Somerset,
NJ – February 5, 2003 The Spaulding Group, Inc. announced today
that it has published in its most recent issue of The Journal of Performance
Measurement® an article which reveals the previously confidential
methodology that Wilshire Associates uses to link subperiod attribution
results. "Because of the shortcomings which are inherent in arithmetic
attribution models, obtaining multi-period results is quite a challenge.
Consequently, fairly robust and often intricate linking formulas are
needed to insure accurate results" said the journal's editor,
Sabina T. Hastings.
"We are extremely pleased that Wilshire decided to make these
details available, as this area of attribution has gotten much greater
interest over the past few years" said The Spaulding Group's
president and the journal's publisher, David Spaulding, who is also
the author of Investment Performance Attribution (McGraw-Hill, 2003).
"And, we are obviously quite excited that Wilshire chose to unveil
their methodology within our publication, as it further reinforces
our belief that it has become the place for valuable information about
performance measurement for the investment community."
The
article, titled "A Multi-Period Linking Algortithm that has Stood
the Test of Time" and written by Julia K. Bonafede, Steven J.
Foresti, and Peter Matheos, is in Volume 7, issue number 1. The entire
issue is dedicated to the topic of attribution linking, in response
to the heightened attention that this subject has received.
"This isn't the first time that a vendor has chosen to publish
their methodology within our publication" said Ms. Hastings.
"Frank Russell revealed their method in an article written by
David Cariño ("Combining Attribution Effects Over Time,
Vol 3, #4) which won a Dietz Award.
The
Spaulding Group, Inc. is an information provider and management consulting
firm that serves the money management industry in the areas of performance
measurement and reporting, computer technology, operations, and marketing.
TSG publishes The
Journal of Performance Measurement®, a quarterly publication
they launched in 1996, and hosts the Performance Measurement Forum.
Through its Institute of Performance Measurement, the firm offers
performance measurement training, including a two-day
introductory course on performance measurement, a one-and-a-half-day
course on performance attribution, and a one-day performance measurement
course for plan sponsors and consultants. TSG also hosts an annual
Performance Measurement,
Attribution and Risk Conference (PMAR™) scheduled for May
19-20, 2003 in New York City.The company was founded in 1990 by David
Spaulding and provides performance resources to financial institutions
throughout the world. Other details about TSG's services may be obtained
from its website: www.SpauldingGrp.com.
