This proceedings looks at the tried-and-true valuation and research methodologies from a new perspective and reviews some of the new methodologies from a practical standpoint. At the heart of the discussions is the notion that analysts and investors must use not only their analytical skills but also their creative skills to determine whether a stock is fairly priced.

Equity Research and Valuation Techniques

Martin L. Leibowitz

B. Kemp Dolliver

Jan R. Squires

Timothy J. Timura

Fred H. Speece

Thomas A. Martin

James A. Ohlson

Alfred G. Jackson

Patrick O'Donnell

Katrina F. Sherrerd

Business & Money

AIMR (CFA Institute)

The appropriate use of derivatives offers investors versatility, risk management, and return enhancement, but improper application of derivatives can be disastrous. In this proceedings, the authors demonstrate the benefits of derivative use and take a practical approach to applying these instruments.

Derivatives in Portfolio Management

Don M. Chance

Joanne M. Hill

Thomas S.Y. Ho

John Zerolis

David C. Shimko

Maarten Nederlof

Terence E. Burns

Asset allocation has been said to be the most important determinant of total portfolio returns. The authors in this proceedings discuss not only this claim but also such topics as the convergence of global markets, investor conservatism, and state-of-the art allocation techniques.

Asset Allocation in a Changing World

D. Don Ezra

Roger Urwin

Khalid Ghayur, Paula Dawson

Patrizio Mericai

Paul Ducombe

Martyn Hole

Daniel Witschi

Mark Tapley

William A.R. Goodsall

James R.C. Woodlock, Ronald Layard-Liesching, John Morrell, Stephen Lowe

Compiled of the presentations at several 1998 programs, this proceedings addresses the changes occurring and expected in the profession. The authors focus on identifying the characteristics that will create advantages for certain firms and lead to their future success.

The Future of Investment Management

Charles D. Ellis

Gary P. Brinson

Richard M. Ennis

Alice W. Handy

Michael J. Phillips

Bluford H. Putnam

William F. Quinn

Norton Reamer

Langdon B. Wheeler

Taxable accounts present some of the greatest challenges for managers. In developing portfolio policy and strategy, managers must take into account tax, legal, and (sometimes unique) client considerations, must integrate tax and estate planning with investment strategy, and often, must work with third parties to accomplish client goals. The authors in this proceedings tackles the complex issues that are specific to managing taxable portfolios with expertise and thoroughness. Proceedings of the November 1998 AIMR seminar "Investment Counseling for Taxable Investor."

Investment Counseling for Private Clients

Meir Statman

Maureen Busby Oster

Philip Penaloza

Nancy L. Jacob

Jean L.P. Brunel

Christopher G. Luck

R.B. Davidson III

William R. Levy

James M. Poterba

Investment portfolios are exposed to numerous risks, some of which can be measured and quantified and some of which must be prepared to address these risks if they are to achieve optimal investment performance. This proceedings guides the reader through the issues associated with the design, implementation, and interpretation of risk management practices for the asset management industry. Proceedings of the AIMR seminar "Risk Management"

Risk Management: Principles and Practices

Richard M. Bookstaber

Robert M. McLaughlin

Andrew W. Lo

Desmond Mac Intyre

Charles W. Smithson

Jacques Longerstaey

Michelle McCarthy

Brian D. Singer

Stephen Kealhofer

Insurance

Frontiers in Credit-Risk Analysis

H. Gifford Fong

Andrew B. Kim

Martin S. Fridson

Tony Kao

Hayne E. Leland

Dan Chen

Craig Merrill

Sean C. Keenan

Economics

The unprecedented challenges faced by today's equity analysts demand innovation, but innovation does not necessarily require a complete overhaul of established methodology. In this proceedings, the authors show that, although the problems confronted by equity analysts may be as tricky as adjusting for cross-border accounting differences and determining the right valuation for internet companies that have no earnings, the solution may be as practical as modifying familiar methods to account for new circumstances.

Practical Issues in Equity Analysis

Education & Teaching

ASWATH DAMODARAN

Paul R. Brown

Gary S. Schieneman

Philip S. Fortuna

Kent L. Womack

David N. Dreman

M. Campbell Gunn

Barney Wilson

Richard H. Lawrence Jr.

Higher & Continuing Education

The technology industry used to be a synonym for computer-related technologies. Now the Internet has taken center stage. Although the reliance on computers has not gone away, the headline-making companies are primarily the Internet companies. This proceedings addresses not only Internet companies (and how to value them) but the impact that the Internet has had on hardware, software, component, and peripherals companies.

The Technology Industry: Impact of the Internet

Richard G. Sherlund

Vijay K. Singh

Michael Kwatinetz

Lise J.Buyer

Lawrence J. Haverty

Megan Graham-Hackett

J. David Macey

Richard F. DeMong

Walter C. Price And Laura Conigliaro

The fast pace of the investment industry and the complexity of instruments now available have multiplied the opportunities for irresponsible and unethical actions. This proceedings addresses some of the ethical issues that firms must consider in keeping their clients' best interests a top priority.

Ethical Issues for Today's Firm

Charles B. Burkhart

Thomas J. Dillman

Marianne M. Jennings

Andrew E. Nolan

Wayne H. Wagner

James W. Ware

Jason Zweig

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