Bio
William W. Jennings is Professor of Finance and Investments at the U.S. Air Force Academy, where he is the principal finance educator and a senior civilian management professor. He serves the community via various investment committees with over $35 billion in AUM—including at Air Force Aid Society, Caring for Colorado Foundation, Falcon Foundation, and Air Force Services pension, among others. His recent research focuses on alternative investments, investment fees, portfolio rebalancing, and micro-cap stocks. He is a Chartered Financial Analyst charterholder. His doctorate is from the University of Michigan. He is married with two adult children.
Education
PhD, University of Michigan
Bachelor of Arts & Bachelor of Business Administration, Accounting, Southern Methodist University
Professional Experience
Professor Jennings previously worked as a private equity analyst and sports valuation analyst. He is a Chartered Financial Analyst charterholder and is registered as a Certified Public Accountant in Michigan.
Honors & Awards
Graham & Dodd Financial Writing Award
Heiser Outstanding Senior Faculty Educator
McDermott Research
Outstanding Academy Educator
Several Departmental Research Awards
Several Conference Best Paper Awards
Research and Scholarly Interests
Applied Portfolio Retirement
Financial Engineering
Wealth Management
Military Retirement
Publications
Five Tools for Wealth Managers (with Brian C. Payne and Thomas O’Malley), Journal of Wealth Management 19(3), 9–21, Winter 2016.
Fees Eat Diversification’s Lunch (with Brian C. Payne), Financial Analysts Journal, 72(2), March/April 2016.
The Mogador Trust: Applying Investment Concepts to Private Foundations (with Kevin J. Davis), Journal of Financial Case Research, 2016.
Energy stocks as a separate portfolio allocation, Journal of Wealth Management 14(4), 70-86, Spring 2012.
Two key concepts for wealth management and beyond (with William Reichenstein, Baylor U, and Stephen M. Horan, CFA Institute), Financial Analysts Journal, 68(1), 14-22, January/February 2012.
Perspectives from the literature of private wealth management (with Stephen M. Horan, CFA Institute, William Reichenstein, Baylor U, and Jean L.P. Brunel), Journal of Wealth Management 14(1), 8-40, Summer 2011.
A simple stock-bond categorization of alternative investments, Journal of Investing, 19(4), 31-49, Winter 2010.
Examining the use of investment policy statements, (with Steve P. Fraser, Florida Gulf Coast U), Journal of Wealth Management, 13(2), 10-22, Fall 2010.
Private wealth management: A review, (with Stephen M. Horan, CFA Institute, and William Reichenstein, Baylor U), Literature review series of the Research Foundation of the CFA Institute, July 2010.
Do health care investments hedge health care liabilities? (with Steve P. Fraser, Florida Gulf Coast U, and Brian C. Payne, USAFA and U of Nebraska), Journal of Investing, Spring 2009.
The extended portfolio in private wealth management, (with William Reichenstein, Baylor U), Journal of Wealth Management, 11(1), 36-45, Summer 2008.
Information advantages of large institutional owners, (with Karen Schnatterly and Kenneth Shaw, both of U of Missouri, and Paul Seguin, U of Minnesota), Strategic Management Journal, 29(2), 219-227, February 2008.
Socially enhanced indexing: Applying enhanced indexing techniques to socially responsible investment (with Gregory Martin, USAFA), Journal of Investing, 16(2), 18-31, Summer 2007.
The literature of private wealth management, (with William Reichenstein, Baylor U), Annotated bibliography series of the Research Foundation of the CFA Institute, January 2007.
Disaggregated TIPS: The case for disaggregating inflation-linked bonds into bonds linked to narrower CPI components, Journal of Pension Economics and Finance 5(3), 325-343, November 2006.
Behavioral asset allocation for foundations and endowments (with Steve P. Fraser, USAFA), Journal of Wealth Management 9(3), 38-50, Winter 2006.
Morningstar and Mondrian, or Style and deStijl: The use and misuse of Morningstar styles boxes (with Kevin J. Davis, USAFA), Journal of Investing 14(4), 47-59, Winter 2005.
Further evidence on institutional ownership & corporate value, Advances in Financial Economics, 11, 2005, 171 211.
The impact of augmenting traditional instruction with technology-based, experiential exercise (with David R. King, U Indiana), Journal of Financial Education, 30, Summer 2004, 9-25.
Valuing defined-benefit plans (with William Reichenstein, Baylor U), Financial Services Review, 12(3), 2003, 179-200.
The value of retirement benefits: The value of military retirement (with William Reichenstein, Baylor U), Financial Services Review, 10(1), 2002, 19-35.
Institutional ownership, information & liquidity, (with Karen Schnatterly & Paul Seguin, both U of Minnesota), Advances in Financial Economics, 7, 2002, 41-71.
Estimating the value of Social Security retirement benefits, (with William Reichenstein, Baylor U), Journal of Wealth Management, 4(3), Winter 2001, 14-29.
Strategic asset allocation for individual investors: The impact of the present value of social security benefits, (with Steve P. Fraser & David R. King), Financial Services Review, 9(4), 2001, 295-326.