Formatting Source Line and Footnote

Source lines in tables and figures follow footnote style. Footnote style basically differs from reference/bibliography style as follows:

  • First name of first author comes first.
  • Commas are used for most periods.
  • Years are given in the parentheses just before page numbers.

Use the following formats for the first mention of a work:

Book

Tom Copeland, Tim Koller, and Jack Murrin, Valuation: Measuring and Managing the Value of Companies, 2nd ed. (New York: John Wiley & Sons, 1996).

Philip Hans Franses, Time Series Models for Business and Economic Forecasting (Cambridge, UK: Cambridge University Press, 1998).

Forthcoming book

Martin S. Fridson and Fernando Alvarez, Financial Statement Analysis: A Practitioner’s Guide, 3rd ed. (New York: John Wiley & Sons: forthcoming 2002).

Part of book

William Jones, “Introduction,” in Problems in Industrial Development, edited by John Dune, 1–2 (Chicago: Universal Press, 1885).

Part of CFA Institute book

Michael Philips, “New Directions,” in The Future of Portfolios, 15–23(Charlottesville, VA: Association for Investment Management and Research, 1999).

Corporate author (book)

Ibbotson Associates, Stocks, Bonds, Bills, and Inflation: 2004 Yearbook (Chicago: Ibbotson Associates, 2004).

ABI, Investing in Social Responsibility: Risks and Opportunities, ABI Research Report. London: Association of British Insurers.

Corporate author (pamphlet)

Standard & Poor’s, “Identifying Ratings Triggers and Other Contingent Calls on Liquidity—Part 2” (15 May 2002).

NIRI, “NIRI Releases Survey: An Analysis of Corporate Use of Pro Forma Reporting,” press release, National Investor Relations Institute (17 January 2002).

Corporate newsletter (with author)

Solomon B. Samson, “Identifying Ratings Triggers and Other Contingent Calls on Liquidity—Part 2,” Standard & Poor’s (15 May 2002).

Forthcoming paper

Thomas K. Philips, “The Source of Value,” Journal of Portfolio Management (forthcoming).

Government/legal publications

“Order Execution Obligations,” Exchange Act Release 37619 (6 September 1996).

Journals

Chuck Auerbach, “Time and Tide Wait for No Man,” Impatience 1 (Spring 1992): 224–26.

Robert C. Merton, “An Intertemporal Capital Asset Pricing Model,” Econometrica 41 (September 1973): 867–87.

Richard Bookstaber and David P. Jacob, “The Composite Hedge,” Financial Analysts Journal 42 (March/April 1986): 25–36.

[Note: This form is appropriate if short-hand style is being used.]

Chuck Auerbach, “Time and Tide Wait for No Man,” Impatience (Spring 1992): 224–26.

Andrew Tobias, “How to Invest in Uncertain Times,” Parade (18 February 2001).

No author

“The 300 Best Small Companies,” Forbes Global (30 October 2000).

Presentations

Ben Stein, “Can We Win?” Presentation given at the CFA Institute Improving Portfolio Performance conference, Chicago (30 November–1 December 2000).

Scott McNally, Java One Conferences, Valley Hills, CA (17 June 1999).

Reprinted material

Martin L. Leibowitz, “Total Portfolio Duration: A New Perspective on Asset Allocation,” Financial Analysts Journal 42 (September/October 1986): 18–29, 77; reprinted in 1995.

If the later date is important because page numbers are given in the text reference (e.g., for a quotation), use:

Martin L. Leibowitz, “Total Portfolio Duration: A New Perspective on Asset Allocation.” Financial Analysts Journal 51 (January/February 1995 50th Anniversary Issue): 139–41; first published 1986.

Unpublished papers (working papers, mimeos, dissertations, and other unpublished manuscripts)

John Doe, “Statistics for Dummies,” mimeo (University of Dogpatch, 1995).

Hersh Shefrin and Meir Statman, “Behavioral Portfolio Theory,” working paper (Santa Clara University, 1994).

Jon Simple, “Firm Management,” Working Paper 100, New York University (1999).

For subsequent references to a work in source lines and footnotes, use the author’s last name and the short title: Auerbach, “Time and Tide.” If no author, use short title: e.g., “The 300 Best Small Companies.”

Short Citations

In some publications, you may need to use short in-line reference information to avoid the separate notes or references section for space reasons. For a book, provide in parentheses basic information that is not given in the sentence. For example, if the authors only are cited, give the title, publisher, and date in parentheses. If the authors and title are cited, give the publisher and date in parentheses. For a journal article, basic information that needs to be either cited in the sentence or given in the parentheses consists of author, title, name of journal, and year of publication.

Text Referencing

1: Footnote Citations

When footnotes are used, insert call-out numbers and follow footnote styles. Close up the tiny space between the footnote number and the text in a footnote. Examples of footnote styles are given later.

2: Author/Date Citations with a Bibliography or Reference List

When a publication includes a bibliography or reference list, use the author/date citation system in the text. An alphabetized reference list is placed at the end of the piece. Please do include a “p.” before page numbers; this is a departure from CMS.

Examples: The information may be found in Pack (1987); the information is spurious (see Pack 1987).

“Even a dart-throwing chimpanzee can select a portfolio that performs as well as one carefully selected by the experts” (Malkiel 1990, p. 186).

Citing Page Numbers in Text

See CMS 15.23 for specifics on placement of page, volume, notes, etc. in text citations.

For direct quotations, use a page number (preceded by “p.”) if you can get one from the author or find it yourself. For legal reasons, try hard to use a page number if the quote is long and substantive. (See the following EXCEPTION.)

When citing the page number for an in-text quotation, place the page number in parentheses outside the quotation mark but before the sentence-ending period.

Example: As Milton Friedman put it, “There’s no free lunch” (p. 5).

If the quotation ends with a question mark, retain the question mark, but still place the sentence-ending period outside the parentheses.

Example: Lou Costello’s biographer wrote that Costello “was well known for asking the question, Who’s on First?” (p. 5).

A quote longer than two manuscript lines (three typeset lines) should be displayed as a block quote. Introductory phrases may be followed by a colon, comma, or period (see CMS 13.20–13.22).

Example:

Malkiel (2000, p. 24) makes the subject clear:

A random walk is one in which future steps or directions cannot be predicted on the basis of past actions. When the term is applied to the stock market, it means that short-run changes in stock prices cannot be predicted.

EXCEPTION: For a quote that is simply a short phrase, a page number may not be necessary and may be intrusive. The idea is that you can’t cite a page because the author used the phrase throughout the work cited.

Example: This problem is what Jones (1913) called “the nervous tics of the Gods.”

Electronic Correspondence

References to emails, bulletin board discussions, or discussion groups, like phone conversations or memos, are treated as personal communication and are cited only within the text or a footnote, not on the reference page.

Specific Rules for In-Text References

  •  Generally, we repeat the author and date each time the work is mentioned in the text. EXCEPTION: If one work is referenced several times in a particular paragraph, it is OK to use the author’s name again in the same paragraph (or, more rarely, in the same section) without repeating the date.
  • For references to pieces with two authors, use both authors’ names in every in-text reference. For references to pieces with three, four, or more authors, use all authors’ names on first mention and then use “et al.” subsequently or, if a three- or four-author work is referenced extensively, set up the initials the first time and use those—for example, “DeLong, Shleifer, Summers, and Waldmann (DSSW 1990).”
  • If the first mention of a study appears in the footnotes, set up the use of et al. or initials in the first reference in the main text, not in the footnote reference.
  • To refer to multiple works by the same author or group of authors, for two years at once: “Phillips (1995, 1997)” or “described by several researchers (Phillips 1997a, 1997b; Mullins 1998).” For two works by the same author(s) in the same year: “Phillips (1997a, 1997b).”
  • To refer to multiple works by multiple authors in the text, if the citations are alone in parentheses or introduced by “e.g.,” “i.e.,” “see,” or “see, for example,” the format is to use semicolons between sets of authors: (Jensen 1989; Baghat and Black 1997), (see Jensen 1989; Baker, Jensen, and Murphy 1988; Baghat and Black 1997). Follow the same form for citations in notes/sources even outside parentheses: 1See Jensen (1989); Baker, Jensen, and Murphy (1988); Baghat and Black (1997).
  • To refer to multiple works by multiple authors in prose, use regular sentence construction: “Jensen (1989) and Baghat and Black (1997) explained that . . .”
  • When “forthcoming” is used in an in-text reference, it should look like either “Jones (forthcoming 1999)” or “(Jones, forthcoming 1999).”
  • When referring to notes, chapters, or pages in a reference, use lowercase. When referring to figures/tables/exhibits, use initial cap. See CMS 15.23.

     Examples: Jones said, “. . . .” (1998, 43n4).

Brown and Juarez provides several examples (1999, Table 4).

See Malkiel (1990, chap. 2)

  • When citing an article without an author, use the title or short title under which it is entered in the list.

Examples: (“Wall Street Woes” 2002). (see “Recommendations from the Home . . .” 2006).