Ativo Research, LLC is a Chicago based securities research firm that has been producing independent equity research since 1971. As independent research provider, Ativo Research is a leader in the practical application of quantitative finance theory to real-world analysis of securities.

Ativo’s approach begins with the principles originally developed by Merton Miller, Franco Modigliani, James Tobin and others at the University of Chicago. Ativo’s unique contribution was the empirical validation that made these theoretical principles useful in making investment decisions.

Ativo’s predecessor firm, Callard, Madden & Associates, was founded in 1971. It was a leader in the practical application of cutting-edge academic theory in the field of finance to real-world financial management of both investment portfolios and corporate assets. Ricardo Bekin and Charles G. Callard reorganized Callard, Madden & Associates as Ativo Research in 2003.

Ativo’s research products have addressed a variety of asset management issues including: portfolio asset allocation, portfolio structuring, stock selection, industry analysis, individual company valuation, and analysis of returns on potential investments. Past and present clients include banks, insurance companies, pension funds, investment advisors and individuals.