Title page for ETD etd-020599-150239

Type of Document Dissertation
Author Hayes, Jr., Vernon Russell
Author's Email Address vhayes@sbs.sbs.uab.edu, vhayes@uab.edu
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
  • Cash Management
  • Prudent Person Rule
  • Budgeting
  • Local Government Investment Pools
  • Public Finance
Date of Defense 1998-11-28
Availability restricted
The Effect of the Prudent Person Rule on State-Run Local Government

Investment Pools

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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