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Is There Still Value in the Book-to-Market Ratio?

4,513
by James Davis
Monday, January 1, 2001

Both of these variables produce more return dispersion than E/P and CF/P, even during the period when BtM is supposed to be less relevant (Figure 5). Unfortunately for investors in value stocks, the return difference went the wrong way during the most ...Read More

Archive

  • John Spence

    Enhanced Indexing

    8,004
    by John Spence — Thursday, December 21, 2000

    There wasn't a lot of emphasis placed on enhanced indexing during the bull market of the 1990s when investors were fed a steady diet of consecutive and unprecedented high yearly returns. However, with the ...Read More

  • John Spence

    Do Indexes Influence Markets?

    4,795
    by John Spence — Wednesday, December 20, 2000

    There is mounting evidence that indexes, which theoretically should serve as benchmarks for economic sectors, may actually exert influence on the markets they are designed to track. A growing number of studies ...Read More

  • Trend Toward Global ETFs Continues

    4,998
    by IndexFunds.com Staff — Tuesday, December 12, 2000

    Barclays Global Investors (BGI) announced its plans to launch a UK-based exchange-traded fund (ETF) that tracks the new FTSE ExUK 100 Index. The FTSE ExUK 100 Index will be calculated from December 14, and a ...Read More

  • Vanguard Releases Latest Cap Gains Estimates

    4,865
    by IndexFunds.com Staff — Monday, December 11, 2000

    The Vanguard Group released updated estimates of year-end capital gains distributions for its equity and balanced funds. The estimates are updated through the end of November 2000. ...Read More

  • John Spence

    MSCI to Adjust Indexes for Free-Float

    5,586
    by John Spence — Monday, December 11, 2000

    Morgan Stanley Capital International (MSCI) formally announced yesterday that it will adjust all of its equity indexes for free-float, a decision that will most likely trigger billions of dollars in stock ...Read More

  • iShares S&P Global 100 First ETF to List on NYSE

    4,965
    by IndexFunds.com Staff — Friday, December 8, 2000

    Trading commenced today on the iShares S&P Global 100 exchange-traded fund (ETF). The Global 100 (ticker symbol: IOO) is the first ETF to be listed on the New York Stock Exchange (NYSE). ...Read More

  • Know Your Prospectus

    4,788
    by Alfred Scillitani — Wednesday, November 29, 2000

    I have to read a fund's "What?" before investing? A mutual fund company must inform you to read their Prospectus before investing, but what is a prospectus? ...Read More

  • Jim Wiandt

    World's First Active ETFs Begin Trading in Germany

    5,423
    by Jim Wiandt — Tuesday, November 21, 2000

    In a development that would be unthinkable in the United States, the world's first actively-managed ETFs began trading in Germany just three months after DWS Investment filed for approval. Peering through a ...Read More

  • John Spence

    SSB Citi Launches New Family of Index Funds

    4,737
    by John Spence — Monday, November 13, 2000

    SSB Citi Asset Management Group, the money management division of Citigroup, announced the launch of 11 new index funds. The new offerings are the first no-load index funds ever to be introduced by SSB Citi, ...Read More

  • Retiring Early Using Indexing Strategies

    5,223
    by Larry Putnam — Thursday, November 9, 2000

    On a recent rainy day perfect for book browsing, I found myself cruising the investing and personal finance section of my favorite super-sized 50,000-title Barnes and Noble. Years ago, I developed a rule to ...Read More

  • USAA Investments Launches 3 New Index Funds

    5,913
    by IndexFunds.com Staff — Wednesday, November 8, 2000

    "The popularity of the USAA S&P 500 Index Fund demonstrates that there's a place in a balanced portfolio for indexing," said Michael J.C. Roth, President and CEO of USAA Investment Management Company. "The ...Read More

  • Borsa Italiana Paves the Way for ETFs

    4,640
    by IndexFunds.com Staff — Wednesday, November 8, 2000

    Borsa Italiana, the Milan-based stock exchange, announced that it is in at least the planning stages of a move to alter its own regulations to permit the launch of Italy's first exchange-traded funds (ETFs). ...Read More

  • John Spence

    FRC Study Examines Future of ETFs

    4,527
    by John Spence — Monday, November 6, 2000

    With large financial institutions launching an explosion of exchange-traded funds (ETFs) around the globe, some have questioned whether these investment products represent a threat to traditional mutual funds. ...Read More

  • Jim Wiandt

    S&P Launches Frontal Attack on Vanguard Vipers

    4,933
    by Jim Wiandt — Friday, November 3, 2000

    Taking its lawsuit against Vanguard to another level, Standard & Poor's requested that the Securities and Exchange Commission (SEC) hold a public hearing on Vanguard's application to launch its exchange-traded ...Read More

  • First ETF Launched on Chicago Board Options Exchange

    4,523
    by IndexFunds.com Staff — Tuesday, October 31, 2000

    The newly-created iShares S&P 100 Index Fund began trading on the Chicago Board Options Exchange (CBOE) on 10/27/2000. The exchange-traded fund (ETF) will be managed by Barclays Global Investors (BGI) and will ...Read More

  • New ETF to be Launched in Japan

    4,230
    by IndexFunds.com Staff — Thursday, October 26, 2000

    The Osaka Securities Exchange (OSE) today inked a license agreement and memorandum of understanding with Dow Jones. The agreement covers the listing of an exchange-traded fund (ETF) based on the Dow Jones ...Read More

  • John Spence

    Salomon Releases ETF Premium/Discount Study

    4,466
    by John Spence — Monday, October 23, 2000

    Last Wednesday, 10/18/2000, the Salomon Smith Barney Closed-End Funds Research Group released a supplement to its larger quarterly report, "Fundamentals for Exchange-Traded Funds." As part of the supplement, ...Read More

  • John Spence

    Vanguard Releases Expense Ratios for Admiral Shares

    4,557
    by John Spence — Friday, October 20, 2000

    On Tuesday, 10/17/2000, the Vanguard Group announced the expense ratios for its new class of Admiral Shares to be released in November. Initially, Vanguard will offer Admiral Shares on seven of its domestic ...Read More

  • Frequently Asked Questions about ETFs

    4,872
    by IndexFunds.com Staff — Thursday, October 19, 2000

    What is an ETF? What are the benefits of using ETFs? Are there any negatives? How can I buy and sell ETFs? How are ETFs created and redeemed? What ETFs are available on the market? How can I use ETFs in ...Read More

  • Jim Wiandt

    J. Parsons Interview

    5,187
    by Jim Wiandt — Thursday, October 19, 2000

    J. Parsons, Director of Sales for U.S. Individual Investor Business at Barclays Global Investors, talks to Jim Wiandt about how exchange-traded funds are ...Read More

  • Nuveen to Enter ETF Market

    4,713
    by IndexFunds.com Staff — Wednesday, October 18, 2000

    On Monday, 10/16/2000, Nuveen Investments announced its plans to launch the first in a series of new exchange-traded funds (ETFs). ...Read More

  • State Street to Launch First ETF in Singapore

    4,895
    by IndexFunds.com Staff — Wednesday, October 18, 2000

    Today, the Singapore Exchange (SGX) announced that it intends to sign a memorandum of understanding with State Street Global Advisors (SSgA) to develop Singapore's first indigenous exchange-traded fund (ETF). ...Read More

  • Betting on Sector ETFs in a Highly-Valued Market

    4,826
    by Max Issacman — Monday, October 16, 2000

    As one who sold stocks to investors in the early 1970s, I realize how misleading price/earnings multiples (P/E) can be. Although these multiples have their limitations, P/Es can be useful when making ...Read More

  • John Spence

    Peter Breen Interview

    4,796
    by John Spence — Sunday, October 15, 2000

    A relatively new start-up is stepping up against the established names in online investing: E*Trade, Ameritrade, Fidelity, and DLJdirect to name a few. BUYandHOLD.com is targeting the growing ranks of online ...Read More

  • AMEX to Begin Trading Options on iShares

    4,449
    by IndexFunds.com Staff — Friday, October 13, 2000

    Today, AMEX announced that it will begin trading options on the iShares Russell 1000 Index Fund, an exchange-traded fund (ETF) managed by Barclays Global Investors (BGI). The announcement hails the first time ...Read More

  • Barclays to Launch UK-based Technology ETF

    4,290
    by IndexFunds.com Staff — Thursday, October 12, 2000

    iShares, a division of Barclays Global Investors (BGI), today announced the launch of a UK-based exchange-traded fund (ETF) called the iFTSE TMT. The new iShares ETF will begin trading on the London Stock ...Read More

  • John Spence

    State Street Launches ETFs Based on Fortune Indexes

    5,070
    by John Spence — Wednesday, October 11, 2000

    Yesterday, State Street Global Advisors (SSgA) launched two exchange-traded funds (ETFs) based on the FORTUNE 500 and FORTUNE e-50 Indexes. The two funds began trading yesterday on the American Stock Exchange ...Read More

  • TD Waterhouse Releases 5 New Index Funds

    5,718
    by IndexFunds.com Staff — Thursday, October 5, 2000

    Yesterday, TD Waterhouse Group announced the addition of seven house-brand no-load mutual funds to its list of mutual funds. The new funds will be available only through TD Waterhouse and require a minimum ...Read More

  • The Information in the Term Structure: An Update

    3,902
    by James Davis — Sunday, October 1, 2000

    Panel A of Table 4 shows that the variable maturity portfolio earns higher average returns than any of the fixed maturity portfolios. This holds for the entire 1965-1999 period as well as the two subperiods. ...Read More

  • John Spence

    State Street to Launch First Global ETF

    4,792
    by John Spence — Thursday, September 28, 2000

    Ending Barclays short-lived hegemony in style-based exchange-traded funds (ETFs) and launching the first global ETF, State Street Global Advisors announced the opening of 7 new funds. Continuing its surge into ...Read More

  • Jim Wiandt

    Gus Fleites Interview

    4,899
    by Jim Wiandt — Tuesday, September 26, 2000

    Gus Fleites is a Principal of State Street Global Advisors (SSgA). He is responsible for the development and implementation of exchange-traded funds (ETFs) and offshore investment products. At the 2nd Annual ...Read More

  • Jim Wiandt

    Lee Kranefuss Interview

    4,977
    by Jim Wiandt — Monday, September 25, 2000

    Lee Kranefuss, CEO of U.S. Individual Investor Business at Barclays Global Investors, recently sat down with IndexFunds.com's Jim Wiandt to discuss the proliferation of iShares and the future of ...Read More

  • Barclays to Introduce Tech-Heavy ETF in U.K.

    4,259
    by IndexFunds.com Staff — Friday, September 22, 2000

    Barclays Global Investors (BGI) announced that it plans to launch a new iShares exchange-traded fund (ETF) similar to U.S. "cubes" (QQQ) in the U.K. John Demaine, Managing Director for Product Development, ...Read More

  • John Spence

    Swiss Exchange to Launch New ETFs

    5,010
    by John Spence — Tuesday, September 19, 2000

    Whew! Working the ETF beat hasn't been easy this past week. Recently my inbox has been full of messages from our editorial staff asking me if I've heard about the latest European exchange to embrace ...Read More

  • State Street's German arm to Launch ETFs

    4,926
    by IndexFunds.com Staff — Friday, September 15, 2000

    In an interview that was published today on Handelsblatt.com, a Germany-based financial news Web site, the head of State Street's German arm announced that State Street Global Advisors (SSgA) plans to launch ...Read More

  • Proposed Law to Defer Capital Gains on Funds

    4,670
    by Jim Novakoff — Thursday, September 14, 2000

    Representative Jim Saxton, a New Jersey Republican and Chairman of the Congressional Joint Economic Committee, has introduced significant legislation addressing the taxation of mutual funds. The proposed law, ...Read More

  • State Street to Launch New Australian ETFs

    4,524
    by IndexFunds.com Staff — Wednesday, September 13, 2000

    The Australian Stock Exchange (ASX) and State Street Global Advisors (SSgA), the investment management arm of Boston-based State Street Corporation, today announced that they have signed an agreement to ...Read More