Type of Document Dissertation Author Hayes, Jr., Vernon Russell Author's Email Address email@example.com, firstname.lastname@example.org URN etd-020599-150239 Title The Effect of the Prudent Person Rule on State-Run Local Government Investment Pools Degree PhD Department Public Administration and Public Affairs Advisory Committee
Advisor Name Title Wamsley, Gary L. Committee Chair Dudley, Larkin S. Committee Member Gooden, Susan T. Committee Member Hult, Karen M. Committee Member Rohr, John A. Committee Member Keywords
- Cash Management
- Prudent Person Rule
- Local Government Investment Pools
- Public Finance
Date of Defense 1998-11-28 Availability restricted AbstractThe Effect of the Prudent Person Rule on State-Run Local Government
Vernon Russell Hayes, Jr.
The purpose of this dissertation is to be an introductory examination of whether the
use of the Prudent Person Rule in place of legal list investment restrictions could have a
significant difference upon the return on investment that a state or local government may
receive through its cash management practices. The dissertation will examine this issue by
studying the effect of the Prudent Person Rule and legal list limitations on state-run local
government investment pools in the United States. The specific question to be asked in this
study will be: “Is there a difference in the return on investment yield performance of state-run
local government investment pools among those operating under the Prudent Person
Rule fiduciary standard, those operating under a legal list fiduciary standard, and those
operating under a combination legal list/Prudent Person Rule fiduciary standard, for the
five-year period beginning with Fiscal Year 1992 and ending with Fiscal Year 1996?”
It appears from this brief examination that there may be a difference in return among
state-run pools operating under different fiduciary standards. However, because of various
factors that might affect the results, the author believes that this is just a preliminary study,
and that further research must be done on this important topic in public cash management.
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