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In the second half of this interview with the CEO of Entegra Partners, Jim Butcher outlines the benefits of scenario planning, which he thinks is especially useful in these uncertain times. Read more →
Scenario planning is a valuable tool for all financial professionals, ranging from those in corporate finance to those in investment management. To chart the current state of the art in scenario planning, I interviewed Jim Butcher, the founder and chief executive officer of Entegra Partners. Read more →
Ten years ago investment community luminaries met to discuss the equity risk premium. Now in a new Research Foundation of CFA Institute monograph state of the art thinking about the equity risk premium is presented for the benefit of investors worldwide. Read more →
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The authors develop a model of funding risk for financial institutions and special purpose vehicles that operate with a severe ...
Analyzing a dataset of private equity exits in North America over four years, the author determines factors that contribute to ...
An overview of one method for calculating the statistical value of a human life.
The 2012 Global Market Sentiment Survey analyzes responses to a November, 2011 survey of over 58,000 CFA Institute members ...
This article describes the process of re-hypothecation and the systemic risk it poses.
Roger Bootle examines the practical and intellectual origins of the crisis and its historical context and discusses the flaws ...
Financing for start ups is changing rapidly. New methods of financing include: crowdfunding, accelerators, super-angels, ...
This article discusses state of the art financial performance measures that measure the returns made by human effort.
Cash flow forecasts used in discounted cash flow (DCF) valuations are often excessively optimistic and need to be adjusted for ...
The author examines the benefits and potential of private market networks (PMNs). The main purpose of PMNs is to allocate ...
The authors investigate the investment strategies of sovereign wealth funds (SWFs). They find that the investment decisions of ...
An overview of the likely effect on U.S. corporate financial statements of a lowering of the corporate tax rate.
When extreme capital flows force mutual funds to enter or exit positions in equities independent of fundamental developments, ...
The authors develop a model of internal governance in which self-serving actions taken by top management are limited by the ...
The author discusses the valuations of social media companies (such as Facebook, Groupon, and Twitter) and how they compare with ...
GAAP accounting distorts economic reality and contributes to the development of economic crises in our modern economy. The author ...
Considering Facebook’s choice to remain a privately held corporation, the author examines reasons why a company that could ...
Recovery from the global financial crisis has been slower than expected. The author hypothesizes that government activism has ...
The authors find that investors place a higher value on stocks of firms that distribute smooth dividends; that institutional ...
As U.S. businesses become more global they are increasingly looking to international sources, specifically developing market ...
The author examines the weighted average cost of capital (WACC) within the context of firm valuation and addresses common ...
The authors study the impact of hedge fund activism on bondholder wealth and discover a significant effect. The arrival of hedge ...
The authors examine the reaction of the markets to the proposed regulations of corporate governance practices, such as limiting ...
Sophisticated institutional investors hugely misjudging the risk of “financial weapons of mass destruction” ...
The authors find a negative relationship between leverage changes and stock returns. Portfolio returns during the quarter of the ...
The authors examine the buyout activity that occurred during 1990–2006 and compare the outcomes with the well-researched buyouts ...
The authors examine the investment stimulus policy suggested by the Obama administration and suggest alternatives that could be ...
The authors examine the relationship between investor legal protections and changes in a company’s cash balance and find that ...
Audited companies are widely assumed to benefit from lower debt costs compared with unaudited companies. The author examines the ...
Do agency problems (from the separation of ownership and control) cause public companies to invest suboptimally? In a ...
International Monetary Fund research report about the possible spillover effects on the global economy from the European ...
This report reviews the evolution of China's equity, bond, and derivatives markets and how the investor mix is changing. It also ...
The Chinese version of this report reviews the evolution of China's equity, bond, and derivatives markets and how the investor ...
In the aftermath of the global financial crisis, the role of investors in overseeing the performance of boards and executive ...
With the U.S. Securities and Exchange Commission’s recent vote to make it easier for shareowners to nominate their own director ...
The role of the CEO at a large company is both public and demanding, yet only 2 percent of CEOs are fired each year. The author ...
The authors examine whether mergers lead to post-acquisition changes in the intrinsic value of the acquiring companies. They find ...
The authors study characteristics of the companies targeted for shareholder activism by Carl Icahn. They show that the returns to ...
Yasuhiro Oshima, CFA, gives his thoughts on Japan’s recovery from the recent earthquake, tsunami, and nuclear crises and ...
This paper seeks to provide a comparative summary of the payout phase of insolvency systems in the MENA region.
This report contains a brief summary of the rights shareowners enjoy in the Netherlands market. The report ...
REITs in Asia–Pacific markets need better governance practices.
This report contains a brief summary of the rights shareowners enjoy in the Spain market. The report also ...
This report contains a brief summary of the rights shareowners enjoy in the Thailand market. The report also ...
This report contains a brief summary of the rights shareowners enjoy in the Ireland market. The report also ...
This report contains a brief summary of the rights shareowners enjoy in the Austria market. The report also ...
Kurt N. Schacht, CFA, discusses the new CFA Institute Compensation Discussion and Analysis Template. The template is meant to ...
Kenneth S. Hackel, CFA, author of the book Security Valuation and Risk Analysis, challenges traditional thinking on important ...
In a wide-ranging interview, Howard Marks, CFA, author of The Most Important Thing: Uncommon Sense for the Thoughtful Investor ...
This report contains a brief summary of the rights shareowners enjoy in the Singapore market. The report also discusses current ...
Real estate investment trusts can provide many benefits to investors; however, these benefits often are clouded by poor ...
The author examines merger and acquisition deals to determine whether financial advice provided by investment banks is ...
The authors study the costs of debt weighed against the benefits of debt in determining a company’s optimal structure. ...
The authors study the financial performance of privately restructured companies in the aftermath of Japan’s asset price ...
The author researches the relationship between excess cash holdings and future stock returns and finds that high excess ...
The fast-growing population of CFA charterholders in Asia offers an opportunity for boards to leverage this group’s financial ...
This book is more than a recapitulation of the worst U.S. financial crisis since the Great Depression. It is also a portrayal of ...
CFA Institute, in partnership with the CD&A working group, has produced the Model CD&A (Compensation Discussion and ...
Companies that are subjects of financial fraud raise, on average, 30 percent more capital during the years prior to the fraud's ...
Asset management firms often experience swings in their revenues and profits due to changes in asset-based fees. In 2008, they ...
NYSSA’s annual Wealth Management Summit is a leading forum where financial advisers, RIAs, private bankers, family offices, ...
The authors documented the characteristics and market performance of ASR (accelerated share repurchase) stock. They found that ...
Working capital policies reflect a company’s operating and financial conditions and environment. The authors seek a better ...
Favorable regulatory and tax treatment of buybacks is misguided and should be reformed.
Shareholder activism has increased in Asia during the past 10 years as a result of changes in regulations and listing ...
At a CFA Society of Japan event, David Smith discusses the evolution and broad definition of corporate governance in Asia and ...
While the world’s attention has been focused on the global financial crisis, other dramatic, but ...
The global financial crisis has been very traumatic, and its effects will be felt for at least a generation. ...
Discover what financial professionals think about marketplace ethics in the wake of the global financial crisis. James Allen, ...
The tenth edition of the Standards of Practice Handbook contains the CFA Institute Code of Ethics and Standards of Professional ...
In this webcast, Ian Bremmer discusses how governments are driving local economies, how sovereign wealth funds and ...
In this podcast, Jeremy Grantham discusses how as the share of GDP devoted to financial services has grown, corporate savings, ...
The authors examine political contributions to candidates made by publicly traded companies. They find a positive correlation ...
“Improvements in corporate governance practices are very likely in Japan”
Will management teams face an increasingly demanding group of investors?
The authors find that mutual funds with lower levels of director ownership significantly underperform funds with higher levels ...
This book showcases Graham’s important contribution to remaking investment analysis into a profession. It collects, for the ...
Dealings within corporate networks are common in Japan and can pose a significant risk to investors. Evidence ...
Companies in the Asia–Pacific region should have a majority independent board.
Many social scientists believe that social norms are important in shaping economic behavior and market outcomes, overriding at ...
The authors evaluate whether governments in countries that are a part of the Organization for Economic Cooperation and ...
The authors study the performance of companies on Business Ethics’ list of “100 Best Corporate Citizens.” They study short-term ...
In the United States, no empirical evidence exists that shareholder activism can positively affect performance. The authors ...
The author analyzes how much shareholders care about corporate governance and social responsibility issues. She also discusses ...
The authors find that mutual funds with poor performance before fees are deducted tend to charge high fees, contrary to economic ...
The authors examine the potential for weighted average cost of capital (WACC) calculations to be biased as a result of using the ...
Board composition and independence are fundamental issues in corporate governance. Concentrated ownership structures and weak ...
Ch. 2, John Stowe, CFA and Jacques R. Gagne, CFA, Corporate Finance: A Practical Approach (Wiley, 2008)
Ch. 3, Yves Courtois, CFA, Gene C. Lai, and Pamela Peterson Drake, CFA, Corporate Finance: A Practical Approach (Wiley, 2008)
Will a trend toward greater disclosure of executive remuneration push European regulators to take action?
Share-pledge disclosures pose problems in Asia.
This study examines whether investor protection affects the governance role of analysts in constraining earnings management. ...
The author proposes three areas of securities regulation reform as a way to restore the trust of the investing public in ...
Corporate governance has become an important factor in assessing company performance. Using ratings provided by three U.S. ...
The authors study whether the form of an organization in the mutual fund industry affects agency costs. They also study the ...
Business Ethics magazine publishes an annual listing of the “Top 100 Best Corporate Citizens.” Working together with KLD ...
The authors examine critiques of shareholder theory and offer their view of why the critiques are understandable but misguided.
In the midst of the current financial crisis, many have questioned market-based capitalism. The author explores the question and ...
European pension systems are in crisis. Governments and employers are withdrawing as plan sponsors, making institutional ...
This book, written by John Bogle, founder of the Vanguard Mutual Fund Group, is an insightful and useful guide to leading a ...
The second edition of this manual, originally published in 2005, updates principles that help guide investors and shareowners in ...
Investment Banking: Valuation, Leveraged Buyouts, and Mergers & Acquisitions is a handbook for aspiring investment ...
The authors examine various types of equity-based compensation, such as unrestricted stock, restricted stock, ...
The authors investigate the importance of corporate governance practices relative to company value by using a unique dataset. ...
Public corporations that choose to issue private investments in public equity (PIPEs) as a source of ...
The authors examine a set of 24 governance provisions from the Investor Responsibility Research Center that have been shown to be ...
This study empirically tests whether freezing or closing a defined-benefit (DB) pension plan increases the sponsoring company’s ...
How can the quality and use of governance information be improved?
This webcast, entitled "2009 Global Corporate Credit Outlook," was contributed by the New York Society of Security ...
A new manual enables global, cross-market comparisons of shareowner rights.
Between 1978 and 2002, companies found guilty of financial misrepresentation as a result of a U.S. SEC enforcement ...
The authors develop a model that suggests insiders sell based on private negative information but eventually stop ...
The author presents evidence that shareholder activism by hedge funds creates wealth for investors in the targeted ...
The authors attempt to measure the effectiveness of an activist shareholder tool called a “just vote no” campaign. ...
The authors investigate the relationship between socially responsible investing (SRI) and stock returns. They conclude ...
In this podcast, Shaykh Yusuf Talal DeLorenzo discusses the following: How might using Islamic investment principles ...
In this webcast, Ronald J. Ryan, CFA, discusses the following: Developing an appropriate benchmark and core portfolio based ...
Shareowner Rights across the Markets: A Manual for Investors provides a brief summary of the current practices, recent ...
Shareowner Rights across the Markets: A Manual for Investors provides a brief summary of the current ...
To reap the greatest rewards of a diversified portfolio, savvy investors will incorporate shares in companies around the globe. ...
This biography of Warren Buffett is the latest in a series of books about the life and philosophy of the “Sage of Omaha.” ...
Related-Party Transactions: Cautionary Tales for Investors in Asia introduces readers to the ...
Classified boards are the focus of recent shareholder activism aimed at improving U.S. corporate governance. Although critics ...
It is easy to think that problems with corporate governance are a phenomenon of the United States in the 21st century. ...
Although executive stock options are intended to be beneficial for shareholder value, they may motivate managers to ...
Hedge fund activism is a new form of investment strategy. Using a large hand-collected dataset from 2001 to 2006, we find that ...
The model request for proposal (RFP) provides smaller institutional firms with a simple, standardized tool to help in ...
Evolution, not revolution, is the best approach to reforming executive pay.
Prior studies have documented long-run stock market underperformance after security offerings. Some studies conjectured that the ...
Many companies are recognizing that the Black–Scholes formula is inappropriate for employee stock options (ESOs) and are moving ...
A typical leveraged buyout (LBO) has three components. The acquirers (1) borrow a significant portion of a publicly ...
Imperfect investor protection is acknowledged to decrease firm value because it allows controlling shareholders to ...
The authors consider whether corporate governance practices affect the likelihood that a distressed firm will enter ...
The authors study the collapse of Enron to provide insight on whether reforms in internal and external governance would ...
A common belief among practitioners and academics is that the increased EPS associated with a stock repurchase creates value for ...
Although the focus today is rightly on the current crisis in the financial markets, I would like to discuss 10 ...
Successful investing is dependent on one's ability to discern the factors that influence the market's ...
In 1992, the United Kingdom’s Cadbury Committee released its report on best practices in corporate governance. One of ...
Many people have argued that the Sarbanes–Oxley Act of 2002 (SOX) places an excessive reporting burden on small ...
The authors develop and test a model of how country characteristics, such as legal protection and level of economic ...
A namesake mutual fund manager has a significant ownership interest in both the fund management company and the fund ...
In today's competitive business environment, corporate managers must find innovative ways to promote rapid and sustainable ...
The subprime fiasco can teach important lessons about executive compensation.
Has executive compensation become a trap for investors?
While developed markets in the West have seen significant changes in executive compensation regulations and ...
The Sarbanes–Oxley Act of 2002, which followed major corporate scandals, changed market perception of corporate ...
Grounded in agency theory, this study investigates whether staggered boards (in which only a portion of directors are elected at ...
The Take 15 Series is a series of 15- to 20-minute interviews with leading practitioners on timely topics in market and credit ...
In the financial world, concern about executive compensation typically is limited to whether or not rewards directly ...
The flourishing field of behavioral finance indicates that people often do not engage in optimal decision making when investing. ...
Actuarial convention has the effect of driving equity allocations of public pension plans upward. It also pushes the risk of ...
The authors find an inverse relationship between shareholder rights and dividend payout, which is consistent with the ...
The increasing trend of institutional investors using their ownership rights to influence managers to act in the best interests ...
The authors analyze the link between performance and CEO turnover for companies located in China. Their analysis confirms that ...
This article answers such questions as when, how, and why does a company turn out to be widely held after its IPO. Evidence shows ...
A company’s governance structure affects its stock price action. The more open a company is to a change in corporate control, the ...
Many investors are attempting to incorporate evaluations of corporate ethics into the investment decision-making process. An ...
Recently, a significant number of companies have come under public and regulatory scrutiny for backdating stock option grants. ...
Defined-benefit pension plans are in decline. What went wrong? The lessons the investment community learns from this decline will ...
Recent concerns about the level of executive compensation led to revisiting the question of whether highly compensated corporate ...
Skeptics question whether shareholder activism translates into tangible returns.
From August to September 2006, the CFA Institute Centre conducted a study of corporate governance practices ...
The CFA Institute Centre for Financial Market Integrity and the Business Roundtable Institute for Corporate ...
With interest rate swaps being the most widely used of all financial derivative contracts, financial analysts and engineers ...
This practical handbook for managers (which is also highly useful for investment analysts) provides arguments and a ...
Prior research has shown that a company’s cost of capital can be reduced by promoting strong shareholder rights and by operating ...
The authors examine the association between board monitoring and the level of voluntary disclosure and find that a higher ...
When labor owns an equity stake in the company, labor has higher claims on cash flows and a more significant voice in corporate ...
The comprehensive survey reported here allowed analysis of how senior U.S. financial executives make decisions related to ...
Recent market crashes and financial scandals are symptomatic of a capitalism in which shareholders have lost control over the ...
For this study of the governance of defined-benefit pension plans in the United Kingdom, the governance measure was equal to the ...
John Bogle (“Saint Jack”), founder and former chairman and CEO of the Vanguard Group, describes implications of the ...
If a company is well run and if an industry has sound leadership, then whistle-blowing will never happen because the conditions ...
Investment professionals have a fiduciary responsibility to use their proxy votes to promote sound corporate governance. In ...
Within a broad overview of the functions and responsibilities of the investor relations professional, this book focuses on the ...
The author discusses a process to organize the board of directors as the starting point for increasing shareholder value in ...
Recent high-profile corporate failures have reignited concerns over the effectiveness of corporate boards of directors and raised ...
The authors provide evidence that increased sensitivity of CEO compensation to company share price encourages greater use of ...
The authors examine whether shareholder voting on management compensation proposals changed over three periods (1992–1995, ...
The author examines the basic principles of socially responsible investing (SRI) in a global context. The monograph reviews ...
New rules for disclosure of stock options.
Although accounting standards boards have recently issued standards requiring companies to recognize employee stock options as an ...
The authors examine companies that misreported their financials and were forced to restate earnings. They find a high positive ...
The authors criticize the findings of prior research that argued that companies with relatively weaker shareholder rights ...
Using a sample of companies charged with government, financial reporting, or stakeholder fraud or regulatory violation in the ...
Simon Botherway, CFA, fights the good fight for better corporate governance.
CFA Centre joins efforts to reverse overemphasis on short-term performance.
Revenue recognition certificates provide returns as a specified function of a company’s sales or gross revenues over a defined ...
Socially responsible investment (SRI) is not limited to community investing and exclusion screening. It is, in fact, an ...
Whether a link exists between corporate governance (good or bad) and valuation is not clear. But what is ...
The authors investigate whether newly privatized companies in developed economies experience improvements in financial and ...
Factors that influence the performance of 230 newly privatized firms (NPFs) from 32 developing countries over the 1980–99 period ...
The authors analyze the relationship between the cost of debt financing to a company and the extent to which it has anti-takeover ...
Researchers are increasingly focused on the importance of corporate governance mechanisms for financial performance and the stock ...
The authors' research indicates that arm's-length contracting between corporate boards and executives, which seeks to ...
The author investigates whether firm value and shareholder rights affect each other or whether they are related spuriously ...
Although long-term earnings flows of companies may not be completely predictable, the authors theorize that expectations ...
The author examines the operating performance of companies with dividend decreases or omissions using quarterly data from 1980 to ...
The level of analyst coverage received by a company can be related to the expected amount of investment banking transactions. A ...
The author argues that the dual nature of corporate profit reporting has given managers the ability to mischaracterize tax ...
The unique characteristics of the financial services industry present practitioners with challenging ethical demands. Of these, ...
This readable volume analyzes old and new merger and acquisition failures (and successes) to extract six common factors that ...
This short and highly readable book presents the conflict between the need for pension funds to pursue the mission of ensuring ...
Through steady and consistent writing, the authors deliver a unified approach in a single volume to a subject that covers all of ...
William Donaldson discusses issues related to investment research and the analyst profession. His comments ...
The authors revisit the various theories of capital structure and review empirical evidence for and against these theories. They ...
The authors investigate companies' decision-making processes on dividends and share repurchases through the use of extensive ...
Mutual funds and investment advisors traditionally have ignored nonfinancial proxy issues, but U.S. SEC rules issued in 2003 ...
Investors regularly debate the issue of socially responsible investing. The author claims that we can gain insight into the ...
This paper investigates the investment behavior of companies in financial distress, focusing on the relationship between the ...
Despite the rapid growth of globalization, country choice matters in financial decision making. The threat of state expropriation ...
Reducing the marginal tax rate on dividend income was not the optimal modification of the tax code. The U.S. corporate tax code ...
Two accounting professors and an editor at the Harvard Business Review have produced a useful set of guidelines and advice for ...
The message of this article is simple, obvious, and almost invariably ignored by the investment community: Gross return in the ...
This book provides an excellent short course in understanding and revealing financial reporting trickery, with particular ...
This paper hypothesizes a positive relationship between earnings forecasts and the percentage of outside directors as well as the ...
Regulation Fair Disclosure (Reg FD) provides bond analysts at rating agencies with an information advantage over equity analysts. ...
During the last decade or so, increased pressure has been placed on corporations throughout the world to increase the ...
Following privatization, ownership concentration can provide investor protection in countries with legal systems that provide ...
To analyze which types of boards are better at protecting shareholders' interests, the authors look at their likelihood of being ...
Against investor objectives, Japanese managers are seeking to implement takeover defenses.
This article addresses the following key points: The presence of institutional investors appears to be important in offsetting ...
Two classes of culprits contributed to the recent corporate scandals but have not been touched by the scandals or even mentioned ...
The mutual fund industry has undergone tremendous change in the past 60 years. Total assets, number of funds, and fund costs ...
Risk can be both a threat to a company's financial health and an opportunity to get ahead of the competition. Most analysts, ...
The author examines the impact of accounting information transparency on credit spreads. Results show that companies with ...
The author outlines an integrated approach to corporate disclosure, supplementing required reporting with information and ...
Concentrated ownership in publicly traded companies in emerging markets creates agency problems between the controlling and ...
Does socially responsible investing (SRI) lead to inferior or superior portfolio performance? This study focused on the concept ...
Risk can be both a threat to a company's financial health and an opportunity to get ahead of the competition. Most analysts, when ...
This article addresses the following key points: At the end of June 2004, the total amount for US-based derivatives for the top ...
The authors examine the goodwill write-off effects of Statement of Financial Accounting Standards (SFAS) No. 142, which was ...
Inclusion in the California Public Employees' Retirement System's Focus List is positively related to company performance. This ...
The authors present evidence that institutional investors who are the most frequent traders have information that allows them to ...
Several recent and widely publicized breakdowns in corporate ethical standards and the resulting loss of investor confidence have ...
In theory, discounted cash flows (DCFs) set prices in well-functioning capital markets. In practice, investment managers attach ...
Companies that consistently make detailed, timely, and informative disclosures face lower costs of public equity and debt ...
Publicly available fee disclosures have been used by investors and regulators to assess various matters, including the quality of ...
Risk can be both a threat to a company’s financial health and an opportunity to get ahead of the competition. Most analysts, when ...
This article addresses the following key points: Forty percent of the companies in the S&P 500 have business ...
At its core, the goal of a company is to create value. And corporate governance should work to ensure that this value is ...
The authors use more than 5,000 open-market repurchases from 1980 to 1996 to evaluate three economic motives ...
The authors study the effect of the tax deductions that companies obtain when employees exercise stock ...
The authors compare market reactions to acquisitions by large companies with reactions to those by small ...
The authors find that increased disclosure reduces the diversification discount long recognized in ...
The authors analyze whether portfolios of well-governed European companies perform better than those of ...
The mutual fund industry has undergone tremendous change in the past 60 years. Total assets, number of funds, ...
The mutual fund industry has undergone tremendous change in the past 60 years. Total assets, number of funds, and fund costs have ...
Use of the weighted-average cost of capital (WACC) in real-option valuation is an alternative to using risk-neutral real-option ...
This study applied the three-factor model to A-shares in the Chinese equity market, one of the fastest growing markets ever. The ...
Many investors perceive, based primarily on anecdotal evidence, that analysts do not act independently. What the authors of this ...
Alessandra Poles' thesis, "Predicting Takeover Targets in the European Utility Sector," was the winner of the Italian ...
A comprehensive summary of the ETF and ETP industry including data on asset class, trading volume, providers, and exchanges ...
This article looks at how risk premiums affect investing, valuation, corporate finance decisions, and potential shifts in ...
Closely held family businesses vary in their level of financial sophistication. This study by two professors at Bocconi ...
This white paper examines the evolving role of CFO within businesses globally.
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Standards of Practice Handbook, Tenth Edition (effective 1 July 2010)
Australia
Global Market Sentiment Survey 2012
Shareholder Rights in Asia: Are Shareholders Flexing Their Muscles to Protect Themselves?
Asia-Pacific REITs—Building Trust through Better REIT Governance
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