This paper details a method for estimating a zero-coupon yield curve using a set of securities data. The approach uses a McCullough cubic spline and can be estimated using restricted least squares in Excel which provides a considerable advantage over other more advanced, but not necessarily more...

Investors who use a risk-adjusted return approach to decision-making, could be making significant errors should they fail to adjust for serial correlation in fund, index and relative return data. The standard deviation of daily, weekly and monthly returns are often annualised using what is known...

This paper sets out a framework for relating absolute return and benchmark relative portfolio construction and demonstrates that, under certain conditions, these two very different strategies can actually result in identical portfolios. This is of particular use for public institutional...