Robert R. Johnson, Ph.D., CFA, CAIA

Johnson
Robert
Professor of Finance
Economics and Finance
Phone: (434) 249-2805

Education

Ph.D. (Finance) University of Nebraska-Lincoln, 1988.
MBA (Finance) Creighton University, 1982.
BSBA (Finance) University of Nebraska-Omaha, 1980.

Biography

Professor of Finance and Editor, Quarterly Journal of Finance and Accounting, Creighton University (2012-present)
Board Member, RS Investments (2012-present)
Deputy CEO and Senior Managing Director, CFA Institute (2007-2011)
Managing Director, CFA Institute (2005-2007)
Executive Vice President, CFA Institute (2003-2005)
Senior Vice President, CFA Institute (1998-2003)
Vice President, CFA Institute (1996-1998)
Professor of Finance, Creighton University (1996)
Associate Professor of Finance, Creighton University (1992-1996)
Assistant Professor of Finance, Creighton University (1986-1992)
Instructor of Finance, Creighton University (1984-1986)

Professional Designations

Chartered Alternative Investment Analyst (2011)
Chartered Financial Analyst (1991)

Honors and Awards

Recipient of the 2013 Alfred C. “Pete” Morley Distinguished Service Award from CFA Institute.  This award was established to honor members who have made an extraordinarily significant contribution to CFA Institute, or its predecessor organizations, through their leadership, exceptional stewardship, and outstanding service.

Recipient of the 1994 Robert F. Kennedy Memorial Student Award for Teaching Achievement, Creighton University, May, 1994.

Recipient of the Outstanding Faculty Member of the Year Award, Creighton University Business Administration Council, 1996, 1994, and 1989.

Books

Strategic Value Investing: Practical Techniques of Leading Value Investors, 2014, McGraw-Hill.  (with Stephen M. Horan and Thomas R. Robinson)

Investment Banking for Dummies, 2014, Wiley.  (with Matt Krantz)

Tools and Techniques of Investment Planning, 3rd edition, 2014, The National Underwriter Company.  (with Stephan R. Leimberg, Robert J. Doyle, Jr., and Thomas R. Robinson)

Journal Publications

“Strategic Value Investing: Screening for Cash Flow and Value.”  AAII Journal, Vol. XXXVI, No. 5, May 2014, forthcoming.  (with Tom Robinson and Stephen M. Horan).

“Selecting a Valuation Method to Determine a Stock’s Worth.”  AAII Journal, Vol. XXXVI, No. 4, April 2014, pp. 17-22.  (with Tom Robinson and Stephen M. Horan).

"The Influence of a Family Business on Portfolio Management: An Asset-Liability Approach."  Journal of Wealth Management, forthcoming.  (with Stephen Horan).

"How Large are the Benefits of Emerging Market Equities?" Quarterly Journal of Finance and Accounting, forthcoming.  (with C. Mitchell Conover and Gerald R. Jensen). Cited in aiCIO Magazine, IFRAsia.com, The Independent (Ireland), and Reuters.

"An Intuitive Examination of Downside Risk" Journal of Financial Planning, Vol. 26, No. 6, June 2013, pp. 56-60. (with Kenneth M. Washer).

“Human Capital and Behavioral Biases: Why Investors Don’t Diversify Enough” Journal of Wealth Management, Summer 2013, pp. 9-22. (with Stephen Horan).

“The Taxation Paradox: It’s Global not Local” Journal of Wealth Management, Vol. 15, No. 4, Spring 2013, pp. 29-40.  (with Stephen Horan and Thomas Robinson).

“The Effectiveness of Asset Classes in Hedging Risk.”  Journal of Portfolio Management, Volume 38, No. 3, Spring 2012, pp. 40-55.  (with Luis Garcia-Feijóo and Gerald R. Jensen).  Abstracted in CFA Digest, November 2012, Vol. 42, No. 4

“Is Now the Time to Add Commodities to Your Portfolio?”  Journal of Investing, Vol. 19, No. 3, Fall 2010, pp. 10-19.  (with C. Mitchell Conover, Gerald R. Jensen, and Jeffrey M. Mercer).  Excerpted in The American Association of Individual Investors Journal, Volume XXXII, No. 12, December 2010, pp. 20-24.  Also abstracted in the CFA Digest, November 2010, Vol. 40, No. 4, pp. 4-6. Cited in a Wall Street Journal, Institutional Investor, and a Dow Jones Newswire Column.  Featured on BNN.

“Risk Shifting Around Calls of Convertible Debt.”  Financial Review, Volume 45, No. 3 (2010), pp. 541-556.   (with Scott B. Beyer and Luis Garcia Feijóo).

“Can Precious Metals Make Your Portfolio Shine?”  Journal of Investing, Volume 18, No. 1, Spring 2009, pp. 75-86.  Also abstracted in the CFA Digest, August 2009, Vol. 39, No. 3:7-9. (with C. Mitchell Conover, Gerald R. Jensen, and Jeffrey M. Mercer).  Cited in Investment News, Barron’s and the Vancouver Island News, Metro Valley Newspaper Group, Harbour City (Canada) Star, and Investment Adviser.  Featured on China Central Television Finance Channel November 14, 2008.

“After-Tax Performance Measurement.”  Journal of Wealth Management, Vol. 11, No. 1, Summer 2008, pp. 69-83.  Also abstracted in the CFA Digest, November 2008, Vol. 38, No. 4, pp. 61-63. (with Stephen Horan and Philip Lawton).

“Sector Rotation and Monetary Conditions.”  Journal of Investing, Vol. 17, No. 1, Spring 2008, pp. 34-46. Also abstracted in the CFA Digest, August 2008, Vol. 38, No. 3, pp. 66-68. (with C. C. Mitchell Conover, Gerald R. Jensen, and Jeffrey M. Mercer).  Cited in Financial Times, Wall Street Journal, USA Today, Business Week, Business Standard, and Money Magazine, among others.

“Time-varying risk and return characteristics of US and European bond markets: Implications for efficient portfolio allocation.”  Journal of Asset Management, Volume 8, Issue 5, December 2007, pp. 337-350. Also abstracted in the CFA Digest, May 2008, Vol. 38, No. 2, pp. 35-37. (with Philip J. Young and Thomas Payne).

“The Presidential Term: Is the Third Year the Charm?”  Journal of Portfolio Management, vol. 34, no. 2 (Winter 2008), pp. 135-142. Also abstracted in the CFA Digest, Vol. 38, No. 3, p. 102. (with Scott B. Beyer and Gerald R. Jensen).  Cited in Financial Times, Forbes, Worth, Chicago Sun Times, Chicago Tribune, Wall Street Journal, and Reuters, among others.

"An Examination of Relative Volatility in the German Debt and Equity Markets," Journal of Business and Economic Perspectives 33, Spring/Summer 2007.  (with Philip J. Young).

“An Analysis of the Interest Rate Sensitivity of Common Stocks Using Empirical Duration.”  Journal of Portfolio Management, Vol. 33, No. 3, Spring 2007, 85-107.  (with Frank Reilly and David Wright).

“Gridlock’s Gone, Now What?” Financial Analysts Journal, Vol. 62, No. 5, Sept/Oct 2006, 21-28.  Cited in Wall Street Journal, Financial Times, Investment News, Kiplinger’s, New York Times, Washington Post and MSN.com, among others.  (with Scott B. Beyer and Gerald R. Jensen).

"Is Fed Policy Still Relevant for Investors?: Authors' Response." Financial Analysts Journal, Vol. 61, No. 3, May/June 2005, 18-20.  (with C. Mitchell Conover, Gerald R. Jensen, and Jeffrey M. Mercer).

“Is Fed Policy Still Relevant for Investors?”  Financial Analysts Journal, Vol. 61, No. 1, Jan/Feb 2005, 70-79.  (with C. Mitchell Conover, Gerald R. Jensen and Jeffrey M. Mercer).

“Don’t Worry About the Election – Just Watch the Fed.” The Journal of Portfolio Management, Vol. 30, No. 4, Summer 2004, 101-109.  Also abstracted in the CFA Digest, Vol. 35, No. 1. (with Scott B. Beyer and Gerald R. Jensen).  Cited in Wall Street Journal Online, Chicago Tribune, Forbes, Smart Money, Nikkei Financial Daily, and Reuters, among others.

“Bond Market Volatility vs. Stock Market Volatility: The Swiss Experience.”  Financial Markets and Portfolio Management, Vol. 18, No. 1, 2004, 8-23.  Also abstracted in the CFA Digest, Vol. 35, No. 1. (with Philip J. Young).

“Using Learning Outcome Statements to Guide Learning and Testing: The CFA Program.” Advances in Financial Education, Fall 2003, 14-28.  (with Jan Squires and George Troughton).

“Time Variation in the Benefits of Managed Futures.”  Journal of Alternative Investments, Vol. 5, No. 4, Spring 2003, 41-50. (with Gerald R. Jensen and Jeffrey M. Mercer).

“Monetary Policy and Fixed Income Returns.”  Quarterly Review of Economics and Finance, Vol. 43, No. 1, Spring 2003, 133-146.  Also abstracted in the CFA Digest, Vol. 33, No. 3. (with Gerald W. Buetow, Gerald R. Jensen and Frank Reilly).

“Bond Market Volatility Compared to Stock Market Volatility: Evidence from the UK.” Journal of Asset Management, Vol. 3, No. 2, September 2002, 101-111.    Also abstracted in the CFA Digest, Vol. 35, No. 1, p. 78.  (with Philip J. Young).

“Tactical Asset Allocation and Commodity Futures.”  Journal of Portfolio Management, Vol. 28, No. 4, Summer 2002, 100-111.  Also abstracted in the CFA Digest, Vol. 33, No. 1, pp. 61-3. (with Gerald R. Jensen and Jeffrey M. Mercer).

“Emerging Markets: When Are They Worth It?”  Financial Analysts Journal, Vol. 58, No. 2, March/April 2002, 86-95.  (with C. Mitchell Conover and Gerald R. Jensen).

“The Real Estate Asset Allocation Decision: Monetary Policy Implications.”  Journal of Real Estate Portfolio Management, Vol. 7, No. 3, 2001, 215-223.  (with Gerald W. Buetow).

“The Diversification Benefits of Commodities and Real Estate in Alternative Monetary Conditions.”  Journal of Alternative Investments, Vol. 3, No. 4, Spring 2001, pp. 53-61.  (with Gerald R. Jensen).

“Mutual Fund Asset Allocation and Federal Reserve Monetary Policy.”  Journal of Investing, Vol. 10, No. 2, Summer 2001, pp. 103-111.  (with Gerald W. Buetow).

“Estimating the Interest Rate Sensitivity of Mixed Asset Portfolios.”  Journal of Wealth Management, Vol. 3, No.4, Spring 2001, pp. 54-60. Also abstracted in the CFA Digest, Vol. 33, No. 3, pp. 97-98. (with Frank Reilly and David Wright)

“Equity Industry Returns and Monetary Policy.”  Journal of Wealth Management, Vol. 3, No. 4, Spring 2001, pp. 61-68.  (with Gerald R. Jensen and Jeffrey M. Mercer).

“Monetary Policy and Real Estate Returns.”  Journal of Economics and Finance, Vol. 24, No. 3, Fall 2000, pp. 283-293.

“Equity Style Returns and Federal Reserve Policy.”  Journal of Private Portfolio Management, Vol. 2, No. 4, Spring 2000, pp. 33-40.  (with Gerald W. Buetow and Gerald R. Jensen).

“Efficient Use of Commodity Futures in Diversified Portfolios.”  Journal of Futures Markets, Vol. 20, No. 5, May 2000, pp. 489-506.  Also abstracted in the CFA Digest, Vol. 31, No. 1, pp. 63-4.  (with Gerald R. Jensen and Jeffrey M. Mercer).

“The Inconsistency of Return-based Style Analysis and its Implications.”  Journal of Portfolio Management, Vol. 26, No. 3, Spring 2000, pp. 61-77.  (with Gerald W. Buetow and Dave Runkle).

“International Mutual Fund Returns and Federal Reserve Policy.”  Financial Services Review, Vol. 8, Fall 1999, pp. 199-210. Also abstracted in the CFA Digest, Vol. 30, No. 4, 19-20. (with Gerald W. Buetow and Gerald R. Jensen).

“Monetary Conditions and International Investing.”  Financial Analysts Journal, Vol. 55, No. 4, July/August 1999, pp. 38-48.  Also abstracted in the CFA Digest, Vol. 30, No. 1, pp. 33-35.  (with C. C. Mitchellell Conover and Gerald R. Jensen).

“The CFA Designation and the Finance Curriculum: A Survey of Faculty.”  Journal of Financial Education. Vol. 25, Fall 1999, pp. 26-36.  (with Billy Charlton).

“Federal Reserve Monetary Policy and Real Estate Investment Trust Returns.”  Real Estate Finance, Vol. 16, Number 1, Spring 1999, pp. 52-59. Also abstracted in the CFA Digest, Vol. 29, No. 4 (with Gerald R. Jensen).

“Monetary Environments and International Stock Returns.”  Journal of Banking and Finance, Vol. 23, No. 9, August 1999, pp. 1357-1381.  (with C. Mitchell Conover and Gerald R. Jensen).

“Presidential Politics, Stocks, Bonds, Bills and Inflation.”  Journal of Portfolio Management, Vol. 26, No. 1, Fall 1999, pp. 27-32.  (with Bill Chittenden and Gerald R. Jensen).  Cited in CNBC.com and Forbes, among others.

“Stocks, Bonds, Bills and Monetary Policy.”  Journal of Investing, Vol. 7, No. 3, Fall 1998, pp. 30-36. (with Gerald R. Jensen).

“The Inconsistency of Small-Firm and Value-Stock Premiums.”  Journal of Portfolio Management, Winter 1998, pp. 27-36. Also abstracted in the CFA Digest, Vol. 28, No. 3 (with Gerald R. Jensen and Jeffrey M. Mercer).

“New Evidence on Size and Price-to-Book Effects in Stock Returns.”  Financial Analysts Journal, November/December 1997, pp. 34-42.  (with Gerald R. Jensen and Jeffrey M. Mercer).

“Federal Reserve Monetary Policy and Industry Stock Returns.”  Journal of Business Finance & Accounting, Vol. 24, No. 5 (June 1997), 629-644.  (with Gerald R. Jensen and W. Scott Bauman).

“Repurchase Announcements: Lies and False Signals.”  Journal of Business Ethics, Vol. 16 (1997), 1677-1685.  (with Beverly Kracher).

“Business Conditions, Monetary Policy, and Expected Security Returns.”  Journal of Financial Economics, Vol. 40, No. 2 (February 1996), 213-37.  Also abstracted in the CFA Digest, February 1997, Vol. 27, No. 1, pp. 38-40. (with Gerald R. Jensen and Jeffrey M. Mercer). 

“The Effect of U.S. Discount Rate Changes on Canadian Stock Prices.”  Journal of Business and Economic Studies, Vol. 3, No. 1 (Winter/Spring 1995-6), 33-44 (with Gerald R. Jensen).

“Discount Rate Changes and Security Returns in the U.S., 1962-1991.”  Journal of Banking and Finance, Vol. 19, No. 1 (April 1995), 79-95.  Also abstracted in the CFA Digest, Vol. 25, No. 4 (Fall 1995), 24-6 (with Gerald R. Jensen).

“The Reaction of Foreign Stock Markets to U.S. Discount Rate Changes.”  International Review of Economics and Finance, Vol. 2, No. 2 (Spring 1993), 181-93.  Also abstracted in International Society of Financial Analysts Digest, Vol. 6, No. 1 (Spring 1994), 54 (with Gerald R. Jensen).

“Prime Rate Changes and Returns to Industries: Announcement Period Evidence.”  Quarterly Review of Economics and Finance, Vol. 34, No. 1 (Spring 1994), 75-93 (with Gerald R. Jensen).

“Day of the Week Effects in International Stock Returns: A Post Crash Analysis of Fifteen Nations.”  Journal of Business and Economic Perspectives, Vol. 20, No. 1 (Spring 1994), 12-17.

“An Examination of Stock Price Reactions to Discount Rate Changes Under Alternative Monetary Policy Regimes.”  Quarterly Journal of Business and Economics, Vol. 32, No. 2 (Spring 1993), 26-51 (with Gerald R. Jensen).

“A Goal Programming Approach for the Allocation of Total Wealth.”  Computers and Operations Research, Vol. 20, No. 7 (1993), 679-85 (with Marc J. Schneiderjans and Thomas S. Zorn).

“Socially Responsible Investing: Using Human Resource Policy as a Selection Criterion.”  Journal of Business and Economic Studies, Vol. 2, No. 1 (Winter/Spring 1993), 9-22 (with Gerald R. Jensen and Joseph Phillips).

“Has Expected Stock Volatility Increased?”  American Business Review, Vol. 10, No. 2 (June 1992), (with Gerald R. Jensen).

“The Association Between Executive Stock Option Plan Changes and Managerial Decision Making.”  Financial Management, Vol. 20, No. 1 (Spring 1991), 36-43 (with Richard DeFusco and Thomas S. Zorn).

“The Effect of Executive Stock Option Plans on Stockholders and Bondholders.”  Journal of Finance, Vol. 45, No. 2 (June 1990), 617-27.  (with Richard DeFusco and Thomas S. Zorn).

“The Effect of Insider Ownership on a Firm’s Financial Decisions.”  Southern Business Review, Vol. 15, No. 2 (Fall 1989), 32-42.  (with Gerald R. Jensen).

“The Effect of Tax Reform on Small Business Capital.”  Regional Business Review, Vol. 8 (May 1989), 5-14.

“The Fallacy of the Interior Decorator Fallacy: How to Customize Portfolios.”  Mid-Atlantic Journal of Business, Vol. 25, No. 5 (March 1989), 41-51 (with Thomas S. Zorn and Marc Schneiderjans).

“Interstate Bank Acquisitions: An Analysis of the Issues.”  Creighton Law Review, Vol. 22, No. 3 (1988-1989), 611-664.  Also reprinted in Banking Law Anthology, Gaithersburg, MD, International Library, Vol. 5 (1989).  (with Bradley J. Nielsen and Steven W. Seline).

“Are Executives Paid Too Much?”  Business and Society Review, No. 64 (Winter 1988), 25-7.  Also reprinted in Annual Editions: Human Resources 90/91, Guilford, CT, Dushkin Publishing Group, Inc., 1990, 162-4 (with Gerald R. Jensen).

“Stock Repurchases: Good News for Investors and Traders.”  Business and Public Affairs, Vol. 15, No. 1 (Fall 1988), 15-17 (with Gerald R. Jensen).

“Common Stock Repurchases: Evidence From the Crash of ’87.”  Southern Business and Economic Journal, Vol. 12, No. 1 (October 1988), 2-13 (with Gerald R. Jensen).

“Equipment Leasing: An Attractive Alternative for Ag Lenders.”  Regional Business Review, Vol. 7 (May 1988), 16-22 (with Gerald R. Jensen).

“The Financial World: A Campus and Travel Course.”  Journal of Financial Education, Vol. 16 (Fall 1987), 26-31 (with Jerome F. Sherman).

“The Effect of Visibility on Security Returns.”  Southern Business and Economic Journal, Vol. 10, No. 3 (July 1987), 2-12 (with Gerald R. Jensen).

“The Information Content of a Stock’s Price History.”  Business Journal, Vol. 2, No. 2 (Spring 1987), 42-7 (with Gerald R. Jensen).

“Human Capital: An Added Factor in the Diversification Equation.”  American Association of Individual Investors’ Journal, Vol. 7, No. 2 (February 1985), 19-21.  Also reprinted in Investment Decision Making: Collection III, Chicago, AAII Press, 1988, 195-7 (with Thomas S. Zorn).

Research Monograph

The Role of Monetary Policy in Investment Management. The Research Foundation of the Association for Investment Management and Research and Blackwell Series in Finance.  November 2000.  (with Gerald R. Jensen and Jeffery Mercer).

Book Chapters

 “Measuring Interest Rate Risk: Effective Duration and Convexity.”  Chapter 20 in Volume 3 of Encyclopedia of Financial Models, edited by Frank J. Fabozzi (2012), pp. 299-306.  (with Gerald W. Buetow).

“Overview of Active Common Stock Portfolio Strategies.”  Chapter 24 in Volume 2 of Handbook of Modern Finance, edited by Frank J. Fabozzi (2008) John Wiley & Sons, pp.239-248.  (with Frank J. Fabozzi, Sergio M. Focardi, and Peter N. Kolm).

“Fundamentals of Common Stock.”  Chapter 8 in The Theory and Practice of Investment Management, second edition (2011), pp. 207-228 (with Frank J. Fabozzi, Frank J. Jones, and Pamela P. Drake);  and Chapter 5 in The Theory and Practice of Investment Management, edited by Frank J. Fabozzi and Harry M. Markowitz, (2002) John Wiley & Sons, pp. 121-162.  (with Frank J. Fabozzi, Frank Jones, and Bruce Collins).

“Common Stock.”  Chapter 4 in The Handbook of Financial Instruments, edited by Frank J. Fabozzi, (2002) John Wiley & Sons, pp. 67-118.  (with Frank J. Fabozzi and Frank Jones).

“Measuring Interest Rate Risk.” Chapter 7 in The Handbook of Fixed Income Securities, edited by Frank J. Fabozzi with Steven V. Mann, (2012), pp. 123-168.  (with Frank J. Fabozzi, Gerald W. Buetow and Brian Henderson).  Chapter 9 in The Handbook of Fixed Income Securities, edited by Frank J. Fabozzi with Steven V. Mann, (2005), pp. 183-226.  Chapter 5 in The Handbook of Fixed Income Securities, edited by Frank J. Fabozzi, (2000) Irwin Professional Publishing: Chicago, IL, pp. 85-129.  (with Frank J. Fabozzi and Gerald W. Buetow).

“A Primer on Effective Duration and Effective Convexity.”  Chapter 4 in Professional Perspectives on Fixed Income Portfolio Management: Volume 1, edited by Frank J. Fabozzi, (2000) Frank J. Fabozzi Associates: New Hope, PA, pp. 43-53.  (with Gerald W. Buetow).

“An Example of How to Use and Compute Effective Duration and Effective Convexity.”  2000 CFA Level II Candidate Readings: Asset Valuation II, (2000) Association for Investment Management and Research: Charlottesville, VA, pp. 296-318.  (with Gerald W. Buetow and Donald L. Tuttle).

Other Publications

“¿Como lo haces? El estilo de inversión del “oráculo de Omaha, Warren Buffett, es materia de estudio permanente en las escuelas de negocios. Aquí, una vision,” Estrategia & Negocios, edición Mayo - Junio 2014.

“How Large are the Benefits of Emerging Market Equities?” Investment Risk and Performance, CFA Institute, November 2012, Vol. 2012, No. 1.  (with C. Mitchell Conover and Gerald R. Jensen).

“Guest Column: Raising capital markets standards through financial education,” by Ulric Rindebro, Business News Americas, August 6, 2012.

“Finding an Industry Compass in Latin American Business Education.” Leadership (Revista Oficial de CLADEA), Ano VII Edicion No.27, October 2011.  (with Stephen M. Horan).

“Human capital compared to financial capital,” Al Qabas, September 20, 2011.

“Financial benefits of human capital,” Gulf News (Middle East), September 19, 2011.

“Diversified Portfolio Unique to Each Individual,” Arab News, September 19, 2011.

“Gestionar el riesgo del capital humano.”  Harvard Business Review America Latina, Vol. 89, No. 6, July 2011, p. 18.  (with Stephen M. Horan).

“Robert Johnson – Regarding the U.S. Debt Ceiling,” El Sol de Mexico, July 19, 2011.

“Perspectives: Bob Johnson on U.S. Debt Ceiling,” El Economista (Mexico), July 18. 2011.

“Perspectivas de Robert Johnson, CFA Director ejecutivo de CFA Institute Con respect al tope de deuda publica en los Estados Unidos, Notimex Info, Viceversa, Notrix and Excelsior (Mexico), July 18, 2011.

“Behavioural finance unpicked,” Financial Times, September 21, 2009, p. 10.

“The Mettle of Precious Metals,” by Robert R. Johnson and Stephen M. Horan, Financial Adviser (UK), April 10, 2008.

“Going on the defensive,” by Robert R. Johnson and Thomas R. Robinson, Financial Adviser (UK), March 27, 2008, p. 60.

“Setting the Standard for Passing Professional Certification Examinations.” FMA On-line. Vol. 1, No. 1. (Spring 2002).   (with Dennis Whitney and Jan Squires).