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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: The Credit Cycle before and after the Coronavirus Realization 
In late February 2020, the credit cycle was going into its 11th year in a benign state, albeit with some unmistakable storm clouds on the horizon. This all changed as the market learned about the coronavirus outbreak. The webinar covers the topics e.g. storm clouds before the pandemic: indicators suggesting imminent credit meltdown, pandemic will result in global economic recession etc.
24 Jun 2020 Edward I. Altman, Martin Fridson, CFA
1 PL

Assessing Insurance Companies in Turbulent Times: A Framework for Investors  
In this webinar, industry experts will discuss on all of the above from the perspectives of corporate, investor and analyst.
16 Jun 2020 Dr. Stratos Pourzitakis, Charles Chui, CFA, Eunice Chu, Jennifer Law, Mike Goodall
1 PL

APAC Regional Webinar: Taking the Pulse of COVID-19 Policy Response: Lessons from 2008 Global Financial Crisis and the Great Depression
As a former Governor of the US Federal Reserve, Chicago Booth Professor Randall Kroszner played a major role in responding to the 2008 Financial Crisis and improving consumer protection in financial services. Register now for the free webinar to hear from Professor Kroszner as he evaluates the fiscal policy response to the COVID-19 pandemic and shares insights and lessons learned from previous crises.
11 Jun 2020 Randall S. Kroszner, Heather Brilliant, CFA
1 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

Global Panel: COVID-19 Implications 
Bring your questions and join our global panel conversation!

16 Apr 2020 Jack Ablin, CFA, Nicholas Colas, Meredith Sumpter, Lauren Foster


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 CE Hour
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 CE Hour  
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 CE Hour 
Article CFA Digest

Financial Markets

Lessons from “Radical Uncertainty” for coping with COVID-19 and future pandemics 
Lord Mervyn King was at the helm of the Bank of England throughout the Global Financial Crisis. Listen to his realization that probabilities can be misleading and embracing uncertainty may actually work to your advantage. What are his lessons from “Radical Uncertainty” for coping with Covid-19 and the future?
25 May 2020 Lord Mervyn King, Brian D. Singer, CFA

1 PL

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

Systematic Extreme Downside Risk (Digest Summary) 
This is a summary of "Systematic Extreme Downside Risk," by Richard D. F. Harris, Linh H. Nguyen, and Evarist Stoja, published in the Journal of International Financial Markets, Institutions & Money.
26 Mar 2020 Sadaf Aliuddin, CFA

0.25 CE Hour

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 CE Hour
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 CE Hours
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 CE Hour
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 CE Hour
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 CE Hour
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 CF Hour
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 CE Hour
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