Research Affiliates® encourages a culture of research and publication.  Members of our firm have published articles on a wide range of issues relevant to institutional portfolios and have generated a welcome dialogue in the public arena.  Topics range from our newest research and investment strategies to our unique perspective on market analysis and the economy.

The following is a sampling of publications (PDF format) pertaining to our work written by both our members and others outside the firm.

RAFI® | Asset Allocation | Risk | Equities | Taxable Investing | Advisory Panel

Research Affiliates Fundamental Index® (RAFI®)

• Surprise! Higher Dividends = Higher Earnings Growth
  Robert D. Arnott and Clifford S. Asness. (Jan/Feb 2003). Financial Analysts Journal.
• Fundamental Indexation
  Robert D. Arnott, Jason Hsu, and Philip Moore. (Mar/Apr 2005). Financial Analysts Journal.
• What Cost Noise?
  Robert D. Arnott. (Mar/Apr 2005). Financial Analysts Journal.
• Disentangling Size and Value
  Robert D. Arnott. (Sep/Oct 2005). Financial Analysts Journal.
• New Frontiers In Index Investing: An Examination of Fundamental Indexation
  Jason C. Hsu and Carmen Campollo. (Jan/Feb 2006). Journal of Indexes.
• Fundamental Indexes: Current and Future Applications
  Robert D. Arnott and John M. West. (Fall 2006). A Guide to Exchange Traded Funds and Indexing Innovations—Fifth Anniversary Issue.
• Cap-Weighted Portfolios are Sub-Optimal Portfolios
  Jason C. Hsu. (Third Quarter 2006). Journal of Investment Management.
• An Overwrought Orthodoxy
  Robert D. Arnott. (Dec 2006). Institutional Investor.
• The Age of Investment Strategy Indices
  Investment Strategy Indices Roundtable. (Jun 2007). Global Pensions.
• Accounting-Based Index ETFs and Inefficient Markets
  Jason C. Hsu, Feifei Li, Brett W. Myers, and Julia Zhu. (Fall 2007). Exchange-Traded Funds.
• Noise, CAPM and the Size and Value Effects
  Robert D. Arnott and Jason C. Hsu. (First Quarter 2008). Journal of Investment Management.
• Built to Last
  Kathleen M. McBride. (Jan 2008). Investment Advisor.
• Time to Get Back to the Fundamentals
  Jonathan Davis. (Jan 27, 2008). Financial Times.

Asset Allocation

• Systematic Asset Allocation
  Robert D. Arnott and James N. von Germeten. (Nov/Dec 1983). Financial Analysts Journal.
• The Pension Sponsor's View of Asset Allocation
  Robert D. Arnott. (Sep/Oct 1985). Financial Analysts Journal.
• Cluster Analysis and Manager Selection
  Jeffery V. Bailey and Robert D. Arnott. (Nov/Dec 1986). Financial Analysts Journal.
• Monitoring and Rebalancing the Portfolio
  Robert M. Lovell, Jr., and Robert D. Arnott. (1989). Investment Management Reflections.
• A Disciplined Approach to Global Asset Allocation
  Robert D. Arnott and Roy D. Henriksson. (Mar/Apr 1989). Financial Analysts Journal.
• Tactical Currency Allocation
  Robert D. Arnott and Tan K. Pham (Sep/Oct 1993). Financial Analysts Journal.
• The Mystery of Tips
  Robert D. Arnott. (Sep/Oct 2003). Financial Analysts Journal.
• The Policy Portfolio Problem
  Robert D. Arnott. (Jul/Aug 2004). Financial Analysts Journal.

Risk

• Cluster Analysis and Stock Price Comovement
  Robert D. Arnott. (Nov/Dec 1980). Financial Analysts Journal.
• The Cost of Portfolio Insurance: Tradeoffs and Choices
  Robert D. Arnott. (Nov/Dec 1987). Financial Analysts Journal.
• Pension Funds: Resisting the Mounting Pressure for a Shift to Conservatism
  Robert D. Arnott and Robert M. Lovell, Jr.. (Nov/Dec 1988). Financial Analysts Journal.
• What Risk Premium is “Normal”?
  Robert D. Arnott and Peter L. Bernstein. (Mar/Apr 2002). Financial Analysts Journal.
• Demographics and Capital Market Returns
  Robert D. Arnott and Anne Casscells. (Mar/Apr 2003). Financial Analysts Journal.
• Managing Investments for the Long Term
  Robert D. Arnott. (Jul/Aug 2003). Financial Analysts Journal.
• What Risk Matters? A Call for Papers!
  Robert D. Arnott. (Sep/Oct 2003). Financial Analysts Journal.
• Is Our Industry Intellectually Lazy?
  Robert D. Arnott. (Jan/Feb 2004). Financial Analysts Journal.

Equities

• The Business Cycle and Security Selection
  Robert D. Arnott and William A. Copeland. (Mar/Apr 1985). Financial Analysts Journal.
• A Total Differential Approach to Equity Duration
  Martin L. Leibowitz, Eric H. Sorensen, Robert D. Arnott, and H. Nicholas Hanson. (Sep/Oct 1989). Financial Analysts Journal.
• The Measurement and Control of Trading Costs
  Robert D. Arnott and Wayne H. Wagner. (Nov/Dec 1990). Financial Analysts Journal.
• Surprise! Higher Dividends = Higher Earnings Growth
  Robert D. Arnott and Clifford S. Asness. (Jan/Feb 2003). Financial Analysts Journal.
• Dividends and the Three Dwarfs
  Robert D. Arnott. (Mar/Apr 2003). Financial Analysts Journal.
• Who's Minding the Store?
  Robert D. Arnott. (Nov/Dec 2003). Financial Analysts Journal.
• The Meaning of a Slender Risk Premium
  Robert D. Arnott. (Mar/Apr 2004). Financial Analysts Journal.
• Ethics and Unintended Consequences
  Robert D. Arnott. (May/Jun 2004). Financial Analysts Journal.

Taxable Investing

• Dividends and Dividend Taxation
  Robert D. Arnott. (Jan/Feb 2003). Financial Analysts Journal.

From Our Advisory Panel

• Why Market-Valuation-Indifferent Indexing Works
  Jack Treynor. (Sep/Oct 2005). Financial Analysts Journal.
• Investors Do Not Get Paid for Bearing Risk
  Harry Markowitz (Sep 2007)