Financial Analysts Journal

1996 - 2026

Current editor(s): Maryann Dupes

From Taylor & Francis Journals
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In Memoriam: Martin Leibowitz’s Contributions Across Finance pp. 5-14: Frank J. Fabozzi
Demographics and Technology: A New Frontier of Investment Opportunities at the Crossroads of Population Change and Technological Innovation pp. 15-27: Maria Vassalou
Don’t Blame Indexing for Your Problems pp. 28-33: Owen A. Lamont
Bad Timing Does Not Cost Investors 15% of Their Funds’ Returns: An Examination of Morningstar’s “Mind the Gap” Study pp. 34-42: Jon Fulkerson, Bradford Jordan, Timothy Riley and Qing Yan
When the Equity Premium Was New: How the Baleful Impact of Deflation Eluded E. L. Smith pp. 43-58: Edward F. McQuarrie
EBITDA, EBITA, or EBIT? pp. 59-77: Doron Nissim
Profitability Meets Investment: The Wealth Creation Effect in Stock Returns pp. 78-110: Francesco Franzoni, Daniel Obrycki and Rafael Resendes
Carbon Beta: A Market-Based Measure of Climate Transition Risk Exposure pp. 111-137: Joop Huij, Dries Laurs, Philip Stork and Remco C. J. Zwinkels
Analyzing ESG Follow-Through of Pension Funds: Evidence from Korea’s National Pension Service pp. 138-166: Sehee Kim, Woo-Jong Lee, Hee-Yeon Sunwoo and Aaron Yoon

2025 Report to Readers pp. 5-7: Luis García-Feijóo
The Fallacy of Concentration pp. 8-18: Mark Kritzman and David Turkington
Emotional Yields of Collectibles pp. 19-45: Elroy Dimson, Kuntara Pukthuanthong and Blair Vorsatz
Fundamental Growth pp. 46-68: Rob Arnott, Chris Brightman, Campbell R. Harvey, Que Nguyen and Omid Shakernia
Value versus Growth: What Drives the Value Premium? pp. 69-91: Linda H. Chen, Wei Huang and George J. Jiang
Rethinking Variable Importance in Machine Learning: An Economic Perspective on Empirical Asset Pricing pp. 92-135: Yonghwan Jo and Yong Hwi Kim
The Performance of Small Business Investment Companies pp. 136-158: Gregory W. Brown, Wendy Hu, David Robinson and William M. Volckmann
A Reassessment of Hedge Fund Returns Using Daily Return Data pp. 159-185: Christos Antoniadis and Spyros Skouras

In Memoriam: Philippe Jorion pp. 5-5: William Goetzmann
The Best Defensive Strategies: Two Centuries of Evidence pp. 6-34: Guido Baltussen, Martin Martens and Lodewijk van der Linden
Big Data Meets the Turbulent Oil Market pp. 35-59: Charles W. Calomiris, Nida Çakır Melek and Harry Mamaysky
Financing the Sustainable Development Goals: Exploring the Role of Government Bond Investors pp. 60-74: Laurens Swinkels, Jan Anton van Zanten, Bruno Rein and Rikkert Scholten
Mutual Fund Selection When Borrowing Is Restricted: On the Virtues of the Generalized Geometric Mean pp. 75-88: Moshe Levy
Adjusting for Risk Effects in Fixed Income Portfolios pp. 89-102: Gunther Hahn, Lars Rickenberg and Desislava Vladimirova
The Many Facets of Stock Momentum: Distinguishing Factor and Stock Components pp. 103-127: Xavier Gérard and Laura Jehl
ESG Ratings, ESG News Sentiment, and Firm Credit Risk Perception pp. 128-148: Fangfang Wang, Florina Silaghi, Steven Ongena and Miguel García-Cestona

Our Thanks to Reviewers pp. v-vi: The Editors
“The Financial System Red in Tooth and Claw: 75 Years of Co-Evolving Markets and Technology”: A Correction pp. 5-7: Bruce I. Jacobs and Kenneth N. Levy
The First 80 Years of the Financial Analysts Journal: Prolific Contributors and Major Ideas and Innovations pp. 8-42: Bruce I. Jacobs and Kenneth N. Levy
The Disappearing Edge: AI, Machine Learning, and the Future of the Discretionary Portfolio Manager pp. 43-51: Frank J. Fabozzi, Andrew Chin, Igor Yelnik and Jim Liew
Separating Positive Impact from Warm Glow: Implications for Fund Managers, Educators, Financial Advisers, Rating Agencies, and Investors pp. 52-58: Meir Statman
The Only Other Spending Rule Article You Will Ever Need pp. 59-83: Stefan Sharkansky
Regime-Based Strategic Asset Allocation pp. 84-102: Eric Bouyé and Jérôme Teiletche
Thematic Investing: A Risk-Based Perspective pp. 103-120: Emmanuel Candès, Trevor Hastie, Ked Hogan, Ronald N. Kahn, Robert Luo and Asher Spector
Short-Term Moving Average Distance and the Cross-Section of Stock Returns pp. 121-141: Kuan-Cheng Ko, Yanzhi Wang and Nien-Tzu Yang

A Fractional Solution to a Stock Market Mystery pp. 5-26: Robert Bartlett, Justin McCrary and Maureen O’Hara
Measuring Mutual Fund Flows pp. 27-59: James J. Li and Lu Zheng
A Latent Factor Cash Flow Model for Alternative Investment Funds pp. 60-75: Wen Cao and Misha van Beek
The Cross-Section of Corporate Bond Returns: The Pre-World War I Evidence pp. 76-99: Kevin Van Mencxel
True Value Investing in the Corporate Bond Market pp. 100-121: Robbert-Jan ‘t Hoen, CFA, Patrick Houweling and Philip Messow
Investor Emotions and Asset Prices pp. 122-149: Shehub Bin Hasan, Alok Kumar and Richard Taffler
Excess Return Profiles for Stocks Purchased by Active Equity Managers pp. 150-175: Jo Drienko, Bruce Grundy, Anna von Reibnitz and Geoffrey J. Warren

2024 Report to Readers pp. 5-6: Luis García-Feijóo
Images Tell Stories pp. 7-28: Joshua Ronen, Tavy Ronen and Mi Zhou
Asset Allocation Drift Due to Taxes pp. 29-38: William W. Jennings and Brian C. Payne
Spot Bitcoin ETFs: The Struggle Was Worth It pp. 39-50: Andrew M. Hornback and Robert E. Whaley
Optimal Factor Timing in a High-Dimensional Setting pp. 51-66: Rob Lehnherr, Manan Mehta and Stefan Nagel
Intrinsic Value: A Solution to the Declining Performance of Value Strategies pp. 67-88: Derek Bergen, Francesco Franzoni, Daniel Obrycki and Rafael Resendes
Credit-Implied Volatility pp. 89-116: Bryan Kelly, Gerardo Manzo and Diogo Palhares

Publisher’s Note pp. 5-5: Allison Adams
Innovation and the Human Dimension of Investment Management pp. 7-11: Luis García-Feijóo and William N. Goetzmann
How Much Does ChatGPT Know about Finance? pp. 12-32: Douglas (DJ) Fairhurst and Daniel Greene
How Should Investors’ Long-Term Returns Be Measured? pp. 33-62: Hendrik Bessembinder, Te-Feng Chen, Goeun Choi and K. C. John Wei
Safe Equities: An Alternative Allocation to Bonds pp. 63-81: Stephen Penman and Julie Zhu
Show & Tell: An Analysis of Corporate Climate Messaging and Its Financial Impacts pp. 82-101: Joseph E. Aldy, Patrick Bolton, Zachery M. Halem and Marcin T. Kacperczyk
Influence and Predictive Value of Seeking Alpha Articles pp. 102-128: Wolfgang Breuer, Andreas Knetsch and Eric Sachsenhausen