Past Graham and Dodd Award Winners


Top Award 

Antti Petajisto
“Inefficiencies in the Pricing of Exchange-Traded Funds” 

Scroll Awards

Steven L. Heston and Nitish Ranjan Sinha
“News vs. Sentiment: Predicting Stock Returns from News Stories” 

Patrick Houweling and Jeroen van Zundert, CFA
“Factor Investing in the Corporate Bond Market”


Top Award 

Mila Getmansky, Giulio Girardi, and Craig Lewis 
“Interconnectedness in the CDS Market” 

Scroll Awards

Noah Beck, Jason Hsu,* Vitali Kalesnik, and Helge Kostka
“Will Your Factor Deliver? An Examination of Factor Robustness and Implementation Costs” 

Ilia Dichev, John Graham, Campbell R. Harvey, and Shiva Rajgopal
“The Misrepresentation of Earnings”

*Per the policies of the Financial Analysts Journal, individuals who serve in an editorial role are not eligible to receive an award. Accordingly, not all authors of this article will be presented the Scroll Award.


Top Award 

M. Barton Waring and Laurence B. Siegel  
“The Only Spending Rule Article You Will Ever Need” 

Scroll Awards

David M. Blanchett, CFA, and Philip U. Straehl
No Portfolio Is an Island” 

Timothy K. Chue, Yong Wang, CFA, and Jin Xu
“The Crash Risks of Style Investing: Can They Be Internationally Diversified?” 

Best Perspectives Award

David Chambers and Elroy Dimson
“The British Origins of the US Endowment Model” 

Readers′ Choice Award

Luis Garcia-Feijóo, CFA, CIPM,* Lawrence Kochard, CFA, Rodney N. Sullivan, CFA,* and Peng Wang, CFA
“Low-Volatility Cycles: The Influence of Valuation and Momentum on Low-Volatility Portfolios” 

*Per the policies of the Financial Analysts Journal, Dr. Garcia-Feijóo and Mr. Sullivan, who served in an editorial role, were recused from the peer-review and acceptance processes and are ineligible to receive the award.


Top Award 

Mark Carhart, CFA, Ui-Wing Cheah, CFA, Giorgio De Santis, Harry Farrell, and Robert Litterman  
“Exotic Beta Revisited” 

Scroll Awards

Katja Ahoniemi and Petri Jylhä
Flows, Price Pressure, and Hedge Fund Returns” 

Malcolm Baker, Brendan Bradley, and Ryan Taliaferro  
“The Low-Risk Anomaly: A Decomposition into Micro and Macro Effects” 

Niels Pedersen, Sébastien Page, CFA, and Fei He, CFA
“Asset Allocation: Risk Models for Alternative Investments” 

Best Perspectives Award

William F. Sharpe  
“Past, Present, and Future Financial Thinking” 

Readers′ Choice Award

Ronald Doeswijk, Trevin Lam, CFA, and Laurens Swinkels  
“The Global Multi-Asset Market Portfolio, 1959–2012” 


Top Award 

Roger G. Ibbotson, Zhiwu Chen, Daniel Y.-J. Kim, and Wendy Y. Hu  
“Liquidity as an Investment Style” 

Scroll Awards

Brad M. Barber and Guojun Wang
Do (Some) University Endowments Earn Alpha?” 

Claude B. Erb, CFA, and Campbell R. Harvey 
“The Golden Dilemma” 

Roger Edelen, Richard Evans, and Gregory Kadlec
“Shedding Light on ‘Invisible’ Costs: Trading Costs and Mutual Fund Performance” 

Antti Petajisto
“Active Share and Mutual Fund Performance”

William F. Sharpe
“The Arithmetic of Investment Expenses” 

Best Perspectives Award

Robert J. Shiller 
“Capitalism and Financial Innovation” 

Readers′ Choice Award

Claude B. Erb, CFA, and Campbell R. Harvey  
“The Golden Dilemma” 


Top Award

Ananth Madhavan
“Exchange-Traded Funds, Market Structure, and the Flash Crash”  

Scroll Awards

Robert D. Arnott and Denis B. Chaves
“Demographic Changes, Financial Markets, and the Economy”  

Rajesh K. Aggarwal and Philippe Jorion
“Is There a Cost to Transparency?”  

Robert M. Anderson, Stephen W. Bianchi, CFA, and Lisa R. Goldberg  
Will My Risk Parity Strategy Outperform?” 

Thomas M. Idzorek, CFA, James X. Xiong, CFA, and Roger G. Ibbotson
The Liquidity Style of Mutual Funds” 

Best Perspectives Award

Eugene F. Fama  
“An Experienced View on Markets and Investing”  

Readers′ Choice Award

William Reichenstein, CFA, Stephen M. Horan, CFA, CIPM, and William W. Jennings, CFA  
“Two Key Concepts for Wealth Management and Beyond”


Top Award

Clifford S. Asness, Roni Israelov, and John M. Liew 
“International Diversification Works (Eventually)” 

Scroll Awards

Malcolm Baker, Brendan Bradley, and Jeffrey Wurgler
“Benchmarks as Limits to Arbitrage: Understanding the Low-Volatility Anomaly” 

Tzee-man Chow, Jason Hsu, Vitali Kalesnik, and Bryce Little  
“A Survey of Alternative Equity Index Strategies” 

Roger G. Ibbotson, Peng Chen, CFA, and Kevin X. Zhu 
“The ABCs of Hedge Funds: Alphas, Betas, and Costs” 

Robert C. Jones, CFA, and Russ Wermers 
“Active Management in Mostly Efficient Markets” 

Best Perspectives Award

Richard Roll 
“The Possible Misdiagnosis of a Crisis” 

Readers′ Choice Award

Tzee-man Chow, Jason Hsu, Vitali Kalesnik, and Bryce Little 
“A Survey of Alternative Equity Index Strategies”


Top Award

William F. Sharpe
“Adaptive Asset Allocation Policies” 

Scroll Awards

Bradford Cornell
“Economic Growth and Equity Investing” 

Mark Kritzman, CFA, Sébastien Page, CFA, and David Turkington, CFA
“In Defense of Optimization: The Fallacy of 1/N 

John Hull and Alan White
“The Risk of Tranches Created from Mortgages” 

Best Perspectives Award

Roger G. Ibbotson 
“The Importance of Asset Allocation” 

Readers′ Choice Award

Seth A. Klarman and Jason Zweig 
“Opportunities for Patient Investors”


Top Award

Stephen Brown, William Goetzmann, Bing Liang, and Christopher Schwarz
“Estimating Operational Risk for Hedge Funds: The ω-Score” 

Scroll Awards

Scott D. Stewart, CFA, John J. Neumann, Christopher R. Knittel, and Jeffrey Heisler, CFA
“Absence of Value: An Analysis of Investment Allocation Decisions by Institutional Plan Sponsors” 

Maria Schutte and Emre Unlu
“Do Security Analysts Reduce Noise?” 

Meir Statman and Denys Glushkov
“The Wages of Social Responsibility” 

Best Perspectives Award

John C. Bogle and Rodney N. Sullivan, CFA
“Markets in Crisis” 

Readers′ Choice Award

Bruce I. Jacobs
“Tumbling Tower of Babel: Subprime Securitization and the Credit Crisis” 


The Graham and Dodd Award

Paul D. Kaplan, CFA
"Why Fundamental Indexation Might—or Might Not—Work”

Best Perspectives Award

John C. Bogle
"Black Monday and Black Swans"

Graham and Dodd Scroll Awards

John J. McConnell and Wei Xu
"Equity Returns at the Turn of the Month"

Vineer Bhansali, Robert Gingrich, and Francis A. Longstaff, CFA
"Systemic Credit Risk: What Is the Market Telling Us?"

Jacob Oded and Allen Michel
"Stock Repurchases and the EPS Enhancement Fallacy"

Thomas K. Philips and Arun Muralidhar
"Saving Social Security: A Better Approach"

Readers' Choice Award

Richard Manley and Christian Mueller-Glissmann
"The Market for Dividends and Related Investment Strategies"


The Graham and Dodd Award

William F. Sharpe
"Expected Utility Asset Allocation"

Best Perspectives Award

André F. Perold
"Fundamentally Flawed Indexing"

Graham and Dodd Scroll Awards

Eugene F. Fama and Kenneth R. French
"The Anatomy of Value and Growth Stock Returns"

Eugene F. Fama and Kenneth R. French

Bruce I. Jacobs and Kenneth N. Levy, CFA
"20 Myths about Enhanced Active 120–20 Strategies"

Readers' Choice Award

Bruce I. Jacobs and Kenneth N. Levy, CFA
"20 Myths about Enhanced Active 120–20 Strategies"


Graham and Dodd Award

Claude B. Erb, CFA, and Campbell R. Harvey
"The Strategic and Tactical Value of Commodity Futures"

Best Perspectives Award

M. Barton Waring and Laurence B. Siegel
“The Myth of the Absolute-Return Investor”

Graham and Dodd Scroll Awards

Peng Chen, CFA, Roger G. Ibbotson, Moshe A. Milevsky, and Kevin X. Zhu
“Human Capital, Asset Allocation, and Life Insurance”

John R. Graham, Campbell R. Harvey, and Shiva Rajgopal
“Value Destruction and Financial Reporting Decisions”

Eric Hughson, Michael Stutzer, and Chris Yung
“The Misuse of Expected Returns”

Readers' Choice Award

Eric Hughson, Michael Stutzer, and Chris Yung
“The Misuse of Expected Returns”


Graham and Dodd Award

John Y. Campbell and Luis M. Viceira
“The Term Structure of the Risk–Return Trade-Off”

Best Perspectives Award

Burton G. Malkiel and Atanu Saha
“Hedge Funds: Risk and Return”

Scroll Awards

Roger Clarke, Harindra de Silva, CFA, and Steven Thorley, CFA
“Performance Attribution and the Fundamental Law”

Ser-Huang Poon and Clive Granger
“Practical Issues in Forecasting Volatility”

Bradford Cornell and Richard Roll
“A Delegated-Agent Asset-Pricing Model”

Readers’ Choice Award

Clifford S. Asness
“Rubble Logic: What Did We Learn from the Great Stock Market Bubble?”


Graham and Dodd Award Winner

Richard Roll
“Empirical TIPS”

Scroll Awards

Laurence B. Siegel and M. Barton Waring
“TIPS, the Dual Duration, and the Pension Plan”

S. P. Kothari and Jay Shanken
“Asset Allocation with Inflation-Protected Bonds”

William Fung and David A. Hsieh
“Hedge Fund Benchmarks: A Risk-Based Approach”

Best Perspectives Award

Clifford S. Asness
“Stock Options and the Lying Liars Who Don’t Want to Expense Them”

Readers’ Choice Award

John A. Doukas, Chansog (Francis) Kim, and Christos Pantzalis
“Divergent Opinions and the Performance of Value Stocks”


Graham and Dodd Award Winner

Robert D. Arnott and Clifford S. Asness
“Surprise! Higher Dividends = Higher Earnings Growth”

Scroll Award Winners

Rajnish Mehra
“The Equity Premium: Why Is It a Puzzle?”

Roger G. Ibbotson and Peng Chen
“Long-Run Stock Returns: Participating in the Real Economy”

Philippe Jorion
“Portfolio Optimization with Tracking-Error Constraints”

Stephen Kealhofer
“Quantifying Credit Risk I: Default Prediction”
“Quantifying Credit Risk II: Debt Valuation”

Best Perspectives

Robert C. Merton
“Thoughts on the Future: Theory and Practice in Investment Management”


Graham and Dodd Award Winner

Robert D. Arnott and Peter L. Bernstein
“What Risk Premium Is “Normal”?”

Scroll Winners

Mark Kritzman and Don Rich
“The Mismeasurement of Risk”

Andrew W. Lo
“The Statistics of Sharpe Ratios”

William F. Sharpe
“Budgeting and Monitoring Pension Fund Risk”

Ananth Madhavan
“Market Microstructure: A Practitioner’s Guide”

Roger Clarke, Harindra de Silva, and Steven Thorley
“Portfolio Constraints and the Fundamental Law of Active Management”


Graham and Dodd Award

Mark Rubinstein
“Rational Markets: Yes or No? The Affirmative Case”

Awards of Excellence

Eric Jacquier and Alan J. Marcus
“Asset Allocation Models and Market Volatility”

Robert Jarrow
“Default Parameter Estimation Using Market Prices”

Jeff Diermeier and Bruno Solnik
“Global Pricing of Equity”

Darrell Duffie and Nicolae Gârleanu
“Risk and Valuation of Collateralized Debt Obligations”

Andrew W. Lo
“Risk Management for Hedge Funds: Introduction and Overview”


Graham and Dodd Award

Eduardo S. Schwartz and Mark Moon
“Rational Pricing of Internet Companies”

Awards of Excellence

Brad M. Barber and Terrance Odean
“Too Many Cooks Spoil the Profits: Investment Club Performance”

Roger G. Ibbotson and Paul D. Kaplan
“Does Asset Allocation Policy Explain 40, 90, or 100 Percent of Performance?”

Clifford S. Asness
“Stocks versus Bonds: Explaining the Equity Risk Premium”

Louis K.C. Chan, Jason Karceski, and Josef Lakonishok
“New Paradigm or Same Old Hype in Equity Investing?”


Graham and Dodd Award

Andrew W. Lo 
“The Three P’s of Total Risk Management”

Awards of Excellence

Meir Statman
“Behavioral Finance: Past Battles and Future Engagements”

Hayne E. Leland
“Beyond Mean–Variance: Performance Measurement in a Nonsymmetrical World”

Jack L. Treynor
“The Investment Value of Brand Franchise”

Martin L. Leibowitz
“P/E Forwards and Their Orbits”

Charles M.C. Lee and Bhaskaran Swaminathan
“Valuing the Dow: A Bottom-Up Approach”


Graham and Dodd Award

William F. Sharpe
“Morningstar’s Risk-Adjusted Ratings”

Awards of Excellence

Jack Treynor
“Bulls, Bears, and Market Bubbles”

Donald B. Keim and Ananth Madhavan
“The Cost of Institutional Equity Trades”

Michael J. Brennan
“Stripping the S&P 500 Index”

Peter Best, Alistair Byrne, and Antti Ilmanen
“What Really Happened to U.S. Bond Yields”

Vijay Kumar Chopra
“Why So Much Error in Analysts’ Earnings Forecasts?”


Graham and Dodd Award

Peter L. Bernstein
“What Rate of Return Can You Reasonably Expect . . . or What Can the Long Run Tell Us about the Short Run?”

Award of Excellence

David F. Babbel, Craig Merrill, and William Panning
“Default Risk and the Effective Duration of Bonds”

Claude B. Erb, Campbell R. Harvey, and Tadas E. Viskanta
“Demographics and International Investments”

Gifford Fong and Oldrich A. Vasicek
“A Multidimensional Framework for Risk Analysis”

Jonathan B. Berk
“Does Size Really Matter?”

Martin L. Leibowitz
“Franchise Margins and the Sales-Driven Franchise Value”


Graham and Dodd Award

Rex A. Sinquefield
“Where Are the Gains from International Diversification?”

Award of Excellence

Philip H. Dybvig and William J. Marshall
“Pricing Long Bonds: Pitfalls and Opportunities”

Richard W. Sias
“Volatility and the Institutional Investor”

Alex Kane, Alan J. Marcus, and Jaesun Noh
“The P/E Multiple and Market Volatility”

Emanuel Derman, Iraj Kani, and Joseph Z. Zou
“The Local Volatility Surface: Unlocking the Information in Index Option Prices”

Claude B. Erb, Campbell R. Harvey, and Tadas E. Viskanta
“Political Risk, Economic Risk, and Financial Risk”  



Stuart C. Gilson
“Investing in Distressed Situations: A Market Survey”


Lex C. Huberts and Russell J. Fuller
“Predictability Bias in the U.S. Equity Market”

Zvi Bodie
“On the Risk of Stocks in the Long Run”

Hasung Jang and Jae Ha Lee
“Window Dressing of Daily Closing Bid–Ask Spreads: Evidence from NYSE Stocks”

Emanuel Derman, Iraj Kani, Deniz Ergener, and Indrajit Bardhan
“Enhanced Numerical Methods for Options with Barriers”

Claude B. Erb, Campbell R. Harvey, and Tadas E. Viskanta
“Inflation and World Equity Selection”



Eric H. Sorensen and Thierry F. Bollier
“Pricing Swap Default Risk”


Keith P. Ambachtsheer
“The Economics of Pension Fund Management”

Patricia M. Fairfield
“P/E, P/B, and the Present Value of Future Dividends”

Martin S. Fridson, CFA
“Fraine’s Neglected Findings: Was Hickman Wrong?”

Nalin Kulatilaka and Alan J. Marcus
“Valuing Employee Stock Options”

Martin Leibowitz and Stanley Kogelman
“The Growth Illusion: The P/E ‘Cost’ of Earnings Growth”



Fischer Black
“Estimating Expected Return”


Carlo Capaul, Ian Rowley and William F. Sharpe
“International Value and Growth Stock Returns”

Mark P. Kritzman
“What Practitioners Need to Know...About Factor Methods”
“What Practitioners Need to Know...About Commodity Futures Contracts”

“What Practitioners Need to Know ...About Return and Risk”

“What Practitioners Need to Know ...About the Term Structure of Interest Rates”

“What Practitioners Need to Know ...About Hedging”

“What Practitioners Need to Know ...About Monte Carlo Simulation”

James D. MacBeth and David C. Emanuel
“Tactical Asset Allocation: Pros and Cons”

Patrick Odier and Bruno Solnik
“Lessons for International Asset Allocation”

Hersh Shefrin and Meir Statman
“Ethics, Fairness and Efficiency in Financial Markets”



Fischer Black and Robert Litterman
“Global Portfolio Optimization”


David G. Booth and Eugene F. Fama
“Diversification Returns and Asset Contributions”

Martin Drummen and Heinz Zimmermann
“The Structure of European Stock Returns”

Martin L. Leibowtiz and Stanley Kogelman
“Franchise Value and the Growth Process”

William M. O’Barr and John M. Conley
“Managing Relationships: The Culture of Institutional Investing”

Jeremy J. Siegel
“The Equity Premium: Stock and Bond Returns Since 1802”



Richard M. Ennis and Paul Burik
“Pension Fund Real Estate Investment under a Simple Equilibrium Pricing Model”


Fischer Black and Piotr Karasinski
“Bond and Option Pricing When Short Rates are Lognormal”

Gary P. Brinson, CFA, Brian D. Singer, and Gilbert L. Beebower
“Determinants of Portfolio Performance II: An Update”

Wayne E. Ferson and Campbell R. Harvey
“Sources of Predictability in Portfolio Returns”

Mark L. Mitchell
“The Value of Corporate Takeovers”

André F. Perold and Robert S. Salomon, Jr.
“The Right Amount of Assets Under Management”



G. William Schwert
“Stock Market Volatility”


Fischer Black, Emanuel Derman, and William Toy
“A One-Factor Model of Interest Rates and Its Application to Treasury Bond Options”

Menachem Brenner, Marti G. Subrahmanyam, and Jun Uno
“Arbitrage Opportunities in the Japanese Stock and Futures Markets”

Edwin J. Elton, Martin J. Gruber, and Joel Rentzler 
“The Performance of Publicly Offered Commodity Funds”

W.V. Harlow and Keith C. Brown
“Understanding and Assessing Financial Risk Tolerance: A Biological Perspective”

Craig B. Wainscott
“The Stock-Bond Correlation and Its Implications for Asset Allocation”



Fischer Black
“Universal Hedging: Optimizing Currency Risk and Reward in International Equity Portfolios”


Robert D. Arnott and Roy D. Henriksson
“A Disciplined Approach to Global Asset Allocation”

Richard Bookstaber and Steven Pomerantz
“An Information-Based Model of Market Volatility”

Martin L. Leibowitz, Eric H. Sorensen, Robert D. Arnott and H. Nicholas Hanson
“A Total Differential Approach to Equity Duration”

Richard O. Michaud
“The Markowitz Optimization Enigma: is ‘Optimized’ Optimal?”

Mark Rubinstein
“Market Basket Alternatives”



Richard Roll
“The International Crash of October 1987”


Sanford J. Grossman
“Program Trading and Market Volatility: A Report on Interday Relationships”

Bruce I. Jacobs and Kenneth N. Levy
“Disentangling Equity Return Regularities: New Insights and Investment Opportunities”

Martin L. Leibowitz and William S. Krasker
“The Persistence of Risk: Stocks versus Bonds over the Long Term”

André F. Perold and William F. Sharpe
“Dynamic Strategies for Asset Allocation”

Mark Rubinstein
“Portfolio Insurance and the Market Crash”



Martin L. Leibowitz
“Pension Asset Allocation through Surplus Management”


Keith P. Ambachtsheer
“Pension Fund Asset Allocation: In Defense of a 60/40 Equity/Debt Asset Mix”

William F. Sharpe
“Integrated Asset Allocation”

Hans R. Stoll and Robert E. Whaley
“Program Trading and Expiration-Day Effects”

Jack L. Treynor
“The Economics of the Dealer Function”

Jack L. Treynor
“Market Efficiency and the Bean Jar Experiment”



Martin L. Leibowitz
“Total Portfolio Duration: A New Perspective on Asset Allocation”


Blake R. Grossman and William F. Sharpe
“Financial Implications of South African Divestment”

Richard A. Ippolito
“The Economic Burden of Corporate Pension Liabilities”

Donald B. Keim
“The CAPM and Equity Return Regularities”

Robert A. Taggart, Jr.
“Corporate Financing: Too Much Debt?”

Robert E. Whaley
“On Valuing American Futures Options”



Mark Rubinstein
“Alternative Paths to Portfolio Insurance”


Edward I. Altman and Scott A. Nammacher
“The Default Rate Experience on High-Yield Corporate Debt”

Robert D. Arnott and William A. Copeland
“The Business Cycle and Security Selection”

Richard Bookstaber and Roger Clarke
“Problems in Evaluating the Performance of Portfolios with Options”

Willard T. Carleton and Josef Lakonishok
“Risk and Return on Equity: The Use and Misuse of Historical Estimates”

D. Don Ezra and Keith P. Ambachtsheer
“Pension Funds: Rich or Poor?”



Richard Roll and Stephen A. Ross
“The Arbitrage Pricing Theory Approach to Strategic Portfolio Planning”


Hal L. Arbit and Bob L. Boldt
“Efficient Markets and the Professional Investor”

Roger G. Ibbotson, Jeffrey J. Diermeier, and Laurence B. Siegel
“The Demand for Capital Market Returns: A New Equilibrium Theory”

Henry R. Oppenheimer
“A Test of Ben Graham’s Stock Selection Criteria”

Zvi Bodie, Alex Kane, and Robert McDonald
“Why Haven’t Nominal Rates Declined?”

Wayne H. Wagner, Allen Emkin and Richard L. Dixon
“South African Divestment: The Investment Issues”



Thomas F. Loeb
“Trading Cost: The Critical Link between Investment Information and Results”


Robert D. Arnott and James von Germeten
“Systematic Asset Allocation”

Martin Feldstein and Randall Morck
“Pension Funds and the Value of Equities”

George Kaufman, B.O. Bierwag, and Alden Toevs
“Duration: Its Development and Use in Bond Portfolio Management”

Dean LeBaron
“Reflections on Market Inefficiency”

Arthur Zeikel
“Organizing for Creativity”



Fischer Black
“The Trouble with Econometric Models”


Basil L. Copeland, Jr.
“Inflation, Interest Rates and Equity Risk Premia”

Robert Grauer and Nils H. Hakansson
“Higher Return, Lower Risk: Historical Returns on Long-Run, Actively Managed Portfolios of Stocks, Bonds and Bills, 1936–1978”

Roger G. Ibbotson, Richard C. Carr, and Anthony W. Robinson
“International Equity and Bond Returns”

Irwin Tepper
“The Future of Private Pension Funding”

Jack L. Treynor
“On the Quality of Municipal Bonds”



Jack L. Treynor
“What Does It Take to Win the Trading Game?”


Steven Leuthold
“Interest Rates, Inflation and Deflation”

Arthur Laffer
“Supply-Side Economics”

Marc Reinganum
“Abnormal Returns in Small Firm Portfolios”

Martin Leibowitz
“Volatility in Tax-Exempt Bonds: A Theoretical Model”

Kathleen Condon
“Measuring Equity Transaction Costs”



Fischer Black
“The Tax Consequences of Long-Run Pension Policy”


J. Michael Murphy
“Why No One Can Tell Who’s Winning”

Robert Ferguson
“Performance Measurement Doesn’t Make Sense”

Michael Porter
“Industry Structure and Competitive Strategy: Keys to Profitability”

Dave Williams
“Organizing for Superior Investment Returns”

William Fruhan, Jr.
“Levitz Furniture: A Case History in the Creation and Destruction of Shareholder Value”


Franco Modigliani and Richard A. Cohn
“Inflation, Rational Valuation, and the Market”

Herbert Ayres and John Barry
“The Equilibrium Yield Curve for Government Securities”

Martin Leibowitz
“Horizon Annuity: Linking the Growth and Payout Phases of Long-Term Bond Portfolios”

Roger Ibbotson and Rex Sinquefield
“Stocks, Bonds, Bills and Inflation: Updates”

William Easman, Jr., Angela Falkenstein and Donald Guy
“The Correlation Between Sustainable Income and Stock Returns”

Keith Ambachtsheer and James Farrell
“Can Active Management Add Value?”


Michael C. Jensen and William H. Meckling
“Can the Corporation Survive?”

Fischer Black
“The Ins and Outs of Foreign Investment”

Robert Ferguson
“Do Market Inventory Funds Really Make Sense?”

William Beaver and Dale Morse
“What Determines Price-Earnings Ratios?”

Walter Good
“Harry Longterm Portfolio Manager, Consults Charley Broadview”



Arthur L. Fisher
“What Happens to Capitalism When Money Managers Stop Acting Like Capitalists?”


Arthur Fisher
“What Happens to Capitalism When Money Managers Stop Acting Like Capitalists?”

Peter Gutmann
“The Subterranean Economy”

Angela Falkenstein and Roman Weil
“Replacement Cost Accounting: What Will Income Statements Based on the SEC Disclosure Show?—Part I”
“Replacement Cost Accounting: What Will Income Statements Based on the SEC Disclosure Show?—Part II”< /a>

Hartman Butler, J. Devon Allen and George Podrasky
“The Aerospace Industry Re-Revisited”   
“The Aerospace Industry Re-Revisited: Commercial Aircraft”

Stephen Schaefer
“The Problem with Redemption Yields”

David Hawkins
“Toward An Old Theory of Equity Valuation”



William L. Fouse
“Risk and Liquidity: The Keys to Stock Price Behavior”


Nils Hakansson
“The Purchasing Power Fund: A New Kind of Financial Intermediary”

W. Bruce Jones
“The Chemical Industry or Here Come the Oil Companies Again”

Donald Lessard
“World, Country and Industry Relationships in Equity Returns: Implications for Risk Reduction through International Diversification”

Russell Morrison
“Speculation: Its Nature and Implications for Portfolio Management”

Barr Rosenberg and James Guy
“Prediction of Beta from Investment Fundamentals: Part One”
“Prediction of Beta from Investment Fundamentals: Part Two”



Charles D. Ellis
“The Loser’s Game”


Leopold Bernstein 
“In Defense of Fundamental Investment Analysis”

Sidney Davidson and Roman Weil
“Inflation Accounting: What Will General Price Level Adjusted Income Statements Show?”

William Sharpe
“Likely Gains from Market Timing”

James Farrell 
“Homogeneous Stock Groupings”

Fischer Black
“Fact and Fantasy in the Use of Options”



Franco Modigliani and Gerald A. Pogue
“An Introduction to Risk and Return: Concepts and Evidence, Part One”
“An Introduction to Risk and Return: Concepts and Evidence, Part Two”


Edmund Mennis
“An Integrated Approach to Portfolios Management”

William Fouse, William Jahnke and Barr Rosenberg
“Is Beta Phlogiston?”

William Gray III
“The Application of Discount Rates in Forecasting Returns for Stocks and Bonds”

Benjamin Graham
“The Future of Common Stocks”

Arthur Laffer
“Balance of Payments and Exchange Rate Systems”



William F. Sharpe
“Bonds versus Stocks: Some Lessons from Capital Market Theory”


James Lorie and Mary Hamilton
“New Focus for Investment Counselling to Pension and Endowment Portfolios: Long Range Risk Policy”

Robert Olstein and Thorton O’glove
“Devaluation and Multinational Reporting”

William Jahnke
“The Growth Stock Mania”

Richard Crowell
“Risk Measurement: Five Applications”



William Sharpe
“Risk, Market Sensitivity and Diversification”


Robert Diefenbach
“How Good Is Institutional Brokerage Research?”

Joseph Spigelman
“New Challenge for Investors: Coping with the Knowledge Revolution”

Donald M. Feuerstein
“Toward a National System of Securities Exchanges: The Third and Fourth Markets”

Oldrich A. Vasicek and John McQuown
“The Efficient Market Model”

Morris Mark, Marvin Baris, Ronald Lytle and Leonard Marx, Jr.
“Pitfalls in Real Estate Accounting”



Sidney Cottle, Edmund A. Mennis, and Mary Schuelke
“Corporate Earnings: Long Term Outlook and Valuation”


Fischer Black
“Implications of the Random Walk Hypothesis for Portfolio Management”

Eunice Filter
“Accounting Practices of Major Computer Companies”

Richard West
“Conflicts of Interest: Substance or Subterfuge?”

Wayne Wagner and Sheila Lau
“The Effect of Diversification on Risk”



Henry C. Wallich
“Fiscalists vs. Monetarists”


Guilford C. Babcock
"The Concept of Sustainable Growth"

Julian Gumperz
“Pension Funds in an Age of Discontinuity”

John O’Brien
“How Market Theory Can Help Investors Set Goals, Select Investment Managers and Appraise Investment Performance”

Arnold Safer and Jules Levine
“How Fast Are the Institutions Accumulating Equity Shares?”

Harlow Osborne
“Characteristics of Sales Forecasts Based on Gross National Product”



Joseph H. Spigelman
“The Data Service Industry: Part One”
“The Data Service Industry: Part Two”

“The Data Service Industry: Part Three”


Abraham Briloff
“The ‘Funny-Money’ Game”

Charles E. Youngblood
“The Argument for a Publicly Owned Stock Exchange”

Arthur Zeikel
“Coordinating Information”

Edmund Mennis
“New Tools for Profits Analysis”

Shintaro Sakata
“Japan’s Economy and Securities Market”



Howard Bonham
“Equity Investment Return in 1970”


Marvin May 
“The Earnings per Share Trap”

George Kaufman
“Proposed Experiment in Monetary Policy”

Jack Treynor, William W. Priest, Jr., Lawrence Fisher, and Catherine A. Higgins
“Using Portfolio Composition to Estimate Risk”

Abraham Briloff
“Distortions Arising from Pooling-of-Interests Accounting”

Henry Latane and Donald Tuttle
“Framework for Forming Probability Beliefs”


John P. Shelton
“The Relation of the Price of a Warrant to the Price of Its Associated Stock: Part I”
“The Relation of the Price of a Warrant to the Price of Its Associated Stock: Part II”

James R. Collier
“Management Approach to Earnings per Share Growth”

Richard Cunniff
“The Magnetic Tape Industry”

John H. Myers
“Depreciation Manipulation for Fun and Profits”

John P. Shelton, Eugene F. Brigham, and Alfred E. Hofflander, Jr.
“An Evaluation and Appraisal of Dual Funds”

George H. Strong
“Management’s Fourth Dimension”



Joseph H. Spigelman
“Technological and Institutional Transformation of the Drug Industry: Part I”
“Technological and Institutional Transformation of the Drug Industry: Part II”


Frank Block 
“Risk and Performance”

Julian Gumperz
“From a Closed to an Open System”

Hartman Butler, Jr.
“Aerospace Fundamentals and Industry Analysis”

Joseph Gal
“Man-Machine Interactive Systems and Their Application to Financial Analysis”

J. Parker Hall, III
“Toward Effective Portfolio Management”



Sidney Cottle
“Corporate Earnings: A Record of Contrast and Change”


David Grove
“Monetary Policy and the Balance of Payments”

Donald Kramer
“Life Insurance Profit Margins”

Paul Wendt
“Current Growth Stock Valuation Methods”

J. Fred Weston and David Eiteman
“Economic Trends and Security Values—A Bleak or Bountiful Future for Investors?”



Frank E. Block
“The Place of Book Value in Common Stock Evaluation”



Anthony Gaubis
“The Timing Factor in Business and Stock Market Forecasting”



Robert K. Lifton
“An Understanding of Public Realty Firms”



Richard W. Lambourne
“Institutional Investing”



Fulton Boyd
“Investment Opportunities in Latin America”