1. Estimation Error and the "Fundamental Law of Active Management"
    The authors challenge Grinold and Kahn's Fundamental Law of Active Management.
  2. Gold as a Strategic Asset
    This paper examines the case for gold as a long-term or strategic investment for U.S. institutional investors.
    Authors: Richard O. Michaud, Robert O. Michaud, & Katharine Pulvermacher
    Publication: World Gold Council, September 2006
  3. Return Objective for Social Security Private Accounts: A Review of the President's Commission Investment Alternatives
    The authors analyze the return objectives of the accounts proposed by the President’s Commission on Social Security Reform.
    Authors: Richard O. Michaud, Robert O. Michaud & Noah Kraut
    Publication: February 2005 Newsletter
  4. Investment Styles, Market Anomalies, and Global Stock Selection
    This monograph reflects an ongoing effort to improve the technology of global stock selection and addresses practical issues in the management of global equity portfolios. 
    Authors: Richard O. Michaud
    Publication: The Research Foundation of the Institute of Chartered Financial Analysts, January 1999
  5. Twenty Years of International Equity Investing
    Marketplace evidence from the 1970s to the 1990s indicates that thoughtful international equity diversification can improve the risk/return characteristics of investors’ portfolios.
    Author: Richard O. Michaud
    Publication: The Journal of Portfolio Management. Fall 1996
  6. Currency Hedging Policy
    This article reviews and discusses five important hedging theories.
    Author: Richard O. Michaud
    Publication: October 1, 1994
  7. Are Long-Short Equity Strategies Superior?
    Claims of superiority of long-short investing often reflect misunderstandings of basic concepts of modern investment management and may result in unrealistic expectations.
    Author: Richard O. Michaud
    Publication: Financial Analysts Journal. November/December 1993
  8. Dividend Tilt Portfolios, The Tax Effect and Misspecified Returns
    Dr. Michaud examines and discusses the relationship between dividend yield and stock returns.
    Author: Richard O. Michaud
    Publication: Heard on the Random Walk, Bache, NYC, August 1979
  9. The Actuarial Interest Rate as an Investment Objective
    Dr. Michaud questions the frequent use of a pension plan's actuarial interest rate in defining investment strategies and asset mixes. 
    Author: Richard O. Michaud
    Publication: Heard on the Random Walk, Bache, NYC, September 1979
  10. Market Inefficiency and Asset Pricing Theory: Recent Trends II
    Dr. Michaud discusses a survey of studies challenging Efficient Market Hypothesis.
    Author: Richard O. Michaud
    Publication: Heard on the Random Walk, Bache, NYC, June 1979
  11. Market Inefficiency and Asset Pricing Theory: Recent Trends III
    Dr. Michaud discusses two papers which test the Efficient Market Hypothesis.
    Author: Richard O. Michaud
    Publication: Heard on the Random Walk, Bache, NYC, July 1979