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A Useful Guide for Global Financial Markets

In view of the volatile global market conditions, how we should position ourselves in the financial and investment markets? We'd like to share with you some ideas and resources on CFA Institute's platform which the thought leaders there may guide you through the tide!

Economic Conditions

APAC Regional Webinar: Can AI and Big Data Help Investors Navigate the Pandemic?
Are AI and big data programs a nightmare or a helpful guide? Listen to a panel of experts who have firsthand deployment experience at leading firms.
13 Aug 2020 David Wang, CFA, Larry Cao, CFA
1 PL

ESG in Credit Webinar Series – ESG in Fixed Income
To examine ESG components in greater depth and to better surface investment insights, Mary Leung, CFA, Head, Advocacy APAC, CFA Institute and Mervyn Tang, CFA, Global Head of ESG Research, Fitch Ratings are hosting a series of ESG in credit webinars.
4 Aug 2020 Mary Leung, CFA, Mervyn Tang, CFA,
1 PL

APAC Regional Webinar: The Driver of Pandemic Recession and the US-China Relations
Richard Koo is chief economist of Nomura Research Institute. Listen to Mr. Koo’s insights on what’s driving the pandemic recession and tension in US–China relations.
14 Jul 2020 Richard Koo
1.5 PL

COVID-19: Economic Impact 
The Editor's selection of ARX posts discussing the impact of the coronavirus COVID-19 pandemic on the markets and the global economy.
7 Feb - 23 Apr 2020

ARX Series 

Q1, 2020 Factor Performance Review and Insight. For investors in the APAC region 
Regional analysis and examination of the impact of Covid-19 on factor performance. Following the publication of FTSE Russell's Market Maps "Factor Indicator" quarterly report, Philip Lawlor and Marlies van Boven, will host a 30-minute webinar where they will draw upon findings from the report to: review factor performance across the regions in Q1 2020 and examine the Covid-19 impact on regional factor behaviour and factor valuations.
22 Apr 2020 
Philip Lawlor and Marlies van Boven


Panics and Pandemics: What We Can Learn from the Past 
In this extended Take 15 episode, financial economist Robert F. Bruner discusses his research on the causes and complexities of financial crises and relates it to what investors are seeing today with the COVID-19 pandemic that has shaken markets.

2 Apr 2020 Robert Bruner, DBA

0.75 PL
Ten Years In and the Business Cycle May Be Younger Than You Think 
What are the drivers of the global economy, the effects of policy, and expectations for private and public equity markets in 2020 and beyond? Jason DeSena Trennert of Strategas Research Partners shares his answers in this On Demand Video. 
27 Feb 2020 Jason Trennert
1 PL
Multimedia Fixed-Income Management Conference

The Most Important Economic Signal for Fixed-Income Investors 
Thomas Tzitzouris discusses term premia—the most important economic signal—and its measurement; the impact of inflation and inflation volatility on term premia; and the market and political ramifications of a low term premium. 
30 Jan 2020 Thomas Tzitzouris 
1 PL
Article CFA Digest

Financial Markets

Targeting Retirement Security with a Dynamic Asset Allocation Strategy 
Rule-based dynamic changes to asset allocation to attain desired income levels improve performance relative to traditional static asset allocation models or age-based target-date funds.
23 Jun 2020 Adam Kobor, PhD, CFA, Arun Muralidhar,PhD

2 PL
Financial Analysts Journal

Robert C. Merton and the Science of Finance: A Collection 
Robert C. Merton, 1997 Nobel Prize winner in economics, has been at the forefront of research on many topics in financial economics. In this publication, leading researchers explain Merton’s impact on financial theory and practice.
18 Jun 2020 Luis Garcia-Feijóo, CFA, CIPM, Laurence B. Siegel, Timothy R. Kohn

4 PL
Research Foundation Briefs

Risk Management and the Optimal Combination of Equity Market Factors 
Combining factors in a multi-factor portfolio using forecast risk management can add substantially to returns. Backtesting showed such a strategy over 54 years earned annualized returns of 10.79%, vs. 7.77% for a similar non-risk-managed portfolio.
17 Jun 2020 Roger G. Clarke, Harindra de Silva PhD, CFA, Steven Thorley, CFA
2 PL

Financial Analysts Journal

A New Framework for Analyzing Market Share Dynamics among Fund Families 
This article decomposes market share changes among fund families into four components to better understand mutual fund market dynamics and to evaluate the business performance of individual fund families.
8 Jun 2020 Jan Jaap Hazenberg
2 PL

Financial Analysts Journal

Bitcoin's Stock-to-Flow Pricing Methodology 
The stock-to-flow pricing model, commonly used for gold, is applied to bitcoin. The upcoming reduction of new bitcoins coming into circulation (“halving”), expected in May 2020, will put this model to test.
3 Apr 2020 Thomas Kuhn, CFA

Research Reports

Yanis Varoufakis on the State of Europe 
In this Take 15, former Minister of Finance of Greece, Varoufakis discusses lessons he learned during his tenure, how they led to his co-founding DiEM 25, the movement for the democratization of Europe, and the role of capital markets within society.
25 Mar 2020 Yanis Varoufakis
0.25 PL
Article Financial Analysts Journal 

The Equity Differential Factor in Currency Markets 
The differential in trailing equity market performance across countries strongly predicts the cross-section of currency returns. This factor produces a statistically significant alpha in excess of traditional carry, trend, and valuation.

17 March 2020 David Turkington, Alireza Yazdani
2 PL
Article Position Paper

Capital Formation: Investing Pension Contributions in Private Markets Responsibly 
Learn about capital formation opportunities for defined contribution pension plans in the private European market with CFA Institute.
16 Mar 2020 Sviatoslav Rosov, PhD, CFA
1 PL
Article CFA Digest 

Analysts to the Rescue? (Digest Summary) 
This is a summary of "Analysts to the Rescue?," by Andreas Charitou, Irene Karamanou, and Neophytos Lambertides, published in the Journal of Corporate Finance.
12 March 2020 Michal Szudejko
0.25 PL
Article CFA Digest

Investment Fundamentals of the Online Payments Sector: A Framework for Investors
Although the trend towards cashless payments is global, the pace, format and depth of coverage differ among jurisdictions. Service providers no longer need to rely on credit card vendors or retail banks, but must face issues of privacy and security.
5 Mar 2020 Alan Lok, CFA, Eunice Chu, ACCA, Guruprasad Jambunathan, CFA, FRM
, Publisher: CFA Institute
1 PL
Research Reports

Approaching Mean–Variance Efficiency for Large Portfolios (Digest Summary) 
This is a summary of "Approaching Mean–Variance Efficiency for Large Portfolios," by Mengmeng Ao, Yingying Li, and Xinghua Zheng, published in the Review of Financial Studies.
27 Feb 2020 Mark Bhasin, CFA

0.25 PL
Multimedia Equity Research and Valuation Conference

Recorded Webinar: Coronavirus : Refinancing Risks for Chinese Corporates 
This webinar assesses the refinancing risk posed by the coronavirus (COVID-19) epidemic and identifies Chinese corporates that face elevated risk in relation to their capital market debt maturities.
24 Feb 2020
Publisher: Fitch Rating, Speakers: Buddhika Piyasena, Matt Jamieson, Kalai Pillay, Ying Wang, Adrian Cheng, Laura Zhai, Kelvin Ho

The Valuation of Low Volatility  
Low volatility strategies typically perform well when markets decline. They have been popular in recent years and some claim they are overvalued. It is possible to identify environments when low volatility strategies offer more bang for the buck?
20 Feb 2020
Publisher: S&P Dow Jones Indices, Authors: Fei Mei Chan, Craig J. Lazzara
Research Reports

What Is the Expected Return on a Stock? (Digest Summary) 
This is a summary of "What Is the Expected Return on a Stock?," by Ian W.R. Martin and Christian Wagner, published in the Journal of Finance.
13 Feb 2020 Priyank Singhvi, CFA
0.25 PL
Multimedia Fixed-Income Management Conference

A Fireside Chat with Richard H. Clarida 
Federal Reserve Vice Chair Richard Clarida discusses his US economic outlook, current risks to the outlook from slower growth in the global economy, and considerations for the development of monetary policy to support US growth into the future.
16 Jan 2020 Richard Clarida
0.75 PL
Article Financial Analysts Journal

The Long and Short of Bad Credit...and Bad Credit Analysis 
In this Take 15, recorded at Fixed-Income Management 2019, Joel Litman, president and CEO of Valens Research, discusses uncovering hidden credit risks and opportunities buried in today's financial statements, building better bond indices, and more.
17 Oct 2019 Joel Litman
1 PL