Financial Analysts Journal

1996 - 2025

Current editor(s): Maryann Dupes

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Our #1 Challenge: Retirement Insecurity pp. 6-9: Charles D. Ellis
Evaluating Spending Policies in a Low-Return Environment pp. 11-23: Peng Wang, Laura Chapman, Steven Peterson and Jon Spinney
Buffett’s Alpha pp. 35-55: Andrea Frazzini, David Kabiller and Lasse Heje Pedersen
Net Buybacks and the Seven Dwarfs pp. 57-85: Jean-François L’Her, Tarek Masmoudi and Ram Karthik Krishnamoorthy
Corporate Political Strategies and Return Predictability pp. 87-101: Chansog (Francis) Kim, Incheol Kim, Christos Pantzalis and Jung Chul Park
Fundamentals of Value versus Growth Investing and an Explanation for the Value Trap pp. 103-119: Stephen Penman and Francesco Reggiani

The Financial Analysts Journal Welcomes Its New Managing Editor pp. 6-6: Gary Baker
The Modern Corporation and the Public Interest pp. 8-17: John C. Bogle
When Diversification Fails pp. 19-32: Sébastien Page and Robert A. Panariello
Volatility Lessons pp. 42-53: Eugene F. Fama and Kenneth R. French
Hedge Funds and Stock Price Formation pp. 54-68: Charles Cao, Yong Chen, William N. Goetzmann and Bing Liang
Constructing Long-Only Multifactor Strategies: Portfolio Blending vs. Signal Blending pp. 70-85: Khalid Ghayur, Ronan Heaney and Stephen Platt
Why and How Investors Use ESG Information: Evidence from a Global Survey pp. 87-103: Amir Amel-Zadeh and George Serafeim

2017 Report to Readers pp. 5-8: Stephen J. Brown
Our Thanks to Reviewers pp. 10-10: The Editors
Everybody’s Doing It: Short Volatility Strategies and Shadow Financial Insurers pp. 12-23: Vineer Bhansali and Larry Harris
High-Frequency Trading as Viewed through an Electron Microscope pp. 24-31: Albert Menkveld
The “Roll Yield” Myth pp. 41-53: Hendrik Bessembinder
Commodities for the Long Run pp. 55-68: Ari Levine, Yao Hua Ooi, Matthew Richardson and Caroline Sasseville
Sell-Side Financial Analysts and the CFA® Program pp. 70-83: Qiang Kang, Xi Li and Tie Su
STEM Parents and Women in Finance pp. 84-97: Renee Adams, Brad Barber and Terrance Odean

An Interview with Nobel Laureate Robert C. Merton pp. 12-20: Mark P. Kritzman and Robert C. Merton
Sharpening the Arithmetic of Active Management pp. 21-36: Lasse Heje Pedersen
What Free Lunch? The Costs of Overdiversification pp. 44-58: Shawn McKay, Robert Shapiro and Ric Thomas
All That’s Gold Does Not Glitter pp. 59-76: Gerald R. Jensen, Robert R. Johnson and Kenneth M. Washer
Investing in the Presence of Massive Flows: The Case of MSCI Country Reclassifications pp. 77-87: Terence C. Burnham, Harry Gakidis and Jeffrey Wurgler
Taxes, Shorting, and Active Management pp. 88-107: Clemens Sialm and Nathan Sosner
Errata pp. 12043514: The Editors
“History Is Repeating Itself”: A Comment pp. 12043516: Ted Carey
“The Long-Run Drivers of Stock Returns: Total Payouts and the Real Economy”: A Comment pp. 12043519: Robert D. Arnott and William J. Bernstein
“History Is Repeating Itself”: Author Response pp. 12043520: Ramzi Ben-Abdallah and Michèle Breton
“The Long-Run Drivers of Stock Returns: Total Payouts and the Real Economy”: Author Response pp. 12043522: Philip U. Straehl and Roger G. Ibbotson

Help Us Embrace Sustainability by Forgoing Print pp. 6-7: Gary Baker
Letter to the Editor pp. 8-8: The Editors
Systematic Investment Strategies pp. 10-14: Daniel Giamouridis
An Interview with Nobel Laureate Harry M. Markowitz pp. 16-21: Mark Kritzman and Harry Markowitz
Time to Change Your Investment Model pp. 23-33: Feng Gu and Baruch Lev
Estimating Time-Varying Factor Exposures (Corrected October 2017) pp. 41-54: Andrew Ang, Ananth Madhavan and Aleksander Sobczyk
Global Equity Country Allocation: An Application of Factor Investing pp. 55-73: Timotheos Angelidis and Nikolaos Tessaromatis
Optimal Tilts: Combining Persistent Characteristic Portfolios pp. 75-89: Malcolm Baker, Ryan Taliaferro and Terence Burnham
Reducing Sequence Risk Using Trend Following and the CAPE Ratio pp. 91-103: Andrew Clare, James Seaton, Peter Smith and Stephen Thomas

In Memoriam: Stephen A. Ross pp. 5-7: Stephen J. Brown
Funding Ratio Peaks and Stalls pp. 8-20: Martin L. Leibowitz, Stanley Kogelman and Anthony Bova
The Long-Run Drivers of Stock Returns: Total Payouts and the Real Economy pp. 32-52: Philip U. Straehl and Roger G. Ibbotson
Do Social Responsibility Screens Matter When Assessing Mutual Fund Performance? pp. 53-66: Marie Brière, Jonathan Peillex and Loredana Ureche-Rangau
News vs. Sentiment: Predicting Stock Returns from News Stories pp. 67-83: Steven L. Heston and Nitish Ranjan Sinha
Stick to the Fundamentals and Discover Your Peers pp. 85-105: Jens Overgaard Knudsen, Simon Kold and Thomas Plenborg
History Is Repeating Itself: Get Ready for a Long Dry Spell pp. 106-130: Ramzi Ben-Abdallah and Michèle Breton
Errata pp. 12048383: The Editors

2016 Report to Readers pp. 6-10: Stephen J. Brown and Barbara S. Petitt
Our Thanks to Reviewers pp. 12-12: The Editors
Balancing Professional Values and Business Values pp. 14-23: John C. Bogle
How Do Investors Compute the Discount Rate? They Use the CAPM (Corrected June 2017) pp. 25-32: Jonathan B. Berk and Jules H. van Binsbergen
Accounting’s Tower of Babel: Key Considerations in Assessing Non-GAAP Earnings pp. 34-50: Jack T. Ciesielski and Elaine Henry
Active Share and the Three Pillars of Active Management: Skill, Conviction, and Opportunity pp. 61-79: Martijn Cremers
Facts about Formulaic Value Investing pp. 81-99: U-Wen Kok, Jason Ribando and Richard Sloan
Factor Investing in the Corporate Bond Market pp. 100-115: Patrick Houweling and Jeroen van Zundert
Mononationals: The Diversification Benefits of Investing in Companies with No Foreign Sales pp. 116-132: Cormac Mullen and Jenny Berrill
Errata pp. 12048374: The Editors

From the Editor pp. 5-9: Barbara S. Petitt
“In Memoriam: Jack Treynor”: A Comment pp. 12-12: The Editors
Inefficiencies in the Pricing of Exchange-Traded Funds pp. 24-54: Antti Petajisto
Global Equity Fund Performance: An Attribution Approach pp. 56-71: David Gallagher, Graham Harman, Camille H. Schmidt and Geoffrey J. Warren
Are Cash Flows Better Stock Return Predictors Than Profits? pp. 73-99: Stephen Foerster, John Tsagarelis and Grant Wang
Fundamental Indexing in Global Bond Markets: The Risk Exposure Explains It All pp. 101-120: Lidia Bolla
When Carry Goes Bad: The Magnitude, Causes, and Duration of Currency Carry Unwinds pp. 121-144: Michael Melvin and Duncan Shand