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Curriculum Source References the Following References Were Used In Curriculum Source References The following references were used in the CFA Institute-produced publications Quantitative Methods for Investment Analysis, Analysis of Equity Investments: Valuation, and Managing Investment Portfolios: A Dynamic Process. Ackerman, Carl, Richard McEnally, and David Ravenscraft. 1999. “The Performance of Hedge Funds: Risk, Return, and Incentives.” Journal of Finance. Vol. 54, No. 3: 833–874. ACLI Survey. 2003. The American Council of Life Insurers. Agarwal, Vikas and Narayan Naik. 2000. “Performance Evaluation of Hedge Funds with Option- Based and Buy-and-Hold Strategies.” Working Paper, London Business School. Ali, Paul Usman and Martin Gold. 2002. “An Appraisal of Socially Responsible Investments and Implications for Trustees and Other Investment Fiduciaries.” Working Paper, University of Melbourne. Almgren, Robert and Neil Chriss. 2000/2001. “Optimal Execution of Portfolio Transactions.” Journal of Risk. Vol. 3: 5–39. Altman, Edward I. 1968. “Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy.” Journal of Finance. Vol. 23: 589–699. Altman, Edward I. and Vellore M. Kishore. 1996. “Almost Everything You Wanted to Know about Recoveries on Defaulted Bonds.” Financial Analysts Journal. Vol. 52, No. 6: 57−63. Altman, Edward I., R. Haldeman, and P. Narayanan. 1977. “Zeta Analysis: A New Model to Identify Bankruptcy Risk of Corporations.” Journal of Banking and Finance. Vol. 1: 29−54. Ambachtsheer, Keith, Ronald Capelle, and Tom Scheibelhut. 1998. “Improving Pension Fund Performance.” Financial Analysts Journal. Vol. 54, No. 6: 15–21. Ambachtsheer, Keith. 1986. Pension Funds and the Bottom Line: Managing the Corporate Pension Fund as a Financial Business. Homewood, IL: Dow Jones-Irwin. American Accounting Association Financial Accounting Standards Committee. 2001. “Equity Valuation Models and Measuring Goodwill Impairment.” Accounting Horizons. Vol. 15, No. 2: 161–170. American Association of Individual Investors. 2003. The Individual Investor’s Guide to the Top Mutual Funds, 22nd edition. Chicago: AAII. American Institute of Certified Public Accountants. 2002. Exposure Draft: Proposed Statement on Auditing Standard: Consideration of Fraud in a Financial Statement Audit. 28 February 2002. Ameriks, John and Stephen Zeldes. 2001. “How Do Household Portfolio Shares Vary with Age?” Working Paper, Columbia University. Amihud, Yakov and Haim Mendelson. 1986. “Liquidity and Stock Returns.” Financial Analysts Journal. Vol. 42, No. 3: 43–48. Amihud, Yakov and Kefei Li. 2002. “The Declining Information Content of Dividend Announcements and the Effect of Institutional Holdings.” New York University Stern School of Business Working Paper No. SC-AM-02-11. Amihud, Yakov. 2002. “Illiquidity and Stock Return: Cross-Section and Time-Series Effects.” Journal of Financial Markets. Vol. 5, No. 1: 31–56. Amin, Gaurav and Harry Kat. 2003. “Stocks, Bonds, and Hedge Funds.” Journal of Portfolio Management. Vol. 29, No. 4: 113–120. Ammann, Manuel and Heinz Zimmerman. 2001. “Tracking Error and Tactical Asset Allocation.” Financial Analysts Journal. Vol. 57, No. 2: 32–43. Ang, Andrew, Monika Piazzesi, and Min Wei. 2006. “What Does the Yield Curve Tell Us About GDP Growth?” Journal of Econometrics. Vol. 131, No.1/2: 359–403. Ankrim, Ernest and Chris Hensel. 1993. “Commodities in Asset Allocation: A Real Asset Alternative to Real Estate?” Financial Analysts Journal. Vol. 49, No. 3: 20–29. Anson, Mark. 2002a. Handbook of Alternative Assets. New York: John Wiley & Sons. Anson, Mark. 2002b. “A Primer on Distressed Debt Investing.” Journal of Private Equity. Vol. 5, No. 3: 6–16. Arnott, Robert and Peter Bernstein. 2002. “What Premium is ‘Normal’?” Financial Analysts Journal. Vol. 58, No. 2: 64–85. Arnott, Robert and Robert Lovell. 1993. “Rebalancing: Why? When? How Often?” Journal of Investing. Vol. 2, No. 1: 5–10. Arnott, Robert, Jason Hsu, and Philip Moore. 2005. “Fundamental Indexation.” Financial Analysts Journal. Vol. 61, No. 2: 83–99. Arnott, Robert. 2005. “What Cost ‘Noise’?” Financial Analysts Journal. Vol. 61, No. 2: 10–14. Articles of Incorporation. 1959. The Institute of Chartered Financial Analysts. Bacidore, Jeff, Robert Battalio, Robert Jennings, and Susan Farkas. 2001. “Changes in Order Characteristics, Displayed Liquidity, and Execution Quality on the New York Stock Exchange around the Switch to Decimal Pricing.” New York Stock Exchange Working Paper 2001–02. BAI Foundation. 1995. Investment Portfolio Performance: Survey Results. Chicago, IL: Bank Administration Institute. Bailard, Thomas, David Biehl, and Ronald Kaiser. 1986. Personal Money Management, 5th edition. Chicago: Science Research Associates, Inc. Bailey, Jeffery. 1992a. “Are Manager Universes Acceptable Performance Benchmarks?” Journal of Portfolio Management. Vol. 18, No. 3: 9–13. Bailey, Jeffery. 1992b. “Evaluating Benchmark Quality.” Financial Analysts Journal. Vol. 48, No. 3: 33–39. Baks, Klaas P., Andres Metrick, and Jessica Wachter. 2001. “Should Investors Avoid All Actively Managed Mutual Funds?” Journal of Finance. Vol. 56: 45−85. Bank Administration Institute. 1968. Measuring the Investment Performance of Pension Funds. Park Ridge, IL: Bank Administration Institute. Barnhill, Theodore, William Maxwell, and Mark Shenkman. 1999. High Yield Bonds. New York: McGraw-Hill. Barr, G.D.I. and Kantor, B.S. 1999. “Price–Earnings Ratios on the Johannesburg Stock Exchange—Are They a Guide to Value?” SA Journal of Accounting Research. Vol. 13, No. 1: 1−23. Bauer, Rob, Kees Koedijk, and Roger Otten. 2005. “International Evidence On Ethical Mutual Fund Performance And Investment Style.” Journal of Banking and Finance. Vol. 29, No. 7: 1751–1767. Bauman, Mark P. 1999. “Importance of Reported Book Value in Equity Valuation.” Journal of Financial Statement Analysis. Vol. 4, No. 2: 31–40. Bauman, W. Scott, C. Mitchell Conover, and Robert E. Miller. 1998. “Growth versus Value and Large-Cap versus Small-Cap Stocks in International Markets.” Financial Analysts Journal. Vol. 54, No. 2: 75−89. Baumohl, Bernard. 2005. The Secrets of Economic Indicators. Upper Saddle River, NJ: Pearson Education, Inc. Becker, Kent and Joseph E. Finnerty. 2000. “Indexed Commodity Futures and the Risk and Return of Institutional Portfolios.” OFOR Working Paper. Bekaert, Geert, Robert Hodrick, and David Marshall. 2001. “Peso Problem Explanations for Term Structure Anomalies.” Journal of Monetary Economics. Vol.48, No. 2: 241–270. Benninga, Simon Z. and Oded H. Sarig. 1997. Corporate Finance: A Valuation Approach. New York, NY: McGraw-Hill Publishing. Benninga, Simon. 2000. Financial Modeling. Cambridge, MA: MIT Press. Berens, Linda. 2000. Dynamics of Personality Type: Understanding and Applying Jung’s Cognitive Processes. Telos Publications. Bernstein, Peter L. 1992. Capital Ideas. New York: The Free Press. Bernstein, Peter L. 2003. “Points of Inflection: Investment Management Tomorrow.” Financial Analysts Journal. Vol. 59, No. 4: 18–23. Bernstein, Peter L. 2004. “A Do-It-Yourself Forecasting Kit Updated.” Financial Analysts Journal. Vol. 60, No. 6: 27–32. Bernstein, Richard and Carmen Pigler. 1997. “An Analysis of EVA®” Quantitative Viewpoint. Merrill Lynch. 19 December. Bernstein, Richard, Kari Bayer, and Carmen Pigler. 1998. “An Analysis of EVA® Part II.” Quantitative Viewpoint. Merrill Lynch. 3 February. Bernstein, Richard. 1995. Style Investing. New York: John Wiley & Sons. Bessembinder, Hendrik. 2003. “Trade Execution Costs and Market Quality after Decimalization.” Journal of Financial and Quantitative Analysis. Vol. 38, No. 4: 747–778. Best, Michael and Robert Grauer. 1991. “On the Sensitivity of Mean-Variance-Efficient Portfolios to Changes in Asset Means: Some Analytical and Computational Results.” Review of Financial Studies. Vol. 4, No. 2: 315–342. Best’s Insurance Reports. 2005. A.M. Best Company. Bevan, Andrew and Kurt Winkelmann. 1998. “Using the Black-Litterman Global Asset Allocation Model: Three Years of Practical Experience.” Fixed Income Research. Goldman, Sachs & Company. Bierwag, G.O., George Kaufman, and Alden Toevs. 1979. “Immunization for Multiple Planning Periods.” Center for Capital Market Research, University of Oregon. Billingsley, Randall and Don Chance. 1996. “Benefits and Limitations of Diversification Among Commodity Trading Advisors.” Journal of Portfolio Management. Vol. 23, No. 1: 65–80. Black, Fischer and Robert Litterman. 1991. “Asset Allocation: Combining Investor Views with Market Equilibrium.” Journal of Fixed Income. Vol. 1, No. 2: 7−18. Black, Fischer and Robert Litterman. 1992. “Global Portfolio Optimization.” Financial Analysts Journal. Vol. 48, No. 5: 28–43. Black, Fischer. 1972. “Capital Market Equilibrium with Restricted Borrowing.” Journal of Business. Vol. 45, No. 3: 444−455. Black, Fischer. 1993. “Estimating Expected Return.” Financial Analysts Journal. Vol. 49, No. 5: 36−38. Black, Keith H. 2005. “Designing a Long-Term Wealth Maximization Strategy for Hedge Fund Managers.” Hedge Funds. Greg Gregoriou, Georges Hübner, Nicolas Papageorgiou, and Fabrice Rouah, eds. New York: Wiley. Blake, David, Bruce Lehmann, and Allan Timmermann. 1999. “Asset Allocation Dynamics and Pension Fund Performance.” Journal of Business. Vol. 9: 397–421. Block, Stanley B. 1999. “A Study of Financial Analysts: Practice and Theory.” Financial Analysts Journal. 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