Dr. David N. Nawrocki  


Professor of Finance

Villanova School of Business

Department of Finance

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Office Address: 2020 Bartley, next door to the Finance Department Office.

Office Phone: 610-519-4323 (Please email me during the pandemic)

Office Hours: Email for appointment.

E-Mail Addresses: NawrockiD@aol.com        David.Nawrocki@villanova.edu

Click button to Send e-mail to: Dr. Nawrocki

Starting Date at Villanova: 1981

Degrees Earned: B.S., 1970, M.B.A., 1972, Ph.D., 1976, Pennsylvania State University.

Areas of Specialization: Financial Market Theory, Portfolio Management Theory, Investment Risk Measures, Ethics and Financial Markets, Asset Allocation and Portfolio Selection Algorithms, International Investment Management, General Systems Theory, Chaos Theory, Nonlinear Dynamical Systems, Disequilibrium Processes, and Educational Software Development.

Courses Taught - Fall 2022 - Portfolio Management

Finance 2227 - Fixed Income Markets Course Outline

Finance 2324 -- Portfolio Management: - Fall 2022


VSB 3500 - The Critical Thinking and Value Investing will not be offered again until Fall 2021 on Wednesday evenings.

Finance 8641 -- Student Managed Fund Class

Course Attendance Policy

Finance 2227 - Financial Markets Course Outline

Finance 2324 - Portfolio Management Course Outline

To download Learning.Zip Press Button - Learning Styles Evaluator - Requires WinZip to Unzip.


Formerly The World's Toughest Trivia Question!!!!  

(This is for your storehouse of useless knowledge.)

Who invented individually wrapped cheese slices?

(I'll accept either the name of the person or the company that was assigned the patent.)

Click here for the answer


Villanova Equity Society

Student Managed Fund Web Site

Student FMA Finance Society Web Site

Dr. Nawrocki's Vita

Dr. Nawrocki's Research Papers Page

The Russell Ackoff Conference Home Page

The QInsight Group

Links to Richard Feynman Sites

Friends of Tuva                      The Tuva Trader                        Richard Feynman Main Page

Tuva Online                      

Current Weather in Kyzyl, Tuva  This takes you to the Accuweather website.  Go to Weather.  Ask for Kyzyl, Russia.

The Current Time in Kyzyl, Tuva is exactly 11 hours ahead of Villanova,PA (New York Time Zone) during Daylight Savings Time and 12 hours ahead during Standard Time.


Most Recent Research Publications

1. Nawrocki, David, and Fred Viole. "Behavioral Finance in Financial Market Theory, Utility Theory, Portfolio Theory and the Necessary Statistics: A Review." Journal of Behavioral and Experimental Finance, 2(2014), 10-17.

2. Cumova, Denisa, and David Nawrocki. "Portfolio Optimization in an Upside Potential and Downside Risk Framework." Journal of Economics and Business, 2014.

3. Nawrocki, David, and Tonis Vaga. "A bifurcation model of market returns." Quantitative Finance, (2014): 1-20.

4. Viole, Fred, and David Nawrocki. "An analysis of heterogeneous utility benchmarks in a zero return environment." International Review of Financial Analysis (2013).

5.  Nawrocki, David, and Fred Viole. "Understanding the Flow of Funds System and the Financial Crisis of 2008." Advances in Financial Education, 2012.

6.  Carosella, Nicholas, Jose Rodriguez, Scott Williams, David Nawrocki, and Jonathan Doh, "The Return-to-Risk Performance of Socially Responsible Investing According to Catholic Values." The Journal of Investing 21.4 (2012): 47-58.

7.  Viole, Fred, and David Nawrocki. "The Utility of Wealth in an Upper-and Lower-Partial Moment Fabric." The Journal of Investing 20.2 (2011): 58-85.

8.  Cumova, Denisa, and David Nawrocki. "A symmetric LPM model for heuristic mean�semivariance analysis." Journal of Economics and Business 63.3 (2011): 217-236.

9.  Nawrocki, David, and William Carter. "Industry competitiveness using Herfindahl and entropy concentration indices with firm market capitalization data." Applied Economics 42.22 (2010): 2855-2863.

10. Nawrocki, D., Cumova, D., & Moreno, D. (2006). The Critical Line Algorithm for UPM/LPM Parametric General Asset Allocation Problem with Allocation Boundaries and Linear Constraints. (pp. 24). London UK: Palgrave Macmillan: Risk and Portfolio Management: The New Frontier. Original contribution.

11. Nawrocki, D., & Nawrocki, C. (2005). Learning Styles and Portfolio Management. Advances in Financial Education, 3, 89-98.

12.Nawrocki, D. (2004). Downside Risk Measures: A Brief History. (pp. 235-250). Princton NJ: Bloomberg Press: The Investment Think Tank, ed. Evensky and Katz.  Update of original article that appeared in Journal of Investing, 1999, a peer-reviewed journal.  Derivative of original contribution.

13."Dynamic Asset Allocation During Different Inflation Scenarios." (with Harold Evensky), Journal of Financial Planning, October 2003.

114. �The Case for Relevancy of Downside Risk Measures.� Reprinted in The Handbook of Risk, (Ben Warwick, editor), IMCA, Hoboken, NJ: John Wiley and Sons, 2003, 79-95.

15. "The Problems with Monte Carlo Simulation." Journal of Financial Planning, November 2001.

16. "Portfolio Optimization, Heuristics, and the 'Butterfly Effect' ", Journal of Financial Planning, February 2000, 68-78.

17. "A Brief History of Downside Risk Measures." Journal of Investing, Fall 1999, 9-25.

18. "Earnings Announcements and Portfolio Selection: Do They Add Value?" (with William Carter), International Review of Financial Analysis, Vol.7, No.1, 1998, 37-50.

19. "Capital Market Theory: Is It Relevant to Practitioners?" Journal of Financial Planning, October 1997, 97-102.

20. "Apocalypse Revisited: Do You Know Where Your Optimizer is at Night." Journal of Financial Planning, December 1996, 68-74.

21. "Portfolio Analysis with a Large Universe of Assets." Applied Economics,1996, Vol. 28, 1191-1198.

22. "Market Dependence and Economic Events." Financial Review, May 1996, Vol. 31, No. 2, 287-312.

23. "Expectations, Technological Change, Information and the Theory of Financial Markets." International Review of Financial Analysis, Vol. 4, No. 2, 1995, 85-106.

24. "R/S Analysis and Long Term Dependence in Stock Market Indices," Managerial Finance, Vol. 21, No. 7, 1995, 78-91.

All of the papers listed above are available for download from my research papers page.