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CPT Luncheon- Global Market Inefficiencies [Complete] Event Code: 180110LU
Date 10-Jan-2018
Time 12:15 p.m. - 1:30 p.m.
Venue 14/F, BOC Group Life Assurance Tower, 136 Des Voeux Road Central, Hong Kong
Speaker(s) Dr. Söhnke M. Bartram
Professor, Department of Finance
Warwick Business School
Fee HKSFA Member(s) at HK$150.0/person
CFA Candidate(s) at HK$230.0/person
Guest(s) and Non-member(s) at HK$300.0/person
This seminar is qualified for 1 CPT hour(s), 1 CE hour(s), 0 RBV CPD hour(s)
Remarks CFA Societies Global Passport Program Eligible 
# CFA Candidate(s) for Year 2017/18 only.
- Sandwiches and drinks will be provided.
- Only Visa and Master Card are accepted for online payment.
- Language: English

Event Details


Supported by:        

We use point-in-time accounting data to estimate monthly fair values of more than 25,000 stocks from 36 countries over more than two decades. Trading on deviations from fair value, which do not proxy for known anomalies, yields statistically and economically significant risk-adjusted returns in most regions, especially the Asia Pacific and emerging markets countries. Pre-transaction cost alphas are positively related to trading costs, but in most regions alphas also significantly exceed country-specific trading costs. Thus, global equity markets are inefficient, but are relatively less efficient in counties with quantifiable market frictions, particularly trading costs, that deter arbitrageurs.  Dr. Söhnke M. Bartram, Professor of Department of Finance of Warwick Business School will share his experience and insight of the above issues.
 

For details about the paper "Global Market Inefficiencies", please click into the link below:
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2540216

About the Speaker



 
Dr. Söhnke M. Bartram 
Professor, Department of Finance 
Warwick Business School

Dr. Söhnke M. Bartram is a Professor in the Department of Finance at Warwick Business School. Prior to joining Warwick University, he held faculty positions at Lancaster University and Maastricht University. He is also a Charter Member of Risk Who's Who and a member of an international think tank for policy advice to the German government. His immediate research activities center around issues in international finance, corporate finance and financial markets, especially financial risk management. Dr. Bartram's work has been presented at conferences organized by the NBER, CEPR, the American Finance Association, the Western Finance Association, and the American Economic Association, published in the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, and the Journal of Financial and Quantitative Analysis, and included in testimony before the U.S. Congress House Financial Services Committee. Various organizations and funding bodies have granted financial support for his research activities in the area of international and corporate finance, such as the U.S. Federal Deposit Insurance Corporation, the PricewaterhouseCoopers Global Competency Centre, the Leverhulme Trust, the British Academy, the Institute for Quantitative Investment Research, Netspar, and the International Centre for Research in Accounting. In 2003, the Federation of European Securities Exchanges awarded the Josseph de la Vega Prize for his work on derivatives market microstructure. In 2006, the Journal of Empirical Finance awarded its 3rd Biannual Best Paper Award for his work on foreign exchange rate exposure. In 2010, Financial Management awarded its 2nd Biannual Pearson/Prentice Hall Best Paper Award for his work on the use of derivatives by non-financial firms, which also received the Citations of Excellence Award by Emerald in 2013. Dr. Bartram has been awarded a higher doctorate, the degree of Doctor of Science (DSc), by the University of Warwick. He is currently on the Editorial Board of the Journal of Banking and Finance and the Financial Review.

Dr. Bartram has been a Visiting Scholar with René M. Stulz, Everett D. Reese Chair of Banking and Monetary Economics, at the Charles A. Dice Center for Research of Financial Economics at the Fisher College of Business/Ohio State University. He has also been a Visiting Scholar at the Kenan-Flagler Business School/University of North Carolina, the University of Texas at Austin, the Kiel Institute for the World Economy, the London School of Economics and the UCLA Anderson School of Management, and a Visiting Professor of Finance at London Business School, NYU Stern, the Center for Financial Studies at Goethe University and EIEF. He has received scholarships by the German Academic Exchange Service, the Fulbright Commission, the German National Merit Foundation and the German Federal Department of Commerce and Technology. Dr. Bartram worked for several years in quantitative investment research for State Street Global Advisors as Head of the London Advanced Research Center and is a consultant to various financial institutions and investment companies.



Revised Rating - Intermediate

Material presented will have technical elements requiring a working knowledge of the subject to make full use of the presentation.  



CFA Societies Global Passport Program



HKSFA has participated in the CFA Societies Global Passport Program which allows CFA society members to enjoy local society member rate at selected events like this luncheon.  Members of non-HKSFA CFA Institute societies qualify to attend this event at HKSFA member rates.  Please contact HKSFA at 
info@hksfa.org to register.