This is a rare opportunity to gain valuable insights into the outlook for corporate and real estate finance in Canada from the ...

Will McIntosh, PhD, will discuss the current status and future trends of the U.S. commercial real estate market. Please join us ...

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

Privately held companies offer higher returns, but suitability is limited.

Traditional measures of market timing for hedge funds are inadequate. Hedge funds are more complex than mutual funds and often ...

According to McKinsey, the market size of exchange-traded funds (ETFs) is forecast to grow from $1.5 trillion ...

To study the optimization of private equity assets, the authors propose two variations of a model that take ...

Institutional investors must deal with irrevocable commitments, cash flow uncertainty, and illiquidity when making new ...

During the 2007–09 global financial crisis, hedge funds significantly reduced their U.S. equity holdings. The authors quantify ...

Surveying the future of global assets, the authors forecast that emerging economies will nearly double their proportion of global ...

The authors suggest a strategy for hedging outflow risk for hedge funds. They recommend using out-of-the-money call options on ...

Korea’s financial market has been anything but stable, but then whose has? Pervasive global problems such as European sovereign ...

The Oxford Private Equity Programme examines the economics driving the private equity sector and the financing models it ...

Professor Avinash Persaud explores various issues in currency markets today, including how long-term currency risk is about too ...

Lawrence Tse explains various aspects of venture capital investing in China including valuing, structuring, and executing Chinese ...

Runa Alam discusses the growing role of frontier markets in the global economy and how investors can assess the challenges and ...

Nick Padgett, CFA, offers his take on information availability and mispricing in the areas of security analysis, valuation, and ...

The authors provide a broad overview of available benchmark families for the infrastructure asset class and discuss associated ...

Arjun Divecha reviews the recent stages of economic development in emerging economies and discusses how economics and ...

Conducting the first direct tests for the cost of private transparency, the authors examined whether a willingness to offer ...

The authors discuss the global property downturn and key changes in real estateinvestment management. One change is an increase ...

The authors study venture capital (VC) fund performance. The funds substantially outperformed the listed equity market during ...

Analyzing a dataset of private equity exits in North America over four years, theauthor determines factors that contribute to ...

Adding commodities to portfolios is believed to provide superior risk-adjustedreturns compared with having only traditional asset ...

The prevailing wisdom in the investment industry before the financial crisis wasthat hedge fund performance was largely immune to ...

The authors find evidence that hedge funds engage in returns management by eitherunderreporting returns during the year and ...

The authors find that changes in aggregate hedge fund leverage rancountercyclical to the leverage of listed investment banks and ...

The author discusses why hedge funds in Asia have not been very popular and whathedge funds need to overcome before they are ...

Business owners have a large share of their net worth invested in private equity.The author finds a positive association between ...

Author describes the flaws with the Case-Shiller Index and why they are giving misleading view of home prices and market ...

This article provides a broad overview of available benchmark families for the infrastructure asset class and discusses ...

As the flagship event in Europe for CFA Institute, the annual European Investment Conference brings together noted researchers, ...

Traditional liquid credit spreads seem to be priced fairly at best, but with more downside than upside depending on investors’ ...

Researchers have gained access to a full spectrum of hedge fund returns. Their conclusion? That the alpha of the hedge fund ...

Thomas J. Boczar, CFA, Greg Wilder, and Pete Ruggiero discuss how financial advisers can provide valuable assistance to clients ...

Clifford D. Mpare, CFA, discusses which African nations have the most improved macro environments and how these factors can ...

Considering Facebook’s choice to remain a privately held corporation, the author examines reasons why a company that could ...

The authors examine financially distressed companies’ common stock performance and discover low share prices, high levels of ...

The authors study whether the mutual fund industry loses its best managers to the hedge fund industry. They find that mutual ...

Commodities are a main input to finished goods. They represent a significant variable cost for many businesses, and their price ...

The author examines the benefits and potential of private market networks (PMNs). The main purpose of PMNs is to allocate ...

The authors extend their previous research to determine whether alternative investments are a good choice for diversification by ...

The self-reported returns for a typical hedge fund display a pattern of positive serial correlation that is especially evident ...

Clients are demanding increased risk monitoring and control capabilities across all asset types. This session reveals the latest ...

The ongoing monetary disorder is reaching crisis proportions, and according to Louis Boulanger, CFA, reform of the monetary ...

This report from Preqin analyses the growing significance of the Asia-Pacific private equity market.

Interest in commodities has grown tremendously, partly because commodities are believed to provide direct exposure to ...

How to make the right investment in infrastructure as the firm grows from start-up to mature institutional clients with ...

The authors examine the buyout activity that occurred during 1990–2006 and compare the outcomes with the well-researched buyouts ...

The authors show the conflict of interest between the limited partners and the general partner in venture capital funds with a ...

The authors study the impact of hedge fund activism on bondholder wealth and discover a significant effect. The arrival of hedge ...

Institutional investors once preoccupied largely with fund performance now take great interest in the manner by which hedge funds ...

The author examines the strategic behavior of hedge funds and provides evidence that hedge fund managers earn higher compensation ...

The authors develop a Bayesian threshold model to analyze hedge fund risk characteristics. The model allows for dynamic nonlinear ...

Many investors evaluate investment strategies using mean–variance optimization, which assumes that returns are normally ...

Pearce W. Hammond, Jr., CFA, discusses the outlook for natural gas in the United States. He also explores whether developments ...

Peter Tertzakian presents an analysis of the economics of energy going forward, including the forces driving supply and demand ...

Andrew Ang examines the problems with allocations to private equity and venture capital and how illiquidity is not addressed in ...

Diversification return is an incremental return earned by a rebalanced portfolio of assets. The author argues that the underlying ...

PIMCO's Masha Gordon discusses how investing in emerging markets represents secular opportunities, but cyclical challenges ...

Deepak Gurnani addresses risk management as it relates to hedge fund investments, including an analysis of managed accounts and ...

Inflationary pressures are already a problem in much of the world. An allocation to real assets, however, can ...

The risk, opportunities, and challenges facing the global investment profession are as complex as ever and investment ...

The financial crisis has increased the possibility that governments will monetize their debt with monetary policy. Some pundits ...

Visit the 64th CFA Institute Annual Conference Blog for event highlights, summaries of key sessions, and video interviews filmed ...

Tim Jenkinson offers a recap of private equity fundraising since the 2007–2008 peak and examines valuation levels, performance, ...

Marcus Grubb discusses the role of gold in the commodity super cycle and how the supply and demand will unfold in 2011 and ...

How will history judge policymakers’ response to the global financial crisis? At the 64th Annual Conference, John Rogers, CFA, ...

The authors examine the diversification benefits of including commodity futures in an existing portfolio. They discover that ...

The authors examine hedge funds in the syndicated loan market, specifically whether conflicts of interest exist in making loans ...

“The private equity industry as a whole likely would benefit from improved transparency and a reduction in ...

Common misconceptions about gold can lead analysts astray.

Funds of hedge funds provide entry into hedge fund investing for investors who do not want to invest directly in single manager ...

The authors show that hedge funds that produce superior returns do so by exposing portfolios to nonsystematic factors. The ...

For a portfolio that has multiple trading units with a limited liability structure, the authors suggest a new measure of overall ...

The author considers a variety of research and views about whether alpha is attainable by focusing on environmental, social, and ...

This report describes the results of detailed surveys of 2,500 hedge fund investors and 60 hedge fund managers during Q3 2010 ...

A firm managing alternative investments has always been able to comply with the Global Investment Performance Standards (GIPS). ...

The REIS Handbook Exposure Draft webinar was held on 28 April 2011. Click Play to access the audio replay as well as additional ...

This panel discussion from the CFA China Investment Conference, presented in Mandarin Chinese, examines possible long-term ...

How does monetary policy impact the price of gold and silver? What effect will current political unrest in the Middle East and ...

George R. Hoguet, CFA, analyzes whether investors should allocate strategically or tactically to emerging markets and whether ...

Leo J. de Bever discusses building a robust, opportunistic, and often contrarian global investment program and how to identify ...

Chris Waltzek details easily accessible and timely methods for navigating future investment markets. He focuses on a few ...

Alissa Douglas examines criteria for selecting the proper hedge fund. These criteria include strategy, manager, edge, risk, ...

Brian D. Singer, CFA, discusses new frameworks and best practices for allocating risk capital globally as well as nonlinear ...

This session, presented in German, covers insurance-linked investments or securities (ILS) as an alternative asset class. While ...

Jeffrey M. Christian reviews the case for including precious metals in the asset allocation decision. He also discusses ...

Energy derivatives are used to hedge the price risk of an underlying commodity. This course introduces petroleum, natural gas, ...

“The easy money has been made, but the big money has not been made yet,” says one gold expert.

Performance-based fee compensation relies on performance fee models that require specific parameters to be ...

The report examines the secondary market for private equity or real estate funds, including the selling preference by fund type ...

This webinar explains the structure of life settlements, their advantages and disadvantages, the elements of well-designed life ...

Hedge fund investments have become a mainstay in the alternative investment allocation of a substantial number of institutional ...

Andrew Ang analyzes the use of leverage in hedge funds including the high and low ranges in leverage, which strategies employ ...

Performance-based fee compensation relies on performance fee models that require that specific parameters be clearly ...

Real estate investment trusts can provide many benefits to investors; however, these benefits often are clouded by poor ...

Declines in asset liquidity and difficulties in funding leveraged positions are common factors leading to negative ...

Panelists discuss the evolution of the Indian private equity, venture capital, and real estate markets and the outlook for the ...

The authors decomposed their estimated pre-fee 1995–2009 hedge fund return of 11.13 percent into fees (3.43 percent), an alpha ...

Investors and regulators suspect that crowded trades may pose a special risk. The authors propose a methodology to measure ...

The video examines trend following in the futures market/commodity trading adviser space. This includes the research needed, the ...

This article discusses the problem with absolute returns including proper due diligence, long-short positions that both move ...

This article, previously published in CFA Institute Conference Proceedings Quarterly in 2009, addresses how broad ...

This article, previously published in CFA Institute Conference Proceedings Quarterly in 2006, describes market ...

Currency hedging is an important tool in reducing portfolio volatility for globally diversified equity and bond investors. ...

This video from Opalesque discusses changes in global macro investing, changes in risk management, and the importance of primary ...

The entire energy sector, from fossil fuels to new technologies, is reinventing itself to produce smarter, cleaner energy ...

The entire energy sector, from fossil fuels to new technologies, is reinventing itself to produce smarter, cleaner energy ...

The entire energy sector, from fossil fuels to new technologies, is reinventing itself to produce smarter, cleaner energy ...

The entire energy sector, from fossil fuels to new technologies, is reinventing itself to produce smarter, cleaner energy ...

The entire energy sector, from fossil fuels to new technologies, is reinventing itself to produce smarter, cleaner energy ...

The entire energy sector, from fossil fuels to new technologies, is reinventing itself to produce smarter, cleaner energy ...

The entire energy sector, from fossil fuels to new technologies, is reinventing itself to produce smarter, cleaner energy ...

Donald Coxe discusses endogenous and economic risks and presents his ABCs of equity investing today: aurum (gold), bonds, and ...

This interview discusses how hedge funds have changed over the years, how hedge funds can prepare for inflows from pension funds, ...

More Money Than God, by Sebastian Mallaby, is the history of the hedge fund business, which has grown to be a major part of ...

Kostas Iordanidis explains the role of liquidity in high-frequency trading, portfolio management, and distressed securities, and ...

This paper is a recipient of the award for Best Paper on Asia-Pacific Investments at the Asia Finance Association 2011 Annual ...

This video discusses algorithmic trading and whether there is room for judgment-driven hedge fund managers.

The demand for real asset investments is driven by the correlation between asset returns and price inflation, especially for ...

The authors contend that commodity exchange-traded funds (ETFs) transfer wealth from retail investors to financial institutions ...

The authors construct a database on private equity funds with detailed records about funds raised from 1993 to 2006. They then ...

The authors assess the U.S. venture capital (VC) model amid concerns that the model is no longer viable. They explore the initial ...

Can hedge fund operational risk be quantified? A scoring model described in a Graham and Dodd award-winning article estimates ...

Commodity futures have been gaining attention as a beneficial component of equity portfolios. The authors extend the existing ...

Adam L. Berger, CFA, discusses hedge fund investing at a crossroads. As investors gain more experience, we are seeing a ...

At a CFA Society of Cleveland event, Timothy Enneking reviews Russia’s current economic situation and its post-crisis position in ...

The recovery in the construction sector that began at the end of last year has stalled in recent months, with materials ...

In this Hedge Funds Review interview, HSBC's Stacy Williams discusses cross-asset correlation and its impact on risk management ...

The head of the investment fund department at Banque Privée Edmond de Rothschild, Alexandre Col, discusses hedge funds, fund of ...

Mongolia is expected to become one of the world’s fastest growing economies over the next decade thanks to its immense resources ...

Mongolia is expected to become one of the world’s fastest growing economies over the next decade thanks to its immense resources ...

Mongolia is expected to become one of the world’s fastest growing economies over the next decade thanks to its immense resources ...

Mongolia is expected to become one of the world’s fastest growing economies over the next decade thanks to its immense resources ...

Mongolia is expected to become one of the world’s fastest growing economies over the next decade thanks to its immense resources ...

Mongolia is expected to become one of the world’s fastest growing economies over the next decade thanks to its immense resources ...

Mongolia is expected to become one of the world’s fastest growing economies over the next decade thanks to its immense resources ...

Mongolia is expected to become one of the world’s fastest growing economies over the next decade thanks to its immense resources ...

The article consists of an interview with eight Singapore-based hedge fund participants as they discuss risks and challenges in ...

Russia is one of the most appealing emerging markets in the world. As MSCI Emerging Markets (+18.91 percent) outperformed the ...

This article provides an analysis of commodities as part of an asset allocation strategy. The authors confirm the widely held ...

As an asset class, private equity has generally enjoyed very favorable coverage in the financial media. ...

The Gold Council builds the strategic case for including gold in the portfolio for investors and reserve managers due to its ...

This article illustrates a description of the types of players in the hedge fund industry as well as a roadmap to approaching ...

The authors test whether gold works as a hedge or a safe haven. They study data from three countries for a 10-year period and ...

The author claims that investors are in the midst of a gold price bubble, and he expects the bubble to burst soon. He argues that ...

The authors demonstrate that downside risk measures are more effective in predicting hedge fund failures than traditional risk ...

Because of the limited availability of short-selling and derivatives transactions in emerging markets, hedge funds in these ...

In this webcast, Stephen J. Brown looks at the importance of operational due diligence for institutional hedge fund investors, at ...

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment ...

Venkatraman Anantha-Nageswaran discusses what the "new normal" is and how the financial sector dominated the real ...

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment ...

Charles Robinson from HSBC Global Asset Management discusses how alternatives are increasingly being viewed as mainstream, how ...

In this video from Opalesque TV, Chris Manser analyzes the fund of hedge fund business and why institutional investors find them ...

In this video from Opalesque TV, Chris Manser analyzes the fund of hedge fund business and why institutional investors find them ...

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment ...

This video from the Consumer News and Business Channel (CNBC) features a discussion with industry expert Paul Roth on the ...

Learn about the impact rising U.S. interest rates will have on commodity currencies, the changes that may occur when ...

Learn about various types of crude oil products, what cracking a barrel means, why price varies among different products, and how ...

In this video, learn about why people invest in gold, what factors impact various methods of investing in gold, and how liquidity ...

Learn how fund of funds have changed over the years, what to look for when seeding managers, where current opportunities are, and ...

Terry Kastens and Shonda Warner explain, in this podcast, how farmland real estate investments differ from commercial or ...

Although the worst of the financial crisis may be behind us, it is not yet appropriate to declare it over. The nature of the ...

The future will likely bring conditions that will constitute an excellent environment for stock pickers. History has shown that ...

Alternative investments generally require investors to commit funds for a specified lockup period. Illiquidity premiums provide ...

David Harding, founder and managing director at Winton Capital Management, discusses the changing regulatory environment for ...

In this presentation, John E. Parsons gives an overview of the existing emissions market, what we’ve learned from the European ...

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment ...

In this podcast, the panelists discuss what investors can expect in the new issue and secondary markets, if the viability of ...

In this webcast, Clifford S. Asness discusses the following: How to position portfolios, manage risks, and alter ...

In this webcast, Ted Seides, CFA, discusses the following: Understanding the manager selection process Analyzing the ...

In this presentation, Peter Wallison discusses what factors set the stage for the financial crisis by examining little-known ...

The author argues that more than one borrower in every five could face foreclosure absent stronger policy measures. The solution ...

Investments in commodity futures earn returns through changes in commodity spot prices, yields on fixed-income collateral ...

Emerging market hedge funds (EMHFs) in a pre-2007 sample show performance patterns that are similar to those of mutual funds, ...

The authors explore the profitability of trend following and momentum strategies in commodity futures markets. They test several ...

The author argues that more than one borrower in every five could face foreclosure absent stronger policy measures. The solution ...

In this interview from Opalesque TV, Otavio Viera discusses investment trends in Latin America (Brazil) and the development of ...

In this interview from Opalesque TV, Otavio Viera discusses investment trends in Latin America (Brazil) and the development of ...

When Prime Brokers Fail covers its subject, prime brokerage, with encyclopedic thoroughness. It includes a glossary, a ...

In this podcast, Robert Prugue discusses the following: Risk/reward profile and diversification benefits: low correlation ...

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment ...

This study identifies a previously unreported bias in the TASS database. Owing to a merger with the Tremont database, 60 percent ...

The merger arbitrage spread has declined by more than 400 bps since 2002. This decline, which is both ...

No One Would Listen is the first-hand account of how Harry Markopolos and his fraud investigation team cracked Bernie Madoff's ...

In this webcast, Matthias Knab interviews Paul Smith, CFA about Asian-based hedge fund investing. Mr. Smith is CEO of Hong ...

Government intervention has stabilized the economy, but policymakers must be careful to draw down their interventions before ...

The authors point out that prices for mortgage-related real estate investments, although somewhat under the radar, are showing ...

The authors examine, analyze, and compare the statistical characteristics of hedge fund indices by using daily return indices ...

Pension funds have traditionally hedged inflation risk with Treasury Inflation-Protected Securities or over-the-counter ...

The authors use holdings-based data to analyze the performance of hedge funds and mutual funds. Their analysis includes three ...

Many investors are turning to life-cycle investing for long-term wealth accumulation and retirement planning. Life-cycle funds ...

Commodity prices have increased rapidly in recent years, thus raising some concerns about a speculative bubble. Institutional ...

The commercial real estate market is in trouble because property prices are down by 41 percent from their peak in 2007 and a ...

The author assesses the market neutrality of various hedge fund styles. He proposes five neutrality measures that he then uses ...

The author highlights the advent of exchange-traded funds and mutual funds that track the performance of alternative ...

The authors use 1994–2005 data to create a histogram of monthly hedge fund returns. They find that the frequency of small ...

The authors review various real estate derivatives available to end users worldwide. Real estate derivatives markets have become ...

Hedged mutual funds are a relatively new type of fund that emulates hedge fund strategies. On a risk-adjusted basis, hedged ...

Government intervention has stabilized the economy, but policymakers must be careful to draw down their interventions before ...

The author offers two reasons, the possibility of the dollar being devalued and the possibility of inflation, for investing in ...

Rogue traders have inflicted financial damage on investment banks, and a similar story is set to be played out in the hedge fund ...

According to the author, many critics cite very low interest rates as a key contributor to the formation of financial bubbles ...

Izzy Englander gives rare insights on how he built his Millennium hedge fund (founded in 1989/90 with "$30m or $35m initial ...

In this webcast, Lawrence S. Speidell, CFA, discusses the following: As globalization progresses, the role of ...

Daniel Broby, FSIP, presents the case for investing in Africa and the Middle East, noting that while most of the world is in ...

As investors have struggled to cope with bear markets over the past decade, more attention has been focused on alternative ...

The article consists of an interview with six African-based hedge fund managers as they discuss trends in the marketplace, issues ...

In this webcast, hedge fund founder Elena Ambrosiadou discusses issues in hedge funds and risk management.

In this webcast, Matthias Knab interviews Asian Hedge Fund manager Steve Diggle (Artradis Fund - Barracuda Fund).

In this webcast, Matthias Knab interviews Asian Hedge Fund manager Steve Diggle (Artradis Fund - Barracuda Fund).

In this webcast, Matthias Knab interviews Asian Hedge Fund manager Steve Diggle (Artradis Fund - Barracuda Fund).

Although it seems as if the worst has already happened, another crisis is brewing in the commercial real estate market. Values ...

This is a chapter in the Research Foundation book Insights into the Global Financial Crisis.

Can the market for distressed assets enhance portfolios and careers?

Are "powerful rebounds" likely for Asian REITs?

Limited information is available regarding the effect of home ownership on optimal asset allocation for individual investors. ...

Asset managers who work closely with sovereign wealth funds predict that the funds will reduce their exposure to U.S. Treasuries ...

This article analyzes convertible arbitrage, one of the most successful hedge fund strategies. The aim of the strategy is to ...

In the aftermath of the financial crisis that began in late 2007, many have wondered why none of the sophisticated risk models ...

The author considers the current U.S. economic crisis from a different perspective from that of other commentators. Recognizing ...

Japan’s banks are contributing to the downturn of the country’s commercial property by not using mark-to-market accounting. With ...

The author shares his research on cross-border interactions among businesses backed by venture capital. He concludes that the ...

The authors contend that the performance of private equity funds (PEFs) reported by prior studies and industry associations is ...

In this video, Matthias Knab interviews Multi-Strategy Hedge Fund legend Izzy Englander (Millenium).

In this video, Matthias Knab interviews Hedge Fund legend Julian Robertson (Tiger).

This book offers hedge fund managers an array of fundamental research methodologies, together with sources of legitimate ...

This book is an excellent introduction to the plethora of cutting-edge technologies that may create ...

U.S. equity portfolio performance improves when precious metals are included in the asset allocation. The authors add to the ...

Real estate transaction data indicate that the supply of catastrophic risk insurance continues to have a ...

The authors present a thorough coverage of alpha–beta separation issues, including the alpha–beta fund ...

Fees for investing in private equity buyout funds are customarily a 2 percent management fee and 20 percent ...

Public corporations that choose to issue private investments in public equity (PIPEs) as a source of ...

Performance attribution for private equity portfolios has been problematic because of the lack of an investable index coupled ...

In this webcast, Earl Webb discusses the following: Where are we in the commercial real estate cycle? What are ...

In this webcast, Charles T. Maxwell discusses the following: History of oil regulation The validity of Hubbert's peak ...

In this webcast, Arshad R. Zakaria discusses the following: Macro- and microeconomic factors to consider when investing in ...

In this audiocast, Mark J.P. Anson, CFA, discusses the following: Fees for private equity funds, hedge funds, and ...

What lessons can be learned from the 18-year real estate cycle, and where are the opportunities now?

Can a hedge fund replication program add value to an alternative portfolio?

This webcast, entitled "Is the Buck Shot?," was contributed by the New York Society of Security Analysts (NYSSA). It ...

This webcast, entitled "Taking the Stress Out of Distressed Investing," was contributed by the New York Society of ...

Course Description—This venture capital course focuses on general partner due diligence, including: Manager interview ...

In current practice, long–short attribution typically lies in the absolute return contribution space, with ...

The author models the liquidity risk problem posed by increasing concentrations of alternative investments in private ...

The author presents evidence that shareholder activism by hedge funds creates wealth for investors in the targeted ...

The subject of hedge fund replication has received a lot of attention in academic circles as well as in the asset ...

The authors develop and study global tactical cross-asset allocation strategies based on momentum and value by using 12 ...

The authors demonstrate that a rise in oil prices significantly lowers future stock returns (particularly for developed ...

Internal rate of return (IRR) is defined as the discount rate that makes the net present value of a series of cash ...

Using a complete set of U.S. SEC filing information on hedge funds (Form ADV) and data from the Lipper TASS Hedge Fund ...

The authors argue that effective due diligence by managers of funds of hedge funds is an important source of alpha. ...

The general consensus is that funds of funds underperform hedge funds after fees. The authors, however, argue that ...

Tending to be static and single-database oriented, existing models for correcting performance measurement biases are unable to ...

In this webcast, Andrew W. Lo discusses the following: The post-crisis landscape: What will become of alternative ...

In this podcast, Robin S. Pellish discusses the following: Evolution of the process of allocating risk capital to ...

In this webcast, George Hoguet, CFA, discusses the following: Characteristics of emerging markets The secular ...

In this webcast, David M. Blitzer discusses the following: Where we are in the market cycle now Changing ...

In this webcast, Lee George Lam discusses the following: The 2008 global financial crisis and its impact ...

In this webcast, Benjamin K. Sovacool discusses the following: An assessment of the energy problem The viability of ...

In this podcast, Amy Myers Jaffe discusses the following: The world's dependence on oil and gas from the Middle East, ...

Although the media and many investors perceive hedge funds to be uniformly risky, the facts are that little about the hedge fund ...

In this webcast, Daniel S. Meader, CFA, discusses the following: How has the credit crisis impacted the private equity ...

In this webcast, Jeffrey E. Horvitz discusses the following: Characteristics of the art market and whether art should be ...

In this video podcast, presented in partnership with the London Business School, Thomas Deinet, CFA, discusses the following: ...

In this webcast, Russell Read, CFA, discusses the following: Understanding investments that address global challenges ...

Theory says that the price of any financial asset is equal to the present value of its expected cash flows. But is that ...

Private equity’s high degree of leverage in the boom years leading up to the recent bust is a dominant factor in that ...

In this webcast, presented in partnership with the Chartered Alternative Investment Analyst (CAIA) Association, Jamie Raboy ...

In this webcast, presented in partnership with the Chartered Alternative Investment Analyst (CAIA) Association, Anthony Stalker ...

In this webcast, presented in partnership with the Chartered Alternative Investment Analyst (CAIA) Association, Clifford S. ...

In this podcast, the panel discusses: Managing the liquidity of hedge funds Ensuring continuity of investor capital ...

In this webcast, presented in partnership with the Chartered Alternative Investment Analyst (CAIA) Association, Khaled Abdel ...

The U.S. distressed credit cycle began to deteriorate again in the fourth quarter of 2007. The authors contend that ...

During the 1995–2004 period, fund-of-funds hedge funds in total delivered alpha only in the bull market of October 1998 ...

The diversification benefits of infrastructure investments as a separate asset class from real estate are investigated ...

The author examines the optimal portfolio allocation of stocks, bonds, and cash within a complete portfolio containing ...

Investigation of an index of returns on professionally managed currency funds and a subset of returns from 34 ...

Given the lack of transparency for hedge funds, investors and regulators have difficulty detecting fraudulent behavior. ...

Using a complete set of U.S. SEC filing information on hedge funds (Form ADV) and data from the Lipper TASS Hedge Fund Database, ...

This session discusses important advantages to replication strategies such as lower fees and lack of manager-specific risk. Also ...

In this webcast, Tim Jenkinson discusses the following: How has the credit crunch affected private equity? Is the ...

In this webcast, Donald Coxe discusses the following: Can a reasoned analysis of price trends and a study of supply/demand ...

If the current crisis in the financial markets creates a feeling of déjà vu, it should come as no surprise. It shares ...

Many investors are looking to endowments and foundations to learn their secrets for success. Interviews with chief ...

In this webcast, David W. Burkart, CFA, discusses the following: The argument in favor of commodities in the asset ...

In this webcast, Harold S. Bradley discusses the following: Should private equity be considered a distinct asset class? ...

Recent literature has found some evidence of performance persistence in hedge funds. This study investigated whether this ...

Hedge fund activism is a new form of investment strategy. Using a large hand-collected dataset from 2001 to 2006, we find that ...

Many past studies have found that currencies trend, so technical trading rules produced statistically and economically ...

The authors provide a review of financial literature concerning momentum trading strategies in the commodity markets. ...

Janet Yellen gives her views on the outlook for the U.S. economy and how it is currently being shaped by the turmoil in ...

The subprime crisis will have ramifications for years to come. But what caused it? Was it a regulatory failure, or did ...

In this decade, the growth in hedge fund assets has been staggering. Although many investors have their own personal ...

Both market and management factors drive returns in private equity. Most firms can attribute about half of their ...

Investigation of an index of returns on professionally managed currency funds and a subset of returns from 34 individual ...

Money illusion causes persistent mispricing in U.K. and U.S. house prices. As inflation decreases, people prefer to buy ...

In this study, the authors compare investing in hedge funds through a fund-of-funds portfolio with investing in a ...

The authors examine liquidity risk and look at some new derivative instruments that can be used to hedge against ...

Many portfolio strategies are “event driven” (i.e., designed to benefit from price movements caused by corporate ...

The author discusses five major turning points in U.S. real estate and stock markets and offers a possible “behavioral” ...

The authors hypothesize that an unwind by one or more large quantitative long–short equity market-neutral hedge funds ...

Illiquid common stock is worth less than stock that can be readily sold because the investor incurs an opportunity cost by being ...

Asset-class bubbles present a challenge for investors. The U.S. Federal Reserve Board has responded to the bursting of ...

Short-extension strategies can increase a portfolio’s information ratio and thus its efficiency and can be used with a range ...

Equity beta is overwhelmingly the most important component of a fund’s volatility. But because 130/30 active extension ...

In this podcast, Henry Groppe discusses the following: Fundamentals of the energy market and the pitfalls of published ...

In this podcast, Mark D. Wiseman discusses the following: Prospective correlations of private equity investments with ...

A market for dividends paid on major equity indices and paid by large companies has developed around the world. This market, in ...

Many past studies have found that currencies trend, so technical trading rules produced statistically and economically ...

As the hedge fund universe has become larger and more institutionalized, the value added by hedge fund managers has ...

The 130/30 investment strategy refers to portfolios that are 130 percent long and 30 percent short. The use of such a ...

As investor focus on hedge funds has increased, so has the importance of how hedge funds achieve their returns. Many ...

Leveraged buyout (LBO) proponents argue that the discipline of debt and reduction of agency costs inherent in LBOs ...

Research to date has focused primarily on testing the timing ability of mutual funds and pension funds and has shown ...

In recent years, the hedge fund industry has experienced significant growth in funds of hedge funds (FOFs) and ...

The author develops a model for the expected premium for investing in hedge funds with extended lockup periods and ...

Hedge fund performance reporting is not mandatory. Those hedge funds that voluntarily report their performance results ...

In this podcast, Richard L. Sandor discusses how the use of markets can be used to solve global warming and other environmental ...

This content was developed from the 20th SAAJ-CFA Institute/CFAJ Joint Seminar, March 2008 by CFA Institute with permission of ...

At first glance, the outlook for energy could not be worse. Demand for energy is increasing much more rapidly than ...

Today, the capital asset pricing model (CAPM) is regarded as an elegant theory but not particularly descriptive of ...

The minimum 10-year commitment to private equity makes it a challenging asset class to invest in. And success is often ...

The Take 15 Series is a series of 15- to 20-minute interviews with leading practitioners on timely topics in market and credit ...

In this webcast, Arjun Divecha discusses the following: Are emerging markets becoming a mainstream asset class? Why ...

In this webcast, Roger Urwin discusses the following: The migration of alternative management into new mandates and new ...

In this webcast, Andrew W. Lo discusses the following:  Events that led to the unprecedented losses experienced by ...

The increasing participation of sovereign wealth funds (SWFs) in global financial markets has important implications ...

Analyzing the returns to equity hedge funds is a different process from analyzing long-only equity fund returns. ...

The authors examine whether the choice of performance measure has any influence on the evaluation of hedge funds. They ...

Passive replication of hedge fund returns may provide a low-cost and liquid way for investors to achieve several ...

Hedge funds sometimes use mathematical techniques to “capture” the short-term volatility of stocks and perhaps other ...

In this article, the authors look at the recent research on private equity returns and use new benchmarks to examine ...

The authors outline the potential paths by which the problems in subprime lending could spread to the commercial real estate ...

The author identifies focus markets for nine categories of hedge funds. Multifactor unconditional and conditional ...

In this article, the authors extend to hedge funds the concept of alpha–beta separation used to analyze the performance ...

Hedge funds sometimes use mathematical techniques to "capture" the short-term volatility of stocks. This sort of ...

Long–short extension strategies, such as 130–30, allow portfolio managers to reduce the implementation inefficiencies associated ...

Many portfolio strategies are “event driven” (i.e., designed to benefit from price movements caused by corporate events, such as ...

Is "green tech" the next big thing in investing?

Extension strategies for fixed income are gaining acceptance.

In this webcast, Aswath Damodaran discusses the following: Leverage and control are twin impulses that drive leveraged ...

In this webcast, Aswath Damodaran discusses the following: Leverage and control are twin impulses that drive leveraged ...

In this webcast, Aswath Damodaran discusses the following: Leverage and control are twin impulses that drive leveraged ...

Natural resources companies, including oil and clean technology companies, are in the process of shifting from value to ...

High levels of liquidity and a shift in investing from growth to income have led to high values in commercial real ...

There is no time like the present to add commodities to investment portfolios, and the most efficient way to do so is ...

Real estate has attracted significant interest among the institutional community because of its strong recent returns ...

Past studies ranked hedge fund performance by using the alpha generated by an ordinary least-squares regression and concluded ...

The author examines the history of hedge funds, outlines their structure and various styles, and analyzes past performance. ...

This article looks closely at two strategies that can potentially be used to exploit commodity markets: short-term momentum and ...

In this article, the authors study the risk and return characteristics of five widely used fixed-income arbitrage strategies. ...

This article examines the influence of public stock market returns on private equity portfolios. The author notes a significant ...

Enhanced active equity strategies, including 120–20 and 130–30 long–short portfolios, have become increasingly popular as ...

Infrastructure assets provide excellent diversification as well as inflation and interest rate hedges, have excellent ...

A hidden source of return, alternative beta, is the primary driver behind hedge fund returns. Alternative beta ...

Hedge funds sometimes use mathematical techniques to “capture” the short-term volatility of stocks and perhaps other types of ...

This study addresses the issue of hedge fund portfolio construction and risk measurement. The authors examine several methods of ...

The authors analyze the performance of different classes of institutions investing in private equity. They find that endowments ...

The authors use daily data to explain the return properties of 42 commodities for up to a 40-year time period. Results are ...

The consumption-based capital asset pricing model (CCAPM) focuses on a single consumption good, such as consumer durables, in ...

Will global markets feel the heat from the U.S. subprime conflagration? “This could be a major event,” says one expert.

Enhanced active equity strategies, including 120–20 and 130–30 long–short portfolios, have become increasingly popular as ...

The hedge fund industry has enjoyed a significant period of success, with 2006 being its most successful year yet in ...

This short, practical book written in a refreshing and charming prose style constitutes a fine introduction to the ...

Funds of hedge funds can offer attractive value relative to direct investment in hedge funds because they offer better diversity, ...

In the literature, little attention has been given to the predictability of hedge fund returns. The authors examine this ...

This literature review covers the issues faced by private equity fund investors. It explores what has currently been established ...

A product of the author’s long experience at investment banks and hedge funds, this masterful book paints a picture of ...

Is passive hedge fund replication the wave of the future?

The credit cycle is dormant, not dead. The structured credit markets have caused spreads to remain unusually ...

The authors investigate whether allocations to real estate by the average U.K. pension fund, which are considerably lower than ...

Private equity (PE) investments may be less popular than other types of investments because of low transparency, illiquidity, and ...

The disappointing performance of hedge fund strategies in recent years is generally explained by the significant sum pouring into ...

Increasingly, institutional investors are sowing a new seed: farmland.

Can a real estate empire be transformed into a hedge fund? One team is betting on it.

Through interviews, this interesting book takes the reader into the minds of some of the best hedge fund—in ...

Speculative bubbles have long been a feature of financial and asset markets, both in the United States and elsewhere. Although ...

Investing in commodities remains controversial. But a long-only allocation to commodities brings risk reduction and inflation ...

Expected nominal returns of 6–8 percent per annum over the next 5–10 years will not alleviate the global gap ...

Commodities can strengthen portfolios by offering a risk premium and a different risk profile and source of return from ...

The author explains a methodology that derives the risk premiums for factors that drive hedge fund returns. Once the risk ...

The authors identify eight styles of hedge fund management and test for each the hypothesis that returns follow a purely random ...

The authors identify and correct five myths about fees. They also provide guidance for investors seeking to maximize expected ...

A widespread assumption is that U.S. venture capitalists source their best investments locally, so out-of-state venture funds are ...

Covered S&P 500 Index call strategies have, on average, outperformed the S&P 500 Index over the past 15+ years while ...

The article examines the risk and return of capital structure arbitrage, which exploits the mispricing between a company’s credit ...

Speculative bubbles have long been a feature of financial and asset markets, both in the United States and ...

Two types of hedge fund investors exist: alpha seekers and beta chasers. If alpha seekers dominate the market, the decline ...

Many investors view hedge funds as pure alpha products, whereas many types of hedge funds earn most of their returns from beta ...

For this study of the simple properties of commodity futures as an asset class, an equally weighted index of monthly returns of ...

Investors face numerous challenges when seeking to estimate the prospective performance of a long-only investment in commodity ...

Infrastructure investing is more than a detour.

Those who believe the hype about the popularity of alternative investments may find themselves going against the current.

The glitter of private equity may be in the eye of the beholder.

Barton Biggs on hedgehogging, mug's games, and why investment management is the most overcompensated business in the world.

Series of returns to broad asset classes often possess histories of unequal length and have been subject to smoothing. Estimates ...

Hedge funds generate returns through managers’ skill (measured by alpha) as well as managers’ systematic risk taking ...

Managing a hedge fund has distinct differences from managing a typical long-only fund, such as being able to ...

Federal registration of hedge funds is almost certain to become universal. Hedge fund managers, therefore, ...

Atanu Saha offers a Q&A session based on his November/December 2005 FAJ article Hedge Funds: Risk and Return (authored with ...

Current macroeconomic factors as well as recent academic studies support treating commodities as an asset class. Passive index ...

The authors investigate the relationship between hedge fund size and performance. They find a negative relationship between fund ...

The authors analyze real estate returns by calculating internal rates of return (IRRs) using actual property sales records. They ...

Many investors build portfolios using mean–variance optimization techniques. However, this process encounters many difficulties ...

The notion of "absolute return" investing is spreading like wildfire. Many people believe that superior returns can be ...

Optimization of long–short portfolios through the use of fast algorithms takes advantage of models of covariance to simplify the ...

For this study of the simple properties of commodity futures as an asset class, an equally weighted index of monthly returns of ...

Investors face numerous challenges when seeking to estimate the prospective performance of a longonly investment in commodity ...

The investment role of precious metals in financial markets is investigated by analysis of daily data for gold, platinum, and ...

Recent research has demonstrated the diversification value of commodities relative to financial assets. The authors argue for an ...

The author recommends that institutional investors should scrutinize the quality of hedge funds before including them as part of ...

Investors and managers alike need to understand the life cycle of commodity trading advisors (CTAs) in order to accurately ...

Hedge funds may exhibit performance persistence because liquidity constraints can restrict investors' ability to compete away ...

The article reviews the literature on the term structure of commodity prices (i.e., the relationship between the spot and futures ...

This article addresses the following key points: Over the past 45 years, a diversified commodity futures portfolio has returned ...

This article addresses the following key points: The recent Bayou hedge fund scandal raises ethical questions for investors and ...

Private equity provides diversification benefits in portfolios with at least 60 percent equity. Illiquidity, risk, and ...

The authors examine whether leverage affects the risk-adjusted returns of hedge funds either at the strategy level or at the ...

The returns of many hedge fund investment styles are not normally distributed; they have negative skewness and excess kurtosis. ...

The author concludes, after testing the Real Estate Research Corporation rankings on various property types over various time ...

Although the first private equity fund of funds began in 1978, historical FoF performance data are hard to find. Modeling U.S. ...

A major concern about the fast-growing hedge fund sector is whether the traditional metrics and tools for risk management and ...

From a database that is relatively free of bias, this article provides measures of the returns of hedge funds and of the ...

With the aid of some simplifying assumptions, the capital asset pricing model comes to dramatic conclusions about practical ...

The reported study operationalized the “fundamental law of active management” in the context of a factor-based performance ...

With the aid of some simplifying assumptions, the capital asset pricing model comes to dramatic conclusions about practical ...

To optimize asset allocation weights for hedge funds and traditional stock and bond investments, investors need to truly ...

The author provides a review of the factors that have inhibited the acceptance of hedge funds, including fee structures, manager ...

Using historical data in asset allocation models leads to inappropriate allocations among asset classes. The authors use public ...

The author measures the performance of venture capital investments by using a maximum-likelihood estimate technique that adjusts ...

The authors decompose hedge fund risk by examining the TASS hedge fund industry database. They explain attrition rates by ...

The gap between theory and practice within the European fund of hedge funds industry is significant. A survey of 61 European ...

The leveraged buyout and corporate restructuring private equity market has grown rapidly and matured in recent years. What was an ...

Hedge funds are often used for risk reduction because they reduce the standard deviation of the traditional stock and bond ...

New research is beginning to illuminate the relationship between hedge funds and systemic risk. Could a hedge fund crisis plunge ...

Hedge funds are hot, but now they may face the ultimate test: surviving their own success. "Ten years from now," says ...

The Hedge Fund Research Initiative at Yale University's International Center for Finance is intended to combine the insights of ...

Are funds of hedge funds a good bet? Investors are increasingly willing to ante up, but when it comes to fees and risk exposure, ...

This article addresses the following key points: Hedge funds have been criticized for providing lower returns, higher volatility, ...

This article addresses the following key points: Registered hedge fund advisers — and investors — will see increased ...

When analyzing a company, examining the financials—the numbers—is clearly important. But it is not the only ...

The authors compare recent survey data of real estate fund managers in the United States, the United Kingdom, Australia, and ...

The authors examine the performance of real estate stocks listed in seven developing markets in East Asia (Hong Kong, Indonesia, ...

The efficient market hypothesis suggests that rational investors trade against irrational price increases to prevent price ...

This article addresses the following key points: The Pacific Rim is expected to be the fastest-growing economic block ...

In light of modest equity return expectations for the public markets, many institutional investors are ...

Although private equity has historically produced outsized returns, its evolution toward institutionalization ...

Christopher Domke of Merrill Lynch Capital, Michael Foster of Midwest Mezzanine Funds, and Ian Larkin of ...

To understand the private equity environment, one must remember the context for the discussion, which is ...

Jonathan Boersma, CFA, of the CFA Centre for Financial Market Integrity, and William Franklin, of the Bank of ...

The secondary market for private equity has evolved significantly in recent years. Over time, the increasing supply and ...

Authors argue that risk exposures of hedge fund industry have a material impact on the banking sector. Authors predict a period ...

A growing number of private equity companies are offering investments in a new type of U.S. SEC-registered investment company: ...

Long–short strategies designed to reduce risk must be neutral to all factors in a multifactor model, not just ...

Although REITs and real estate operating companies (REOCs) both invest almost exclusively in real estate, ...

This article addresses the following key points: The hedge fund industry is likely to undergo significant changes in ...

Although this book may have been intended largely to be a marketing tool for the author's risk measurement model, it contains an ...

An exhaustive narrative of the manager search process, this book provides a practical, real-life method of analyzing investment ...

Members: Access the getAbstract book summary for Hot Commodities by clicking the "Read" button and navigating to the ...

Thomas Siems, of the Federal Reserve Bank of Dallas, describes why he thinks the derivatives market is healthy and why fears of ...

This article looks at ways that hedge fund investors may be able to mitigate the tough tax treatment that they generally receive. ...

Overview and analysis of the natural gas trading market and the downfall of Amaranth Advisors.

This article explains that natural gas prices moved against Amaranth Advisors' position because in September 2006, the market ...

This article is a fascinating review of the U.S. government's case against the head trader at Amaranth Advisors.

This is a comprehensive review of the collapse of Amaranth Advisors and conclusions about what went wrong.

Conference Call transcript from the CEO to investors in Amaranth Advisors.

The work required to claim and maintain compliance with the GIPS standards can add value beyond just making the statement of ...

Kyle Bass describes his views of the European debt crisis.

Carrie McCabe from Lasair Capital discusses long-short equity strategies and how they are superior to long-only investing due to ...

Bill Collins, CEO of Brencourt Advisors discusses tail-risk and black swan events as well as asymmetrical trades and the ...

Julian Mayo, Co-CIO of Charlemagne Capital discuss opportunities in emerging and frontier markets and how these investment often ...

The Honorable Susan Phillips from the Commodity Futures Trading Commission discusses how functioning, liquid markets can serve ...

This paper examines the "green zone" of hedge funds who both manage money and run a business well.

This paper examines the common causes of many hedge fund failures and how to perform due diligence on hedge funds.

This roundtable discussion by prominent Brazilian investors examines various investment strategies and vehicles being utilized in ...

The Bank Secrecy Act has strict regulations to prevent and detect money laundering. Its rules apply to almost all financial ...

This is a position paper from Optiver that rebuffs some of the common arguments about high frequency trading.

This report analyzes the high-yield and leveraged loan markets in Europe, including information on returns and credit quality, ...

This transcript from a roundtable discussion addresses issues concerning the future of gold, agriculture, managed accounts, and ...

This transcript addresses issues concerning Malta, such as its growing popularity as an offshore financial site, development of ...

This book chronicles top hedge fund investors that played key roles in the industry, including substantial information on manager ...

This survey from Towers Watson analyzes alternative asset allocations from various investment entities into various asset ...

Alessandra Poles' thesis, "Predicting Takeover Targets in the European Utility Sector," was the winner of the Italian ...

This book examines the most popular types of alternative investments and provides a detailed explanation of these strategies and ...

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment ...

Read summaries of 14 key sessions from the recently concluded Third Annual CFA Institute European Investment Conference in ...

This article from The Finance Professionals' Post argues for the use of cluster analysis as a tool in determining how different ...

The article investigates whether hedge funds arbitrage market anomalies. It examines a seven-factor model including traditional ...

In this white paper, the author looks at the multifaceted nature of volatility and examines hedge fund returns during periods of ...

Editor Michael D. Underhill, along with the book's many contributors, does a great job of explaining and elaborating on the ...

This EDHEC study finds the correlation coefficient for private equity performance versus that of listed equity markets is ...

Learn about institutional investor allocation trends to alternative investments and what the expectations are for the future in ...

Learn the salient points of pair trading such as determining the correlation between two stocks, how to create a price ratio, and ...

Learn how to use correlation matrixes and how to trade on breakout points in order to optimize the effectiveness of pairs ...

Learn about the development of REITs in Asia, how they can be used as a diversification tool, and how to compare them to other ...

Learn about how to launch a UCITS, incorporate alternative investments, and develop a risk management process for this ...

Learn about the commodity futures market in India, the role mutual funds play in the commodity markets, and data on ...

Learn about the commodity futures market in India, the role mutual funds play in the commodity markets, and data on ...

This book explains, but with a number of flaws, the modifications to textbook methodology that are required to value private ...

This research paper further researches the findings of Hasanhodzic and Lo (2007) by assessing the out-of-sample performance of ...

In this study, Andrew Clare and Nick Motson from Cass Business School investigate risk-taking behaviors of hedge fund managers.

In this article, the National Venture Capital Association (NVCA) provides an introduction to the venture capital industry in the ...

In this white paper, Castle Hall Alternatives discusses the financial impact and common causes of operational failure and the ...

In this overview of the hedge fund industry, the Alternative Investment Management Association (AIMA) seeks to demystify popular ...

This article from PIMCO provides a brief overview of commodities.

This crude oil covered call index from Standard & Poor's simulates a covered call strategy on the most active crude oil ...

In this collection of working papers from the World Economic Forum's Globalization of Alternative Investments project, ...