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Featured researches published by Thomas M. Arnold.


Cfa Digest | 2012

A Cautionary Note about Robert Shiller’s CAPE

Thomas M. Arnold

AAII Journal suggests that stocks are certainly not overvalued to the degree predicted by the CAPE analysis and may actually be undervalued. Thus, investors are left in a quandary as to which measure of valuation is most appropriate. This article makes the case that the comparison of the July 2011 CAPE to its long-term average provides an overly bearish view of the stock market and that the traditional price-earnings ratio based on either reported earnings or operating earnings is a better measure of the worth of U.S. equities in July 2011. As fi rst used by Shiller in his book, the CAPE was undoubtedly a very useful tool for identifying overvaluation at the height of the late-1990s stock market “bubble.” However, like all other valuation metrics, the CAPE has its limitations, and these limitations derive from how it is computed.


Cfa Digest | 2013

The Death of Inflation

Thomas M. Arnold


Cfa Digest | 2013

World Is Right to Worry about US Debt

Thomas M. Arnold


Cfa Digest | 2016

Corporate Environmental Responsibility and Firm Performance in the Financial Services Sector

Thomas M. Arnold


Cfa Digest | 2015

Coupon Effects on Corporate Bonds: Pricing, Empirical Duration, and Spread Convexity

Thomas M. Arnold


Cfa Digest | 2014

Spot Commodities as Inflation Protection

Thomas M. Arnold


Cfa Digest | 2014

Call-Put Implied Volatility Spreads and Option Returns

Thomas M. Arnold


Cfa Digest | 2014

A Global Perspective on Pension Fund Investments in Real Estate

Thomas M. Arnold


Cfa Digest | 2014

“Too Systemically Important to Fail” in Banking—Evidence from Bank Mergers and Acquisitions

Thomas M. Arnold


Cfa Digest | 2014

What Really Drives Risk Premium and Abnormal Returns in Private Equity Funds? A New Perspective

Thomas M. Arnold

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