Callard, Madden & Associates

Callard Madden & Associates (CMA) was an economic research and investment consulting firm started by the late Charles G. Callard and Bart Madden in 1969 in Chicago, Illinois. The firm was later reorganized as Callard Research, LLC, and subsequently renamed as Ativo Research.

CMA was one of the earliest subscribers of the Compustat data tapes and developed quantitative rules for decisions involving asset allocation, sector weightings, portfolio strategy, and stock selection. CMA created the first database of DCFROIs, Q-Ratios and Warranted Equity Values.

Building on Callard's pioneering work, in the 1980s and 1990s many so-called "Residual Income" models gained widespread acceptance: Stern-Stewart’s "EVA" (Economic Value Added), CSFB/HOLT’s "CFROI", and Applied Finance Group's "Economic Margin".