The authors find evidence that hedge funds engage in returns management by either underreporting returns ...

The authors develop a method to detect the possible presence of insider trading prior to an unexpected price-sensitive ...

CFA Institute’s Code of Ethics and Standards of Professional Conduct is a key component of its mission to lead the global ...

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

In a victory for behavioral economics and finance the UK's financial regulator will be more interventionist on behalf of ...

Analyst Mike Mayo, CFA, explains “how Wall Street has gone astray.”

“What has changed since similarly risky behavior brought the global financial system to the brink of collapse?”

“After nearly a year in the making, the legislative package puts transparency at the forefront with ambitious proposals to shed ...

“Even though we are concerned about the protection of investors, it seems to us that prohibiting the sale of structured UCITS ...

“The basic process hasn't changed much over the years, but how we execute it has changed quite a bit.”

Will the SEC's new enforcement regime work?

This academic study provides evidence that the valuation of equity positions by hedge fund advisers deviate from standard ...

Few events offer such a focused and hands-on opportunity to engage with the latest investment performance tools as the GIPS ...

The 2012 Global Market Sentiment Survey analyzes responses to a November, 2011 survey of over 58,000 CFA Institute members ...

Family offices have historically avoided having to register with the SEC. Now a new definition of "family office" under ...

Carlo di Florio, director at the SEC, discusses the importance of ethics and regulatory compliance in a risk management program. ...

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

This Issue Brief examines in Spanish the existing level of transparency in bond markets, and the potential for increased ...

This Issue Brief examines the existing level of transparency in bond markets, and the potential for increased transparency in ...

This Issue Brief (French Version) examines the existing level of transparency in bond markets, and the potential for increased ...

This Issue Brief (German Version) examines the existing level of transparency in bond markets, and the potential for increased ...

Karyn D. Vincent, CFA, CIPM, presents a review of the recent changes to the GIPS® standards and how firms are adapting and ...

Iain W. McAra discusses the necessity for a firm to maximize the value of compliance, given the time and resources firms commit ...

Iain W. McAra provides insight into the many benefits gained by firms claiming compliance with the Global Investment Performance ...

Steven J. Sherman discusses the role of the International Valuation Standards Council and how it differs from that of the ...

In Module 6, you will apply Standard VI to ethical dilemmas related to disclosure of conflicts, priority of transactions, and ...

This seven-module course is designed to familiarize participants with the CFA Code of Ethics (Code) and Standards of Professional ...

In Module 4, you will apply Standard IV to ethical dilemmas related to loyalty, additional compensation arrangements, and ...

In Module 5, you will apply Standard V to ethical dilemmas related to diligence and reasonable basis, communication with clients ...

In the context of An Examination of Transparency in European Bond Markets Rhodri Preece, CFA, and James Allen, CFA, discuss the ...

CFA Institute has undertaken a study regarding the quality of financial instruments risk disclosures. The study provides a user's ...

Transparency in European bond markets is examined in light of changes to the transparency framework for non-equity markets under ...

Although FATCA has caused much consternation among global financial institutions, its impact is likely to be modest for ...

Non-U.S. insurance companies with U.S. connections may incur significant costs to comply with the Foreign Account Tax ...

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

This collection of slides from a 20 September 2011 CFA Institute webinar presents important reference material describing key ...

In this keynote address delivered to participants at the 2011 Ascendant Compliance Conference, CFA Institute Board of Governors ...

“It will always be difficult to separate pure marketing hype from honest, independent research in a world with built-in conflicts ...

“The guidance provided in the handbook offers advice that helps guard against not only plagiarism but also copyright ...

The hardest part won’t be managing or disclosing conflicts but identifying them.

The authors find evidence that members of the U.S. House of Representatives earn a significant excess return, about 55 bps ...

The author reports that computer-driven and systematic quantitative investment portfolios can achieve transparency and integrated ...

The author discusses the concept of universal owners. Because universal owners’ portfolios are more representative of the global ...

The U.S. SEC redefined it's "suitability" and "know your customer" rules. This article outlines those changes ...

The author describes the uses and possible abuses of expert network companies. The potential for the conveyance of illegal ...

The authors construct an index of proxies for six good governance practices used by companies included in a premium segment of ...

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

Industry expert Marianne M. Jennings discusses the ethical issues present in the financial crisis including the seven signs of ...

In Module 1, you will apply Standard I to ethical dilemmas related to knowledge of the law, independence and objectivity, ...

One year after the passage of the Dodd–Frank financial overhaul that ordered a crackdown on the $600 trillion derivatives ...

Do agency problems (from the separation of ownership and control) cause public companies to invest suboptimally? In a ...

This white paper examines the impact of new SEC rules on family offices, in particular single-family offices. It focuses on the ...

The concept of fiduciary duty predates Roman times and lives on through case law. Today, it has become a centerpiece of proposed ...

“Giving regulators the tools to foresee and prevent another crisis will require more vision and ingenuity than we’ve witnessed ...

Regulatory arbitrage and the rise of pseudo exchanges.

A new publication aims to help trustees and the investment professionals who work with them.

“Despite a current broad consensus that market abuse is a financial crime, the legal prohibition against it is relatively recent.”

“Although the Standards are being embraced across the Asia–Pacific region, greater guidance and regulation are needed to improve ...

Important lessons can be learned from the controversy involving David Sokol’s actions as an employee of Berkshire Hathaway.

Practitioners of the investment management profession are underperforming for their clients and for their profession because of ...

CFA Institute is pleased to offer this timely webinar to update members and other interested investors on the contents of the ...

Few events offer such a focused and hands-on opportunity to engage with the latest investment performance tools as the GIPS ...

As the finance industry continues to grow more globally interconnected, investors are increasingly seeking standards of ...

James J. Valentine, CFA, presents some insights from his recently published book, Best Practices for Equity Research Analysts. He ...

In June 2011, the SEC issued this press release announcing it had approved a new rule to define "family offices" that ...

This alert discusses the impact on investment managers of the Department of Labor’s (DOL) “interim final” regulation under ERISA ...

This is an academic paper that finds that hedge funds manipulate stock prices on critical reporting dates. The authors document ...

Hersh Shefrin examines the relationship between behavioral psychology and financial market regulation. He presents applications ...

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

Julie McDowell discusses sustainable and responsible investing (SRI) and how it fits into investment strategies, differences in ...

With the U.S. Securities and Exchange Commission’s recent vote to make it easier for shareowners to nominate their own director ...

The recent financial crisis revealed the problems associated with banks’ emphasizing credit rating agency decisions in ...

The authors argue that the good intentions behind the International Financial Reporting Standards can be easily subverted through ...

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 ...

Endowment funds typically have two governing bodies: the board of trustees, which has ultimate institutional responsibility, and ...

In 2005, more than 7,000 EU-listed companies in 27 member countries were mandated to adopt International Financial Reporting ...

The authors examine companies in China that issued financial restatements. They find that restatements are more common when the ...

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

“CFA Institute members are helping to build more effective, better prepared financial and economic systems in ...

“In light of global developments affecting investment professionals, CFA Institute and member societies are ...

“It is now up to the industry to play fair under the relatively flexible principles-based approach.”

CFA Institute releases eagerly anticipated guidance for alternative investment strategies.

The European Commission seeks better investor protections for packaged retail investment products.

What to expect if you answer “yes” on your Professional Conduct Statement.

Are chief ethics officers merely window dressing?

The authors examine the effects of regulatory changes made in China in 2000. These changes helped improve price performance for ...

“The bottom line is that we can make a real difference in the development and professionalism of the burgeoning financial ...

The author uses the fund flows surrounding the abusive-timing and late-trading practices in mutual funds that were revealed in ...

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

Yasuhiro Oshima, CFA, gives his thoughts on Japan’s recovery from the recent earthquake, tsunami, and nuclear crises and ...

(CFA Institute, 2010)

Of all the market participants, our members are important catalysts for changing the ethical landscape of our ...

With the right approach, issuer-paid research can overcome difficulties and serve clients and investors ...

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

The authors propose to construct a shared value framework with which businesses can achieve economic success. This new ...

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

The author proposes a new model of corporate governance that institutes a system of professional directorship. The ...

This brief paper looks at how the European Union's Solvency II regulations might potentially impact asset managers.

CFA Institute, in partnership with the CD&A working group, has produced the Model CD&A (Compensation Discussion and ...

The structures of trading venues operating in Europe are examined, and trade data are analysed to determine the transparency of ...

As new trading venues and execution facilities have proliferated, it has become unclear whether all venues engaged in similar ...

The fast-growing population of CFA charterholders in Asia offers an opportunity for boards to leverage this group’s financial ...

The Professional Conduct Program answers questions to help members and candidates adhere to the Codes and Standards when ...

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

Warning: Whistleblowing May Be Hazardous to Your Career’s Health. Do investment professionals still have an ethical obligation?

Increasingly, regulators are turning to us for guidance on raising standards.

With the recently launched “Challenging Industry Norms” discussion series, CFA Institute aims to build a robust debate about ...

Companies that are subjects of financial fraud raise, on average, 30 percent more capital during the years prior to the fraud's ...

The paper argues that rules in the current securities regulations may differ in the United States and the European Union, but ...

Director training has become more sought after as a result of regulatory requirements and demand from boards of listed companies ...

The author examines the historical returns of four designs of equity-indexed annuities and 13 specific contracts for the period ...

The authors test whether analysts who have an educational link with management at public companies make better recommendations ...

Fiduciary duty and obligations under the CFA Institute Code and Standards.

The new Rules of Procedure for Professional Conduct include procedural changes to improve efficiency while maintaining fair ...

CFA Institute on the SEC’s flash crash report.

Legislation on regulatory reform considered a failure by most CFA Institute members.

Social media can raise compliance risks.

Critics say long-awaited SEC report doesn’t get to root causes.

Today’s investors must demand higher standards from their financial advisers.

Consistent with theory, this study of shareholder litigation found a broad transformation in company characteristics and risk ...

Although the GIPS standards do not address the particular challenges of hedge funds, claiming compliance is possible and ...

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

In this video presentation, Lawrence Lessig from Harvard Law School discusses the influence of corporations in policy making and ...

Philip Marcovici discusses bank secrecy and tax information exchange agreements and the impact on the needs of global wealth ...

The new financial regulatory reform passed by Congress on 15 July 2010 and signed by President Obama touches every corner of ...

A panel of leading thinkers from the investment management profession engaged in an open and creative dialogue on the topic of ...

The Investment Management Code of Conduct for Endowments, Foundations, and Charitable Organizations represents best practice for ...

After the deepest financial crisis since the Great Depression, surveys indicate that market integrity continues to be a ...

The Professional Conduct program addresses how members and candidates can adhere to the Code and Standards when contemplating a ...

CFA Institute is in the forefront of financial reform debate.

This article summarizes the developments leading up to the UBS agreement to disclose the names of 4,450 U.S. account holders to ...

The author offers a proposal to change Wall Street’s incentives by increasing capital requirements, increasing visibility through ...

Now that the U.S. Congress has passed the most ambitious overhaul of financial regulation since the Great Depression, the roughly ...

In what many are calling a critical juncture in global accounting standards setting, the next year and a half could bring a tidal ...

CFA Institute is pleased to offer this timely webcast, which includes an update on the recently issued FASB Financial ...

Investors in Asian companies need to understand risks of related-party transactions.

Could unintended consequences of financial regulatory reform outweigh potential benefits?

“The importance of these regulatory initiatives was brought sharply into focus by the market turbulence witnessed in May.”

Now more than ever, the investment industry needs strong ethical leaders. So why do firms often engage in practices that betray ...

There are no clear answers for the circumstances in which China finds itself—wedged between an increasingly market-based ...

Regulation FD made analysts less dependent on insider information and diminished analysts’ motives to inflate their forecasts. ...

What are the major changes in the updated and improved Standards of Practice Handbook?

This Issue Brief provides perspectives on the International Accounting Standards Board’s recent proposal on the measurement of ...

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

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 ...

As of 1 January 2010, firms that claim compliance with the Global Investment Performance Standards (GIPS) ...

John C. Bogle and Chris Davis discuss the importance of fundamental analysis in improving incentive alignment, corporate ...

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

In this podcast, Robert Monks discusses corporate governance and the role of owners, the government as owner, and the role of ...

The authors focus on the failure of rating agencies to release timely revisions of credit ratings during the financial crisis ...

New data reveal developing trends in surveyed markets.

The Professional Conduct Program (PCP) and their role in protecting the integrity of the CFA Exams and the Charter

Was the financial crisis a failure of capitalism? “It’s a failure of government to understand its role in capitalism,” says ...

Use of social media for investor relations raises questions

An independent consultant who worked on the settlement shares his perspective.

Access fees may discourage liquidity providers.

“The reform we are about to witness will have a substantial impact on how financial supervision is carried out in Europe.”

“The EIWG is unique in that it represents the voice of institutional and retail investors.”

FAS No. 141R, “Business Combinations,” and FAS No. 160, “Noncontrolling Interests in Consolidated Financial Statements,” became ...

What impact have the Global Investment Performance Standards (GIPS) had on the investment industry? Who requires compliance with ...

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 ...

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 webcast, Andrew S. Auchincloss discusses the following: Implementing wealth transfer strategies for global ...

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

Dealings within corporate networks are common in Japan and can pose a significant risk to investors. Evidence ...

Professional Conduct Program saw a spike in new cases for 2009

With the SEC reconsidering 12b-1 fees, is a policy overhaul in order?

In a presentation at the 2010 GIPS Standards European Conference held 24–25 February in London, Dan diBartolomeo discusses ...

In this webcast, Karyn D. Vincent, CFA, CIPM, and Jonathan A. Boersma, CFA, discuss the following: Treatment of ...

In this webcast, Karyn D. Vincent, CFA, CIPM, and Jonathan A. Boersma, CFA, discuss the following: New fundamental ...

Fiduciary duty is a principle that emanates from the adviser-client relationship rather than statute. This article discusses how ...

In the context of Market Microstructure: The Impact of Fragmentation under the Markets in Financial Instruments Directive, Rhodri ...

On 29 January 2010, the GIPS Executive Committee voted to approve the 2010 version of the GIPS standards. The revised GIPS ...

Many social scientists believe that social norms are important in shaping economic behavior and market outcomes, overriding at ...

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

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

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

The conflicts of interest in sell-side analysts’ research as a result of links between research and investment banking, the ...

Reinstating the fiduciary duty of money managers to their principals, restoring the ethical responsibility of corporate managers ...

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

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

In this podcast, Blaine Aikin, CFA, discusses the following: What are the different standards of care? What ...

This legal system matrix outlines legal, forced heirship, marital property, and other noteworthy characteristics of each ...

This tax system matrix outlines income tax, gift tax, estate tax, lifetime exemptions, exit tax, and charitable exemptions, and ...

Board composition and independence are fundamental issues in corporate governance. Concentrated ownership structures and weak ...

A new CFA Institute report analyzes the impact of market fragmentation.

After recent criminal complaints, use of expert networks comes under scrutiny.

Answers to frequently asked questions.

Regulators weigh the advantages and disadvantages of flash orders.

Why are broker/dealers allowed to force other investors to pay the spread?

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

Philip Lawton, CFA (CFA Institute, 2005)

Jules A. Huot, CFA, Ethics Cases (CFA Institute, 1996: adapted 2005)

Glen A. Holden, Jr., CFA, Ethics Cases (CFA Institute, 1996: adapted 2005)

Glen A. Holden, Jr., CFA, Ethics Cases (CFA Institute, 1996; adapted 2005)

Jules A. Huot, CFA, Ethics Cases (CFA Institute, 1996; adapted 2005)

Paul F. Van Schyndel, CFA, Ethics Cases (CFA Institute, 1996; adapted 2005)

Standards Reporter (AIMR, November/December 1996; adapted 2005)

Standards Reporter (AIMR, January/February 1998; adapted 2005)

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

This first installment in a series of study guides for the International Certificate in Banking Risk and Regulation program ...

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.

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 ...

The financial crisis has sharpened focus on accounting treatment of financial instruments. The accounting approach can influence ...

Will proposed uniform fiduciary standard work?

Reformers in Europe are seeking solutions for mis-selling.

Investors should approach offshore investments and service providers with caution.

Improving professional ethics in the investment industry is the key to restoring trust.

This study examines whether investor protection affects the governance role of analysts in constraining earnings management. ...

The first empirical analysis of Zions Bancorporation’s 2006 and 2007 auctions of Employee Stock Option Appreciation Rights ...

This article proposes a centralized financial utility that would mitigate systemic counterparty risk by guaranteeing against ...

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

The author examines, from both a market perspective and the perspective of the political/regulatory process, the events ...

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

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

The author presents his findings about the role of social capital in financial markets. He also considers how social capital is ...

Lack of transparency in securitization transactions contributed significantly to the current global financial crisis. This ...

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

The GIPS Executive Committee (EC), the governing body for the Global Investment Performance Standards (GIPS), ...

Recent scandals involving bogus claims of performance and Ponzi schemes involving asset managers in both the U.S. and Canada have ...

Recent scandals involving bogus claims of performance and Ponzi schemes involving asset managers in both the U.S. and Canada have ...

Recent scandals involving bogus claims of performance and Ponzi schemes involving asset managers in both the U.S. and Canada have ...

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

In this book, Henry Kaufman makes an ethical argument for subjecting banks to government oversight rather than market discipline ...

In this podcast, Jonathan A. Boersma, CFA, and Karyn D. Vincent, CFA, CIPM, discuss the following: Treatment of ...

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 ...

The authors in this article propose a system that remains stable even without deposit insurance, while rendering banks ...

January 2010 marks an important time for the Global Investment Performance Standards (GIPS). Not only will ...

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

Restoring Financial Stability: How to Repair a Failed System is a collection of white papers about the global financial ...

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

In this podcast, William H. Donaldson, CFA, and Arthur Levitt, Jr. discuss and field questions about the recommendations of the ...

Course Description — During this online activity, the learner will be presented with cases followed by multiple-choice ...

This is the complete content of "Ethical and Professional Standards," the first study session in ...

What must be reported in the professional conduct statement?

Can literature provide a novel approach to professional ethics?

What investors need to know about proposed U.S. regulatory reforms.

Constant regulatory and legislative activity keeps CFA Centre engaged on multiple fronts.

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

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

In Fooling Some of the People All of the Time: A Long Short Story, David Einhorn provides a detailed account of his short sale 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 ...

How should members respond when pressured to engage in unethical activity?

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

Drawing inspiration from Abraham Lincoln’s Gettysburg Address, a CFA Institute governor comments on the ...

Investors’ Working Group will provide investor perspective on regulation of financial markets.

In the wake of the Lehman Brothers collapse, regulators in Hong Kong and Singapore are confronting the ...

A brief summary of CFA Institute Centre for Financial Market Integrity positions on proposed reforms for CRAs.

The financial press has written much about conflicts of interest among sell-side analysts in developed markets. Little ...

The disappearance of the defined-benefit (DB) pension plan is one of the greatest financial tragedies to befall the ...

The current global financial and economic crisis highlights the ongoing tug-of-war between those who pull toward free markets ...

One objective of the Global Investment Performance Standards (GIPS) is to provide investors with sufficient ...

The various standards of professional conduct differ in their details but generally agree on fundamental ...

In this podcast, Marc A. Siegel discusses the following: History of the most contentious current issue in financial ...

In this podcast, David F. DeRosa discusses the following: How emerging market central banks differ from the major central ...

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

Analysts, portfolio managers, and investors currently navigate a winding and uneven path in order to collect the ...

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

Over the past few decades, mutual fund shareholders have paid to brokerage and investment banking firms billions of dollars in ...

During 2008, the U.S. financial system experienced extreme stress and came close to paralysis. The long-term health of the U.S. ...

Financial scandals occur when executives fail to recognize the ethical dilemmas that they put themselves and their ...

Does market turmoil justify the suspension of fair value accounting rules?

Exposure draft for Global Investment Performance Standards released for public comment.

Once neglected, ethics education looks like a future growth industry.

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

In this webcast, Carl Bacon, CIPM, and Brian Chapman discuss the following: The impact on firms of the requirement to ...

In this webcast, Stefan J. Illmer and Karyn D. Vincent, CFA, CIPM, discuss the following: Fee-paying vs. ...

In this webcast, Stefan J. Illmer and Karyn D. Vincent, CFA, CIPM, discuss the following:  Fee-paying vs. non-fee-paying ...

The author presents four cases that demonstrate the interplay of academic researchers, journalists, regulators, and law ...

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

Performance analysts are investment professionals who are subject to the same fundamental ethical obligations ...

In October 2008, Rodney N. Sullivan, CFA, interviewed John C. Bogle regarding the global financial crisis and his outlook for ...

A basic cause of the current financial crisis was the mandate from the U.S. Congress to the Federal National Mortgage ...

This article uses the framework of designing a commercial aircraft to illustrate how a personal defined-contribution (DC) ...

Related-Party Transactions: Cautionary Tales for Investors in Asia introduces readers to the ...

Can regulatory intervention fine-tune systemic risk?

The crisis should serve as a wake-up call for professional ethics.

An interview with the CFA Institute Designated Officer.

Is more regulation the solution to market woes? A Point–Counterpoint debate.

In this webcast, Stephen Cooper discusses the following:  What can investors expect to gain from the global adoption of ...

In this webcast, Andrew C. Canter, CFA, discusses the following: Understanding SRI: Finding a common lexicon ...

In this podcast, Philip Marcovici discusses the following: What is the future of bank secrecy in international private ...

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 ...

Suspension of short selling by regulators is counterproductive.

The disappearance of the defined-benefit (DB) pension plan is one of the greatest financial tragedies to befall the U.S. ...

The authors examine the value of equity analysts’ recommendation changes subsequent to the passage of Regulation Fair ...

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 model request for proposal (RFP) provides smaller institutional firms with a simple, standardized tool to help in ...

The model request for proposal (RFP) provides smaller institutional firms with a simple, standardized tool to help in ...

The model request for proposal (RFP) provides smaller institutional firms with a simple, standardized tool to help in ...

Evaluating alternative research providers is a new challenge for many firms.

CFA Pakistan works closely with regulators to raise professional and ethical standards.

Code of conduct designed to help individual trustees of pension plans.

Christopher Cox discusses issues related to interactive data and the regulatory agenda.

The equity market’s reaction to recommendations from affiliated and independent analysts during the 1994–2005 period is ...

The authors study the collapse of Enron to provide insight on whether reforms in internal and external governance would ...

In this episode, Matt Orsagh, CFA, CIPM, discusses the report recently released by the CFA Institute Centre for Financial Market ...

SEC/CFTC collaboration could have global implications.

Executive Misconduct Is Less Common Than Agency Theory Leads Us to Believe.

Global calls for reform of credit-rating agencies have been heard.

Although the focus today is rightly on the current crisis in the financial markets, I would like to discuss 10 ...

In this podcast, Donald B. Trone discusses the following: Meeting standards for global best practices in the development ...

In this podcast, David R. Beatty, CFA, discusses the following:  Why investors, especially large pension funds, are joining ...

Offering a huge amount of research to indict the mutual fund industry for straying from its original customer-oriented ...

The flourishing field of behavioral finance indicates that people often do not engage in optimal decision making when ...

Does government regulation make financial markets more efficient?

Critical, long-term issues are at stake in proposed reforms from U.S. Treasury Secretary Henry Paulson.

Fair value improves financial reporting and benefits investors.

Can the psychology of ethics drive the rise or fall of investment firms?

Successful investing is dependent on one's ability to discern the factors that influence the market's ...

The conduct of those who govern pension schemes significantly impacts the lives of millions of people around the world who are ...

Avoiding unpleasant surprises.

A dispute between federal agencies could affect futures markets.

Did a U.S. Supreme Court decision compromise investor rights?

After the "Merrill Lynch Rule," investor confusion and investment options should be prime ...

The subprime fiasco can teach important lessons about executive compensation.

With US$12 trillion in assets and almost 300 million shareowner accounts, mutual funds in the United States ...

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

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

While developed markets in the West have seen significant changes in executive compensation regulations and ...

The U.S. SEC is considering a "mutual recognition" policy.

In a global marketplace, "fiduciary duty" is an increasingly complicated concept.

Learn the nuances of international private banking/wealth management from experts in the field through a new partnership between ...

Learn the nuances of international private banking/wealth management from experts in the field through a new partnership between ...

Learn the nuances of international private banking/wealth management from experts in the field through a new partnership between ...

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 ...

This biography is an intelligent and well-written account of the career of an important figure in the formation of the ...

In the financial world, concern about executive compensation typically is limited to whether or not rewards directly ...

In this academic paper, the authors find a discontinuity of returns around zero. The number of small gains, far exceeds the ...

Are self-regulatory organizations obsolete?

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 ...

Why are financial markets amenable to unethical behavior and attractive to unethical people? Why do some firms’ investment ...

Analysts who present negative views of companies provide an important service in financial markets, but they are being ...

Since their introduction 20 years ago, performance presentation guidelines have evolved into a single global standard.

Are client commission arrangements (CCAs) good for investors?

U.S. SEC looks at firms’ GIPS compliance claims and doesn’t like what it sees.

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

The U.S. SEC’s Regulation FD (Fair Disclosure) was adopted to “level the playing field” in the dissemination of corporate ...

The author supports globalization and believes that open markets work and closed markets do not. A need exists for sound ...

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

The Professional Conduct Program is embarking on a three-year plan to raise public awareness.

The backlash from the stock options backdating scandal is almost non-existent.

Financial and investment professionals are particularly vulnerable to ethical wrongdoing. But what makes some blatantly violate ...

This conference volume deals with the regulatory reactions to the financial traumas of 2001–2002 by examining ...

Recent concerns about the level of executive compensation led to revisiting the question of whether highly compensated corporate ...

Ethics, fairness, trust, and freedom from corruption are parts of social capital, and social capital matters in financial ...

CFA Institute Centre for Financial Market Integrity examines investor views on needed reforms.

SEC examination into front running addresses concerns of CFA Institute Centre for Financial Market Integrity.

New requirements will affect the accounting treatment of pension plans.

From August to September 2006, the CFA Institute Centre conducted a study of corporate governance practices ...

CFA Institute Centre looks at self-regulatory organizations.

Concerns raised by CFA Institute Centre help prompt SEC action.

Hidden liabilities, understated expenses, and discretionary management assumptions make pension accounting controversial. ...

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 ...

As professionals, we owe it to our profession and our society to speak out clearly and effectively on investment-related issues ...

Is a principles-based approach to regulation the way of the future?

This article addresses the following key points: • A U.S.-based hedge fund manger, citing "intellectual property" ...

The authors use “ownership mechanisms” (management, ownership and family control) and “monitoring mechanisms” (board size and ...

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 ...

Regulatory changes made specifically to transfer risk between parties and not to create wealth transfers are rare. This article ...

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.

This article addresses the following key points: • The U.S. Congress is considering potential legislation that would grant the ...

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

Using a sample of companies charged with government, financial reporting, or stakeholder fraud or regulatory violation in the ...

Socially responsible investment (SRI) is not limited to community investing and exclusion screening. It is, in fact, an ...

In clear, concise, and well-organized prose, this book provides valuable insights into the legal matters and also the investment ...

While the legal system may ultimately punish egregious behavior in the financial markets, if all market participants followed the ...

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

The current business reporting model is in need of repair. The CFA Centre for Financial Market Integrity is ...

Retirement benefits represent a tremendous but obscured component of corporations’ finances. The current ...

This article addresses the following key points: • U.S. SEC Rule 206(4)-7 requires investment advisers to have a chief compliance ...

This article addresses the following key points: • According to a 2003 Goldman Sachs report, China will soon become the largest ...

This article addresses the following key points: • The universe of SEC-registered hedge fund advisers has almost doubled.• Newly ...

The unique characteristics of the financial services industry present practitioners with challenging ethical demands. Of these, ...

Using a sample of companies charged with government, financial reporting, or stakeholder fraud or regulatory violation in the ...

A rich literature examines the effects of analysts’ recommendations on stock prices, and literature is developing on the effect ...

This short and highly readable book presents the conflict between the need for pension funds to pursue the mission of ensuring ...

This review of recent academic research in emerging market finance illustrates the unique features of emerging market investing ...

The level of analyst coverage received by a company can be related to the expected amount of investment banking transactions. A ...

William Donaldson discusses issues related to investment research and the analyst profession. His comments ...

SEC proposal aims to improve disclosure of executive compensation.

This article addresses the following key points: • Behavioral insights don't dictate or concretely predict whether an individual ...

This article addresses the following key points: • The revised CFA Institute Code of Ethics and Standards of Professional Conduct ...

Following the release of the Asset Manager Code of Professional Conduct in April 2005, the CFA Centre for Financial Market ...

A historical perspective on the AIMR-PPS standards.

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

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

Today's financial community is suffering from a failure to learn the lessons of the past and from biases that cannot be overcome ...

We should remember two aspects about our profession. The first is that we began as an honest and noble profession that adhered to ...

This book provides an excellent short course in understanding and revealing financial reporting trickery, with particular ...

What happened to ethical behavior in the era of the dot-com, the bubble, Enron, and WorldCom? We were not involved in close ...

Two classes of culprits contributed to the recent corporate scandals but have not been touched by the scandals or even mentioned ...

We should remember two aspects about our profession. The first is that we began as an honest and noble profession that adhered ...

Today's financial community is suffering from a failure to learn the lessons of the past and from biases that cannot be overcome ...

Against investor objectives, Japanese managers are seeking to implement takeover defenses.

CFA Institute issues revised Code of Ethics and Standards of Professional Conduct.

This article addresses the following key points: Performance-based investment management fees pose conflicts of ...

This article addresses the following key points: The newly released Asset Manager Code (AMC) offers global ethical and ...

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

The CFA Institute Code of Ethics and Standards of Professional Conduct (Code and Standards) are fundamental ...

In this webcast, George C. Chacko discusses: Recognizing liquidity risk as a substantial part of the total risk of ...

This article addresses the following key points: The GIPS standards offer a marketing advantage to asset management ...

What happened to ethical behavior in the era of the dot-com, the bubble, Enron, and WorldCom? We were not involved in close ...

Contrary to the dictates of homo economicus, to be guided by a code of ethics does not entail sacrificing one's self-interest; ...

Two classes of culprits contributed to the recent corporate scandals but have not been touched by the scandals or even mentioned ...

Several recent and widely publicized breakdowns in corporate ethical standards and the resulting loss of investor confidence have ...

At its core, the goal of a company is to create value. And corporate governance should work to ensure that this value is ...

Most investment professionals in Russia are optimistic about the investment climate in Russia, but the same ...

This article addresses the following key points: Forty percent of the companies in the S&P 500 have business ...

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

This content was developed from the CFA Centre for Financial Market Integrity and the Hong Kong Society of Financial Analysts ...

Based on the principles of fair representation and full disclosure, the Global Investment Performance ...

These guidelines are intended to promote higher standards for relations between corporate issuers and ...

This article addresses the following key points: Ethics education can influence moral reasoning and agency. Group discussion can ...

This article addresses the following key points: Proposals to ban use of soft dollars to purchase research overlook ...

Two classes of culprits contributed to the recent corporate scandals but have not been touched by the scandals or even mentioned ...

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

The CFA Institute Trade Management Guidelines provide guidance to formalize processes, disclosures, and ...

Intended for use by investment professionals worldwide who are involved in “soft dollar” issues, the CFA ...

Investment bankers, security analysts, traders, and other finance professionals often behave as if they lived in a cocoon. They ...

The CFA Institute Research Objectivity Standards are intended to be specific, measurable standards for ...

Increasingly, companies are turning to employee stock options to meet the challenge of aligning the interests of employees and ...

In January 2003, the CFA Magazine will be launched, a publication that will not only combine the information currently provided ...

In this section, the U.S. Update summarizes (among other issues) the U.S. SEC's proposal to change proxy voting rules and its ...

The AIMR Advocacy Program recently filed several comment letters on topics such as the SEC's proposal on additional Form 8-K ...

This section provides answers to nine questions on a wide range of topics, from Standard III (B) and the duty to an employer to ...

This article discusses the Global Investment Performance Standards (GIPS) proposed advertising guidelines that will be available ...

The proposed venture capital and private equity provisions for the Global Investment Performance Standards (GIPS®) are now ...

From the Investment Performance Council's first submission (Ireland) in May 2001 to the 25 endorsements that are expected to be ...

The Sarbanes–Oxley Act, signed into law on 30 July 2002, includes a wide variety of reform measures intended to address corporate ...

The U.S. Update reviews, among other issues, the SEC's proposal for Regulation Analyst Certification. The Canadian Update ...

This section encapsulates the Canadian Advocacy Committee's response to the Draft Report Reviewing the Ontario Securities Act. ...

Answers based on the AIMR Code of Ethics and Standards of Professional Conduct are provided to five questions, including ...

Two questions and answers, approved by the Interpretations Subcommittee of the Investment Performance Council, will be added to ...

A question regarding Standard VII (E), which requires firms to document soft dollar agreements with brokers, is addressed.

AIMR's proposed Research Objectivity Standards are now available for public comment. This article summarizes the goals of the ...

The U.S. Update reviews the U.S. SEC's plans to broaden corporate responsibility, to focus on hedge funds, and to establish a ...

This section summarizes the U.S. SEC's proposals on Internet advisors and on accelerated filings, the Municipal Securities ...

This section contains a list of those countries that have submitted and/or received Investment Performance Council endorsement ...

The AIMR Investment Performance Council's Guidance Statement on the Treatment of Significant Cash Flows became effective on 30 ...

The AIMR Investment Performance Council's recently proposed Guidance Statement on Carve-Outs is now available for public comment ...

To more clearly articulate the concepts of the provisions for wrap-fee portfolios, the AIMR-PPS Implementation Committee has ...

Answers are provided to questions regarding whether AIMR Soft Dollar Standards create a new legal standard for AIMR members, ...

This section provides answers to questions about Standard V (B) and making data “fit” a boss's expected performance/style results ...

On March 8, 2002, the NASD and NYSE filed new rules with the U.S. SEC that could be effective as early as June 2002 regarding ...

The U.S. Update reviews the U.S. SEC's examination priorities for 2002, its plans to improve corporate governance standards, and ...

This section covers the Asia Pacific Advocacy Committee's meeting in Shanghai, the Municipal Subcommittee's participation in an ...

The Investment Performance Council has adopted Guidance Statements to help firms comply with GIPS standards. The areas specified ...

In order to establish guidelines for firms to advertise compliance with GIPS® standards and to create an ethical framework to ...

This section contains a list of those countries that have submitted and/or received Investment Performance Council endorsement ...

Answers are provided to questions regarding the appropriateness of using soft dollar arrangements to pay for a CFA review course ...

This section provides answers to questions about whether Standard III (B) conflicts with U.S. intellectual property laws ...

On 26 October 2001, the U.S. Congress passed and the President approved the International Money Laundering Abatement and ...

The U.S. Update includes information on the U.S. SEC's efforts to monitor corporate filings and the U.S. Department of Labor's ...

On 27 December 2001, the U.S. SEC expanded the definition of “commission” as used in Section 28(e) of the Securities Exchange Act ...

Sell-side technological developments alone cannot accomplish Straight Through Processing (STP), which is a critical first step ...

As summarized in this section, on 22 February 2002, AIMR's European Advocacy Committee (EAC) held an in-person meeting in Athens, ...

This section answers questions regarding Standard IV (B.4) — Priority of Transactions as well as how the AIMR Code and ...

This summer, a new AIMR publication will be unveiled, the GIPS® Handbook. This handbook will feature an updateable format, will ...

Professional Standards has hosted several consultant roundtables that discussed such issues as the GIPS® standards and global ...

AIMR is recruiting volunteers for its Standards and Policy Committee and will be accepting applications until 5 April 2002. This ...

From 1994-1996, Dawson-Giammalva Capital Management improperly used soft dollar credits to pay for certain undisclosed expenses ...

AIMR recently released its proposed Trade Management Guidelines (TMG) for public comment. Intended to help investment management ...

In December 2001, U.S. SEC Commissioner Laura Unger released a report recommending three general improvements to Regulation Fair ...

In October 2001, industry groups and organizations, including AIMR, met to discuss municipal securities disclosure. The next ...

The questions in this section address such topics as an individual's privacy when a firm asks its investment professionals to ...

This question and answer addresses what will happen to the AIMR-PPS interpretations and questions and answers available on AIMR's ...

The questions and answers in this section will be added to the GIPS Interpretations Library on AIMR's Web site. The questions ...

The Investment Performance Council (IPC) will open nominations for designated IPC delegation seats on 1 February 2002. This ...

To promote the comparability of performance returns, the Fees Subcommittee of the Investment Performance Council recently ...

The public comment period for AIMR's issues paper “Preserving the Integrity of Research” ended in October 2001. This article ...

This reading presents the requirements and recommendations of the 2010 version of the GIPS standards (PDF) and explains the ...

The authors of this article directly examine a sample of investment policy statements from college and university endowments to ...

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

The prepaid variable forward has been the subject of a number of unfavorable tax rulings that conclude that hedging appreciated ...

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

In this edition of the Thought Leadership Series from BNY Mellon, practitioners can review coming changes to the derivatives ...

In this one-hour webcast session, John Czapla, and Rob Barnett from Valuation Research Corporation (VRC), along with Michael ...

In this academic study, the authors find that hedge funds with greater incentives and greater opportunities inflate their returns ...

This National Examination Risk Alert raises issues related to the use of social media by registered investment advisers and urges ...

This compliance overview examines the guidelines set by the Financial Industry Regulatory Authority (FINRA) on how broker/dealers ...

This book provides investors with strategies for identifying and preventing financial fraud.

What do investment practitioners read? Using a unique dataset of CFA Institute's own publication for members, the CFA Digest, ...