This monograph develops the franchise value approach to analyzing the prospective cash flows that determine a company's price-to-earnings ratio. The franchise factor model retains the simplicity and intuitive appeal of the dividend discount model, but it offers the advantages of flexibility in application and insight into the components of P/E growth.

Franchise Value and the Price/Earnings Ratio (The Research Foundation of AIMR and Blackwell Series in Finance)

Business & Money

Kogelman, Stanley

Leibowitz, Martin L.

Economics

Research Foundation of AIMR & Blackwell Publishers

Bond covenants-designed to control conflicts of interest between shareholders and bondholders-are important because lack of adequate protection can erode bondholder value. This monograph investigates whether existing covenants are adequate or whether they have lost value as a result of factors that assumed prominence during the leveraged-buyout era.

The Modern Role of Bond Covenants (The Research Foundation of AIMR and Blackwell Series in Finance)

Malitz, Ileen

Religion & Spirituality

Introducing currency considerations into portfolio analysis has implications for the manner in which the underlying assets are evaluated. This monograph provides a unified framework for analysis of global asset markets.

Global Asset Management and Performance Attribution (The Research Foundation of AIMR and Blackwell Series in Finance)

Karnosky, Denis S.

Singer, Brian D.

One of the many advantages managed futures offer is that their returns have low correlations with the returns of other traditional asset classes-even though they can entail significant costs. This monograph provides an overview of the industry, discusses the advantages and disadvantages of managed futures, reviews their historical performance record, presents a method for evaluating their performance in a portfolio, and lays out how to establish a managed futures program.

Managed Futures and Their Role in Investment Portfolios (The Research Foundation of AIMR and Blackwell Series in Finance)

Chance, Don

Many studies indicate that a company's stock price decreases when the company adds restrictions regarding corporate governance to its charter or bylaws. The authors of this monograph analyzed the effect of 20 different governance provisions and report that companies with the fewest restrictive provisions in their industries have the best industry-adjusted performance.

Corporate Governance and Firm Performance (The Research Foundation of AIMR and Blackwell Series in Finance)

Karpoff, Jonathan

Marr Jr., M. Wayne

Danielson, Morris

Finance

This monograph addresses the return side of the decision to use interest rate swaps or other interest-rate-contingent claims. Because the economic costs of decisions related to a company's policies toward debt maturities are important to stock price performance, the analysis in this monograph has practical implications for investment analysts. Brooks demonstrates how an at-the-market swap with a risk premium can have a significant impact on the expected return from using the swap.

Interest Rate Modeling and the Risk Premiums in Interest Rate Swaps (The Research Foundation of AIMR and Blackwell Series in Finance)

Brooks, Robert

Of all the day-to-day activities that security analysts and portfolio managers perform, perhaps the most important is valuing the stocks they hold. In this monograph, the author introduces a new valuation approach that switches the focus from price to earnings to price to sales.

Sales Driven Franchise Value (The Research Foundation of AIMR and Blackwell Series in Finance)

Controlling Misfit Risk in Multiple-Manager Investment Programs is a practical, instructive guide which offers a solution to a challenge more and more institutions are facing-misfit risk. When a sponsor uses several managers for one asset class, style biases can cause the sponsor's managers in aggregate to underperform the target despite each individual manager performing well against the manager's benchmark. In this volume, the authors provide a straightforward analytical framework for evaluating and treating this potentially costly misfit problem.

Controlling Misfit Risk in Multiple-Manager Investment Programs (Research Foundation of AIMR and Blackwell Series in Finance)

Bailey, Jeffrey

Tierney, David

Emerging Stock Markets: Risk, Return, and Performance is a compendium of historical data currently available about the performance of securities in emerging markets. As a result, it will be an invaluable aid to the investor or investment manager trying to make informed decisions about investing in emerging market assets. The authors provide monthly stock return data for more than two dozen countries in the Emerging Markets Data Base maintained by the International Finance Corporation. Without such data, analysis of this fascinating asset class has been frustrated.

Emerging Stock Markets: Risk, Return and Performance (Research Foundation of AIMR and Blackwell Series in Finance)

Christopher B. Barry

John Peavy

Mauricio Rodriguez

Investment Styles, Market Anomalies, and Global Stock Selection focuses on global factor-return relationships for institutional equity management and style analysis. The author uses a new global factor-return equity database, defined in 1990 and allowed to evolve over time, that was designed to avoid incurring some of the common critiques of market anomaly studies. The framework and data the author presents are intended to enhance the investor/manager's understanding of vital global equity investment issues.

Investment Styles, Market Anomalies and Global Stock Selection (Research Foundation of AIMR and Blackwell Series in Finance)

Michaud, Richard

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Books by Research Foundation of AIMR & Blackwell Publishers