Callan Associates

Research Papers

Our research papers are published through the Callan Investments Institute and written by Callan consultants and specialists on the latest issues and trends facing investors.

• 2010

  Download The Recovery Across All Asset Classes (Reprinted from PREA Quarterly, Spring 2010)
  Download Investment Return Assumptions for Public Funds - The Historical Record
  Download Endowment Spending Policies Since the Passage of UPMIFA
  Download Domestic Equity Benchmark Review: Year-End 2009
  Download Capital Market Projections: Looking Forward
  Download Responsible Investing - A Primer
  Download The Risk Parity Approach to Asset Allocation
  Download Is it Time to Add TIPS to Your DC Plan?

• 2009

  Download The Odyssey of Risk
  Download Socially Responsible Investing in Defined Contribution Plans: At What Price Conscience?
  Download The Great Target Date Fund Debate: Managing Target Date Funds "To" Versus "Through" Retirement
  Download Charticle - Government Economic Stimulus Program (TARP, TALF, PPIP)
  Download Domestic Equity Benchmark Review: Year-End 2008
  Download Performance-Based Fees
  Download An Overview of Institutional Real Estate - A Primer
  Download Global Equity Markets Review

• 2008

  Download Currency: Applications and Considerations for Institutional Investors
  Download Rebalancing in a Time of Extreme Volatility
  Download Callan Target Date Glidepath Index
  Download Callan DC Index - 2008
  Download Hedge Fund Alert: Looking Around the Corner for More Risk and Opportunity
  Download Playing the Right Hand with Hedge Funds
  Download Guaranteed Income for Life Solutions in 401(k) Plans
  Download Private Equity After 25 Years: Background and Implementation
  Download Charticle: LDI - Implementing Different Solutions
  Download Domestic Equity Benchmark Review: Year-End 2007
  Download Meeting the Challenges of the New Fee Environment
  Download Securities Lending: Mechanics and Risks Revisited
  Download A Level Framing of LDI
  Download MSCI Expands the Indices: An Overview
  Download 401(k) Plan Offerings and Utilization: A Survey Across Major Recordkeepers

• 2007

  Download Getting a Handle on Defined Contribution Fee Disclosures
  Download QDIA: Summary and Commentary of the DOL's Final Regulation
  Download Callan DC Index - 2007
  Download Global Real Estate Securities: An Introduction for the Institutional Investor
  Download A Retirement Adequacy Analysis of Default Options and Lifecycle Funds (Reprinted from Benefits Quarterly)
  Download Subprime's Butterfly Effect: What's all the Flap About?
  Download Alternative Investments - Audit Considerations for Plan Sponsors
  Download The Private Equity Partnership J-curve and Lifecycle
  Download Corporate Governance, Sustainable, Activist and Socially Responsible Investing: A Practical User's Guide
  Download Does Size Matter? Assets under management a questionable criterion. (Reprinted from the Spring 2007 Journal of Portfolio Management, Volume 31 Number 1)
  Download Z-Scores
  Download PIMCO DC Dialogue: Just Tell Me, How Much?
  Download Asset Allocation by Public Funds: Leaders or Lemmings?

• 2006

  Download Infrastructure: The Investment That Saves The World?
  Download Global Tactical Asset Allocation: Implementation Considerations
  Download The Challenges Facing Smaller Endowments
  Download Timberland: A Growing Asset Class
  Download Steps for Plan Sponsors to Consider in Today's Defined Contribution Fee Environment
  Download A Defined Contribution Plan Case Study: Rethinking a Sound Investment Program
  Download Historical Evaluation of the CBOE S&P 500 BuyWrite Index Strategy
  Download Commodity Investing: Implementation
  Download Moving to a Global Equity Structure
  Download 2006 Pension Protection Act: Defined Contribution Executive Summary
  Download Charticle: DC Provisions of the Pension Protection Act
  Download Company Stock in a Defined Contribution Plan: Current Trends
  Download 2006 Pension Protection Act: Summary and Implications for Defined Benefit Plans
  Download Investing Beyond the Traditional Asset Classes: The Short Story on Alternative Investments
  Download Exchange Traded Funds - The Past, Present, and Future
  Download Commission Recapture: Deal or No Deal?
  Download The Role of Convertible Securities in Equity-Constrained Portfolios: A Case Study
  Download Portable Alpha: An Alternative in a Low Inflation, Low Return Environment
  Download 2005 International Equity Market and Active Management Review
  Download Beyond the Wrapper: The Evolution of Core Open-End Funds
  Download Portable Alpha: Seek the Holy Grail or Run Away?

• 2005

  Download The Benefits of Saving Early
  Download Reexamining the Default Options in a Defined Contribution Plan
  Download So You Want to Invest in Commodities - Why Might You Be Interested? And How Might You Do It?
  Download Farmland Investing: An Overview
  Download The Basis for the Small Cap Alpha Phenomenon - Why Have Institutional U.S. Small Cap Portfolios Consistently Out-Performed the Market?
  Download Portable Alpha Becomes Latest Investment Craze
  Download Considering Risk as an Investor
  Download The Active Management Premium in Small-Cap U.S. Equities (Reprinted from the Spring 2005 Journal of Portfolio Management, Volume 31 Number 3)
  Download An Introduction to Fixed Income Derivatives

• 2004

  Download The Evolution of Endowment Spending Policies and Today's Best Practices
  Download The Plan Sponsor's Guide to Hedge Fund Investing
  Download Mandatory Redemption Fees
  Download Inflated Fears?
  Download International Small Cap: Implementation Issues
  Download Transition Management - Beyond the Basics
  Download Plan Investment Structure: Principles and Design