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CFA Institute Research Foundation Review 2021

Research Foundation Review Video 2021

Look back at the most interesting findings from CFA Institute Research Foundation’s 2020 publications and be sure to explore the full content library for a deeper dive.

The Year in Review

Research Foundation Officer and Director Reports
Message from the Research Foundation Chair—Joanne M. Hill
Executive Director’s Report—Bud Haslett, CFA
Research Directors’ Report—Luis Garcia-Feijóo, CFA, CIPM, and Laurence B. Siegel

Dataset

CFA Institute members have free access to the Morningstar Stocks, Bonds, Bills, and Inflation (SBBI®) dataset.

The SBBI data set includes monthly, quarterly and yearly total returns and yields of most of the major US asset classes: large-cap stocks, small-cap stocks, corporate bonds, government bonds of several maturities, and inflation. It measures arithmetic means (simple average), geometric means (annualized returns), standard deviations (risk), correlations, wealth indexes, and a variety of statistical techniques.

Is There a Retirement Crisis? An Exploration of the Current Debate

by George MacKenzie Empirical studies of retirement preparedness find that many US households face a potential crisis. This monograph provides a critical survey of the studies and evaluates the outlook for seven other industrialized countries.

Stocks, Bonds, Bills, and Inflation® (SBBI®): 2020 Summary Edition

by Roger Ibbotson and James Harrington The SBBI® Summary Edition will help investment professionals gain an understanding of major asset class returns, return calculations, and the long-term impact of size, value/growth, and liquidity on returns.

Artificial Intelligence in Asset Management

by Söhnke Bartram, Jürgen Branke, and Mehrshad Motahari Artificial intelligence (AI) has improved portfolio management, trading, and risk management practices by increasing efficiency, accuracy, and compliance. Yet the use of AI can also create new risks and challenges.

ESG and Responsible Institutional Investing Around the World: A Critical Review

by Pedro Matos This survey examines academic research on environmental, social, and governance (ESG) investing. Focusing on the growing role of institutional investors, the analysis highlights the importance of assessing portfolio risk exposure to climate change.

Learning about Risk Management: Insights from Unconventional Risk-Takers

by Allison Schrager Think financial professionals have a corner on risk management? Think again. Learn how a Hollywood movie mogul, a poker champion, and a big wave surfer can offer key lessons in risk management, risk mitigation, and client communication.

Robert C. Merton and the Science of Finance: A Collection

edited by Luis Garcia-Feijóo, CFA, CIPM, Laurence Siegel, and Timothy Kohn Robert C. Merton, 1997 Nobel Prize winner in economics, has been at the forefront of research on many topics in financial economics. In this publication, leading researchers explain Merton’s impact on financial theory and practice.

The VIX Index and Volatility-Based Global Indexes and Trading Instruments

by Matthew Moran and Berlinda Liu Tools based on volatility indexes are widely used for hedging, diversification, risk management, and alpha generation, but investors should carefully study the pricing, risks, and other key aspects before deciding to use such products.

ETFs and Systemic Risks

by Maureen O’Hara and Ayan Bhattacharya The growth of exchange-traded funds (ETFs) has raised questions about their effect on market stability. This publication examines the impact of ETFs on the financial system and proposes regulatory actions to mitigate risks.