Mullaney Keating & Wright

Independent Investment Professionals

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If you are interested in the academic literature about modern portfolio theory these articles are appropriate reading. The articles about the equity premium are somewhat technical, although the first one has no equations.

Asset Allocation

• Does Asset Allocation Policy Explain 40, 90, or 100 Percent of Performance?

The Equity Premium

• The U.S. Equity Return Premium: Past, Present and Future
• Profitability, Growth, and Average Returns
• Asset Returns and Economic Growth
• The Supply of Stock Market Returns
• The Equity Premium

Active vs Passive Management

• The Arithmetic of Active Management
• The Parable of the Money Managers
• Passive Investment Strategies and Efficient Markets
• On Persistence in Mutual Fund Performance