CFA Institute Research Foundation Review 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
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.
2020 Literature Reviews
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.
2020 Research Foundation Briefs
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.
The James R. Vertin Award is presented periodically to recognize individuals who have produced a body of research notable for its relevance and enduring value to investment professionals. The winner of the 2020 Vertin Award is Maureen O’Hara, Purcell Professor of Finance, Johnson Graduate School of Management, Cornell University
Research Foundation Leadership Circle
The Research Foundation Leadership Circle honors investment professionals whose outstanding commitment and contributions have benefited the CFA Institute Research Foundation.
Research Foundation Board of Trustees
The CFA Institute Research Foundation Board of Trustees ensures quality, independent governance.
Browse Research Foundation publications from previous years.
This research is made possible by donations from CFA Institute members and investment professionals like you.