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Economics


The Sharing Economy and the Evolution of Crowd-Based Capitalism
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Technological advances are reshaping the global economic system and the future of work. At the 70th CFA Institute Annual Conference, Arun Sundararajan shared his findings on how technology is transforming the labor force and business organizations.

Emerging Market Equities: Unloved and Under-Owned
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Devan Kaloo, Head of Global Emerging Markets Equities at Aberdeen Asset Management, is “quite optimistic about EM equities.” In his opinion, valuations are attractive relative to developed markets.

The Financial Industry: A New Discipline of Ownership
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The finance industry, long plagued by public distrust, has reached a tipping point, says Stephen Davis. The public’s anger, fueled by a belief that investors have been unjustly “separated from their money,” has helped to usher in a new “discipline of ownership.”

How to Manage Clients’ Emotional Reactions to Market Stress
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Identifying a client’s emotional profile and understanding how those emotions influence financial decisions can help advisers keep the client on course through difficult times.

Is Your Gray Rhino Plan in Place?
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Author Michele Wucker recommended financial professionals spend less time focused on potential black swans and more time addressing gray rhinos — the threats we can see charging right at us.

Top Five Articles from May: Behavioral Finance, Blockchain, and ESG
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Jason Voss, CFA, and C. Thomas Howard recommend replacing modern portfolio theory (MPT) with behavioral finance and dismantling the finance industry's closet indexing factory; Larry Cao, CFA, helps to define blockchain; Mark Harrison, CFA, considers issues of performance measurement in factor investing; and Christopher K. Merker, PhD, CFA, looks at the rising tide of environmental, social, and governance (ESG) investing, in the top Enterprising Investor posts from May.

Paul Smith, CFA: “What Is Finance For?”
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CFA Institute president and CEO Paul Smith, CFA, stood before a crowd of more than 1600 investment professionals from across the globe at the 70th CFA Institute Annual Conference in Philadelphia, and asked a critical question: “What is finance for?”

Thaler on Choice Confusion: To Intervene or Not to Intervene
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Richard H. Thaler reviewed many of our behavioral frailties during his lively and engaging presentation at the 70th CFA Institute Annual Conference in Philadelphia. The key takeaway: If only we could learn.

Book Review: Enterprise Risk Management in Finance
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Providing a general overview of salient topics in risk management, this book is best suited to the experienced risk manager, who can turn to it for technical guidance and a good, succinct refresher on select topics. The beginner would do well to stick with the book’s qualitative discussions, which can serve as useful points of departure for further study.

Sir Paul Tucker Diagnoses Threats to the Success of Financial Capitalism
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“You and your clients have a massive stake in the direction of banking reforms," Sir Paul Tucker told the audience during his presentation at the 70th CFA Institute Annual Conference.