From the Editor

The Editorial Board of the Financial Analysts Journal plays a vital role. Each member devotes considerable time and expertise to a review process that not only ensures the quality of the articles that are published but also provides authors, irrespective of whether the paper is published, with critiques that are intended to assist the authors with their papers. Every manuscript we publish goes through this referee procedure, which is a double-blind process. The paper is reviewed by an anonymous referee who has specialized in the area covered by the paper, and the author remains anonymous to the referee. The goal is an unbiased referee report that evaluates the paper for specific qualities (such as technical correctness and appropriateness for our readership) and provides comments and suggestions from the referee. The objective is to promote the highest quality research that also has practical relevance. To instill a continued renewal in the process, we must (no matter how reluctantly) make periodic change to the Editorial Board. Such change not only renews the FAJ's perspective; it also creates the opportunity for participation by more members of our wide academic and professional readership. We are very thankful to the outgoing Editorial Board members, both of whom have served us well and will be missed: Michael Granito and Andrew Rudd. We would like to welcome the new additions to the board: K.C. Chan, Robert Goldstein, Ananth Madhavan, and Andrew J. Sterge. The Financial Analysts Journal is indeed fortunate to have had the wisdom of those leaving the board, and we look forward to the contributions of those who are joining the team for the forthcoming year. The dedication and hard work of all have made and are making our publication the best.