David M. Smith

Position: Professor and Director, Center for Institutional Investment Management
Office: (518) 956-8356
Email: dsmith (at) albany.edu

Education
Ph.D., Virginia Tech, 1989

Biography
Professor Smith has published more than 25 refereed articles in journals including the Journal of Financial & Quantitative Analysis, Financial Management, Journal of Portfolio Management, and Journal of Financial Research. He has been the principal author of several successful proposals, including one that brought $1.6 million to establish CIIM at UAlbany. Smith is a recipient of the Financial Frontiers Award for Research Excellence, from JanusINTECH and the Financial Planning Association. For four years he was an associate editor of the Journal of Business Research, and he is currently on the editorial review board. He has served on boards and committees for CFA Institute and the Institute of Certified Management Accountants. Smith has received the President’s and SUNY Chancellor’s Awards for Teaching Excellence, and the Torch Night Award for the university’s “professor of the year.” He is co-adviser to the UAlbany Student-managed Investment Fund, which manages an equity portfolio for the university’s endowment. Smith holds the Chartered Financial Analyst (CFA), Certified Financial Manager (CFM), and Certified Management Accountant (CMA) designations.

Selected Refereed Articles, Book Chapters, and Books
D. M. Smith and K. Yousif, Passive Equity Investing, Reading in the Level III Curriculum for the CFA Program, Wiley, 2018.

D. M. Smith, Evaluating Hedge Fund Performance, Chapter 21 in Hedge Funds: Structure, Strategies, and Performance (H. K. Baker and G. Filbeck, eds.), Oxford University Press, 2017.

D. M. Smith, N. Wang, Y. Wang, and E. J. Zychowicz, Sentiment and the Effectiveness of Technical Analysis: Evidence from the Hedge Fund Industry, 2016, Journal of Financial and Quantitative Analysis, 51 (December), 1991-2013.

D. M. Smith and V. S. Pantilei, Do “Dogs of the World” Bark or Bite? Evidence from Single-Country ETFs, 2015, Journal of Investing, 24 (Spring), 1-9.

D. M. Smith, The Economics of Mutual Funds: Rewards and Risks, Chapter 2 in Mutual Funds – Building Blocks for Investment Portfolios (H. K. Baker, G. Filbeck, and H. Kiymaz, eds.), Oxford University Press, 2015.

D. M. Smith, Equity Hedge Fund Performance, Cross-Sectional Return Dispersion, and Active Share, 2014, Research in Finance, 30, 1-22.

D. M. Smith, The Money Market, Chapter I.C.2 for the Curriculum for the Professional Risk Managers’ Handbook Series (for the PRMIA Program), 2014.

D. M. Smith, C. Faugère, and Y. Wang, Head and Shoulders above the Rest? The Performance of Institutional Portfolio Managers who Use Technical Analysis, 2013, Research in Finance, 29, 167-189.

D. M. Smith and H. A. Shawky (editors), Institutional Money Management: An Inside Look at Strategies, Players, and Practices, book published by John Wiley & Sons, 2012.

R. Gregory-Allen, D. M. Smith, and M. Werman, Short Selling by Portfolio Managers: Performance and Risk Effects across Investment Styles, Chapter 30 in The Handbook of Short Selling (G. Gregoriou, ed.), McGraw-Hill, 2012.

D. M. Smith, The Economics of Mutual Funds, Chapter 3 in Mutual Funds: Portfolio Structures, Analysis, Management, and Stewardship (J. A. Haslem, ed.), Wiley, 2010.

D. M. Smith, Mutual Fund Fees and Expenses, Chapter 4 in Mutual Funds: Portfolio Structures, Analysis, Management, and Stewardship (J. A. Haslem, ed.), Wiley, 2010.

H. K. Baker, J. A. Haslem, and D. M. Smith, Performance and Characteristics of Actively Managed Institutional Equity Mutual Funds, 2009, Journal of Investing, 18 (Spring), 1-19.

D. M. Smith, Residual Dividend Policy, Chapter 8 in Dividends and Dividend Policy (H. Kent Baker, ed.), Wiley, 2009

H. K. Baker, J. A. Haslem, and D. M. Smith, Performance and Characteristics of Actively Managed Retail Equity Mutual Funds with Diverse Expense Ratios, 2008, Financial Services Review, 17 (Summer), 49-68.

H. K. Baker, J. A. Haslem, and D. M. Smith, Institutional S&P 500 Index Funds as Financial Commodities: Fact or Fiction?, 2008, Journal of Investing, 17 (Summer), 1-11.

H. K. Baker, J. A. Haslem, and D. M. Smith, Identification and Performance of Equity Mutual Funds with Excessive Management Fees and Expense Ratios, 2007, Journal of Investing, 16 (Summer), 1-20.

D. M. Smith and W. H. Desormeau, Jr., Optimal Rebalancing Frequency for Stock-Bond Portfolios, 2006, Journal of Financial Planning, 19 (November), 52-63.

H. K. Baker, J. A. Haslem, and D. M. Smith, Are Retail S&P 500 Index Funds a Financial Commodity? Insights for Investors, 2006, Financial Services Review, 15 (Summer), 99-116.

D. Ornstil, H. A. Shawky, and D. M. Smith, Is the SEC Registration Status of Hedge Fund Advisers Associated with Superior Performance?, 2006, Journal of Alternative Investments, 8 (Spring), 55-61.

H. K. Baker and D. M. Smith, In Search of a Residual Dividend Policy, 2006, Review of Financial Economics, 15 (Spring), 1-18.

H. A. Shawky and D. M. Smith, The Optimal Number of Stock Holdings in Mutual Fund Portfolios Based on Market Performance, 2005, The Financial Review, 40 (November), 481-495.

C. Faugère and H. A. Shawky and D. M. Smith, Sell Discipline and Institutional Money Management, 2004, Journal of Portfolio Management, 30 (Spring), 95-105.