August 7, 2019
Active fixed income managers have tended to beat their benchmarks, but a peek under the hood of that outperformance reveals that it’s highly correlated with equities.
Read moreJuly 2, 2019
We examine four prominent factor premia – value, momentum, carry, and defensive – over a century from six asset classes. The results offer support for time-varying risk premia models with important implications for theory seeking to explain the sources of factor returns.
Read moreJuly 1, 2019
This year, first prize was awarded to “Can the Market Multiply and Divide? Non-Proportional Thinking in Financial Markets” by authors Kelly Shue, of Yale University and NBER, and Richard R. Townsend of University of California San Diego. The paper was awarded a $50,000 prize.
Read moreOur Approach
Cliff's Perspectives
August 13, 2019
When something as important as the U.S. bond yield hits historical extremes, it’s worth at least a discussion. Cliff examines the long-term relationships between real bond yields, real T-bill yields, the slope of the yield curve, and economic conditions.
Read moreOur History
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