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How have “quality” companies performed during the COVID crisis, and how should investors assess the quality factor going forward?


Topics: Financial AnalysisQuantitative MethodsRisk Analysis & ManagementInvestment Management StrategiesActive ManagementESG & SRI InvestingTrading StrategiesInvestment Products & Asset ClassesEquity Investments

Hosted by CFA Institute

Overview

In this webinar, the authors of “What Is Quality?” (March 2019 Financial Analysts Journal) — Winner of the 2019 Graham & Dodd Award — will present the results of their research, examining a comprehensive group of quality measures and discussing the combinations of quality signals that provide the best chance of producing a return premium. They will also explore the relationship between the quality factor and environmental, social, and governance (ESG) metrics, value investing, and intangible assets, as well as the implications for investors.

1 PL

CFA Institute members can claim PL credit by providing their CFA Institute ID number when registering.

About the Speaker(s)

Jason Hsu
Jason Hsu

Jason Hsu is founder, chairman, and chief investment officer of Rayliant Global Advisors, a global investment management group specializing in quantamental Chinese equity strategies. He also co-founded Research Affiliates, a leader in smart beta and asset allocation. Mr. Hsu is an adjunct professor in finance at the UCLA Anderson School of Management and a visiting professor at Tsinghua University, Kyoto University, and Taiwan National Chengchi University. He is on the editorial board of the Financial Analysts Journal, the Journal of Investment Management, the Journal of Investment Consulting, and the Journal of Index Investing. Mr. Hsu has published more than 40 journal articles and is a contributing author of nine handbooks in finance and economics. He has won three Graham and Dodd Awards, one FAJ Readers’ Choice Award, three Bernstein Fabozzi/Jacobs Levy Outstanding Research Awards, and three William Sharpe Best Research Awards. Mr. Hsu received a bachelor of science degree from Caltech, a master of science degree from Stanford University, and a PhD in finance from the UCLA Anderson School of Management.

Vitali Kalesnik
Vitali Kalesnik

Vitali Kalesnik is a partner and senior member of the investment team at Research Affiliates, leading research and business strategy in the European region. Previously, Dr. Kalesnik led the equity research team, and he continues to perform general equity-related research. Dr. Kalesnik has co-authored articles that were recognized with three Graham and Dodd Scroll Awards, a Financial Analysts Journal Readers’ Choice Award, a William F. Sharpe Indexing Achievement Award, a Bernstein Fabozzi/Jacobs Levy Award, and a Graham and Dodd Award for "What is Quality." His research strengthens and expands Research Affiliates’ products—in particular, the RAFI Fundamental Index strategies—and supports the firm’s global tactical asset allocation products. He speaks fluent English, Russian, and French. Dr. Kalesnik earned a PhD in economics from the University of California, Los Angeles, where he was a winner of the UCLA Graduate Division Fellowship.

Image of Stephen J. Brown
Stephen J. Brown

Stephen Brown is at the Monash Business School and is transitioning to emeritus status as professor of finance at NYU Stern School of Business. Previously, Professor Brown worked at Bell Telephone Laboratories, during which he spent time on assignment at the AT&T Pension Fund as district manager and at Yale University as associate professor of finance. He is a member of CFA Society Melbourne and CFA Society New York. Professor Brown has published widely in a range of high-quality journals and is the author of five books, two of which have been translated into Japanese. His research areas of interest include hedge funds, empirical finance, asset allocation and investment management. As well as serving on a number of editorial boards, Professor Brown was a founding editor of the Review of Financial Studies and a managing editor of the Journal of Financial and Quantitative Analysis. He is now executive editor of the CFA Institute Financial Analysts Journal. Professor Brown has served as an expert witness for the US Department of Justice and has testified on his research before a Full Committee Hearing of the US Congress House Financial Services Committee. He served as a member of the Research Evaluation Committee of the Excellence in Research for Australia initiative on behalf of the Commonwealth Government of Australia. Professor Brown received his bachelor of economics from Monash University and his master of business administration and doctor of philosophy in finance from the University of Chicago.

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