Scott D. Stewart

Scott D. Stewart

Clinical Professor of Finance and Accounting

355 Sage Hall
Samuel Curtis Johnson Graduate School of Management
Cornell University
Ithaca, NY 14853-6201
Phone: 607-255-9177

Scott D. Stewart is a Clinical Professor of Finance and Accounting at the Samuel Curtis Johnson Graduate School of Management, Cornell University in Ithaca, New York. He is also a designated manager for the Cayuga Fund, LLC. He holds a Ph.D. in finance from Cornell University and an MBA in finance from the Samuel Curtis Johnson Graduate School of Management.

His research interests include portfolio management techniques, the behavior of institutional investors, equity valuation, the use of technology in finance, and management education. He has published articles in the Financial Analysts Journal, the Journal of Portfolio Management and the Financial Review, and has served as an ad hoc reviewer for each of these publications. He is associate editor of the Journal of Risk Finance, coauthor of Running Money: Professional Portfolio Management (McGraw-Hill, 2011) and author of Manager Selection (CFA Research Foundation, 2013). Professor Stewart received a Financial Analysts Journal Graham and Dodd Scroll Award (2010) and two first place research paper awards from the Financial Education Association (2013 and 2010).

Professor Stewart holds a CFA Charter and is Vice Chair of the Boston Security Analyst Society's board of directors. Between 1985 and 2001 he pursued a career in portfolio management that included fixed-income, asset allocation and global long and short equity investment strategies in mutual fund, separate account, and commingled pool formats. His experience includes 14 years at Fidelity Investments, where he was founder and equity group leader of the $45 billion Structured Investments Group. He managed the Fidelity Fifty Fund and Fidelity Select Equity Portfolios and co-managed the Fidelity Freedom Funds, earning recognition for superior investment performance from Micropal, the Wall Street Journal, and Barron’s. Professor Stewart was senior adviser to equity research at Fidelity and a portfolio manager at State Street Bank Asset Management Division (now State Street Global Advisors), where he managed fixed-income assets, tactical asset allocation portfolios and derivative strategies.

Before joining Cornell University Professor Stewart taught at Boston University's School of Management where he was faculty director of their graduate program in investment management.

Curriculum Vitae (CV)

Click here to view the curriculum vitae (PDF document).

Accepted Papers

  • Stewart, Scott D..  "Training Student Equity Analysts and Utilizing their Recommendations in Active Portfolio Management"  (Accepted)

Published Papers

  • Stewart, Scott D.; Guevara, C..  "Do Student Evaluations Match Alumni Expectations?"  Managerial Finance  37.7  (2011):  610-623.

  • Stewart, Scott D.; Heisler, J.; Knittel, C.; Neumann, J..  "Absence of Value: an Analysis of Investment Allocation Decisions by Institutional Plan Sponsors"  Financial Analysts Journal  65.6  (2009):  34-51.

  • Stewart, Scott D.; Knittel, Heisler; Neumann, J..  "Why do Institutional Plan Sponsors Hire and Fire Their Investment Managers?"  Journal of Business and Economic Studies  13.1  (2007):  88-118.

  • Stewart, Scott D..  "Is Consistency of Performance a Good Measure of Manager Skill?"  Journal of Portfolio Management  28.3  (1998):  22-32.

  • Stewart, Scott D..  "Biases in Performance Measurement During Contributions"  Financial Review  22.2  (1987)

  • Stewart, Scott D.; Smiley, R..  "White Knights and Takeover Bids"  Financial Analysts Journal  41.1  (1985):  19-26.

Working Papers

  • Stewart, Scott D..  "Seasonality of Weekly Excess Returns"

Scholarly Books


Book Chapters

  • Stewart, Scott D., 2014, Manager Selection (a summary), in Research Foundation Year in Review 2013, eds Maryann Dupes, Research Foundation of CFA Institute.

  • Stewart, Scott D.; Duhan, T.; Spentzos, G., 2012, CFA Level 1 Curriculum, in CFA Level I Curriculum, Research Foundation of CFA Institute.

  • Stewart, Scott D., 2006, Investment Management Process, in CFA Institute Professional Development Reading, Research Foundation of CFA Institute.

  • Stewart, Scott D.; Clancy, R. ; Holmes, D.; Martin, L., 1998, Constant Horizon Portfolio Insurance, in Portfolio Insurance: A Guide to Dynamic Hedging, eds Donald Luskin, Wiley.

  • Stewart, Scott D., 1995, The Advantage of High Yielding Equities for Taxable Corporate Investors, in New Directions in Finance, eds Dilip K. Ghosh and Shahriar Khaksari, Routledge.