the breakers palm beach, florida - q group · the breakers . q. palm beach, florida ® ... stanford...
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9ht1JO ~JemUuushyNEW PERSPECTIVES
EQmTY VALUATION e~
~g-~-g-~ eltU ~~g-~
THE INSTITUTE FOR QUANTITATIVE RESEARCH
FINANCE
MARCH 25- 28 1990 THl GRltJIP THE BREAKERS
PALM BEACH FLORIDA Qreg
SPRING 1990
SUNDAY March 25
MONDAY March 26
1IMR
THE INSTITUTE FOR QUA~ MARCH 25-281990 PROGRAM OUTLINE NEW PERSPECTIVES ON EQUITY VALU
530 pm Reception 6 30 pm Dinner 7 00 pm
WORDS OF WELCOME James L Farrell Jr MPT Associates Institute Chairman
DINNER SPEAKER Arthur Zeikel President M erri ll Lynch Asset Management
The Investment Management Business in the 90s
EQUITY INVESTING 830- 930 am
Combining Judgemental Inputs in Equity Investing Speakers Daniel Rie and Paul Samuelson Sen ior Vice Presidents
Colonial Equity Management Inc
930- 1030 am
New Economic Components of Valuation Speaker Roger F Murray Columbia Business Schoo l Emeritus
1030 -1 100 am Coffee Break 11 00 - 12 15 pm
How a Modern Day cia Looks at the Investment Process Moderator Martin L Leibowitz Managing Director
Sa lomon Brothers Inc Speakers Leon G Cooperman Chairman and CEO
Goldman Sachs Asset Management John W English Vice President Ford Foundation John H Hobbs President Jennison Associates
12 15- 4 00 pm Luncheon and Person-to-Person Conferences 4 00-5 15 p m
The Effects ofMarketability on Equity Value Speakers William L Fouse Chairman and Thomas Loeb
President Mellon Capital Management
5 15-54 5 pm Coffee Break 545-645 pm
Modeling the Risk ofSmall Cap Stocks Speaker Richard Grinold Director of Research BARRA
645 pm Reception
TITATIVE RESEARCH IN ANANCE
TION
TUESDAY March 27
WEDNESDAY March 28
8 30-945 am Stock Market Complexity and Investment Opportunity Speakers Bruce I Jacobs andKenneth N Levy
Principals Jacobs Levy Equity Management
945- 1015 am Coffee Break 1015- 11 30 am The Pricing of Common Stocks Speaker Myron Gordon Professor Faculty
of M anagement University of Toronto
11 30- 1200 Noon BUSINESS MEETING OF THE INSTITUTE 1200- 3 45 pm Luncheon and Person-to-Person Conferences 345-415 pm Coffee Break 415- 615 pm Equity Management WUI the Future Resemble the Past Speakers Robert A Haugen Direct or AG Risk M anagement
and W illiam W Jahnke Chairman Vestek Systems
6 30 p m Reception
800- 915 am Are Japanese Stock Markets Too High Speaker Kenneth R French Professor of Finance
Graduate School of Business University of Chicago
9 15- 945 am Coffee Break 9 45-1 1 00 am Changes in Consensus Eamings Estimates and Their Impact on Stock Returns Speaker Langdon B Wheeler President Numeric Investors
1100 am Seminar Conclusion
BOARD OF DIRECTORS JAMES L FARRELL JR (Chairman) MPT Associates Inc
ROGER F MURRAY (Vice-Chairman Emeritus) ROBERT E ANGELICA ATampT
DARWIN M BAYSTON CFA Association for Investment Management and Research KATHLEEN A CONDON Bankers Trust Company
CHARLES A DAMBROSIO CFA Association for Investment Management and Research H GIFFORD FONG GIHord Fong Associates
WILLIAM L FOUSE Mellon Capital Management Corp MARTIN L LEIBOWITZ Salomon Brothers Inc
RICHARD O MICHAUD State Street Bank amp Trust Co EUGENE E RECORD JR Chancellor Capital Management Inc
DANIEL RIE Colonial Management Associates Inc ROBERT E SHULTZ
JACK L TREYNOR Treynor Capital Management Inc ROBERT L WHALEN Connecticut General Life Insurance Company
THOMAS A WICK Harris Investment Management DALE BERMAN (Secretary-Treasurer)
ANDREW C McCULLOCH (Administrative Director) PROFESSOR J PETER WILLIAMSON (Seminar Summarizer)
JOHN F WALSH (General Counsel)
SPONSORS OF THE INSTITUTE ANB INVESTMENT MANAGEMENT COMPANY
ATampT ARONSON + FOGLER
THE BANK OF NEW YORK BANKERS TRUST CO
BARRA BEA ASSOCIATES INC BELL ATLANTIC CORP
THE BOSTON COMPANY BOSTON INTERNATIONAL ADVISORS INC
BRINSON PARTNERS INC BUCK PENSION FUND SERVICES
CHANCELLOR CAPITAL MANAGEMENT INC THE CHASE MANHAnAN BANK NA
CIGNA INVESTMENTS INC COLLEGE RETIREMENT ASSOCIATES INC
COLONIAL MANAGEMENT ASSOCIATES INC CONNECTICUT GENERAL LIFE INSURANCE CO
DIMENSIONAL FUNDS ADVISORS INC DREXEL BURNHAM LAMBERT INC
ELF AQUITANE INC EQUITABLE CAPITAL MANAGEMENT CORPORATION
EVALUATION ASSOCIATES INC FIRST ASSET MANAGEMENT THE FORD FOUNDATION FRANK RUSSELL COMPANY
FRANKLIN PORTFOLIO ASSOCIATES GENERAL MOTORS CORPORATION
GTE INVESTMENT MANAGEMENT CORPORATION GIFFORD FONG ASSOCIATES
GOLDMAN SACHS ASSET MANAGEMENT HARRIS INVESTMENT MANAGEMENT
IBM CORP INTERNATIONAL MONETARY FUND
INTERNATIONAL PAPER KPMG PEAT MARWICK
KIDDER PEABODY amp CO INCORPORATEDWEBSTER MANAGEMENT LYNCH JONES amp RYAN
MACKAY-SHIELDS FINANCIAL CORPORATION MARTINGALE ASSET MANAGEMENT
MASSACHUSETTS FINANCIAL SERVICES McKINSEY amp COMPANY INC
MELLON CAPITAL MANAGEMENT CORP MELLON EQUITY ASSOCIATES
MERRILL LYNCH CAPITAL MARKETS MILLER ANDERSON amp SHERRERD
MITCHELL HUTCHINS INSTITUTIONAL INVESTORS INC MONSANTO COMPANY
JP MORGAN INVESTMENT MANAGEMENT INC MORGAN STANLEY amp CO INC
MPT ASSOCIATES INC NATWEST INTERNATIONAL TRUST CORPORATION (BAHAMAS) LIMITED
NEW AMSTERDAM PARTNERS THE NIKKO RESEARCH CENTER LTD
NOMURA CAPITAL MANAGEMENT INC THE NORTHERN TRUST COMPANY
OPPENHEIMER amp CO PRUDENTIAL INVESTMENT CORPORATION
RJR NABISCO INC SALOMON BROTHERS INC
SANFORD C BERNSTEIN amp CO INC SEI CORPORATION
SHEARSON LEHMAN HUTTON INC THE STAMFORD COMPANY
STANFORD UNIVERSITY TREASURERS OFFICE STATE STREET BANK amp TRUST CO
SUN LIFE ASSURANCE COMPANY OF CANADA THE TRAVELERS INVESTMENT MANAGEMENT COMPANY
TREYNOR CAPITAL MANAGEMENT INC T ROWE PRICE ASSOCIATES
US TRUST COMPANY OF NEW YORK WELLINGTON MANAGEMENT COMPANY WILSHIRE ASSOCIATES INCORPORATED
WINDHAM CAPITAL MANAGEMENT THE WORLD MARKETS COMPANY PLC
XEROX CORPORATION YALE UNIVERSITY INVESTMENTS OFFICE
YORK MANAGEMENT amp RESEARCH INC
THE INSTITUTE FOR QUANTITATIVE RESEARCH IN FINANCE co John F Walsh Walsh Valdesplno-230 Park Avenue-Suite 1550-New York NY 10169
SPRING 1990
SUNDAY March 25
MONDAY March 26
1IMR
THE INSTITUTE FOR QUA~ MARCH 25-281990 PROGRAM OUTLINE NEW PERSPECTIVES ON EQUITY VALU
530 pm Reception 6 30 pm Dinner 7 00 pm
WORDS OF WELCOME James L Farrell Jr MPT Associates Institute Chairman
DINNER SPEAKER Arthur Zeikel President M erri ll Lynch Asset Management
The Investment Management Business in the 90s
EQUITY INVESTING 830- 930 am
Combining Judgemental Inputs in Equity Investing Speakers Daniel Rie and Paul Samuelson Sen ior Vice Presidents
Colonial Equity Management Inc
930- 1030 am
New Economic Components of Valuation Speaker Roger F Murray Columbia Business Schoo l Emeritus
1030 -1 100 am Coffee Break 11 00 - 12 15 pm
How a Modern Day cia Looks at the Investment Process Moderator Martin L Leibowitz Managing Director
Sa lomon Brothers Inc Speakers Leon G Cooperman Chairman and CEO
Goldman Sachs Asset Management John W English Vice President Ford Foundation John H Hobbs President Jennison Associates
12 15- 4 00 pm Luncheon and Person-to-Person Conferences 4 00-5 15 p m
The Effects ofMarketability on Equity Value Speakers William L Fouse Chairman and Thomas Loeb
President Mellon Capital Management
5 15-54 5 pm Coffee Break 545-645 pm
Modeling the Risk ofSmall Cap Stocks Speaker Richard Grinold Director of Research BARRA
645 pm Reception
TITATIVE RESEARCH IN ANANCE
TION
TUESDAY March 27
WEDNESDAY March 28
8 30-945 am Stock Market Complexity and Investment Opportunity Speakers Bruce I Jacobs andKenneth N Levy
Principals Jacobs Levy Equity Management
945- 1015 am Coffee Break 1015- 11 30 am The Pricing of Common Stocks Speaker Myron Gordon Professor Faculty
of M anagement University of Toronto
11 30- 1200 Noon BUSINESS MEETING OF THE INSTITUTE 1200- 3 45 pm Luncheon and Person-to-Person Conferences 345-415 pm Coffee Break 415- 615 pm Equity Management WUI the Future Resemble the Past Speakers Robert A Haugen Direct or AG Risk M anagement
and W illiam W Jahnke Chairman Vestek Systems
6 30 p m Reception
800- 915 am Are Japanese Stock Markets Too High Speaker Kenneth R French Professor of Finance
Graduate School of Business University of Chicago
9 15- 945 am Coffee Break 9 45-1 1 00 am Changes in Consensus Eamings Estimates and Their Impact on Stock Returns Speaker Langdon B Wheeler President Numeric Investors
1100 am Seminar Conclusion
BOARD OF DIRECTORS JAMES L FARRELL JR (Chairman) MPT Associates Inc
ROGER F MURRAY (Vice-Chairman Emeritus) ROBERT E ANGELICA ATampT
DARWIN M BAYSTON CFA Association for Investment Management and Research KATHLEEN A CONDON Bankers Trust Company
CHARLES A DAMBROSIO CFA Association for Investment Management and Research H GIFFORD FONG GIHord Fong Associates
WILLIAM L FOUSE Mellon Capital Management Corp MARTIN L LEIBOWITZ Salomon Brothers Inc
RICHARD O MICHAUD State Street Bank amp Trust Co EUGENE E RECORD JR Chancellor Capital Management Inc
DANIEL RIE Colonial Management Associates Inc ROBERT E SHULTZ
JACK L TREYNOR Treynor Capital Management Inc ROBERT L WHALEN Connecticut General Life Insurance Company
THOMAS A WICK Harris Investment Management DALE BERMAN (Secretary-Treasurer)
ANDREW C McCULLOCH (Administrative Director) PROFESSOR J PETER WILLIAMSON (Seminar Summarizer)
JOHN F WALSH (General Counsel)
SPONSORS OF THE INSTITUTE ANB INVESTMENT MANAGEMENT COMPANY
ATampT ARONSON + FOGLER
THE BANK OF NEW YORK BANKERS TRUST CO
BARRA BEA ASSOCIATES INC BELL ATLANTIC CORP
THE BOSTON COMPANY BOSTON INTERNATIONAL ADVISORS INC
BRINSON PARTNERS INC BUCK PENSION FUND SERVICES
CHANCELLOR CAPITAL MANAGEMENT INC THE CHASE MANHAnAN BANK NA
CIGNA INVESTMENTS INC COLLEGE RETIREMENT ASSOCIATES INC
COLONIAL MANAGEMENT ASSOCIATES INC CONNECTICUT GENERAL LIFE INSURANCE CO
DIMENSIONAL FUNDS ADVISORS INC DREXEL BURNHAM LAMBERT INC
ELF AQUITANE INC EQUITABLE CAPITAL MANAGEMENT CORPORATION
EVALUATION ASSOCIATES INC FIRST ASSET MANAGEMENT THE FORD FOUNDATION FRANK RUSSELL COMPANY
FRANKLIN PORTFOLIO ASSOCIATES GENERAL MOTORS CORPORATION
GTE INVESTMENT MANAGEMENT CORPORATION GIFFORD FONG ASSOCIATES
GOLDMAN SACHS ASSET MANAGEMENT HARRIS INVESTMENT MANAGEMENT
IBM CORP INTERNATIONAL MONETARY FUND
INTERNATIONAL PAPER KPMG PEAT MARWICK
KIDDER PEABODY amp CO INCORPORATEDWEBSTER MANAGEMENT LYNCH JONES amp RYAN
MACKAY-SHIELDS FINANCIAL CORPORATION MARTINGALE ASSET MANAGEMENT
MASSACHUSETTS FINANCIAL SERVICES McKINSEY amp COMPANY INC
MELLON CAPITAL MANAGEMENT CORP MELLON EQUITY ASSOCIATES
MERRILL LYNCH CAPITAL MARKETS MILLER ANDERSON amp SHERRERD
MITCHELL HUTCHINS INSTITUTIONAL INVESTORS INC MONSANTO COMPANY
JP MORGAN INVESTMENT MANAGEMENT INC MORGAN STANLEY amp CO INC
MPT ASSOCIATES INC NATWEST INTERNATIONAL TRUST CORPORATION (BAHAMAS) LIMITED
NEW AMSTERDAM PARTNERS THE NIKKO RESEARCH CENTER LTD
NOMURA CAPITAL MANAGEMENT INC THE NORTHERN TRUST COMPANY
OPPENHEIMER amp CO PRUDENTIAL INVESTMENT CORPORATION
RJR NABISCO INC SALOMON BROTHERS INC
SANFORD C BERNSTEIN amp CO INC SEI CORPORATION
SHEARSON LEHMAN HUTTON INC THE STAMFORD COMPANY
STANFORD UNIVERSITY TREASURERS OFFICE STATE STREET BANK amp TRUST CO
SUN LIFE ASSURANCE COMPANY OF CANADA THE TRAVELERS INVESTMENT MANAGEMENT COMPANY
TREYNOR CAPITAL MANAGEMENT INC T ROWE PRICE ASSOCIATES
US TRUST COMPANY OF NEW YORK WELLINGTON MANAGEMENT COMPANY WILSHIRE ASSOCIATES INCORPORATED
WINDHAM CAPITAL MANAGEMENT THE WORLD MARKETS COMPANY PLC
XEROX CORPORATION YALE UNIVERSITY INVESTMENTS OFFICE
YORK MANAGEMENT amp RESEARCH INC
THE INSTITUTE FOR QUANTITATIVE RESEARCH IN FINANCE co John F Walsh Walsh Valdesplno-230 Park Avenue-Suite 1550-New York NY 10169
TITATIVE RESEARCH IN ANANCE
TION
TUESDAY March 27
WEDNESDAY March 28
8 30-945 am Stock Market Complexity and Investment Opportunity Speakers Bruce I Jacobs andKenneth N Levy
Principals Jacobs Levy Equity Management
945- 1015 am Coffee Break 1015- 11 30 am The Pricing of Common Stocks Speaker Myron Gordon Professor Faculty
of M anagement University of Toronto
11 30- 1200 Noon BUSINESS MEETING OF THE INSTITUTE 1200- 3 45 pm Luncheon and Person-to-Person Conferences 345-415 pm Coffee Break 415- 615 pm Equity Management WUI the Future Resemble the Past Speakers Robert A Haugen Direct or AG Risk M anagement
and W illiam W Jahnke Chairman Vestek Systems
6 30 p m Reception
800- 915 am Are Japanese Stock Markets Too High Speaker Kenneth R French Professor of Finance
Graduate School of Business University of Chicago
9 15- 945 am Coffee Break 9 45-1 1 00 am Changes in Consensus Eamings Estimates and Their Impact on Stock Returns Speaker Langdon B Wheeler President Numeric Investors
1100 am Seminar Conclusion
BOARD OF DIRECTORS JAMES L FARRELL JR (Chairman) MPT Associates Inc
ROGER F MURRAY (Vice-Chairman Emeritus) ROBERT E ANGELICA ATampT
DARWIN M BAYSTON CFA Association for Investment Management and Research KATHLEEN A CONDON Bankers Trust Company
CHARLES A DAMBROSIO CFA Association for Investment Management and Research H GIFFORD FONG GIHord Fong Associates
WILLIAM L FOUSE Mellon Capital Management Corp MARTIN L LEIBOWITZ Salomon Brothers Inc
RICHARD O MICHAUD State Street Bank amp Trust Co EUGENE E RECORD JR Chancellor Capital Management Inc
DANIEL RIE Colonial Management Associates Inc ROBERT E SHULTZ
JACK L TREYNOR Treynor Capital Management Inc ROBERT L WHALEN Connecticut General Life Insurance Company
THOMAS A WICK Harris Investment Management DALE BERMAN (Secretary-Treasurer)
ANDREW C McCULLOCH (Administrative Director) PROFESSOR J PETER WILLIAMSON (Seminar Summarizer)
JOHN F WALSH (General Counsel)
SPONSORS OF THE INSTITUTE ANB INVESTMENT MANAGEMENT COMPANY
ATampT ARONSON + FOGLER
THE BANK OF NEW YORK BANKERS TRUST CO
BARRA BEA ASSOCIATES INC BELL ATLANTIC CORP
THE BOSTON COMPANY BOSTON INTERNATIONAL ADVISORS INC
BRINSON PARTNERS INC BUCK PENSION FUND SERVICES
CHANCELLOR CAPITAL MANAGEMENT INC THE CHASE MANHAnAN BANK NA
CIGNA INVESTMENTS INC COLLEGE RETIREMENT ASSOCIATES INC
COLONIAL MANAGEMENT ASSOCIATES INC CONNECTICUT GENERAL LIFE INSURANCE CO
DIMENSIONAL FUNDS ADVISORS INC DREXEL BURNHAM LAMBERT INC
ELF AQUITANE INC EQUITABLE CAPITAL MANAGEMENT CORPORATION
EVALUATION ASSOCIATES INC FIRST ASSET MANAGEMENT THE FORD FOUNDATION FRANK RUSSELL COMPANY
FRANKLIN PORTFOLIO ASSOCIATES GENERAL MOTORS CORPORATION
GTE INVESTMENT MANAGEMENT CORPORATION GIFFORD FONG ASSOCIATES
GOLDMAN SACHS ASSET MANAGEMENT HARRIS INVESTMENT MANAGEMENT
IBM CORP INTERNATIONAL MONETARY FUND
INTERNATIONAL PAPER KPMG PEAT MARWICK
KIDDER PEABODY amp CO INCORPORATEDWEBSTER MANAGEMENT LYNCH JONES amp RYAN
MACKAY-SHIELDS FINANCIAL CORPORATION MARTINGALE ASSET MANAGEMENT
MASSACHUSETTS FINANCIAL SERVICES McKINSEY amp COMPANY INC
MELLON CAPITAL MANAGEMENT CORP MELLON EQUITY ASSOCIATES
MERRILL LYNCH CAPITAL MARKETS MILLER ANDERSON amp SHERRERD
MITCHELL HUTCHINS INSTITUTIONAL INVESTORS INC MONSANTO COMPANY
JP MORGAN INVESTMENT MANAGEMENT INC MORGAN STANLEY amp CO INC
MPT ASSOCIATES INC NATWEST INTERNATIONAL TRUST CORPORATION (BAHAMAS) LIMITED
NEW AMSTERDAM PARTNERS THE NIKKO RESEARCH CENTER LTD
NOMURA CAPITAL MANAGEMENT INC THE NORTHERN TRUST COMPANY
OPPENHEIMER amp CO PRUDENTIAL INVESTMENT CORPORATION
RJR NABISCO INC SALOMON BROTHERS INC
SANFORD C BERNSTEIN amp CO INC SEI CORPORATION
SHEARSON LEHMAN HUTTON INC THE STAMFORD COMPANY
STANFORD UNIVERSITY TREASURERS OFFICE STATE STREET BANK amp TRUST CO
SUN LIFE ASSURANCE COMPANY OF CANADA THE TRAVELERS INVESTMENT MANAGEMENT COMPANY
TREYNOR CAPITAL MANAGEMENT INC T ROWE PRICE ASSOCIATES
US TRUST COMPANY OF NEW YORK WELLINGTON MANAGEMENT COMPANY WILSHIRE ASSOCIATES INCORPORATED
WINDHAM CAPITAL MANAGEMENT THE WORLD MARKETS COMPANY PLC
XEROX CORPORATION YALE UNIVERSITY INVESTMENTS OFFICE
YORK MANAGEMENT amp RESEARCH INC
THE INSTITUTE FOR QUANTITATIVE RESEARCH IN FINANCE co John F Walsh Walsh Valdesplno-230 Park Avenue-Suite 1550-New York NY 10169
BOARD OF DIRECTORS JAMES L FARRELL JR (Chairman) MPT Associates Inc
ROGER F MURRAY (Vice-Chairman Emeritus) ROBERT E ANGELICA ATampT
DARWIN M BAYSTON CFA Association for Investment Management and Research KATHLEEN A CONDON Bankers Trust Company
CHARLES A DAMBROSIO CFA Association for Investment Management and Research H GIFFORD FONG GIHord Fong Associates
WILLIAM L FOUSE Mellon Capital Management Corp MARTIN L LEIBOWITZ Salomon Brothers Inc
RICHARD O MICHAUD State Street Bank amp Trust Co EUGENE E RECORD JR Chancellor Capital Management Inc
DANIEL RIE Colonial Management Associates Inc ROBERT E SHULTZ
JACK L TREYNOR Treynor Capital Management Inc ROBERT L WHALEN Connecticut General Life Insurance Company
THOMAS A WICK Harris Investment Management DALE BERMAN (Secretary-Treasurer)
ANDREW C McCULLOCH (Administrative Director) PROFESSOR J PETER WILLIAMSON (Seminar Summarizer)
JOHN F WALSH (General Counsel)
SPONSORS OF THE INSTITUTE ANB INVESTMENT MANAGEMENT COMPANY
ATampT ARONSON + FOGLER
THE BANK OF NEW YORK BANKERS TRUST CO
BARRA BEA ASSOCIATES INC BELL ATLANTIC CORP
THE BOSTON COMPANY BOSTON INTERNATIONAL ADVISORS INC
BRINSON PARTNERS INC BUCK PENSION FUND SERVICES
CHANCELLOR CAPITAL MANAGEMENT INC THE CHASE MANHAnAN BANK NA
CIGNA INVESTMENTS INC COLLEGE RETIREMENT ASSOCIATES INC
COLONIAL MANAGEMENT ASSOCIATES INC CONNECTICUT GENERAL LIFE INSURANCE CO
DIMENSIONAL FUNDS ADVISORS INC DREXEL BURNHAM LAMBERT INC
ELF AQUITANE INC EQUITABLE CAPITAL MANAGEMENT CORPORATION
EVALUATION ASSOCIATES INC FIRST ASSET MANAGEMENT THE FORD FOUNDATION FRANK RUSSELL COMPANY
FRANKLIN PORTFOLIO ASSOCIATES GENERAL MOTORS CORPORATION
GTE INVESTMENT MANAGEMENT CORPORATION GIFFORD FONG ASSOCIATES
GOLDMAN SACHS ASSET MANAGEMENT HARRIS INVESTMENT MANAGEMENT
IBM CORP INTERNATIONAL MONETARY FUND
INTERNATIONAL PAPER KPMG PEAT MARWICK
KIDDER PEABODY amp CO INCORPORATEDWEBSTER MANAGEMENT LYNCH JONES amp RYAN
MACKAY-SHIELDS FINANCIAL CORPORATION MARTINGALE ASSET MANAGEMENT
MASSACHUSETTS FINANCIAL SERVICES McKINSEY amp COMPANY INC
MELLON CAPITAL MANAGEMENT CORP MELLON EQUITY ASSOCIATES
MERRILL LYNCH CAPITAL MARKETS MILLER ANDERSON amp SHERRERD
MITCHELL HUTCHINS INSTITUTIONAL INVESTORS INC MONSANTO COMPANY
JP MORGAN INVESTMENT MANAGEMENT INC MORGAN STANLEY amp CO INC
MPT ASSOCIATES INC NATWEST INTERNATIONAL TRUST CORPORATION (BAHAMAS) LIMITED
NEW AMSTERDAM PARTNERS THE NIKKO RESEARCH CENTER LTD
NOMURA CAPITAL MANAGEMENT INC THE NORTHERN TRUST COMPANY
OPPENHEIMER amp CO PRUDENTIAL INVESTMENT CORPORATION
RJR NABISCO INC SALOMON BROTHERS INC
SANFORD C BERNSTEIN amp CO INC SEI CORPORATION
SHEARSON LEHMAN HUTTON INC THE STAMFORD COMPANY
STANFORD UNIVERSITY TREASURERS OFFICE STATE STREET BANK amp TRUST CO
SUN LIFE ASSURANCE COMPANY OF CANADA THE TRAVELERS INVESTMENT MANAGEMENT COMPANY
TREYNOR CAPITAL MANAGEMENT INC T ROWE PRICE ASSOCIATES
US TRUST COMPANY OF NEW YORK WELLINGTON MANAGEMENT COMPANY WILSHIRE ASSOCIATES INCORPORATED
WINDHAM CAPITAL MANAGEMENT THE WORLD MARKETS COMPANY PLC
XEROX CORPORATION YALE UNIVERSITY INVESTMENTS OFFICE
YORK MANAGEMENT amp RESEARCH INC
THE INSTITUTE FOR QUANTITATIVE RESEARCH IN FINANCE co John F Walsh Walsh Valdesplno-230 Park Avenue-Suite 1550-New York NY 10169