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Working Paper

Risky Value

This paper uses an accounting-based approach to identify growth characteristics that can help explain equity returns at the country level for a sample of 30 countries over the past two decades.

White Paper

New QE Not Just Another QE

We examine the Fed’s stance on quantitative easing and inflation during periods of both market turmoil (including the fall of 2008) and relative calm, as well as the motivation behind key decisions that were made.

Journal Article

To Trade or Not to Trade? Informed Trading With Short-Term Signals for Long-Term Investors

One of the great frustrations in the asset management profession is to watch trading costs render useless a signal that predicts near-term returns beautifully.

White Paper

Risk Without Reward: The Case for Strategic FX Hedging

In the wake of losses associated with the sharp rise in the U.S. dollar between 2014 and 2015, we look at the long-term case for strategic currency hedging.

White Paper

Inflation in 2010 and Beyond — Part I

How to hedge against inflation? Here, we outline key issues surrounding the inflation debate, and clarify some misconceptions. We also offer analysis to help investors decide how to position a portfolio for various inflationary environments.

White Paper

Inflation in 2010 and Beyond — Part II

"In this paper, our analysis reveals that traditional institutional portfolios with risk characteristics similar to a 60/40 stocks/bonds allocation may not be well-positioned for unexpected inflation. "

White Paper

Eurozone Inflation Update: Will ECB Actions Match Its Rhetoric?

As inflation concerns take center stage in Europe, we elaborate on the challenges facing the European Central Bank and discuss potential implications for institutional investors.

Journal Article

Are Stocks Real Assets? Sticky Discount Rates in Stock Markets

Local stock markets adjust sluggishly to changes in local inflation.