Financial Education for Securities, Banking, & Insurance Professionals.

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  • Dr. David Nanigian conducts scholarly research in Financial Economics and teaches courses on Security Analysis, Portfolio Management, and Mutual Funds in the Irwin Graduate School at The American College. He is internationally known for his research on mutual funds, which has been widely published in leading peer-reviewed journals and presented at the New York Stock Exchange, the World Finance Conference, the Financial Management Association, and a variety of regional conferences. His research is frequently cited in not only academic journals but also global media outlets, such as The Wall Street JournalThe New York Times, and the Associated Press. In addition to conducting research and teaching courses, Nanigian writes a regular Investment Management column for the Journal of Financial Planning and serves on the board of directors for the Academy of Financial Services.

    Prior to joining The American College in 2010, Nanigian was a researcher and Ph.D. 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 becoming 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

  • Dr. Nanigian discuses characteristics to look for when selecting mutual funds in his current Investment Management column in the Journal of Financial Planning. Read More

    Professor Nanigian's research with Michael Finke (Texas Tech) and Eric Belasco (Montana) on the Impact of Index Fund Investing on Corporate Valuations was cited in the New York Times' Quarterly Mutual Funds Report. Read More

    Nanigian's most recent research publication, Is Your Tax-Managed Fund Manager Hiding in the Closet?, with Dale Domian (York University) and Philip Gibson (Winthrop University) was featured in the Wall Street Journal and in Larry Swedroe's Index Investor Corner on
    Read the Wall Street Journal Article | Read the Article on

  • Many of the unpublished versions of Dr.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

    “Is Your Tax-Managed Fund Manager Hiding in the Closet?” with Dale L. Domian and Philip Gibson, The Journal of Wealth Management, 18(2) (Fall 2015), 67 - 76. Read More.

    "Low-Beta Investing with Mutual Funds." Financial Services Review Article, 23(4) (Winter 2014), 361 - 383. (Previously titled "Capitalizing on the Greatest Anomaly in Finance with Mutual Funds").Read More.

    “What determines risk tolerance?” with Michael Guillemette, Financial Services Review, 23(3) (Fall 2014), 207 - 218. Read More.

    “R² and the Benefits of Multiple-Fund Portfolios,” with Dale L. Domian, The Journal of Investing, 23(3) (Fall 2014), 43 – 64. Read more.

    “Why do mutual fund expenses matter?” Financial Services Review, 21(3) (Fall 2012), 239-257. 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.

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  • “The Ease of Index Funds Comes With Risk,” The New York Times, October 11, 2015, BU11. Read More.

    “Unfriendly Tax-Friendly Funds,” The Wall Street Journal, October 5, 2015, R7. Read More.

    “Swedroe: Tax Managed Funds Fail To Impress,”, September 21, 2015. Read More.

    “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.

  • 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.

  • 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)