Financial Education for Securities, Banking, & Insurance Professionals.

Go to Faculty List   Go to Expert List


  • Dr. David Nanigian conducts scholarly research in Financial Economics and teaches graduate-level finance courses. He is internationally known for his research on mutual funds, which has been published in leading peer-reviewed journals and presented at the New York Stock Exchange, the World Finance Conference, and the Financial Management Association. He has been quoted in various media outlets, including Fox News, Time, and The Associated Press.

    Prior to joining The American College in 2010, Nanigian was a researcher and PhD student at Texas Tech University. While at Texas Tech, he earned numerous awards including an AT&T Endowed Chancellor's Fellowship and a best paper award from the Academy of Financial Services for his joint work on the impact of redemption fees on mutual fund performance. Prior to joining Texas Tech, Nanigian was an MBA student at the University of California, Irvine's Merage School of Business, where he was also a Charles D. Martin Endowed Polaris Fellow. Prior to being a full-time MBA student at UC Irvine, Nanigian was a BBA student at San Diego State University and worked for a discount brokerage house and a full-service financial planning firm.

    Click to explore research papers written by Professor Nanigian
  • University Education

    Doctor of Philosophy in Personal Financial Planning
    Texas Tech University
    Supporting Field: Economics
    Dissertation title: Three Essays on Mutual Funds
    Dissertation committee: Michael Finke (chairperson), John Salter, Ozzy Akay, Eric Belasco, Masha Rahnama
    Lubbock, TX, 2010

    Master of Business Administration, Emphasis in Finance
    University of California
    Irvine, CA, 2007

    Bachelor of Science in Business Administration, Emphasis in Financial Services
    San Diego State University
    San Diego, CA, 2005

    Academic Appointments

    The Irwin Graduate School at The American College
    Associate Professor of Investments
    Bryn Mawr, PA, 2013 – present

    The Irwin Graduate School at The American College
    Assistant Professor of Investments
    Bryn Mawr, PA, 2010 – 2013

    Texas Tech University
    Research Assistant
    Lubbock, TX, 2007 – 2010

  • Professor Nanigian discusses the benefits of low-beta investing in his current Investment Management column in the Journal of Financial Planning. Read more.

    Professor Nanigian will present Redemption Fees: Reward for Punishment in the opening session at the Fifth Annual Applied Finance Conference of the Financial Management Association International, which will be held on May 15 at St. John's University in New York City.

    Dr. Nanigian recently discussed Mutual Funds on Ron Nawrocki’s Wealth DNA Radio Show. Listen to the show.

    Professor Nanigian examines the drivers of risk tolerance with Michael Guillemette (University of Missouri) in the Financial Services Review, (March 31, 2014). Read more.

    Dr. Nanigian explores and discusses new perspectives on the active versus passive debate in his current Investment Management column in the Journal of Financial Planning. Read more.

    Dr. Nanigian elaborates on his article, R² and the Benefits of Multiple-Fund Portfolios. Watch the video.


  • Many of the unpublished versions of Dr. Nanigian’s research papers are available for free download from his Social Science Research Network Author Page.

    “What determines risk tolerance?” with Michael Guillemette, Forthcoming in the Financial Services Review, (March 31, 2014). Read More.

    “Why do mutual fund expenses matter?” Financial Services Review, 21(3) (Fall 2012). Read More.  Read the Practitioner's Summary.

    “The Impact of Passive Investing on Corporate Valuations,” with Michael S. Finke and Eric J. Belasco, Managerial Finance, 38 (11) (November 2012), 1067 - 1084. Read more. Read the Practitioner's Summary

    “Advice on Mutual Fund Selection,” Journal of Financial Services Professionals, 66(5) (September 2012), 72 – 76.

    “Sustainable Withdrawal Rates from Retirement Portfolios: The Historical Evidence on Buffer Zone Strategies,” with Walter Woerheide, Journal of Financial Planning, 25(4) (April 2012), 46 - 52. Read more.

    “A More Informative Measure of Active Fund Performance,” Journal of Financial Planning, 24(11) (November 2011), 54 – 60. Read more.

    “R² and the Benefits of Multiple-Fund Portfolios,” with Dale L. Domian. Working Paper. Read more.

    "Low-Beta Investing with Mutual Funds." Financial Services Review Article. Read More.

    “Redemption Fees: Reward for Punishment,” with Michael S. Finke and William Waller. Working Paper. Read more.

    Follow Professor Nanigian’s latest research by subscribing to his RSS feed.

  • Professor Nanigian discusses the benefits of low-beta investing in his current Investment Management column in the Journal of Financial Planning. Read more.

    Dr. Nanigian recently discussed Mutual Funds on Ron Nawrocki’s Wealth DNA Radio Show. Listen to the show.

    “5 Things You Should Know About Target-Date Funds,”, July 15, 2013. Read more. 

    “Why Hyperactively Managed Funds Outperform,” Research Magazine, July 2013. Read more. 

    “What Are Defensive Stocks,”, May 2, 2012. Read more. 

    “In With the Old,” Insight Magazine (The official magazine of the Illinois CPA Society), Winter 2011, 18 – 20. Read more. 

    “Mixed Impact on Consumers From Fed’s ‘Twist’,”  The Associated Press (featured in 188 newspapers), September 22, 2011. Read more. 

    “Deal or No, the U.S. May Be Downgraded: Why Investors Can’t Rest Easy in the Short Term,”, August 2, 2011. Read more. 

    “Indexing Artificially Boosts a Stock’s Price: Study,”, June 24, 2011. Read more. 

    “The Fee That Makes You Money,” Read more.

    “New Perspectives on the Active versus Passive Debate,” Journal of Financial Planning. Read more. 

  • Fundamentals of Investments for Financial Planning

    Co-Authored by David Nanigian

    Covers various aspects of the principles of investments and their application to financial planning. Discusses risk analysis and risk and return computations. Looks at stocks, bonds, investment companies, options, and futures contracts. Includes an extended discussion of tax issues in investing, as well as of issues in the practice of portfolio management, including strategic and tactical asset allocation. Provides many examples of ethical and practical issues in managing a client's portfolio.

  • Course Responsibilities: 
    GS 819 Mutual Funds: Analysis, Allocation, and Performance Evaluation
    GS 811 Security Analysis and Portfolio Management
Programs of Study
Centers of

Insurance Education

Registered Health Underwriter®

(Health Insurance)


Chartered Healthcare Consultant®

(Healthcare Specialty)


Registered Employee

Benefits Consultant

(Employee Benefits)


Chartered Leadership Fellow®

(Field or Agency Leadership)


Life Underwriter Training

Council Fellow

(Insurance Skills)


Chartered Life Underwriter®

(Insurance Specialty)

Financial Planning

Chartered Financial Consultant®

(Advanced Financial Planning)


Certification Education

(Financial Planning)


Chartered Advisor for

Senior Living®

(Retirement Income Education)


Financial Services Specialist

(Financial Services Basics)


Chartered Advisor

in Philanthropy®



Retirement Income

Certified Professional

(Retirement Income)

Graduate Degrees

Master of Science in Management

(Executive Leadership)


Master of Science in

Financial Services

(Advanced Financial Planning)