This PDF contains the complete Third Quarter 2025 issue of the Financial Analysts Journal.

Overview
A Fractional Solution to a Stock Market Mystery
Robert Bartlett, Justin McCrary, and Maureen O’Hara
Measuring Mutual Fund Flows
James Li and Lu Zheng
A Latent Factor Cash Flow Model for Alternative Investment Funds
Wen Cao and Misha van Beek
The Cross-Section of Corporate Bond Returns: The Pre-World War I Evidence
Kevin Van Mencxel
True Value Investing in the Corporate Bond Market
Robbert-Jan ‘t Hoen, CFA, Patrick Houweling, and Philip Messow
Investor Emotions and Asset Prices
Shehub Bin Hasan, Alok Kumar, and Richard Taffler
Excess Return Profiles for Stocks Purchased by Active Equity Managers
Jo Drienko, Bruce Grundy, Anna von Reibnitz, and Geoffrey J. Warren

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