on SSRN</a> as of 19 June 2010.</div><div>This paper was presented at the Southwestern Finance Association March 2011 meetings in Houston, an appropriate venue for discussing oil stocks.</div><div>The paper was accepted at <a href="http://www.iijournals.com/toc/jwm/current">Journal of Wealth Management</a> on Halloween 2011.</div><div>The paper was published in the Spring 2012 issue of the Journal of Wealth Management. The published version is <a href="http://www.iijournals.com/doi/abs/10.3905/jwm.2012.14.4.070">here</a>.</div><div><br /></div>William Jenningshttp://www.blogger.com/profile/13561188858408822083noreply@blogger.comtag:blogger.com,1999:blog-7015794508289245982.post-63768702029709748112011-06-17T16:00:00.000-06:002016-04-19T14:39:40.805-06:00Investment Advisory Council at Alaska Retirement Management BoardDr. Jennings was recently re-elected to a three-year term as the academic member of the <a href="http://www.revenue.state.ak.us/treasury/programs/programs/index.aspx?40002">Investment Advisory Council</a> of the <a href="http://www.revenue.state.ak.us/treasury/programs/programs/index.aspx?40000">Alaska Retirement Management Board</a>. The Alaska Retirement Management Board has oversight of the $19 billion Alaska state pension. He was originally selected for the Investment Advisory Council in 2003.<br />
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The Investment Advisory Council's role is to:</div>
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<li>Review the investment decisions made by the Board</li>
<li>Make recommendations to the board concerning investment policies, strategies and procedures</li>
<li>Advise the board on the selection of performance consultants and on the form and content of annual reports</li>
<li>Provide other advice as requested by the board</li>
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William Jenningshttp://www.blogger.com/profile/13561188858408822083noreply@blogger.comtag:blogger.com,1999:blog-7015794508289245982.post-27032406419648557122010-12-01T04:00:00.000-07:002011-07-15T14:48:11.500-06:00A Simple Stock-Bond Categorization of Alternative Investments<div>ABSTRACT: I create a tool to help investors categorize an investment in a diversifying, alternative asset class. Using standard portfolio mathematics, I obtain a precise analytical solution to the proportion of the new investment that should be considered stock-like and the proportion that should be considered bond-like. These proportions rely on whether the alternative asset is funded from stocks or bonds. The resulting formula can readily incorporate the parameter ambiguity that often surrounds alternative assets. While the approach is reductionist, categorical thinking about alternative assets can help investment decision-making, particularly by non-specialists.</div><div><br /></div><div>This paper was made <a href="http://ssrn.com/abstract=1287395">available on SSRN</a> as of 21 October 2008.</div><div>The paper was updated on SSRN on 6 January 2009,17 August 2009 and 17 February 2009.</div><div>The paper was accepted at <a href="http://www.iijournals.com/toc/joi/current">Journal of Investing</a> on 10 May 2010.</div><div>The paper was published as the lead article in the <a href="http://www.iijournals.com/toc/joi/19/3">Fall 2010</a> Journal of Investing. The published version is <a href="http://www.iijournals.com/doi/abs/10.3905/joi.2010.19.4.031">here</a>.</div>William Jenningshttp://www.blogger.com/profile/13561188858408822083noreply@blogger.comtag:blogger.com,1999:blog-7015794508289245982.post-53280161159022537502010-07-30T05:01:00.002-06:002012-04-15T17:21:07.106-06:00Examining the Use of Investment Policy Statements<div style="font-style: normal; ">ABSTRACT: Using a sample of Investment Policy Statements [IPSs] from college and university endowments, we examine the form and use of these important documents. Direct examination of the IPS reveals subtleties that surveys may obscure. In addition to providing statistical insights into endowment management, we extract what we view as best practices from the Investment Policy Statements themselves. Our study provides valuable insights for both individual and institutional investors and their advisors.</div><div style="font-style: normal; "><br /></div><div style="font-style: normal; "></div>This paper is co-authored with Steve P. Fraser of Florida Gulf Coast University and is <a href="http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1554950" style="font-style: normal; ">available on SSRN</a> as of 17 February 2010.<div style="font-style: normal; ">The paper was updated on SSRN on 24 March 2010.</div><div>The paper was accepted for publication in the <i>Journal of Wealth Management </i>on 9 June 2010.<br /><a href="http://www.williamjennings.com/2010/02/examining-use-of-investment-policy.html" style="font-style: normal; ">This paper</a> was published as the lead article in the Fall 2010 issue of the <a href="http://www.iijwm.com/" style="font-style: normal; ">Journal of Wealth Management</a>. The published version is available <a href="http://www.iijournals.com/doi/abs/10.3905/jwm.2010.13.2.010" style="font-style: normal; ">here</a>.</div><div><span style="font-style: normal; ">Through late 2011, it was the most-viewed and most-downloaded paper in the </span><i>Journal of Wealth Management</i>.</div>William Jenningshttp://www.blogger.com/profile/13561188858408822083noreply@blogger.comtag:blogger.com,1999:blog-7015794508289245982.post-41054548686815659182010-07-15T08:39:00.001-06:002010-08-04T08:42:53.512-06:00Private Wealth Management: A Review<div>This paper is co-authored with Stephen M. Horan, of the CFA Institute, and Bill Reichenstein, of Baylor University, and is available on the <a href="http://www.cfapubs.org/doi/abs/10.2470/rflr.v5.n1.1">Research Foundation of the CFA Institute website</a> as of mid-July 2010.</div><div><br /></div><div>ABSTRACT: Private wealth management is the investment management specialization focused on high-net-worth individuals and families. Portfolio design and investment solutions in private wealth management are customized to reflect the complexities of the investor’s unique circumstances. This review reflects the current best thinking on private wealth management.</div>William Jenningshttp://www.blogger.com/profile/13561188858408822083noreply@blogger.comtag:blogger.com,1999:blog-7015794508289245982.post-53409858610404908992009-08-04T02:00:00.004-06:002011-03-27T12:40:04.043-06:00TeachingDr. Jennings teaches investment management and corporate finance courses. He has taught both undergraduates and MBA students. He has taught in both traditional classrooms and distance-learning environments. Additionally, he mentors young researchers on scholarly projects.<br /><br /><div>Course materials are available to his current students on internal websites [<span style="font-style: italic;">e.g., </span><a href="https://eim.usafa.edu/academics/management/mgt437/default.aspx">here</a> for MGT 437].</div>William Jenningshttp://www.blogger.com/profile/13561188858408822083noreply@blogger.comtag:blogger.com,1999:blog-7015794508289245982.post-66425818834197573532009-08-02T19:16:00.002-06:002012-04-15T17:22:59.461-06:00Office HoursI am available to cadets throughout the day on a drop-in basis. Some may find that scheduling an appointment is better.William Jenningshttp://www.blogger.com/profile/13561188858408822083noreply@blogger.comtag:blogger.com,1999:blog-7015794508289245982.post-11973047999736965592009-08-01T12:45:00.004-06:002010-11-05T13:07:06.997-06:00MGT 437J calendar<iframe src="http://www.google.com/calendar/embed?showTitle=0&height=300&wkst=1&hl=en&bgcolor=%23009900&src=eil8d0s5gkj73jjlnljf5lutio%40group.calendar.google.com&color=%232952A3&ctz=America%2FDenver" style=" border-width:0 " width="550" height="400" frameborder="0" scrolling="no"></iframe>William Jenningshttp://www.blogger.com/profile/13561188858408822083noreply@blogger.comtag:blogger.com,1999:blog-7015794508289245982.post-55402942552779277862009-04-15T04:00:00.003-06:002011-07-15T15:03:14.974-06:00Do Health Care Investments Hedge Health Care Liabilities?<div>ABSTRACT: Investment pools are frequently designed to pay health care expenses. We examine whether health care equity investments hedge health care liabilities. In contrast with conventional wisdom, we find them uncorrelated and, thus, poor hedges.</div><div><br /></div><div>This paper is co-authored with Steve Fraser, formerly of the U.S. Air Force Academy and now at Florida Gulf Coast University, and Brian Payne, of the U.S. Air Force Academy and currently pursuing his Ph.D. at the University of Nebraska. The paper is <a href="http://ssrn.com/abstract=1031046">available on SSRN</a> as of 29 November 2007.</div><div>The paper was published in the <a href="http://www.iijournals.com/doi/abs/10.3905/JOI.2009.18.1.069">Spring 2009 issue</a> of the <i><a href="http://www.iijournals.com/toc/joi/current">Journal of Investing</a></i>.</div>William Jenningshttp://www.blogger.com/profile/13561188858408822083noreply@blogger.comtag:blogger.com,1999:blog-7015794508289245982.post-50338468389821113162009-01-01T04:00:00.001-07:002009-07-25T12:19:52.791-06:00Financial Advisory Panel at The Aerospace CorporationDr. Jennings was recently appointed to the Financial Advisory Panel of <a href="http://www.aero.org/">The Aerospace Corporation</a>. The Aerospace Corporation is a federally-funded research and development center. The Financial Advisory Panel advises the CFO on pension investment matters.William Jenningshttp://www.blogger.com/profile/13561188858408822083noreply@blogger.comtag:blogger.com,1999:blog-7015794508289245982.post-31513654673044242632008-07-15T04:00:00.001-06:002009-08-02T17:36:31.850-06:00The Extended Portfolio in Private Wealth Management<div>This paper was published in the <a href="http://www.iijournals.com/doi/abs/10.3905/jwm.2008.706271">Summer 2008 issue</a> of the <i><a href="http://www.iijournals.com/toc/jwm/current">Journal of Wealth Management</a></i>.</div><div><br /></div><div>ABSTRACT: The authors assert that a private wealth manager should manage an individual's extended portfolio that contains financial assets like stocks and bonds along with non-financial assets such as human capital and future benefits from Social Security and defined-benefit pension plans. The optimal allocation of an individual's financial portfolio must recognize that it is but one part of an extended portfolio. If human capital is bond-like then, when human capital is substantially larger than financial assets, an individual's financial portfolio should be heavily allocated to stocks. Similarly, benefits from a defined-benefit pension plan or a fixed payout annuity are essentially “bonds” in an extended portfolio. Everything else the same, individuals with such bond-like extended portfolio assets should allocate a larger portion of their financial portfolios to stocks. The article examines these and other investment implications of this extended portfolio framework.</div>William Jenningshttp://www.blogger.com/profile/13561188858408822083noreply@blogger.comtag:blogger.com,1999:blog-7015794508289245982.post-19646155173361962122008-02-15T04:00:00.000-07:002009-08-02T17:44:44.202-06:00Information Advantages of Large Institutional Owners<a href="http://www.williamjennings.com/2002/01/information-advantages-of-large.html">This paper</a> was published in the <a href="http://www3.interscience.wiley.com/journal/117870991/issue">February 2008 issue</a> of <i><a href="http://www3.interscience.wiley.com/journal/2144/home">Strategic Management Journal</a></i>.William Jenningshttp://www.blogger.com/profile/13561188858408822083noreply@blogger.comtag:blogger.com,1999:blog-7015794508289245982.post-58564996635689178232007-07-01T04:00:00.000-06:002012-04-15T17:30:44.740-06:00Socially Enhanced Indexing: Applying Enhanced Indexing Techniques to Socially Responsible Investment<div style="font-style: normal; ">ABSTRACT: While socially responsible investing (SRI) is large and growing, current SRI offerings have shortcomings - including style biases, excessive expenses, tracking error and an incomplete menu of screens. We propose using factor-based models in SRI-screened investment universes to create "socially enhanced indexing" or SRI enhanced indexing. Using commercial software and readily available portfolio screens, socially enhanced indexing offers mass customization of values-based investment programs on the cheap.</div><div style="font-style: normal; "><br /></div><div style="font-style: normal; ">This paper is co-authored with Greg Martin, formerly of the U.S. Air Force Academy and now at the University of Indiana. The paper is <a href="http://ssrn.com/abstract=890650">available on SSRN</a> as of 22 March 2006.</div><div style="font-style: normal; ">The paper was updated on SSRN as of 11 May 2006.</div><div>The paper was published in the Summer 2007 issue of the <i>Journal of Investing</i>.</div>William Jenningshttp://www.blogger.com/profile/13561188858408822083noreply@blogger.comtag:blogger.com,1999:blog-7015794508289245982.post-91080304612122162122006-12-27T01:00:00.002-07:002009-07-24T23:27:25.315-06:00The literature of private wealth managementDr. Jennings is co-author, with William Reichenstein of Baylor University, of an annotated bibliography of the most important literature of private wealth management. The literature review was published by the <a href="http://www.cfainstitute.org/foundation/">Research Foundation</a> of the <a href="http://www.cfainstitute.org/">CFA Institute</a> and is available <a href="http://www.cfapubs.org/doi/pdf/10.2470/rflr.v1.n3.4362">here</a>.William Jenningshttp://www.blogger.com/profile/13561188858408822083noreply@blogger.comtag:blogger.com,1999:blog-7015794508289245982.post-82118110675578296322006-12-01T04:00:00.006-07:002012-04-15T17:18:05.585-06:00Behavioral Asset Allocation for Foundations and Endowments<div>ABSTRACT: The behavioral asset allocation framework developed for individual investors can help foundation and endowment trustees become more comfortable with "uncomfortable" asset classes that would help overall portfolio efficiency. Eleemosynary investment, particularly at smaller charities, is typified by convention and conservatism. The behavioral asset allocation approach helps overcome this tendency by decomposing the total portfolio into timeline-based subportfolios that look to secure the nonprofit's payouts for many years and isolates the "uncomfortable" assets in the longest-term subportfolios. We advance and apply the behavioral asset allocation framework in a new context, yet one relevant for high-net-worth individuals with charitable intent.</div><div><br /></div><div>This paper is co-authored with Steve Fraser, formerly of the U.S. Air Force Academy and now at Florida Gulf Coast University. The paper is <a href="http://ssrn.com/abstract=911626">available on SSRN</a> as of 29 June 2006.</div><div>The paper was <a href="http://ssrn.com/abstract=911626">updated on SSRN</a> on 13 Sept 2006.</div><div>The paper was published in the <a href="http://www.iijournals.com/doi/abs/10.3905/jwm.2006.661431">Winter 2006 issue</a> of the <i><a href="http://www.iijwm.com/">Journal of Wealth Management</a>.</i></div><div><br /></div>William Jenningshttp://www.blogger.com/profile/13561188858408822083noreply@blogger.comtag:blogger.com,1999:blog-7015794508289245982.post-64077006309574122812006-11-15T17:20:00.002-07:002016-04-19T14:49:05.615-06:00Investment Committee at The Colorado TrustDr. Jennings was recently selected as a Community Member of the Investment Committee of <a href="http://www.coloradotrust.org/">The Colorado Trust</a>. The Colorado Trust is a $450 million grant-making foundation focused on health-care access in Colorado.<br />
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Originally appointed in 2006, his term expired in 2012.</div>
William Jenningshttp://www.blogger.com/profile/13561188858408822083noreply@blogger.com