RESEARCH
Last Updated 11.18.14

Here are papers that I have either authored or co-authored that are working papers, currently under review, accepted for publication, or published. 

Feel free to email me at davidmblanchett "at" gmail "dot" com if you can't access the paper here.


Working Papers

 “Dynamic Choice and Efficient Retirement Income Strategies.” White Paper.

 “Optimal Portfolios for the Long Run.” White Paper.

"Variable Risk Preference Bias." White Paper.

 

Under Review 

“Allocating to a Deferred Income Annuity in a Defined Contribution Plan”. White Paper

“The Value of Goals-Based Financial Planning.” White Paper.

"No Portfolio is an Island.” White Paper.

 

Published/Completed/Accepted for Publication

Blanchett, David M. 2014. “Determining the Optimal Distribution Glidepath: Revisited.”  Journal of Financial Planning.  Forthcoming.

Blanchett, David M. 2014 "The Impact of Expert Guidance on Participant Savings and Investing Behaviors." Morningstar White Paper.

Blanchett, David M. 2014. “Exploring the Retirement Consumption Puzzle.” Journal of Financial Planning, vol. 27, no. 5: 34–42.

Blanchett, David M. 2014. “Addressing Key Retirement Risks.” Journal of Retirementvol. 2, no. 2 (Fall):67-80.

Blanchett, David M. 2014. “Donation Risk and Optimal Endowment Allocations.” Journal of Portfolio Management, vol. 41, no. 1 (Fall): 109-120

Blanchett, David M. 2014. "Determining the Optimal Income Annuity for Retirees: Immediate versus Deferred.” Journal of Financial Planning, vol. 27, no. 8: 36–44.

Blanchett, David M. and Nathan Voris.  2014. “Defining Retirement Success for Defined Contribution Plan Sponsors: Begin with the End in Mind.” Morningstar White Paper.

Blanchett, David M. and Nathan Voris.  2014. "Estimating the True Cost of Retirement." Morningstar White Paper.

Blanchett, David M. 2014. “Low Bond Yields and Efficient Retirement Income Portfolios”.  Journal of Retirement. vol. 1, no. 3 (Winter): 49-62.

Blanchett, David M., Michael Finke, and Wade D. Pfau. 2014. “Asset Valuations and Safe Portfolio Withdrawal Rates.” Retirement Management Journal, vol. 4, no. 1 (Spring): 21-34.

Blanchett, David M. 2013. “Better Expected Retirement Outcomes with Managed Accounts.” Morningstar White Paper.

Blanchett, David M. and Paul Kaplan. 2013. “Alpha, Beta, and Now... Gamma.” Journal of Retirement, vol. 1, no. 2 (Fall): 29-45.

Blanchett, David M. 2013. “How Much is Your 401(k) Worth.” Journal of Personal Finance, vol. 12, no. 1: 46-70.

Blanchett, David M. 2013. “Simple Formulas to Implement Complex Withdrawal Strategies.” Journal of Financial Planning vol. 26, no.9 (September): 40-48.

Blanchett, David M. 2013. “Employer Stock Ownership in 401(k) Plans and Subsequent Company Stock Performance.” Morningstar White Paper.

Blanchett, David M., Michael Finke, and Wade D. Pfau. 2013. “Low Bond Yields and Safe Portfolio Withdrawal Rates.” Journal of Wealth Management, vol. 16, no. 2 (Fall): 55-62.

Blanchett, David M. 2013. “The ABCDs of Retirement Success.” Journal of Financial Planning, vol. 26, no. 5 (June): 38-45.

Blanchett, David M. 2013. “Are Active Mutual Funds Becoming Less Active? (Yes).” Journal of Indexes, vol. 16, no. 2 (March/April): 40-43. 

Finke, Michael Wade D. Pfau, and David M. Blanchett. 2013. “The 4 Percent Rule Is Not Safe in a Low-Yield World.” Journal of Financial Planning, vol. 26, no. 6 (June): 46-55.  

~ this paper won the 2014 Montgomery-Warschauer Award

Blanchett, David M. 2013. “Examining the Benefits of Immediate Fixed Annuities in Today’s Low-Rate Climate.” Journal of Financial Planning, vol. 26, no 1 (January): 42-50.

Blanchett, David M. and Hal Ratner. 2013. "Efficient Income Investing." Journal of Indexes Europe, vol. 3, no. 1 (January/February): 18-25.  View.

Frank, Larry R., John B. Mitchell, and David M. Blanchett. 2012. “Transition Through Old Age in a Dynamic Retirement Distribution Model." Journal of Financial Planning, vol. 25, no.12 (December): 52-61.

Blanchett, David M. 2012. “When to Claim Social Security Benefits.” Journal of Personal Finance, vol. 11, no. 2: 36-87.

Blanchett, David M. 2012. “Optimal Social Security Claiming Strategies.” Journal of Personal Finance. vol. 11, no. 2: 36-87.

Blanchett, David, Maciej Kowara, and Peng Chen. 2012. “Optimal Withdrawal Strategy for Retirement Income Portfolios.” Retirement Management Journal, vol. 2, no. 3 (Fall): 7-18. View.   

     ~ this paper won RIIA's 2012 Thought Leadership Award

Blanchett, David M. 2012. “Optimal Portfolio Allocations with GMWB Annuities.”  Journal of Financial Planning, vol. 25, no. 10. (October): 32-40. View.

Blanchett, David M. 2012.  “Saving For Retirement? Start by Paying Off Your Credit Cards.” Morningstar White Paper. View.

Blanchett, David M. 2012. “Inaccurate Precision: The Danger of Replacement Rate Calculations.” Morningstar White Paper. View.

Blanchett, David M. 2012. “Fund Flows, Momentum, and Mutual Fund Performance.” Journal of Investing. vol. 21, no. 2 (Summer): 83-91. View.

Frank, Larry R., John B. Mitchell, and David M. Blanchett.  2011. “Probability-of-Failure-Based Decision Rules to Manage Sequence Risk in Retirement.” Journal of Financial Planning (November): 44-53. View.

Blanchett, David M. 2011. “Target-Date Funds: A Temporary Solution to a Permanent Problem.”  Journal of Financial Planning, vol. 24 (September): 60-67. View.

Blanchett, David M. and Jason E. Grantz. 2011. “Retirement Success: A Surprising Look into the Factors that Drive Positive Outcomes.” The ASPPA Journal, vol. 41, no. 3 (Summer): 6-11. View.

Blanchett, David M. 2011. “The Expected Value of a Guaranteed Minimum Withdrawal Benefit (GMWB) Annuity Rider.” Journal of Financial Planning, vol. 24, no. 7 (July): 66-75. View.

Blanchett, David M. 2011. “The Impact of of Fund Flows on Fixed-Income Mutual Fund Performance.” Journal of Indexes, vol. 14, no. 4 (July/August): 28-31. Link.

Blanchett, David M. 2011. “Incorporating Time Into the Efficient Frontier.” Journal of Financial Planning, vol. 24, no. 5 (May): 48-57. View.

Blanchett, David M. 2011. “Is Buy and Hold Dead? Exploring the Costs of Tactical Reallocation.” Journal of Financial Planning, vol. 24, no. 2 (February): 68-75. View.

Blanchett, David M. 2011. “Index Investing in the Middle: Core vs Blend.” Journal of Indexes, vol. 14, no.1 (January/February): 36-39. View.

Blanchett, David M. 2011. ”Gaming the System: The Impact of Morningstar Category Changes on Peer Rankings.” Journal of Investing, vol. 20, no. 1 (Spring): 33-42. Link.

Blanchett, David M. and Gregory W. Kasten. 2010. “Improving Retirement Success by Managing the 'Target-Date'.” Journal of Pension Benefits, vol. 18, no. 2 (Winter): 11-18. View.  

Blanchett, David M. 2010. “Do Active or Passive Investors Make Better Asset Allocation Decisions.” Journal of Index Investing, vol. 1, no. 2 (Fall): 74-80. Link.

Blanchett, David M. and Gregory W. Kasten. 2010. “Improving the 'Target' in Target-Date Investing.” Journal of Pension Benefits, vol. 18, no. 1 (Autumn): 17-27.

Blanchett, David M. 2010. “Exploring the Cost of Investing in Socially Responsible Mutual Funds: An Empirical Study.” Journal of Investing, vol. 19, no. 3 (Fall): 93-103. Link.

Larry Frank, Sr. and David M. Blanchett. 2010. “The Dynamic Implications of Sequence Risk on a Distribution Portfolio.” Journal of Financial Planning, vol. 23 (June): 52-61.  Link.

Blanchett, David M. 2010. “Determining the Optimal Benchmark Indices for a Domestic Equity Returns-Based Style Analysis.”  Journal of Performance Measurement, vol. 14, no. 3 (Spring). Link.  

Blanchett, David M. 2010. “Which Indexes Generate Four Factor Alpha?” Journal of Indexes, vol. 13, no. 2 (March/April): 32-37.  View.

Blanchett, David M. 2009. “Results vs. Process: Analyzing the Future Benefit of Common Investment Policy Statement Provisions.” Journal of Financial Planning, vol. 22, no. 11 (November): 54-61. View.

Blanchett, David M. 2009. “Passive Overlap: Exploring Closet Indexers.” Journal of Indexes, vol. 12, no. 6 (November/December): 44-47. View.

Blanchett, David M. and Craig L. Israelsen. 2009. “Determining the Optimal Mutual Fund Style Classification Methodology.” Journal of Performance Measurement, vol. 13, no. 4 (Summer): 29-39.  View.

Blanchett, David M. 2009. “Do Larger Investors Make Better Investing Decisions.” Journal of Pension Benefits, vol. 16, no. 3 (Spring): 29-34.  View.

Blanchett, David M. and Larry Frank, Sr. 2009. “A Dynamic and Adaptive Approach to Distribution Planning and Monitoring.” Journal of Financial Planning, vol. 22, no. 4 (April): 52-66. View.

Blanchett, David M. 2009. “Portfolio Concentration and Mutual Fund Performance.” Journal of Indexes, vol. 12, no. 2 (March/April): 18-23. View.

Blanchett, David M. and Craig L. Israelsen. 2009. “Active vs. Passive: The Impact of Fees.” Journal of Indexes, vol. 12, no. 1 (January/February): 22-29.  View.

Blanchett, David M. and Brian C. Blanchett. 2008. “Joint Life Expectancy and the Retirement Distribution Period.” Journal of Financial Planning, vol. 21, no. 12 (December): 54-60.  View.

   ~ there was a summary of our article on planadviser.com, as well as an audio interview: View.

Blanchett, David M. and Brian C. Blanchett. 2008. “Data Dependence and Sustainable Real Withdrawal Rates.” Journal of Financial Planning, vol. 21, no. 9 (September): 70-84.  View.

Blanchett, David M. and Brian C. Blanchett. 2008. “The Wealth Effect and the Savings Gap.” Journal of Pension Benefits, vol. 15, no. 3 (Spring): 48-55.  View.

Blanchett, David M. and Gregory W. Kasten. 2008. “Why ETFs and 401(k)s Will Never Match .” Journal of Indexes, vol. 11, no. 4 (July/August): 34-40.  View.

   ~ this article prompted an interesting rebuttal from Darwin Abrahamson, as well as a counter from Greg and I:View.

Blanchett, David M. and Gregory W. Kasten. 2007. “Increasing the Probability of Retirement Success for 401(k) Participants with Equity Floor Investments.” Journal of Pension Benefits, vol. 15, no. 2 (Winter): 9-22. View.

Blanchett, David M. and Gregory W. Kasten. 2007. “Prudently Selected Index Mutual Funds are a Better Choice than ETFs for Most 401(k)s.” Journal of Pension Benefits, vol. 15, no. 2 (Winter): 37-48. View.

Blanchett, David M. 2007. “Dynamic Allocation Strategies for Distribution Portfolios: Determining the Optimal Distribution Glide Path.” Journal of Financial Planning, vol. 20, no. 12 (December): 68-81.  

~ Winner of the 2007 Journal of Financial Planning Call for Papers, called the Financial Frontiers Awards.  View.

Blanchett, Brian C. and David M. Blanchett. 2007. “Tracking Error and the Efficient Frontier.” Journal of Indexes, vol. 10, no. 6 (November/December): 31-41. View.

Blanchett, David M. and Craig L. Israelsen. 2007. “Spotlighting Common Methodological Biases in Active-Vs.-Passive Studies.” Journal of Financial Planning, vol. 20, no. 11 (November): 64-74.  View.

Blanchett, David M. 2007. “Optimal QDIAs: A Quantitative Analysis.” Journal of Pension Benefits, vol. 14, no. 4 (Summer): 15-22.  View.

Blanchett, David M. 2007. “The Perils of Portfolio Turnover.” Journal of Indexes, vol. 9, no. 3 (May/June): 34-39. View.

Blanchett, David M. 2006. “Roth 401(k)s are Wrong for Most 401(k) Participants: A Quantitative Analysis.” Journal of Pension Benefits, vol. 13, no. 2 (Winter): 20-28.  View.

Blanchett, David M. 2006. “Building the Best Index.” Journal of Indexes, vol. 8, no. 1 (January/February): 40-42. View.

 

Random

Chapter from the CFA Institute's Insights into the Global Financial Crisis titled "The History and Economics of Stock Market Crashes" I helped put it all together.  View.

“A New Approach to Finding the Efficient Frontier” by David M. Blanchett for The Kitces Report, released July 2008. View.

“ETFs are Wrong for 401(k)s” by David M. Blanchett, a guest column for the MoneyVoices section of Ignites!, released on July 3, 2008. View.

“Using a Distribution Glide Path” by David M. Blanchett, a guest column for the Retirement Watch section of Investment News, released on April 28, 2008.  View.

 

Business Lexington

“Oil, Onions, and Why Speculators are a Necessary Evil” by David M. Blanchett for Business Lexington, released on August 8, 2008. View.

“Are You Your Own Worst Investing Enemy” by David M. Blanchett for Business Lexington, released on June 13, 2008. View.

“Don't Count Your Chickens... Understand What Influences Portfolio Success” by David M. Blanchett for Business Lexington, released on January 4, 2008. View.

“When Investing, Be Prepared for Anything” by David M. Blanchett for Business Lexington, released on November 30, 2007. View.

“What Can Your 401(k) Do for You?” by David M. Blanchett for Business Lexington, released on November 2, 2007. View.