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Basic Guidance on Citing Online Sources
If the material is available in print and online forms, a reference to the print form is preferable (under the rationale that print sources are less likely to change than online sources), or you may want to give both sources.
The goals of citing online references are the same as for any citations: (1) credit the author and (2) enable the reader to find the material.
The citation should be as close as possible to the styles we use for print forms. Basically, give
- author (if there is one),
- any other information (such as journal or book title or web page),
- a date (for a bibliography/reference list, the date follows the author or, if no author, the title; for a footnote/source note, it follows the publisher inside the parentheses), and
- the path to find the material.
Be sure to check that the path you give works.
Formatting Online Sources
Put the URL at the end of the main citation, preceded by a period.
Note: For website addresses cited in print, do not include “http://” in the address if it is followed by “www.” and the address works without “http://”.
Bibliography or reference list style
Kinder, Lydenberg, Domini & Company. 1999. “Domini 400 Social Index Changes.” http://www.kld.com/wdmup.html.
Womack, Kent L. 2002. “The Sell-Side Research Problem.” Working paper. http://www.unm.edu/~boni.
Boni, Leslie, and Kent L. Womack. 2002. “Solving the Sell-Side Research Problem: Insights from Buy-Side Professionals.” Working paper, University of New Mexico and Tuck School of Business at Dartmouth. http://memorial.library.wisc.edu/alphcite.htm.
Ryan, Ron. 200. “Pension Alert!” Ryan Research (December). http://www.ryanlabs.com.
Source line and footnote style
J.W. Jacobson, J.A. Mulick, and A.A. Schwartz, “A History of Facilitated Communication: Science, Pseudoscience, and Antiscience: Science Working Group on Facilitated Communication,” American Psychologist, vol. 50 (1995): 750–765. http://www.apa.org/journals/jacobson.html.
“Investing in International Small Company Stocks,” Institute for Fiduciary Education. http://www.ifecorp.com/Papers-PDFs/Hall701.pdf.
Robert D. Arnott, “Implications for Asset Allocation, Portfolio Management, and Future Research I” in Equity Risk Premium Forum, AIMR and TIAA-CREF. http://www.cfapubs.org/doi/abs/10.2469/op.v2002.n1.4024.
Peter Bern, “Managing Active Tilts,” Arrowstreet Journal (Winter 2002) http://www.arrowstreetcapital.com.
Ron Ryan, “Pension Alert!” Ryan Research (December 2001). http://www.ryanlabs.com.
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:
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).
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).
Thomas K. Philips, “The Source of Value,” Journal of Portfolio Management (forthcoming).
“Order Execution Obligations,” Exchange Act Release 37619 (6 September 1996).
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).
“The 300 Best Small Companies,” Forbes Global (30 October 2000).
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).
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.”
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.
Pack, Howard. 1987. Productivity, Technology and Industrial Development, 5th ed. London: Oxford University Press.
———. (For consecutive entries by the same author, use a 3-em dash closed up with the period). 1989. [In the Word file, the names will be repeated, but Typesetting should correct to the 3-em dash.]
Fabozzi, Frank J., ed. 1992. Investing: The Collected Works of Martin L. Leibowitz. Chicago: Probus.
More than one author:
Bodie, Zvi, Alex Kane, and Alan J. Marcus. 1993. Investments, 2nd ed. Boston: Irwin.
Part of a book:
Jones, William. 1885. “Introduction.” In Problems in Industrial Development, edited by John Dune, 1–2. Chicago: Universal Press.
Part of a CFA Institute book:
[Note: Proceedings beginning March 2006 are considered journals.]
(With a named editor)
Kiefer, Leslie S. 2000. “Building a Client’s Risk Profile: Working with Clients to Identify Risk.” In Investment Counseling for Private Clients II, edited by Dorothy C. Kelly. Charlottesville, VA: Association for Investment Management and Research.
(With an unknown editor)
Dynkin, Lev. 2000. “Global Bond Benchmarks.” In Global Bond Management II: The Search for Alpha. Charlottesville, VA: Association for Investment Management and Research.
(Conference Proceedings format)
Lucas, Douglas. 2006. “The Evolving CDO Market.” CFA Institute Conference Proceedings Quarterly 23 (2): 42–52.
CFA Institute book (with no author cited):
Risk Management: Principles and Practices. 1999. Charlottesville, VA: Association for Investment Management and Research.
(Note: Use the same style for Standards of Practice handbooks, GIPS publications, etc. CFA Institute is not the author of such publications; it is the publisher.)
CFA Institute/Research Foundation book (with authors cited):
Altman, Edward I., and Duen-Li Kao. 1991. Corporate Bond Rating Drift: An Examination of Rating Agency Credit Quality Changes. Charlottesville, VA: Research Foundation of the Institute of Chartered Financial Analysts.
Fabozzi, Frank J., Sergio M. Focardi, and Petter N. Kolm. 2006. Trends in Quantitative Finance. Charlottesville, VA: Research Foundation of CFA Institute.
Ibbotson Associates. 2004. Stocks, Bonds, Bills, and Inflation: 2004 Yearbook. Chicago: Ibbotson Associates.
ABI. 2001. Investing in Social Responsibility: Risks and Opportunities. ABI Research Reports. London: Association of British Insurers.
Pamphlet, flyer, etc.
Standard & Poor’s. 2002. “Identifying Ratings Triggers and Other Contingent Calls on Liquidity—Part 2” (15 May).
NIRI. 2002. “NIRI Releases Survey: An Analysis of Corporate Use of Pro Forma Reporting,” Press release, National Investor Relations Institute (17 January).
World Bank. 2014. “The World Bank Annual Report.”
Financial Analysts Journal Book Review
Granito, Michael R. 1999. “Efficient Asset Management: A Practical Guide to Stock Portfolio Optimization and Asset Allocation” (a review). Financial Analysts Journal 55 (3): 101–02.
Forthcoming journal (date/volume/issue known):
Miller, Stan. Forthcoming 2008. “Derivatives.” Journal of Finance 87 (1).
Forthcoming book (date known):
Marcus, Jules. Forthcoming 2008. Listening to Market Prices. Traverse City, MI: Bay Lake Books.
Forthcoming journal (date unknown):
Frank, Jay Thomas. Forthcoming. “Understanding Futures: A Layman’s Guide.” Journal of Investing.
Forthcoming book (date unknown):
Hughes, John. Forthcoming. Modern Portfolio Theory. Charlottesville, VA: University of Virginia Press.
Occasional papers/papers in a series:
Lakonishok, J., A. Shleifer, and R. Vishny. 1992. “The Structure and Performance of the Money Management Industry.” Brookings Papers on Economic Activity: Microeconomics 1992: 339–91.
Note: When “no.” consists of two numbers, use “no.” and an en dash: “no. 1–3.” Online, the en dash here (and in page numbers) appears as a hyphen.
Ferris, S., and D. Chance. 1987. “The Effect of 12b-1 Plans on Mutual Fund Expense Ratios: A Note.” Journal of Finance 42 (4): 1077–82.
Slovic, Paul. 1967. “The Relative Influence of Probabilities and Payoffs upon Perceived Risk of a Gamble.” Psychonomic Science 9 (4): 223–24.
Smith, Fred. 1978. “Troubles and Their Solutions.” Journal of Solutions 11 (6–11): 106, 153–63.
Auerbach, Chuck. 1992. “Time and Tide Wait for No Man.” Impatience (Spring): 224–26.
Journal with No Author Cited
“A Guide to Mutual Funds.” 1985. Consumer Reports (July): 390–95.
“Giving TQM a Try.” 1995. Institutional Investor 33 (3): 31–34.
Sharpe, William F. 1979. “Evolution of Modern Portfolio Theory.” Based on Sharpe’s talk on 18 June at Wells Fargo Bank.
[Note: Use the international date style.]
With author’s name:
Gilpin, K. 1995. “Big Investor Talked, Grace Listened.” New York Times (11 April): C1.
Without author’s name:
“Wall Street Splits on How to Cope with Falling Bonds.” 1996. Wall Street Journal (10 May): C1.
Paper Presented at a Conference
Frantzich, Steven. 1990. “Legislatures and the Revolution in Communications and Information Processing: Untangling the Link between Technology and Politics.” Paper presented at annual meeting of American Political Science Association, San Francisco (August).
Leibowitz, Martin L. (1986) 1995. “Total Portfolio Duration: A New Perspective on Asset Allocation.” Financial Analysts Journal 42 (5):18–29, 77. Citation refers to original publication.
Note: If the later date is important because page numbers are given in the text reference (e.g., for a quotation), use:
Leibowitz, Martin L. 1995. “Total Portfolio Duration: A New Perspective on Asset Allocation.” Financial Analysts Journal 51 (1): 139–41. First published 1986.
Bederman, Earl. 1994. “The Next Decade: The Outlook for Retail Services in Canada.” Research report, Investor Economics: 68.
Working papers, mimeos, dissertations, and other unpublished manuscripts are separated from their location by a comma and their identifications have only an initial cap unless the paper has a number or other specific designation indicating that it has a formal place in a series:
Working paper with no number and not in a series
Doe, John. 1995. “Economics for Dummies.” Working paper, University of Tennessee (June). Available at <URL>.
Working paper that is part of a series
Poterba, J., S. Venti, and D. Wise. 1992. “401(k) Plans and Tax-Deferred Saving.” NBER Working Paper 4181 (October).
Doe, John. 1995. “Statistics for Dummies.” Working Paper 100, University of Dogpatch Economic Studies Series (April).
Mimeo with no number and not in a series
Seguin, P. 1991. “Transactions Reporting, Liquidity and Volatility: An Empirical Investigation of National Market System Listing.” Mimeo, University of Michigan, Ann Arbor.
Caudill, G.R. 1966. “The Correlation of Theory and Practice in the New Stagecraft Movement as Observed in the Theories and Practices of Robert Edmund Jones and Lee Simonson.” Unpublished master’s thesis, Kent State University.