During 2008, the U.S. financial system experienced extreme stress and came close to paralysis. The long-term health of the U.S. economy requires more than higher government spending, targeted Treasury bailouts, and unprecedented lending by the Fed. This article recommends four reforms to regain...

[The Research Foundation Review 2018 summarizes the offerings from the CFA Institute Research Foundation over the past year—books, literature reviews, workshop presentations, and other relevant material

It is now well documented that returns on the aggregate stock market are predictable and negatively autocorrelated over longer investment horizons. In this paper, we investigate the predictability of the aggregate stock market returns using past returns of glamour and value stocks. We find the...