The New Frontier Institute for Asset Management in Practice is designed to be a scholarly depository and resource for academics, investment professionals, and investors attempting to understand the evolution of quantitative asset management beginning in the late third of the 20th century.  Dr. Richard Michaud’s fifty-year legacy of published research and professional presentations represents the foundational archive of the Institute.  This research also represents the quantitative methods and procedures that have evolved and been put into practice with contributions by Robert Michaud and Dr. David Esch since New Frontier Advisors was established in 1999.

Below you will find a fifty-year chronicle of all New Frontier Institute Research in chronological order. 

Title Publication Date Format Publication Author
Pension Fund Financial Planning  1976 Article The Institute for Quantitative Research in Finance Richard Michaud
Risk and Compound Return 1976 Seminar Seminar on the Analysis of Security Prices Richard Michaud
Richard Roll and Tests of the Capital Asset Pricing Model 1979 Article   Heard on the Random Walk, Bache NYC Richard Michaud
Dividend Tilt Portfolios, The Tax Effect and Misspecified Returns 1979 Article    Heard on the Random Walk, Bache NYC Richard Michaud
Market Inefficiency and Asset Pricing Theory: Recent Trends II 1979 Article    Heard on the Random Walk, Bache NYC Richard Michaud
Market Inefficiency and Asset Pricing Theory: Recent Trends III 1979 Article    Heard on the Random Walk, Bache NYC Richard Michaud
The Actuarial Interest Rate as an Investment Objective 1979 Article    Heard on the Random Walk, Bache NYC Richard Michaud
Risk Policy and Long-Term Investment  1981 Refereed Article  Journal of Financial and Quantitative Analysis Richard Michaud
Comparison of Optimal vs. Stationary Multiperiod Investment Policies 1981 Article    Institute for Quantitative Research in Finance Richard Michaud and James Monohan
Valuation Model Bias & the Scale Structure of Dividend Discount Returns 1982 Refereed Article  Journal of Finance Richard Michaud and Paul Davis
Valuation Model Bias & the Scale Structure of Dividend Discount Returns 1982 Article    Institute for Quantitative Research in Finance  Richard Michaud and Paul Davis 
A Scenario-Dependent Dividend Discount Model: Bridging the Gap Between Top-Down Investment Information and Bottom-Up Forecasting  1985 Refereed Article Financial Analysts Journal Richard Michaud
Another Look ad Dividend Discount Models  1985 Article    Institute for Quantitative Research in Finance  Richard Michaud
Pension Policy and Benchmark Optimization  1988 Article    Investment Management Review Richard Michaud
The Optimization Enigma:  Is Optimized Optimal? 1988 Seminar Seminar on the Analysis of Security Prices Richard Michaud
Problems and Some Solutions for Mean Variance Optimizers 1988 Article    Institute for Quantitative Research in Finance  Richard Michaud
Economic Surplus and Pension Asset Management  1989 White Paper  Merrill Lynch Capital Markets Richard Michaud
The Markowitz Optimization Enigma: Is Optimized Optimal? 1989 Refereed Article Financial Analysts Journal Richard Michaud
How to Optimize Properly  1989 Article    INQUIRE Richard Michaud
The Markowitz Optimization Enigma: Is Optimized Optimal? 1989 Article    Institute for Chartered Financial Analysts  Richard Michaud
Demystifying Multiple Valuation Models 1990 Refereed Article  Financial Analysts Journal Richard Michaud
Time Option Rebalancing  1990 Article    INQUIRE Richard Michaud
Trading Costs and Portfolio Trading Strategies  1990 Article    Northfield Information Services Richard Michaud 
Are Long-Short Equity Strategies Superior?  1993 Refereed Article  Financial Analysts Journal Richard Michaud
Long vs Long-Short Equity Investing  1993 Article    INQUIRE Richard Michaud
Optimizers as a Practical Tool of Investment Management  1994 Article    Institute for Quantitative Research in Finance  Richard Michaud
Currency Hedging Policy  1994 White Paper Acadian Asset Management  Richard Michaud
An Overview of Long/Short Strategies in Equities  1995 Article    Institute for Quantitative Research in Finance  Richard Michaud
Twenty Years of International Equity Investing  1996 Refereed Article  The Journal of Portfolio Management Richard Michaud, Gary Bergstrom, Ronald Frashure, and Brian Wolahan
Investment Styles, Market Anomalies, and Global Stock Selection 1996 Article    Institute for Quantitative Research in Finance  Richard Michaud 
Investment Styles, Market Anomalies, and Global Stock Selection 1997 Article    INQUIRE Richard Michaud
Efficient Asset Management: A Practical Guide to Stock Portfolio Optimization and Asset Allocation 1998 Book  Harvard University Press Richard Michaud
Is Value Multidimensional? Implications for Style Management and Global Stock Selection  1998 Refereed Article  The Journal of Investing Richard Michaud
New View of Mean Variance  1998 Article    Financial Planning Magazine Richard Michaud
Efficient Asset Management:  A Review  1998 Article    Institute for Quantitative Research in Finance  Richard Michaud
Forecast from the Past  1999 Article    Financial Planning Magazine Richard Michaud and Michael Carty
Investment Styles, Market Anomalies, and Global Stock Selection 1999 Article    The Research Foundation of the Institute of Chartered Financial Analysts Richard Michaud
Behavioral Finance in Practice  1999 Article    Institute for Quantitative Research in Finance  Richard Michaud 
Efficient Asset Management:  10-week course  1999 Course, Lecture Series  Boston Security Analysts Society Richard Michaud
A New Design for Portfolios  2000 Article    Bloomberg Personal Finance Richard Michaud
A Better Way to Use Information 2001 Article    European Pensions & Investment News Richard Michaud
Aspects: Resampled Efficient Asset Allocation 2001 Article    New Frontier Newsletter Richard Michaud
Out-of-Sample Tests of Resampled Efficiency  2001 Article    European Pensions & Investment News Richard Michaud
Facts and Fallacies of Geometric Mean Return with Applications to Asset Management, Investment Consulting and Financial Planning 2002 Article    Institute for Quantitative Research in Finance Richard Michaud 
An Introduction to Resampled Efficiency  2002 Article    New Frontier Newsletter/Investment Management Consulting Association's Monitor Richard Michaud
Resampled Portfolio Rebalancing and Monitoring  2002 Article    New Frontier Newsletter Robert Michaud and Richard Michaud
The Behavioral Finance Hoax 2002 Article    New York Society of Security Analysts Richard Michaud
The Behavioral Finance Hoax: Two Days of Lectures  2002 Course, Lecture Series  Boston Security Analysts Society Richard Michaud
A Practical Framework For Portfolio Choice  2003 Refereed Article  Journal Of Investment Management Richard Michaud
Letters to the Editor: 'An Examination of Resampled Portfolio Efficiency': A Comment 2003 Refereed Article Financial Analysts Journal Richard Michaud
Introduction to Resampled Efficiency  2003 Article    The Monitor:  Investment Management Consultants Association Richard Michaud
Liquidity and Portfolio Optimization  2003 Article    New Frontier Newsletter Robert Michaud and Richard Michaud
Optimal and Investable Portfolios  2003 Article    New Frontier Newsletter Richard Michaud and Robert Michaud
Resampled Efficiency For Financial Planning and Return Forecasting  2003 Article    New Frontier Newsletter Richard Michaud and Robert Michaud
Resampled Efficiency Issues  2003 Article    New Frontier Newsletter Richard Michaud and Robert Michaud
Equity Optimization Issues-I  2004 Article    New Frontier Newsletter Richard Michaud and Robert Michaud
Forecast Confidence Level and Portfolio Optimization  2004 Article    New Frontier Newsletter Richard Michaud and Robert Michaud
Resampled Efficiency Fallacies  2003 Article    New Frontier Newsletter Richard Michaud and Robert Michaud
Resampled Efficiency vs. Bayes: Implications for Asset Management  2004 Article    New Frontier Newsletter Richard Michaud and Robert Michaud
Why Mean-Variance Optimization Isn't Useful for Investment Management  2004 Article    New Frontier Newsletter Richard Michaud
New Developments in Financial Engineering  2005 Article    Institute for Quantitative Research in Finance Richard Michaud
Equity Optimization Issues-II: Large Stock Universes and Scaling Alphas  2005 Article    New Frontier Newsletter Richard Michaud and Robert Michaud
Equity Optimization Issues-III: Insignificant Alphas, Heterogeneous Errors  2005 Article    New Frontier Newsletter Richard Michaud and Robert Michaud
Equity Optimization Issues-IV: The Fundamental Law of Mismanagement  2005 Article    New Frontier Newsletter Richard Michaud and Robert Michaud
Equity Optimization Issues-V: Monte Carlo and Optimization Errors  2005 Article    New Frontier Newsletter Richard Michaud and Robert Michaud
Resampled Efficiency Equity Portfolio Optimizer  2005 Article    New Frontier Newsletter Richard Michaud and Robert Michaud
Return Objective for Social Security Private Accounts: A Review of the President's Commission Investment Alternatives  2005 Article   New Frontier Newsletter Richard Michaud, Robert Michaud, and Noah Kraut
Scherer's Errors 2005 Article    New Frontier Newsletter Richard Michaud and Robert Michaud
The Information Ratio of Factor Based Alpha  2005 Article    New Frontier Newsletter Noah Kraut, Richard Michaud, and  Robert Michaud 
Gold as a Strategic Asset 2006 Research Study, Article  World Gold Council Richard Michaud, Robert Michaud, and Katharine Pulvermacher
Risk-Returns For Strategic Financial Planning 2006 White Paper AssetMark Investment Services Richard Michaud and Matthew Pierce
Efficient Asset Management: A Practical Guide to Stock Portfolio Optimization and Asset Allocation 2nd Edition 2008 Book Oxford University Press Richard Michaud and Robert Michaud
Discussion on Article by Cambell R. Harvey, John C. Liechty and Merril W. Liechty, Bayes vs. Resampling:  A Rematch  2008 Refereed Article Journal Of Investment Management Richard Michaud and Robert Michaud
Estimation Error and Portfolio Optimization 2008 Refereed Article  Journal Of Investment Management Richard Michaud and Robert Michaud
Are Good Estimates Enough? No 2009 Article  The Monitor:  Investment Management Consultants Association Richard Michaud and Robert Michaud
Target Date Funds Aren't a Panacea 2010 Article  Investment News Richard Michaud and Robert Michaud
Morningstar vs. Michaud Optimization 2012 White Paper  New Frontier White Paper Richard Michaud and David Esch
Portfolio Monitoring in Theory and Practice 2012 Refereed Article  Journal Of Investment Management Richard Michaud, David Esch, and Robert Michaud
Deconstructing Black-Litterman 2013 Refereed Article  Journal Of Investment Management Richard Michaud, Robert Michaud, and David Esch
Book Review:  The Capital Asset Pricing Model in the 21st Century (Levy) 2013 Article  Quantitative Finance Richard Michaud
Comment on 'Markowitz versus Michaud: Portfolio Optimization Strategies Reconsidered,' Becker, Gürtler and Hibbeln 2015 Article SSRN Richard Michaud, David Esch, and Robert Michaud
Comment on: "The Road Not Taken" by C. French, Journal Of Investment Management 14(4): 4-13 2017 Refereed Article  Journal Of Investment Management  Richard Michaud
Reply to 'Reply to 'Comment on 'Markowitz versus Michaud: Portfolio Optimization Strategies Reconsidered,' Becker, Gürtler and Hibbeln 2017 Article    SSRN Richard Michaud,  Robert Michaud, and David Esch 
When Michaud Optimization Fails 2017 White Paper  New Frontier White Paper Richard Michaud and David Esch
Finance's Wrong Turn:  5-Week Course  2018 Course, Lecture Series  CFA Society Boston  Richard Michaud
Finance's Wrong Turns:  5-Week Course 2019 Course, Lecture Series  CFA Society Boston  Richard Michaud 
Comment on: Allen, D., C. Lizieri, S. Satchell 2019. "In Defense of Portfolio Optimization: What If We Can Forecast?” 2020 Refereed Article   Financial Analysts Journal Richard Michaud, David Esch, and Robert Michaud
Comment on: Kritzman, M. 2006, “Are Optimizers Error Maximizers?” 2020 Refereed Article   Forthcoming in Journal of Portfolio Management Richard Michaud 
Estimation Error and the Fundamental Law of Active Management: Is Quant Fundamentally Flawed? 2020 Refereed Article   The Journal of Investing Richard Michaud, David Esch, and Robert Michaud
Estimation Error and the "Fundamental Law of Active Management": Technical Companion 2020 Article  Technical Companion David Esch, Richard Michaud, and Robert Michaud
Is Quant Fundamentally Flawed?: Webinar Transcript 2020 Transcript  Transcript of April 16, 2020 CFA Presentation Richard Michaud