Mark Harrison, CFA, is director of journal publications at CFA Institute, where he supports a suite of member publications, including the Financial Analysts Journal, In Practice summaries, and CFA Digest. He has more than 12 years of investment experience as a portfolio manager and securities analyst. Harrison is a graduate of the University of Oxford.
Amid a growing list of disasters, many are increasingly questioning the claims of hedge funds to offer absolute returns. On the other hand, new studies seem to support the performance claims of hedge funds.
A great crisis can produce great leaps forward in thought and human achievement. So is there any evidence that the epic financial crisis of 2008 will leave a legacy of fruitful ideas for our financial system?
Nobel laureate Robert C. Merton challenged traditional models used by investors to measure sovereign and financial system credit risk and instead proposes an alternative framework.
Amidst the worst financial crisis in a generation, polarizations between proponents of quantitative approaches and those who favor classical fundamental analysis and behavioral finance pose a hindrance to solving the practical challenges we face as investors. Can this chasm be bridged?
The father of modern finance took on critics of efficient markets and issued stinging rebukes of “too big to fail” banks, pension plans, active management, and behavioral finance.
Financial theorists, policymakers, and practitioners created the financial crisis with “bad models, bad policies, bad incentives, and bad behavior,” said James Montier of GMO UK Ltd.
Carl R. Bacon, CIPM, a performance measurement specialist, discusses the evolution of performance attribution, the latest developments in performance measurement, and the issue of ex post risk.
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