CFA Institute Portfolio Management

Positioning Portfolios for the Long Term

Mon, 30 Apr 2012 12:20:17

U.S. assets, particularly U.S. equities and Treasuries, are the place to invest for the long term. U.S. assets are currently undervalued relative to non-U.S. assets of both developed and emerging nations, and the U.S. Treasury sector is the only ...

Uncommon Value: The Characteristics and Investment Performance of Contrarian Funds

Tue, 01 May 2012 15:49:09

The authors examine the investment performance of contrarian funds (those pursuing distinctive investment strategies) and find that contrarian funds tend to experience greater inflows and past performance, indicating that their managers either have lower ...

What Does Equity Sector Orderflow Tell Us about the Economy?

Thu, 03 May 2012 09:35:41

The authors study the impact of orderflow on the macroeconomy. They suggest that relative price changes do not reflect all information contained in trading activity and that orderflow may include other, unique information. In addition, they seek to ...

A Private Affair

Fri, 04 May 2012 10:46:07

Hammered during the crisis and beset by other problems, private equity retains its allure.

A Values-Based Value Investor

Fri, 04 May 2012 10:50:39

?It is our record that is attracting investors, not the fact that we have Islamic screens,? says Nicholas Kaiser, CFA, principal portfolio manager of Amana Mutual Funds.

Strategically Reasonable Indifference?

Fri, 04 May 2012 11:15:42

Asset owners challenged on SRI commitment

Tactical Equity Investing across Bull and Bear Markets

Thu, 10 May 2012 09:21:06

The authors investigate the effect that the market state, as defined by a moving average benchmark, can have on popular stock investment strategies involving size, yield, and momentum. They also examine interactions between variables and advocate for the ...

The Guide to Sustainable Investment

Mon, 14 May 2012 14:14:02

This report endeavors to take readers on a journey of discovery ? embarking at ethical origins, traveling through sustainable and socially responsible investment, and disembarking at a new, enlightened destination.

Do Investors Care About Sustainability?

Mon, 14 May 2012 14:20:40

This report suggests that more investors are using corporate sustainability reporting to inform investment strategies. Sustainable investing outpaces the growth rate of conventional investment assets under professional management.

Managing Executive Compensation Awards

Tue, 15 May 2012 13:16:04

Stock-based compensation demands an active approach to managing awards. A core capital framework can increase the probability that clients will reach their financial goals.

The Norway Model

Thu, 17 May 2012 10:51:07

Norway is one of the wealthiest countries in the world because of its oil and gas exploration and exportation. Its Government Pension Fund Global was formed in 1990 to manage the revenue resulting from these exports. The authors examine several aspects ...

Can Investing in Volatility Help Meet Your Portfolio Objectives?

Thu, 17 May 2012 10:56:07

The author investigates the impact on risk and return of adding direct investments in volatility to traditional investment portfolios. The results indicate that long positions in volatility can help reduce total portfolio risk and short positions in ...

What Drives Market Share in the Mutual Fund Industry?

Thu, 17 May 2012 10:56:45

The authors examine the relevance of price and nonprice factors to market share gains in the U.S. mutual fund industry during 1976?2009. They find that price competition is effective to the extent that lower fees and passed-along economies of scale ...

Information Leakage Prior to Company Issued Guidance

Thu, 17 May 2012 15:34:20

The authors find that information leakages prior to public earnings guidance issued by company management exist even after Regulation FD, and are more pronounced when characteristics of the firm, the guidance, or the industry reflect higher levels of ...

Exploiting Option Information in the Equity Market

Mon, 21 May 2012 14:31:01

Public option market information contains exploitable information for equity investors for an investable universe of liquid large-cap stocks. Strategies based on several option measures predict returns and alphas on the underlying stock. Transaction ...

Murder on the Orient Express: The Mystery of Underperformance

Mon, 21 May 2012 14:36:02

Evidence increasingly shows that a ?crime? of extensive underperformance has been committed in mutual funds, pension funds, and endowments. In a pattern reminiscent of Agatha Christie?s famous novel Murder on the Orient Express, an investigation leads ...

Is Momentum Really Momentum?

Wed, 23 May 2012 10:30:16

The author finds that momentum is primarily driven by firms? stock performance 7 to 12 months prior to portfolio formation, not by a tendency of rising and falling stocks to keep rising and falling. Strategies based on recent past performance generate ...

Measuring and Modeling Execution Cost and Risk

Thu, 24 May 2012 09:26:03

Previous studies of equity market execution costs have typically focused on the return to trading, which estimates transaction costs. They have generally not accounted for the risk of trading, which is related to the time to fill each order. Orders ...

How Near-Miss Events Amplify or Attenuate Risky Decision Making

Thu, 24 May 2012 14:15:36

Why are some prepared for disaster and others not? The answer depends on how individuals interpret prior ?near-miss experiences.? The results may hold lessons for attitudes toward investment risk. Registration/subscription may be required to access this ...

66th CFA Institute Annual Conference

Mon, 30 Apr 2012 15:18:33

The risk, opportunities, and challenges facing the global investment profession are as complex as ever and investment professionals must remain current. If you attend only one investment conference this year, make sure it?s the CFA Institute Annual ...

CFA Institute: Fifth Annual European Investment Conference

Wed, 16 May 2012 15:34:56

As the flagship event in Europe for CFA Institute, the annual European Investment Conference brings together noted researchers, speakers, writers, investment professionals, academics, and experts to examine these unique regional issues and bring you up ...

Hidden Sources of Alpha: From Market Timing to Insider Trading

Mon, 07 May 2012 09:31:47

What portion of a manager?s returns is due to luck or skill, leverage, excessive risks, or clever and timely market bets and use of derivatives? Is there any indication of wrongdoing?

Power of Excel - Part 1 By The Marquee Group

Thu, 10 May 2012 11:25:17

This hands-on course is an intensive program that will transform participants into Excel power users. The course is focused on the pertinent Excel tools that are required in a corporate environment to efficiently analyze and manipulate financial data and ...

ETF School 309: Alternative Index Weightings for ETFs

Thu, 10 May 2012 11:42:39

Although one of the oldest investment index (DJIA) is price-weighted, traditionally, a vast majority of investment indexes have been market-cap weighted (with or without a float-adjustment). Over recent years, we have seen more alternatives to market-cap ...

Market Signals: What the Financial Markets Are Telling Us Now

Tue, 15 May 2012 12:51:22

Please join the CFA Society of Louisiana for a May 30th lunch presentation by Professor Peter Ricchiuti of Tulane University's Freeman School of Business. Learn how to use market signals.?If the majority of people were right, the majority of the people ...

Distinguished Speakers Series: Gary Brinson, CFA

Thu, 17 May 2012 10:46:53

Gary Brinson is president of GP Brinson Investments, a private investment company. He was the founder of Brinson Partners, Inc. and is a nationally recognized authority on global investing.

Can Japan Globalize?

Thu, 24 May 2012 10:01:29

The ability of Japanese firms to successfully acquire and integrate foreign firms is related to the communitarian nature of Japanese firms and needs to change if they are to expand overseas. This is particularly important in industries where green-field ...

Diversification and Beyond: The Risk Factor Approach to Asset Allocation

Thu, 24 May 2012 10:03:28

The CFA Ottawa Society is pleased to announce that Mr. Sebastien Page will be presenting at our luncheon. He is an executive vice president and head of the PIMCO client analytics group in the Newport Beach office.

4th Annual Investment Forum

Thu, 24 May 2012 09:54:05

Join us for our 4th Annual Investment Forum! Panelists include: Gary Cloud, Chief Investment Officer, Fixed Income, Financial Counselors Bill Greiner, Chief Investment Officer, Mariner Wealth Advisor Hank Herrmann, Chairman & ...

Volatility Harvesting: Why Does Diversifying and Rebalancing Create Alpha?

Mon, 30 Apr 2012 08:39:26

Paul Bouchey, CFA, discusses the fallacy of the ?diversification doesn?t work? argument and demonstrates how advanced rebalancing and the ?rebalancing premium? function works in several case studies in emerging markets, commodities, currencies, and ...

Venture Capital Investing in China: Risks, Opportunities, and Lessons Learned

Wed, 02 May 2012 15:44:26

Lawrence Tse explains various aspects of venture capital investing in China including valuing, structuring, and executing Chinese transactions. Additionally, he discusses how to understand cultural, legal, and regulatory considerations in order to invest ...

The Flaws of Finance

Thu, 03 May 2012 09:01:59

Watch an archive of James Montier's conference session in which he discusses: How bad models, bad behavior, bad incentives, and bad policies?interact to create perfect storms for markets How physics envy in finance and the abuse of ...

Exchange-Traded Funds: Investor Challenges and Opportunities

Fri, 04 May 2012 10:35:18

Anthony Chan discusses China research insights from an exchange-traded fund (ETF) perspective, finding liquidity in the search for yield, and using ETFs to beat the benchmark.

Rethinking the Equity Risk Premium

Fri, 04 May 2012 10:38:34

Many investors regard the past decade as an unusual one for market returns. One of the key features of this turbulent period is the renewed uncertainty about what may be the most important measure in all of finance ? namely, the equity risk premium, or ...

Innovation in Impact Investing: Social Impact Bonds

Tue, 22 May 2012 15:56:07

Toby Eccles explains the concept of investing through social impact bonds and how this innovative investment structure can help solve social problems while generating a return on investment for the socially motivated investors.

NYSSA 15th Annual Insurance Conference

Wed, 23 May 2012 15:39:18

A two-day outlook presented by leading companies in the property/casualty (P/C) and life insurance industries. Overview of the Insurance Industry Day 1 Argo Group International Holdings is a Bermuda-based international underwriter of specialty ...

Consumption vs. Investment: The Gigantic Task of Rebalancing the Chinese Economy and the Investment Implications (Take 15 Series)

Wed, 23 May 2012 16:52:13

Professor Patrick Chovanec discusses the economic and investment implications involved in re-balancing the Chinese economy. He touches upon the current economic climate in light of the 2008 financial crisis with regards to China's infrastructure, a trend ...