The authors show that the creditworthiness of euro-region countries affects the volatility of those ...

Following the recent global crisis, the concept of a macroprudential orientation in strengthening regulatory ...

Metropolitan areas are associated with higher costs of living and, therefore, higher wage demands from ...

The author discusses the benefits and costs to a nation of its currency serving as a reserve currency. The ...

A quantitative easing monetary policy was implemented by the Bank of Japan in March 2001. The authors develop a new method of ...

Buffett's comparison of his tax rate versus his secretary's uses questionable inconsistencies to emphasize his point.

Debt, deficit, and demographics - the 3-D hurricane - is heading to the shores of all developed economies. It threatens to alter ...

Speaker: Axel Merk Founder of the firm bearing his name, Axel Merk is an expert on macro trends, hard money, international ...

A good primer for critical thinking in the presence of credentialed bluster.

The Asia Pacific Investment Conference will bring together noted researchers, speakers, writers, investment professionals, ...

“Where you have problems to solve, you have investment opportunities”—Renée Blasky, CFA, on why she’s “very positive” on East ...

In A Decade of Debt, economics professors Carmen M. Reinhart and Kenneth S. Rogoff document that the public and private debts of ...

Using a large sample of countries and 60 years of data, the authors found a strong and intuitive link between demographic ...

Neil Record reviews the scenarios for Euro default and the Eurozone breakup. Three versions of the webcast are available (summary ...

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.

Michael Pettis discusses the growth model in China and the myriad ways they are misallocating capital — setting the stage for a ...

The Oxford Global Investment Risk Management Programme demonstrates how to identify the most important risks in global investment ...

Lower expectations for economic growth and capital markets returns stem from increasing indebtedness and deficits, as well as ...

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

Capturing the changes in the term structure of interest rates is important to capture the market's expected impact and timing of ...

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

Stephen G. Cecchetti discusses commercial bank leverage, calculating risk weightings, and the long-term effects of excessive ...

Nader Mousavizadeh explains how a fragmentation of power, capital, and ideas are changing global politics and economics. More ...

Roger Bootle shares his views on concerns about the relative size of pay and performance in the financial sector as well as what ...

Simon Johnson shares his views on how to manage systemic risk in banking. The Take 15 Series is a series of short interviews ...

Roger Bootle examines the practical and intellectual origins of the crisis and its historical context and discusses the flaws ...

Simon Johnson examines three types of fiscal crises: The nightmare scenario, the preemptive model, and the head-in-the-sand ...

Recovery from the global financial crisis has been slower than expected. The author hypothesizes that government activism has ...

The New Management initiative at Samsung has helped it become a global corporate giant. The authors discuss the strategy and ...

The author addresses the seemingly conflicting notions of democracy and Islam within the Muslim world. The desire of some Muslims ...

Fighting between the U.S. political parties is having a detrimental effect on U.S. businesses. As the ideological debate ...

IMF working paper that discusses the significant decrease in the velocity of collateral post-Lehman Brothers.

Despite the Fed’s efforts to inject liquidity into the banking system during the 2007–09 financial crisis, U.S. commercial banks ...

The authors test whether long-bond yields and relative stock and bond market volatilities are as effective in explaining earnings ...

Data about municipal bond ratings of various U.S. states provide information for investors that inevitably impacts relative ...

Modeling the ongoing elusiveness of vigorous economic recovery from the “Great Slump” of 2007–2009, the author blames the ...

Export-led development in China combined with overconsumption in the United States has dominated the global economy for much of ...

The approach to money, credit, and asset prices that investors have used for the past 20 years is now defunct and has to change ...

The authors use a factor model to identify the Swiss franc and Japanese yen as safe haven currencies. A safe haven currency is ...

This article is a speech William C. Dudley, President and Chief Executive Officer of the Federal Reserve Bank of New York, gave ...

Tina Vandersteel, CFA, offers a model for understanding how economies control the movement of capital into and out of their ...

Daniel J. Fuss, CFA, shares his thoughts on the current economic crisis and global markets.

Paul McCulley, former senior partner at PIMCO, discusses a simple tripartite model for understanding geopolitical events and how ...

Join Riccardo Barbieri of Mizohu Securities and Toby Nangle of Baring Asset Management for a discussion of the sovereign debt ...

Dr. O'Neill discusses the changing dynamics of the world economy and the rapid rise of the importance of the BRIC nations. He ...

The Final Report of the Private Sector Taskforce of Regulated Professions and Industries (PSTF) was presented to the G-20 ...

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

Sean J. Egan examines the drives that caused the global economic breakdown and some newly developing credit crisis possibilities. ...

The seriousness of the European debt crisis could infect the United States. Likelihood of bank runs in Europe is even greater ...

The author examines some of the more famous market bubbles in history and the extreme volatility and drawdowns they experienced, ...

Summary of risks given that central banks are pursuing independent strategies for the benefit of their own countries.

“A wiser course for regulators would be to pursue greater oversight of lending standards and remain vigilant to the potential for ...

Will the continent become the next major global investment story?

The primary drivers of global oil demand—population trends, supply availability, economic activity, ...

As investors think about future returns, they should focus on their risk capacity rather than their current appetite for risk and ...

The development of the Gulf Cooperation Council region should involve a web of regional, not national, industrial policies. The ...

For the first time since World War II, sovereign debt sustainability is affecting advanced economies rather than emerging markets ...

This article describes the structural linkages between import model countries and export model countries. It also illustrates how ...

Michael Pettis discusses the strengths and vulnerabilities of China’s current investment model, including the effectiveness of ...

Michael Pettis reviews the growth track record of China over the past decades and discusses how rebalancing from an investment ...

The authors examine the investment stimulus policy suggested by the Obama administration and suggest alternatives that could be ...

In laying out a plan of policy prescriptions for averting a repeat of the collapse of Fannie Mae and Freddie ...

Some argue that South Asia’s burgeoning export services sector refutes the traditional model of economic development, which ...

The author believes that fears of deflation are too widespread. He suggests that deflation does not cause weak demand but is a ...

The law of one price for traded goods and absolute purchasing power parity do not explain price differences for the same goods ...

The authors test the validity of uncovered interest rate parity (UIP) theory, which states that the difference in interest rates ...

This report summarizes a symposium held in June 2011, sponsored by the Harvard Law School’s Program on International Financial ...

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

This article illustrates why government spending will not create economic growth, particularly when aggregate debt levels are ...

The euro needs an adjustment in the direction of competiveness and flexibility.

International Monetary Fund research report about the possible spillover effects on the global economy from the European ...

The 15th annual World Wealth Report from Merrill Lynch Global Wealth Management and Capgemini surveys the high-net-worth ...

The 15th annual World Wealth Report from Merrill Lynch Global Wealth Management and Capgemini surveys the high-net-worth ...

The 15th annual World Wealth Report from Merrill Lynch Global Wealth Management and Capgemini surveys the high-net-worth ...

Ed Devlin assesses sovereign default and currency risk in developed economies relative to emerging markets. He also examines how ...

Jeffrey E. Gundlach discusses investment challenges in the current U.S. economic climate and how to find value through asset ...

Panelists at this CFA San Francisco event present their outlooks on the fixed income market. Moderated by Renee Kuo   Dean ...

William C. Dudley, president and chief executive officer of the Federal Reserve Bank of New York, highlights how the recent ...

The panelists discuss the outlook for various asset classes. Topics include the strategic horizon perspective and the ...

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

Sanusi Lamido Sanusi explains the challenges facing the Nigerian financial sector and the bold reform agenda being pursued.

Raghuram Rajan, author of Fault Lines, provides an analysis of long-term U.S. policies that led to the creation of a large ...

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

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

Andrew Smithers discusses why the U.S. equity market is currently overvalued and argues that central banks should be encouraging ...

Felix W. Zulauf shares his investment philosophy and his views on the Euro and investing in gold. The Take 15 Series is a series ...

What have economists learned from the financial crisis? Gavyn Davies discusses this question, whether governments and central ...

Dylan Grice describes Japan’s unprecedented predicament of being a large creditor nation with a bankrupt government and a ...

David Blanchflower discusses the social and economic implications of the wage curve and the spreading sovereign debt crisis. He ...

Latin America creates an interesting set of investment opportunities in light of its potential for economic growth and the ...

Pippa Malmgren discusses the importance of understanding the relationship between inflation and recent geopolitical developments. ...

Russell Napier, ASIP, argues that central bankers are now targeting credit growth instead of inflation. He discusses how asset ...

James Grant argues for the introduction of a new gold standard in light of the costs of maintaining a paper dollar standard. ...

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

Brian D. Singer, CFA, explores new frameworks and best practices for allocating risk capital globally and discusses global risk ...

The author uses market expectations of real GDP, inflation, and future monetary policy, interpreted as the federal funds rate, to ...

The author discusses central bankers’ shift in focus from inflation to financial stability in the aftermath of the financial ...

Using quarterly data from 1960 (United Kingdom), 1963 (United States), and 1977 (Japan) through the second quarter (Q2) of 2010 ...

The author recounts some of economist Raghuram Rajan’s history and describes how Rajan saw the elements of a financial disaster ...

Is higher turnover in FX markets proof of greater liquidity or merely an illusion?

The authors empirically examine discretionary fiscal policy using data from the European Union for the period of 1970–2004. They ...

To understand how the global financial crisis erupted in late 2008, the author believes the fundamental question should be, “Why ...

The author presents a business cycle model of sudden-stop events in emerging market countries. The model invokes a collateral ...

The author describes China’s steady transition to the world’s second largest economy. Because of gradual currency reforms, the ...

Membership in public service unions has grown during the past 30 years. But governments can no longer afford to give in to union ...

The authors examine various periods of quantitative easing (QE) use by central banks during the past two decades. They find that ...

The author describes the use of quantitative easing by the U.S. Federal Reserve since 2008. He shows that the Fed’s actions were ...

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

James G. Rickards discusses the principal geopolitical risks affecting investors today and how to integrate these risks with ...

John Authers examines the growth of the financial markets and offers a big-picture view of some of the main events of the past ...

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

In this book, Professor Laurence Kotlikoff explains what he believes is wrong with the current financial system and how his ...

This report assesses key risks facing the global financial system, focusing on those that represent systemic vulnerabilities. ...

This article explores the efforts of Singapore, Hong Kong, and Australia to attract Asian asset management activity through tax ...

This report summarizes a symposium held in March 2011, sponsored by the Harvard Law School’s Program on International Financial ...

Kevin Kajiwara discusses geopolitical trends, including current events in the Middle East. He focuses on how geopolitics is ...

Avinash D. Persaud discusses what drives currency value and changes in exchange rates. In his analysis, currencies are like ...

Kevin Kajiwara discusses the global investment implications of current geopolitical trends and risks. The Take 15 Series is a ...

Robert Arnott describes a daunting capital market environment that will struggle to perform in the face of three challenges: ...

Roger Lowenstein discusses the continued importance of Wall Street but takes issue with abusive practices that led to asset ...

Dr. Amlan Roy discusses the implications of demographic trends for geographic regions, countries, and industries. He discusses ...

Dr. Aubrey de Grey discusses the field of regenerative medicine, including molecular regenerative medicine, a field that may ...

This session, presented in German, discusses organizational and financial solutions to the problems presented by aging ...

William Poole discusses the history of the Federal Reserve in the United States and the evolution of its mandates over time. The ...

Vincent L. Childers, CFA, discusses how inflation impacts investment portfolios and how an explicit hedging strategy might be ...

William Poole discusses the European debt problem, the future of the monetary union, and the implications for the global economy ...

Does more transparency and communication from central banks have economic benefits? This New York Fed staff paper examines a ...

India has emerged from the 2008 financial crisis barely scathed and with a very bright future. Foreign ...

Investors have learned from the global financial crisis that markets are adaptive, complex networks and that risk is not ...

Most explanations of the 2007–08 financial crisis—including excessive leverage, subprime mortgages, exotic derivatives, reckless ...

Will the reach of mandatory clawback policies exceed investors’ grasp?

Can Austrian economics give investors an advantage?

Sector analysis and fundamental analysis ought to have a complementary relationship.

The greatest macroeconomic risk for investors today is not inflation but deflation.

Economies and markets are facing a fundamental shift, according to demographic expert Richard Hokenson. In the ...

In this book, the author presents a multidisciplinary framework for thinking about and identifying forthcoming financial bubbles ...

The author evaluates why the cyclically adjusted price-to-earnings ratio (CAPE) may be biased, including changes in the ...

Chinese companies have recently been purchasing international companies despite some rising opposition. The author ...

This working paper makes the case that the large foreign-reserve buildups by China may be a natural consequence of rapid economic ...

Abby Joseph Cohen, CFA, examines the U.S. economy from a global perspective. She analyzes the growth outlook in the United ...

India’s growth may exceed China’s, but investors will need savvy and a long horizon. (Career prospects for ...

As director of the U.S. government’s financial intelligence unit, James H. Freis, Jr., CFA, is responsible for a network charged ...

Why is the Federal Reserve following the lead of a thrice-rejected 19th century presidential candidate?

This book is more than a recapitulation of the worst U.S. financial crisis since the Great Depression. It is also a portrayal of ...

Alexander Van Kemenade discusses China's 12th five-year plan, which includes higher efficiency in the use of energy, water, and ...

PWC models bilateral trade involving sea and air freight between 29 economies over the next two decades and projects the most ...

This 2011 Ernst & Young report shows how three underlying drivers (demographic shifts, reshaped global power structure, and ...

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

In the context of the switch to free-float weighting in the S&P 500 Index, this study of the effect of the availability of ...

In The Death of Capital, a remarkably entertaining and thought-provoking postmortem on the Great Crash of 2008, Michael E. ...

Intellectual failures in economics and finance informed the policy and investor decisions that led to the credit crisis, but ...

The financial crisis that Japan suffered 20 years ago is similar to the financial crisis the United States and other countries ...

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

David Rosenberg reviews current U.S. Federal Reserve policy and comments on the state of the U.S. economy and its outlook for the ...

Willis Sparks emphasizes the rising importance of emerging markets, discussing in particular energy resources and the politics ...

Matt King examines how excessive debt at the household, corporate, and government levels has led to a lack of response to the ...

In the Federal Reserve Bank of St. Louis Review, James Bullard’s paper on the “Seven Faces of ‘The Peril’” discusses the ...

NYSSA’s annual Wealth Management Summit is a leading forum where financial advisers, RIAs, private bankers, family offices, ...

James Grant shares observations on U.S. monetary policy, interest rates, and asset prices at the 2010 Value Investing Conference ...

The author focuses on the need for coordinated efforts in currency management on a global basis and explains that such efforts ...

The authors show that inefficiencies in the U.S. market for inflation-linked bonds can be exploited by informed traders who ...

From banks to retail grocery firms, Russia may offer “the best prospects for making money in the emerging markets,” say ...

Vertin Award recipient Roger Clarke explains why quantitative models broke down as a result of the credit collapse and how ...

“The opportunity set is stretched, and this makes ‘normal’ choices risky,” says Roger Urwin.

Conventional economics and the models it uses failed to forecast the recent financial crisis. As a result, the use of dynamic ...

Ben Bernanke, the U.S. Fed chairman, has acknowledged the uncertain economic outlook but has said that the Fed wants to see ...

In his presentation on China’s evolving economy, Donald H. Straszheim discusses the relative importance of its domestic demand ...

Stuart Kirk discusses the high and rising deficits in developed countries and their strong desire for austerity measures going ...

Tom Fahey examines portfolio balance during the boom/bust credit cycle and fixed-income portfolio protection during periods of ...

Richard Koo discusses effects on Japan’s economic growth and policy responses from the real estate bubble that burst in Japan 20 ...

Simon Johnson discusses the dangers of concentrations of economic and political power in this podcast based on his book, 13 ...

Sean J. Egan looks at the future of the structured finance and securitization markets in this webcast. He also investigates the ...

An analysis of what currently ails the U.S. economy, Seeds of Destruction offers a set of centrist, nonpartisan public policy ...

The investment industry was severely affected by the global financial crisis of 2007–2009, and changes will have to occur. In ...

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

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 ...

Steve Xu from the Economist Group discusses China’s economy, including real estate, the automotive industry, currency, and ...

At the CFA Institute 2010 Annual Conference in Boston, Jason Zweig sat down with legendary investor Seth Klarman to gain insights ...

While the world’s attention has been focused on the global financial crisis, other dramatic, but ...

The developed world has come to think of a financial crisis as something that occurs only in less economically advanced ...

Will the challenge of developing new and better sources of sustainable energy provide profitable investment opportunities?

Dazzled by Brazil’s vast potential, are investors overlooking the risks?

The global financial crisis has been very traumatic, and its effects will be felt for at least a generation. ...

During the credit crisis, governments rescued ailing banks. Soaring corporate profits and low interest rates caused stock markets ...

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 ...

China is being blamed for various economic issues in the United States. Although China may have a part in the problems, the ...

The recent decline of the euro is in stark contrast to the strength, high expectations, and popularity of the euro a few years ...

The author reviews the role of monetary and fiscal policy in the financial crisis and concludes that the deviation from ...

The authors evaluate the long-run relationship between stock prices and goods prices and establish that stock investments provide ...

The potential for deflation to occur is becoming more realistic. Although deflation is not imminent, the author identifies a ...

The authors investigate the effects of government debt levels on growth and inflation rates. They find that growth rates fall in ...

In this webcast, George Cooper discusses the origins of financial market instability as well as his belief that appropriate ...

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

Jerome Booth describes in this webcast the investment opportunities in emerging markets and why investors should broaden their ...

This book’s contributors emphasize ways in which the evolution of global markets has necessitated a fresh look at financial ...

When the Bank of England was given the nickname “the Old Lady,” the British government enjoyed low interest rates even as its ...

In this webcast, Niall Ferguson discusses the fragility of the American Empire and global shift in economic power, the myth of ...

Members: Access the getAbstract book summary for The Squam Lake Report by clicking the "Read" button and navigating to ...

Discover what financial professionals think about marketplace ethics in the wake of the global financial crisis. James Allen, ...

In this webcast, Ronald Liesching discusses whether the U.S. dollar is the best currency unit in which to store wealth, the ...

This book provides an in-depth analysis of the 2007 global mortgage meltdown and the future of the securitization industry. It ...

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 ...

Although finance professors and their theories of market behavior started out in relative obscurity, they have gained prominence ...

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

In this podcast, Michael Kurtz discusses the structural bear case for Chinese equities, the renminbi and positioning a portfolio ...

In this webcast, Ian Bremmer discusses how governments are driving local economies, how sovereign wealth funds and ...

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

In this webcast, Richard C. Koo discusses the following: The four kinds of banking crises, their different solutions, and ...

In this podcast, Jeremy Grantham discusses how as the share of GDP devoted to financial services has grown, corporate savings, ...

In this podcast, Daniel J. Fuss, CFA, John V. Malvey, CFA, William L. Nemerever, CFA, and Marc P. Seidner, CFA, analyze the ...

In this webcast, David M. Blitzer discusses the S&P 500, compares index protection strategies, and describes how the S&P ...

The author found that there is a significant effect of housing wealth on consumption attributable to a reduction in precautionary ...

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

John Y. Campbell’s presentation analyzes seven major currencies and why only some provide an effective hedge against equity risk, ...

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

Before a banking crisis, an increase in lending to households and enterprises often occurs. The authors find that growth in ...

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

The authors examine whether fair value accounting contributed to the severity of the 2008 financial crisis and the demise of ...

The author reviews the credit default swap market and investigates its role in the financial crisis. He concludes that the ...

Now that the global crisis has passed, policymakers must balance preserving fragile economic recoveries with weaning their ...

The author examines the perception of a shift in power from the Western world to Asia. Currency movements may have exaggerated ...

The authors investigate whether competitive industries that experience valuation, investment, and financial booms are prone to ...

The eurozone’s lagging economies (Greece, Portugal, Spain, Italy, and Ireland) are at a competitive disadvantage with the ...

The author defends the efficient market hypothesis, which has been blamed for the present financial crisis. He explains the ...

The authors review the causes of the financial crisis and present evidence that “too big to fail” institutions grew faster than ...

During 1975–2005, world equity markets were negatively correlated with oscillations in the U.S. dollar, euro, and Swiss franc ...

The author argues that higher inflation would help solve many of the problems in developed economies. Achieving an inflation ...

The authors identify and test two hypotheses related to stock market mispricing levels and volatility: the money illusion ...

Although the debt problems of Greece are receiving a lot of media coverage, the bigger problem for the survival of the eurozone ...

The authors found that news related to the financial crisis and sovereign wealth fund investments in U.S. and European firms not ...

FAJ editor Rodney Sullivan, CFA, recently sat down with former Federal Reserve Bank president William Poole for an interview ...

Germany has had two strategic objectives for many years—sound money and European integration. The current economic situation in ...

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

Dr. Ariely walks us through a series of illuminating experiments to refute the assumption that we behave in rational ways. He ...

In this seminar, recorded on 21 April 2010, Bradford Cornell offers insights into likely future returns to equity investments. ...

At a Toronto CFA Society lunch event on 8 April 2010, Ralph Layman, CFA, president and chief investment officer of International ...

The Financial Market Integrity IndexTM gauges the perceptions of CFA charterholders about the ethical behavior of financial ...

The Financial Market Integrity IndexTM gauges the perceptions of CFA charterholders about the ethical behavior of financial ...

The authors dismiss such standbys of conventional wisdom as targeting 75–85 percent of pre-retirement income as retirement ...

Andrew Smithers blames the global financial crisis on “the actions of incompetent central bankers.” He argues that central banks’ ...

Hunter Lewis offers a critique of Keynesian economics from the perspective of the Austrian school of economics, which used to be ...

The Financial Market Integrity IndexTM gauges the perceptions of CFA charterholders about the ethical behavior of financial ...

The Financial Market Integrity IndexTM gauges the perceptions of CFA charterholders about the ethical behavior of financial ...

The Financial Market Integrity IndexTM gauges the perceptions of CFA charterholders about the ethical behavior of financial ...

The Financial Market Integrity IndexTM gauges the perceptions of CFA charterholders about the ethical behavior of financial ...

In this interview, Neil Record discusses currency as an asset class, especially from the viewpoint of investors in Asia. Topics ...

This book showcases Graham’s important contribution to remaking investment analysis into a profession. It collects, for the ...

In this podcast, David P. Sanders, CFA, discusses the following: Overview of the equity investment opportunity set in the ...

The financial crisis has deteriorated the risk of some European sovereign governments. This video explains the challenges facing ...

In this article, George Athanassakos traces the 25 year bull market in interest rates and highlights the components of rates ...

The Global Interdependence Center (GIC) partnered with the CFA Society of Philadelphia, the Federal Reserve Bank of ...

Expertise and fancy job titles don’t impress fortune.

Will a dominant financial center emerge in the Middle East?

Watch a presentation on China's long-term outlook from Deutsche Bank's chief economist for Greater China. Also included in this ...

Karthik Ramanathan offers insight into the U.S. Treasury Department’s actions during the financial crisis and its outlook for the ...

Deflation will be the overriding economic concern during the next three to five years for several reasons. First, as Irving ...

The global financial crisis has exposed the weak links in the world’s economy in general and in Europe’s economy in particular. ...

The MENA (Middle East and North Africa) region is an emerging market region that comprises 12 nations with a wide range of market ...

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

In this presentation, Dr. Lo presents a perspective in which behavioral and rational market dynamics can co-exist. By using ...

In this video presentation, noble laureate Paul Krugman shares his views on the recent financial crisis and the lessons that have ...

Because the annual inflation rate is currently at −2.1 percent, inflation appears to be the least of our concerns. The author ...

Portfolio choices can be influenced by how much patience investors have. Although this factor may not be apparent in a market ...

The authors claim to provide the first empirical analysis of credit contagion that occurs with direct counterparty effects when ...

Before the 1990s, many thought that Japan would become a dominant world economic power. Since then, however, Japan’s economy has ...

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

The author claims that the current global credit crisis is not unique. He examines financial history as far back as the 1600s ...

The concept of paying interest, a straightforward financial transaction in the West, has proven to be a difficult challenge for ...

The authors document a relationship between the output gap and U.S. stock returns. The relationship is both economically and ...

The author considers the role of young, working-age adults in stimulating economic growth, particularly in emerging economies. ...

In response to the recent financial stress in the U.S. economy, the U.S. Federal Reserve substantially lowered the federal funds ...

Purchases of U.S. Treasury securities by the U.S. Federal Reserve in 2009 have prompted concerns that the Fed may monetize debt ...

The U.S. government appears to be committed to supporting any large bank that gets into trouble. A bailout environment distorts ...

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

The authors evaluate whether governments in countries that are a part of the Organization for Economic Cooperation and ...

The authors study the investment decisions made by mutual fund managers during the technology bubble in the late 1990s. They ...

The author encourages those who are investing for retirement to plan for investing in a financial system that has become ...

It is often assumed that sophisticated investors make markets more efficient. The author explores how strategy crowding and the ...

The authors examine the information content of economic value added (EVA) to determine its value in portfolio construction and ...

The author examines the causes of the current weakness in the U.S. dollar and suggests that the currency is susceptible to a ...

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

The authors compare U.S. and Chinese trade negotiations across Asia. They suggest that because of China’s greater dexterity in ...

Financial models can be extremely helpful in adding disciplined thinking to the investment decision-making process. A failure to ...

Developed economies have experienced several boom-and-bust cycles during the last two decades. In each case, overly expansive ...

The outlook for the U.S. stock market looks favorable for the next two years. But the final phase of the bear market will begin ...

The author compares the current financial crisis in the United States with past crises in developing countries and finds them to ...

Recent events have highlighted the fact that investors still do not understand how markets work. The author reviews how leading ...

The authors provide evidence that the relationship between monetary policy and bond market returns, as documented in various ...

The authors examine the comovement of global equity markets at the sector level. Studies have indicated that the comovement of ...

The author examines the way emerging markets have coped with the global financial crisis and finds they have, in general, fared ...

The author highlights the importance of understanding the critical role of the Russian government in determining business ...

The global financial crisis has exposed the weak links in the world’s economy in general and in Europe’s economy in particular. ...

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

Over the past four centuries, financial crises have occurred at semi-regular intervals of approximately once a decade. Their ...

The performance of equity investments is inextricably linked to economic growth. Nonetheless, few studies on investing have ...

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

The author compares China today with Japan in the 1980s. Although the two share similar worrisome signs of elevated stock and ...

The authors analyze comovement between market indices of various countries to determine how changes in quantiles of a given ...

This monograph is a collection of articles by distinguished academics and practitioners who are known for their wisdom regarding ...

This is an archived recording of a presentation featuring Cato Institute fellow and former Federal Reserve president, William ...

In this episode, Jie Gan evaluates China’s role in the global economy.

SuperFreakonomics: Global Cooling, Patriotic Prostitutes, and Why Suicide Bombers Should Buy Life Insurance, written by ...

On 9 October 2007, the Dow Jones Industrial Average reached a high of 14,164.53; by 9 March 2009, it had dropped about 54 ...

In 2004, NASDAQ launched its dual listing program, which allows NYSE-listed companies to list concurrently on NASDAQ. ...

Over the past four centuries, financial crises have occurred at semi-regular intervals of approximately once a decade. Their ...

The performance of equity investments is inextricably linked to economic growth. Nonetheless, few studies on investing have ...

In this podcast, Jason DeSena Trennert discusses the following: Possible outcomes and unintended consequences of the ...

The global financial crisis of 2007–2009 is unprecedented in modern times. Nevertheless, it can be better understood by taking a ...

For better or worse, we live in interesting times, particularly from a macroeconomic perspective. Indeed, the times are forcing a ...

Developed economies have experienced several boom-and-bust cycles during the last two decades. In each case, overly expansive ...

In 1991, India embarked on a policy of economic liberalization that has been hugely successful in terms of raising living ...

Financial models can be extremely helpful in adding disciplined thinking to the investment decision-making process. A failure to ...

The outlook for the U.S. stock market looks favorable for the next two years. But the final phase of the bear market will begin ...

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

This foreword is front matter in the Research Foundation book Insights into the Global Financial Crisis.

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

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

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

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

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

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

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

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

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

Since the enactment of the Markets in Financial Instruments Directive (MiFID) in Europe on 1 November 2007, European equity ...

This PDF from Annaly Capital Management covers trends in mortgage securitization markets and economic commentary.

This article discusses portfolio strategies for fixed income managers in the aftermath of the financial crisis.

This simple but comprehensive introduction to Islamic finance is reader friendly and wide in scope. It covers the basic concepts, ...

The global economic crisis in September 2008 was preceded by the crises of 2007: the subprime mortgage crisis, the corporate ...

The author proposes three areas of securities regulation reform as a way to restore the trust of the investing public in ...

The authors add their ideas to the ongoing discussion about causes of the credit crisis. They also consider reasons that asset ...

The authors measure how a bank loan’s terms (its spread, amount, and maturity) vary with the degree of property rights and ...

The author explores the role of fiscal policy in stimulating the economy. He first examines the history of fiscal policy and ...

Many countries, including the United States, are using both monetary and fiscal policy actions to combat the economic downturn. ...

The author examines evidence that the revival of discretionary fiscal policy will not contribute to sustained economic recovery. ...

Although the Russian stock market has been among the best performing in the world through mid-2009, international investment ...

The authors analyze IPO underpricing in the United Kingdom for the period of 1917−2007, particularly emphasizing the subperiods ...

The authors answer the question of whether fiscal policy is an effective way to stimulate a weak economy. They believe the ...

The author examines conflicts of interest in the financial system and their contribution to the current financial crisis. He ...

The Fed model is a valuation tool that is widely used and quoted by financial practitioners. The model compares the forward ...

U.S. share prices hovered around $35 in nominal terms from 1933 through 2007 because of a tendency for companies to split their ...

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

The worldwide economy is experiencing a severe, synchronized, global recession. Aggressive policy decisions by several ...

Humiliation, fear, and mistrust are elemental human emotions that are driving the responses of several nations to current ...

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

China is broadening its global economic footprint by engaging in a joint venture with Pakistan to create a special industrial ...

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

The authors consider two psychological attributes that may play a role in investors’ tendency to trade stocks—sensation seeking ...

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

In the midst of the current financial crisis, many have questioned market-based capitalism. The author explores the question and ...

Many have compared the market crash in October 2008 with the Great Crash of 1929, but their goal has been to encourage ...

The author discusses side effects of the government bailouts. In particular, he expresses concern about the bailouts causing a ...

Purchases of U.S. Treasury securities by the U.S. Federal Reserve in 2009 have prompted concerns that the Fed may monetize debt ...

The U.S. government appears to be committed to supporting any large bank that gets into trouble. A bailout environment distorts ...

This article tracks changes in the U.S. mortgage finance markets before and after the financial crisis, highlighting the ...

In this webcast, Martin Wolf gives an overview of the European economy in the global crisis. Download podcast version

In this webcast, Christian Gattiker-Ericsson, CFA, discusses the following: Where we are in the deleveraging process, and ...

In this seminar, recorded on 13 October 2009, professors Hersh Shefrin and Meir Statman discuss the global financial crisis and ...

In this article, John Cassidy discusses how individually rational behavior can lead to crashes in the economy when aggregated ...

In this webcast, Van R. Hoisington discusses the following: The Irving Fisher/Milton Friedman conflict Monetary ...

In this podcast, James Grant discusses the following: The ability of the U.S. Federal Reserve and other central banks to ...

In this webcast, Curtis Arledge discusses the following: Integrating the economic and policy effects of house prices, ...

In a rare event, three Nobel prize winners in economics discuss retirement: theirs, that of the current generation approaching ...

The second edition of this manual, originally published in 2005, updates principles that help guide investors and shareowners in ...

The authors investigate the effect of securitizing mortgages by analzying the market for jumbo mortgages, ...

Intraday trading-price limits on individual securities exist in some markets—for example, in futures trading on the Chicago ...

Innovation in global equity markets and the move from traditional trading floors to electronic trading have gained momentum ...

In the early 1990s, the economic bubble in Japan burst and produced many insolvent commercial companies. Banks could either ...

The 2007–08 financial crisis put the U.S. Federal Reserve on center stage in the largest financial meltdown in recent history. ...

Numerous studies have examined the impact of macroeconomic variables as well as shifts in monetary policy regimes on stock market ...

The key question about the current financial crisis is how so many investors could have mispriced risk in the same way and at the ...

The authors examine whether managers withhold or delay the release of bad news compared with good news. They conclude that, on ...

The author offers a commentary on the primary causes of the current financial crisis. The interaction of a ...

U.S. budget deficits are again reaching record proportions, and concern has grown over the impact that ...

A selective review of economic academic literature indicates that energy price shocks are transmitted through ...

The author investigates the impact of U.S. monetary policy announcements on equity indices in Asia, Europe, ...

The author outlines optimal central banking and monetary arrangements for emerging markets nations. He ...

This was published as an Item of Interest.

The Financial Market Integrity Index was developed by the CFA Institute Centre for Financial Market Integrity to gauge ...

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

In this webcast, Marc Faber discusses the following: Analyzing the effects of the interconnectedness of global economies, ...

In this podcast, Bruce Greenwald discusses the following: Foreign trade policy Global currency ...

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 video interview by Harvard Business Publishing, Niall Ferguson, the author of the The Ascent of Money, shares his views ...

Fears about capital preservation have made offshore investing a popular option. But the rules of the game are ...

Is network theory the best hope for regulating systemic risk?

When the Aureodigititis Foundation calls, give generously. The career you save may be your own.

Analysis of the modern role of government in providing stimulus rather than leadership.

This webcast, entitled "2009 Global Corporate Credit Outlook," was contributed by the New York Society of Security ...

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

“The Future of Ireland Inc.?” was a question-and-answer panel discussion hosted by CFA Ireland on 10 June 2009. The panel ...

The Financial Market Integrity Index was developed by the CFA Institute Centre for Financial Market Integrity to gauge ...

The Financial Market Integrity Index was developed by the CFA Institute Centre for Financial Market Integrity to gauge ...

The Financial Market Integrity Index was developed by the CFA Institute Centre for Financial Market Integrity to gauge ...

The Financial Market Integrity Index was developed by the CFA Institute Centre for Financial Market Integrity to gauge ...

The Financial Market Integrity Index was developed by the CFA Institute Centre for Financial Market Integrity to gauge ...

This five-volume set of 114 articles, edited by the prominent financial economist Andrew Lo, brings together many of the most ...

Sean Egan of Egan-Jones Ratings Company talks about conflicts of interest for credit rating agencies and the ...

What are the implications for markets, independent standard setters, and self-regulation?

The conventional view of the stock market at the end of the 1920s is that it was overvalued as a result of investor ...

During the last few years, International Financial Reporting Standards (IFRS) have been either required or adopted by ...

Investor losses related to subprime mortgage securities have exceeded $200 billion and are causing a painful ...

The authors develop a general equilibrium pricing model that helps explain behavior, such as contagion and the flight ...

The key question about the current financial crisis is how so many investors could have mispriced risk in the same way and at ...

This IBM Institute for Business Value publication explores how the recent financial crisis exposed problems with creating and ...

In this webcast, Marvin Zonis discusses the following:  Why now, more than ever, political risk analysis is an essential ...

In this podcast, Peter Schiff discusses the following: What will be the next stage of the financial crisis, and how should ...

In this webcast, Whitney Tilson discusses the following: Causes and consequences of the "great U.S. housing ...

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

In this webcast, William Poole discusses the following: Bailouts and the mispricing of risk The instability of a ...

In this webcast, Nouriel Roubini discusses the following: Outlook for the U.S. and global economy Should we worry ...

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

In this webcast, Byron K. Pope, CFA, discusses the following: What role can the service sector play in a world where ...

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

Through an investigation of the writings of professional economists and central bankers, with due consideration to economic ...

To reap the greatest rewards of a diversified portfolio, savvy investors will incorporate shares in companies around the globe. ...

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 practices, recent ...

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 practices, recent ...

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 practices, recent ...

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 practices, recent ...

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 ...

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 practices, recent ...

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 practices, recent ...

Shareowner Rights across the Markets: A Manual for Investors provides a brief summary of the current ...

Shareowner Rights across the Markets: A Manual for Investors provides a brief summary of the current ...

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 practices, recent ...

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 practices, recent ...

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 practices, recent ...

Shareowner Rights across the Markets: A Manual for Investors provides a brief summary of the current practices, recent ...

In this webcast, Paul L. Kasriel discusses the following: Recognizing the bottom Grading the government ...

An interesting perspective on recent trends in the U.S. housing market is gained by noting how housing prices correspond to per ...

Previous studies suggest that trading-volume measures may proxy for a number of factors, including liquidity, momentum, and ...

This book contains 25 articles on various aspects of Islamic finance written by some of the leading authorities in the field. The ...

The fault lines of the financial landscape are moving. What will be left standing?

The credit default swap index, the most credit-sensitive security, can provide an early warning of broader future ...

Current market conditions, dire as they are, represent not a black swan but a predictable surprise. Unfortunately, ...

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

Over the last 15 years, the traditional funding process, with its clear checks and balances, largely disappeared. ...

The world is currently navigating through difficult economic and financial times. But the current crisis is more than ...

Using a five-stage framework not unlike the five stages of grief reaction can help us take stock of the worldwide ...

In this seminar, William Goetzmann and K. Geert Rouwenhorst help participants to more fully understand the depth and breadth of ...

In this podcast, Alan J. Brown, FSIP, discuss the following: Determining a market value when there is no market ...

Contributed by the Global Interdependence Centre, the CFA Society of Philadelphia, and the Federal Reserve Bank of ...

In this podcast, from the GIC 2009 "Food and Water—Basic Challenges to International Stability" conference, Jim ...

In this podcast, from the GIC 2009 "Food and Water—Basic Challenges to International Stability" conference, George ...

In this podcast, from the GIC 2009 "Food and Water—Basic Challenges to International Stability" conference, Frank ...

This white paper presents an introduction to the determinants of inflation and causes, measurement, and effects on different ...

The United States has a large and growing trade deficit. The author believes the deficit amounts to a gift from the ...

The United States has a large and growing current account deficit. Some commentators attribute it to the decline in ...

The author looks at the returns of stocks that are widely favored by small retail investors versus those that are out ...

The authors assume that the volatility of shares consists of a high-frequency component that depends on the ...

The authors provide evidence that counters the largely accepted notion that inflation shocks are only inversely related ...

The authors investigate the validity of the constant-growth valuation model when factoring in expected inflation. They ...

Members: Access the getAbstract book summary for Lords of Finance by clicking the "Read" button and navigating to the ...

In this webcast, Gillian Tett explains the market’s collective reaction to the global financial crisis using the Kubler-Ross ...

In this webcast, Jason Zweig moderates a panel of experts including Theodore R. Aronson, CFA, Abby Joseph Cohen, CFA, Martin S. ...

In this webcast, James P. O'Shaughnessy discusses the following: Systematic, quantitative approaches as superior ...

The Financial Market Integrity Index was developed by the CFA Institute Centre for Financial Market Integrity to gauge ...

The Financial Market Integrity Index was developed by the CFA Institute Centre for Financial Market Integrity to gauge ...

In perilous times, it is important to maintain a sense of perspective. In particular, examining the trends that brought ...

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

Most investors, including institutional investors, are underexposed to China, despite the fact that it is the fastest ...

For many years, pension fund management focused exclusively on managing the assets of the plan. The “perfect storm” ...

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

The authors investigate the belief commonly held by many European consumers that the introduction of the euro caused ...

The ability of common stocks to act as an inflation hedge has been examined repeatedly using various specifications for ...

Previous research shows mixed results when investigating the existence of trading place bias in equity returns. The ...

Although considerable consolidation has recently occurred among securities exchanges, the forces of competition remain strong ...

The study examined analyst forecasts of 26 macroeconomic statistics for August 1998 through March 2007. The four research ...

Can “the freest of free marketeers” justify the U.S. government bailout?

The return of stock prices to levels more consistent with economic growth is mean reversion at work.

Suspension of short selling by regulators is counterproductive.

Rapid-fire events highlight concerns about counterparty risk.

In this podcast, James Grant discusses the following: What will be the aftermath of the unprecedented actions of the U.S. ...

In this webcast, Sean J. Egan discusses the following: The good, the bad, and the ugly—the story of the ratings agencies ...

In this podcast, Mohamed A. El-Erian discusses the following: Navigating developments that were once thought to be ...

In this webcast, Stephen A. Walsh discusses the following: Using a long-term fundamental approach to take advantage of ...

The Financial Market Integrity Index was developed by the CFA Institute Centre for Financial Market Integrity to gauge ...

The Financial Market Integrity Index was developed by the CFA Institute Centre for Financial Market Integrity to gauge ...

The Financial Market Integrity Index was developed by the CFA Institute Centre for Financial Market Integrity to gauge ...

The Financial Market Integrity Index was developed by the CFA Institute Centre for Financial Market Integrity to gauge ...

The development of a financial derivatives market in China has reached a critical stage.

As a source of information, CDS markets are too valuable to be neglected.

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 ...

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

To a large extent, strong productivity growth from the mid-1990s through mid-2004 has been attributed mainly to ...

Dark pools are relatively new alternative trading systems (ATSs). They complement traditional markets and offer ...

This study explores the market relationship between liquidity and efficiency. The authors find that, of the competing ...

The authors investigate the effectiveness of using Fed monetary policy shifts as a rotation indicator variable in a ...

Investors need to be aware that rare events with an extreme impact that, afterward, we think we could have predicted—in ...

This version (PDF) of the full-text article was submitted to The Journal of Portfolio Management. The final version of the ...

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

In this webcast, Janet L. Yellen discusses the following: Factors affecting the outlook for growth, employment, and ...

In this podcast, Robert Mundell discusses the following: How has the introduction of the euro affected global markets, ...

In this webcast, Steven D. Levitt discusses the following: Incorrect assumptions about causations and correlations and how ...

The author of this interesting book weaves together historical events with investor sentiment surrounding the great ...

The authors create a model to measure the volatility interrelationships between a stock index (and stock index futures) ...

The authors develop and test a model of how country characteristics, such as legal protection and level of economic ...

The authors look at the U.S. personal saving rate, which has trended down since the mid-1990s. The authors look at ...

Mutual funds that experience large outflows of funds must quickly reduce their asset holdings, which generates sales at ...

Chinese stock markets have been characterized as being relatively irrational in their security pricing. The authors ...

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

Reinhardt & Rogoff construct a database of financial crises spanning eight centuries and 66 countries and is widely cited in ...

Investors need to be aware that rare events with an extreme impact that, afterwards, we think we could have predicted—in short, ...

For many years, economists believed that liquidity was a phenomenon that could be explained by a consideration of the ...

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

Central bank intervention halted what otherwise could have been a dramatic meltdown in global financial markets in ...

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

The author develops a theoretical model that explains the observed persistence of profits in primary and secondary bond ...

The authors assess the economic implications of conflicts of interest within financial institutions, with a special ...

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

Personal finance is an inexact science. For example, life-cycle retirement mutual funds are based on the unproven belief that ...

Many clients are taking recent volatility in stride.

Will Asian derivatives turn global trading patterns upside down?

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

Growing influence of sovereign wealth funds stirs controversy.

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

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

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

By characterizing the behavior of real interest differentials in developed and emerging economies, the authors increase the ...

The large current account deficit of the United States and the large current account surpluses of the Asian developing nations ...

The authors suggest that the growth opportunities of a country can be measured by a simple, externally derived measure that uses ...

The authors find that the equity home bias persists today but is decreasing over time (especially in countries belonging to the ...

The author empirically examines the current U.S. trade deficit and finds that it may not be as negative as is commonly believed. ...

The authors attempt to identify whether it is possible to use company-specific microeconomic factors, such as revenues, costs, ...

Equity trading capacity depends on dealers’ ability to hedge their positions. Recent rapid growth of exchange-traded funds, ...

A quarterly time series of the aggregate commission rate for NYSE trading over 1980–2003 allowed an investigation of the ...

The U.S. Securities and Exchange Commission has questioned the fairness and efficiency of U.S. securities ...

The age wave in the United States and other developed nations is causing a steep decline in the ratio of workers to ...

The past 25 years have seen an enormous increase in prosperity, not just in the United States but worldwide. It is ...

The continued rise of the U.S. current account deficit is troubling. If no action is taken, forced spending and higher tax rates ...

Although the trade-off between risk and return is a classic component to the framework of financial management, it is often not ...

The authors use a dynamic factor analysis to re-examine the risk–return relationship and find that this approach introduces ...

The Capital Markets Policy Council addresses common advocacy issues facing global capital markets.

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

This comprehensive, qualitative, global treatment of the issues surrounding environmental financial ...

By incorporating new information generated by currency derivatives trading, underlying exchange rates should be less ...

Historically, reported trading volume has been overstated for NASDAQ stocks relative to NYSE stocks. Because NASDAQ volume may be ...

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

The CFA Institute Centre for Financial Market Integrity has surveyed its membership to produce its inaugural ...

The CFA Institute Centre for Financial Market Integrity has surveyed its membership to produce its inaugural ...

CFA Institute Centre for Financial Market Integrity releases inaugural Financial Market Integrity Index report for U.S. market.

Default probabilities for individual issuers and for clusters of companies rise and fall with each other depending on the state ...

U.S.–China bilateral trade causes pain to lower-skilled American workers and offers marginal terms-of-trade benefits to the ...

The authors analyze hedging strategies that consider the dynamic link between mortgage-backed securities and Treasury prices by ...

In an essay about the meaning of money and the various means employed over time to stabilize money’s value, the author challenges ...

The European Union was formed with a goal of increasing the economic and political integration of member countries. Efficiency ...

Two macroeconomic equity premium models are derived and tested for consistency with historical data. The first model illustrates ...

An alternative definition of earnings surprise leads to larger and longer-lasting excess returns relative to the methodology ...

The author uses a series of theoretical models to empirically test the effect of information on stock price movement after ...

The authors investigate whether companies with poor aftermarket performance are given favorable recommendations by analysts who ...

Central banks have injected moral hazard into global markets, which skews investor behavior toward risky ...

The CFA Institute Centre for Financial Market Integrity and the Business Roundtable Institute for Corporate ...

The CFA Institute Centre for Financial Market Integrity has surveyed its membership to produce its inaugural ...

How has the global economy defied the inverted U.S. yield curve, and what does it mean for financial markets?

Through vignettes on the beginnings of finance in various periods and cultures, this beautiful book links the universal ...

If the U.S. federal government properly accounted for its explicit and promised liabilities, it would record a national debt of ...

The growth in aggregate mortgage debt outstanding in the United States can be modeled using fixed-income market and house price ...

Do countries whose central banks target inflation exhibit better inflation performance than countries without such a monetary ...

The author presents a model of the 10-year U.S. Treasury bond rate to test the hypothesis that the inflation risk premium has ...

This paper integrates literature in industrial organization with financial economics, and its main premise is quite intuitive. ...

The authors examine the effects on stock price, trading volume, and institutional ownership subsequent to changes in the ...

The authors document that, on average, companies added to the S&P 500 Index experience a permanent price increase, whereas ...

The seemingly persistent divergence of stock prices from fundamentals during the bull market of the 1990s has encouraged strong ...

Trading pension claims would serve many purposes. Beneficiaries would be able to diversify the idiosyncratic credit risk of their ...

This book meticulously documents common and widely circulated errors in reporting and interpreting economic ...

The editors of this book have assembled a highly stimulating volume in which experts in economics, sociology, ...

Investors are coming to terms with new challenges related to the interconnectedness of national economies and financial markets. ...

A transfer of wealth is under way from the West—the United States and Europe—to Asia as evidenced by the current account balances ...

Long-termism (or long-term thinking) is no panacea for investment decision making, but it does offer advantages over ...

In recent years, global financial markets have evolved (and grown) remarkably. But the recent evolution of financial markets has ...

The world is more interconnected now than ever before, and as a result, central bank policy affects not only the country’s ...

Defense spending, an aging population, a slowing economy, global warming, energy needs, and government ...

The author studies the different effects of unanticipated and anticipated changes in the federal funds target rate on interest ...

In this paper, the stability of interest rate swap spreads is studied in relation to speculative trading. The author believes ...

The author examines the validity of purchasing power parity (PPP) for three currencies (U.S. dollar, Japanese yen, and German ...

The author examines Nikkei 225 rebalancings from 1970 to 2002 and finds statistical evidence of permanent price and volume ...

The authors model the relationship between asset float (tradable shares) and speculative bubbles. They find that bubble behavior ...

The economies of scale of electronic trading have led to a decline of floor-based markets and toward a consolidation of ...

In recent years, global financial markets have evolved (and grown) remarkably. But the recent evolution of ...

The NYSE’s “Hybrid Market” will be a floor-based facility (a “slow” market) combined with an electronic platform (a “fast” ...

Company-specific risk climbed steadily between 1962 and 1999 in the U.S. market but fell sharply between 2000 and 2003. This ...

The author accuses the former U.S. chief central banker of deceit primarily in two areas—(1) raising the Social Security tax to ...

The authors analyze how securities laws in 49 countries affect the development of stock markets. Public disclosure requirements ...

The authors analyze the behavior of long-term interest rates during periods of monetary tightening, particularly the recent ...

The authors examine the effects of budget deficits resulting from two alternative fiscal shocks—a rise in government expenditure ...

Many economists have been puzzled by the rise in the real U.S. dollar exchange rate despite a growing trade imbalance witnessed ...

The authors summarize the differences in design and operation among 10 east Asian stock exchanges. They base their summary on ...

The CFA Institute Centre for Financial Market Integrity and the Business Roundtable Institute for Corporate ...

The author explores whether recent efforts by the U.S. Federal Reserve Board have helped the market predict the course of Fed ...

Integrating emerging markets into world markets takes place gradually over time. The authors use regression analysis to ...

The author presents evidence that the money supply has a major effect on GDP and stock prices. This conclusion is drawn from ...

Recent academic and popular discussions of budget deficits rely on a simplistic, and largely false, conception of the effects of ...

With the thoroughness of an able scholar, the author offers evidence that the flow-of-funds methodology provides a unique and ...

The Chilean pay-as-you-go social security system was once headed for disaster. But by following three basic ...

Intense competition in global labor markets may have quelled inflationary pressures in the United States, but ...

China, the fastest growing economy in the world, is on the fast track to becoming a market economy. Although ...

The authors examine the association between financial liberalization and economic growth. The authors determine that average ...

The Island electronic communications network stopped displaying its limit order book in the three most actively traded exchange ...

Despite the rapid growth of globalization, country choice matters in financial decision making. The threat of state expropriation ...

Trading activity and costs for the NASDAQ are examined over the 1993–2002 period. The cost and average size of a trade decreased ...

On 29 March 2004, the Nasdaq Stock Market introduced a “closing cross” call auction to set closing prices. The article looks at ...

From terrorists to computer hackers, a host of security threats have markets in their sights.

Reducing the marginal tax rate on dividend income was not the optimal modification of the tax code. The U.S. corporate tax code ...

Traditional defined-benefit pension plans depend on funding by employers to preserve the security of their income guarantees. The ...

Some countries participate with other countries in a monetary policy system that maintains fixed exchange rates among the ...

The authors propose a plan that would reform Social Security in the United States. The plan restores actuarial balance to the ...

This article describes the existing Social Security system in the United States, offers an alternative approach designed to ...

The authors examine the stock market's reaction to U.S. Federal Reserve Board rate change announcements and find evidence that ...

Although day-to-day returns indicate the lack of significant serial correlation, order imbalances can persist for several days. ...

The United States can be thought of as a strained marriage of democracy and capitalism, with the two often at odds with each ...

In this age of inexpensive and abundant data, investors must remain mindful of the limitations of the data they are using for ...

Traditional defined-benefit pension plans depend on funding by employers to preserve the security of their income guarantees. ...

This well-edited book documents intriguing perspectives on the investment world that are emerging from sociology on personal ...

The economy of Europe has been near stagnant for several years. Economists frequently cite statistics such as GDP per capita when ...

Many have predicted that a dollar depreciation is needed to reduce the huge and expanding U.S. trade deficit. The author ...

Some believe that the adoption of the European Currency Union rendered member national central banks unable to conduct effective ...

The East Asian countries, with the important exception of Japan, informally pegged their currencies to the dollar before the ...

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

In this age of inexpensive and abundant data, investors must remain mindful of the limitations of the data they are using for ...

Recent research suggests a persistent empirical relation between U.S. monetary policy and stock returns since the mid-1980s. The ...

This well-researched, readable, and engaging book traces the stock market's evolution all the way from ...

In this age of inexpensive and abundant data, investors must remain mindful of the limitations of the ...

An ongoing drama of liquidity pooling and convergence is being played out in two arenas — electronic trading ...

The authors examine exchange rate volatility following interventions in the foreign exchange markets by the Bank of Japan (BOJ). ...

Another golden era of capitalism dawns. But history reveals that the success of the free flow of capital sows the seed of its own ...

The authors investigate the effect of herding by institutions in the market for American Depositary Receipts (ADRs). They find ...

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

From 1981 until 2000, futures contracts on single stocks and on small-stock indexes were prohibited under a U.S. federal law ...

The United States can be thought of as a strained marriage of democracy and capitalism, with the two often at odds with each ...

Globalization penetrates, integrates, and regenerates markets. And that, says Financial Times columnist ...

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 ...

The authors compare the effect of the U.S. president's political party, political gridlock (i.e., separate parties controlling ...

The author examines whether large International Monetary Fund (IMF) support packages have significantly ...

Numerous studies suggest that execution costs on the NASDAQ are significantly greater than those on the NYSE. ...

The accomplishments of Paul Volcker are well worth noting. He successfully led the United States in perhaps ...

This timely and necessary contribution to understanding the construction process for U.S. and global economic indicators excels ...

Thirty-eight years of U.S. data indicate that U.S. monetary policy continues to have a strong relationship with security returns. ...

A good candidate for required reading for aspiring traders and equity money managers, this book examines the means by which ...

Forecasters who make predictions without regard to past experience have no benchmarks to distinguish between what is radically ...

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

This article illustrates how and why Russia wound up defaulting on their bonds in 1998.

World Bank researchers use regression analysis to demonstrate the least and most costly ways to bail out a nation's failing ...

Gold is the inevitable choice for money because it alone best meets all of the criteria necessary to preserve value. Moreover, ...

This set of short, classic videos on YouTube features economist Milton Friedman answering questions regarding capitalism.

The Korean version of the Capgemini/Merrill Lynch report reviews the behavior of high net worth individuals (HNWIs) and how ...

Authors George Hoguet, CFA, FRM and Solomon Tadesse, PhD, discuss the equity investment implications of a deflationary ...

The Traditional Chinese version of the Capgemini/Merrill Lynch report reviews the behavior of high net worth individuals (HNWIs) ...

The Simplified Chinese version of the Capgemini/Merrill Lynch report reviews the behavior of high net worth individuals (HNWIs) ...

This is the Chinese version of an article that provides a long-term analysis of China's economic reforms and GDP growth in the ...

This article provides a long-term analysis of China's economic reforms and GDP growth in the past 30 years and the prospects ...

Leading academics and industry authorities cover all aspects of the global financial crisis of 2008, including the roots of the ...

This paper investigates the responses of market interest rates in the United States, Hong Kong, and Singapore around the U.S. ...

PricewaterhouseCoopers projects geographic concentrations of interconnected companies in the year 2040 for several industries. ...

The "Credit Suisse Global Wealth Report" is a comprehensive study of world wealth that analyzes the world’s entire 200 ...

This Databook displays the detailed dataset backing the "Credit Suisse Global Wealth Report," the comprehensive study ...

The English-language version of the Capgemini/Merrill Lynch report reviews the behavior of high net worth individuals (HNWIs) and ...

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

James Bullard, president and CEO of the Federal Reserve Bank of St. Louis, discusses the possibility that over the next several ...

In this article, the authors describe their study of the long-term effects of financial crises on GDP growth and employment, ...

While other major economies continue to struggle with economic crises, the Asia Pacific region has emerged as the fuel for global ...

In this draft paper presented at the Spring 2010 conference of the Brookings Papers on Economic Activity (BPEA), former Federal ...

Read the transcription of the Federal Reserve Bank of New York executive vice president's remarks from the Third Annual ...

The author examines the importance of the dollar as a reserve currency since the emergence of the euro and in the aftermath of ...

The authors look at inflationary expectations from traditional TIPS/nominal yield spreads as well as the inflation swaps market ...

The financial crisis has deteriorated the risk of some European sovereign governments. This article challenges facing Spain. ...

Inflation is a key investment risk, especially for investors with long term investment goals. This black book and white paper ...

Inflation is a key investment risk, especially for investors with long-term investment goals. This article discusses short-term ...

A close look at the recent upturn in Chinese economic activity leads to the conclusion that it is not sustainable. The growth ...

Based on lectures this noted author gave at Princeton University in 2004, this book takes the investment ...

In this article, Arturo Estrella presents theory and evidence arguing that the slope of the yield curve is a strong predictor of ...

In this white paper, the author describes problems with leveraging bond portfolios to achieve equity-like risk and return in an ...

This website comprises a long history of data on components of equity returns, interest rates, inflation and housing prices.

James Grant of Grant’s Interest Rate Observer discusses the inflation creep that is underway, how he expects that “there will be ...

Kyle Bass describes his views of the European debt crisis.

Daniel Clifton, Donald Rissmiller, and Jason Trennert from Strategas Research Partners share their views on the current economic ...

Liaquat Ahamed discusses the history of financial crises and what we have learned from past lessons.

Kyle Bass shares his views on Japan and the Eurozone and describes just how precarious the state of the world is.

In several major global economies, excessive levels of private sector debt remain a problem while some asset prices (e.g., U.S. ...

China’s investment-driven growth model has intrinsic flaws that have resulted in an unbalanced economy with misallocated ...

In the aftermath of the 2008 global financial crisis, there has been an increase in the use of capital controls and ...

The U.S. housing market remains depressed and faces significant challenges to recovery. Demand is being constrained by frictions ...